BRAbank ASA: BRA-ME - Turnaround complete and profitability restored
· Strong improvement in underlying operation · Pre-tax profit NOK 17.5 million vs NOK -25.2 million in Q2’19 · Underlying cost base down 28 per cent compared to Q2’19 · Credit quality continue to improve · Lowest loan loss ratio since 2017 · No signs of deteriorating credit quality, despite COVID-19 and oil price shock · Well capitalised – solidity restored · Capital ratio 3 percentage points above regulatory requirements · Merger with Easybank approved by extraordinary general meeting “A year ago, former BRAbank and Monobank officially merged.