Collector makes extra provisioning for credit losses of SEK 50m during the first quarter of 2020
The current macroeconomic situation following Covid-19 is highly uncertain and the Board of Directors of Collector has today decided to make an extra credit loss provisioning of SEK 50m during the first quarter of 2020.
The current macroeconomic situation following Covid-19 is highly uncertain. As of today, Collector has not experienced any significant consequences but monitors and analyzes the development closely and has an increased readiness. Deteriorating macroeconomic forecasts and great uncertainty regarding the future entails a risk that Collector may be negatively affected. Consequently, the Board of Directors of Collector has, following an overall assessment, decided upon an extra provisioning for expected credit losses of SEK 50m during the first quarter of 2020.
Collector will continue to monitor the macroeconomic development closely and share more information regarding potential consequences for the business in connection with the interim report for the period January-March 2020 which will be published 5 May 2020.
For more information, please contact:
Martin Nossman, CEO
Phone: +46 70 330 26 75
E-mail: martin.nossman@collectorbank.se
Peter Olsson, CFO
Phone: +46 73 712 04 46
E-mail: peter.olsson@collectorbank.se
Madeleine Mörch, Finance & IR Manager
Phone: +46 73 712 04 52
E-mail: madeleine.morch@collectorbank.se
This is information that Collector AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 17 April 2020 at 08:55 a.m. CET.
Collector is a challenger bank that offers financing solutions to private and corporate customers. Within the Private segment, the company offers lending to private individuals, invoice and payments by instalments to e-commerce and retail companies, credit cards and deposit accounts. The Corporate segment includes real estate lending, factoring and corporate lending directed mainly at small- and medium-sized enterprises and handling of portfolios of overdue receivables. The company has offices in Gothenburg (head office), Stockholm, Helsinki, Turku and Oslo. Collector AB (publ) is listed on Nasdaq Stockholm.
Collector AB (publ) 556560-0797 | Box 119 14, SE-404 39 Gothenburg | Exchange +46 10-161 00 00 | E-mail info@collectorbank.se | www.collector.se/en/