Ikano Bank AB (publ) Interim Report 30 June 2023

“Together we are making a comprehensive change, creating a more commercially relevant bank with profitable growth, where we provide our customers with accessible financial services. It involves a technical, organisational and cultural change at Ikano Bank, and our transformation continues in full force. At the same time, we are experiencing troubled and challenging times, with rising inflation, higher interest rates and the war in Ukraine, which further reinforces the need for simple financial services for the many people. The investments that have weighed on our results in recent years are strengthening our underlying business and will result in increased profitability in the years to come.”

Henrik Eklund, CEO, Ikano Bank AB (publ)

Results for the first half-year 2023

(comparative figures in brackets are for the first half-year 2022 for Income statement figures, and per 31 December 2022 for Balance sheet figures)

• Operating result before loan losses increased to SEK 217 m (156) mainly because of higher Interest Income.
• Net Interest Income increased to SEK 920 m (901) due to higher lending volumes and improved margins.
• Net commission income increased to SEK 140 m (127), mainly due to lower commission costs related to lending.
• Leasing Net decreased to SEK 174 m (182) as a result of decreased margins.
• Operating expenses increased to SEK 3 015 m (2 897) mainly due to increase of general administrative expenses related to the bank's ongoing transformation. 
• Loan losses amounted to SEK 370 m (298). The increase is explained by the macroeconomic situation in the markets where Ikano Bank conducts its operations.
• Operating result amounted to SEK -153 m (-154).

Ikano Bank’s Interim Report in its entirety is available on the Bank’s website: www.ikanobank.se/om-banken/ekonomiskinformation

This is information that Ikano Bank AB (publ) is required to disclose in accordance with the Securities Market Act. The information was submitted for publication on 28 August 2023 at 11:00 AM.

For more information

Henrik Eklund, VD

tel: 010-330 40 00

email: communication @ikano.se

About Ikano Bank AB (publ)

Ikano Bank creates possibilities for better living by offering simple, fair and affordable services, enabling a healthy economy for the many people. Our offer includes savings and loan products for consumers, sales support services for retailers, and leasing and factoring solutions for businesses. We conduct business in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany and Austria. Ikano Bank is a part of the Ikano Group who owns 51 % of Ikano Bank. Ingka Group, the largest IKEA retailer under franchise agreements with Inter IKEA Systems B.V., owns the remaining 49 % of the Bank. Ikano Bank’s head office is located in Malmö, Sweden and the company is registered in Älmhult, Sweden where the business was once founded.

Tags: