Ikano Bank AB (publ) Interim Report 30 June 2024
“Our extensive work to build a more efficient bank continues. Through the amazing commitment from our co-workers and significant IT investments, the customer experience is improving, which lays the foundation for strong growth. At the same time, it is an intense effort in an uncertain and economically challenging environment. Ingka's decision to purchase the remaining shares of the Bank further strengthens our growth prospects going forward and is a testament that we are on the right path with what we have done so far.”
Henrik Eklund, CEO, Ikano Bank AB (publ)
Results for the first half-year 2024
(comparative figures in brackets are for the first half-year 2023 for Income
statement figures and per 31 December 2023 for Balance sheet figures)
- Operating result before loan losses decreased to SEK 131 m (217) mainly because of lower Net Interest Income as well as increased expenses.
- Net Interest Income, excluding leasing, decreased to SEK 1,024 m (1,091) due to lower volumes.
- Net commission income decreased to SEK 133 m (140), mainly explained by lower commission income related to lending.
- Leasing Net amounted to SEK 178 m (174).
- Operating expenses increased to SEK 3,091 m (3,015).
- Loan losses increased to SEK 413 m (370) mainly due to higher loan losses in the Bank's corporate loan portfolio.
- Operating result amounted to SEK -282 m (-153).
| SEK 000 | Jan-Jun 2024 | Jan-Jun 2023 | Jan-Dec 2023 | ||
| Total operating income | 3,222,126 | 3,231,500 | 6,551,927 | ||
| where of Net Interest Income, excluding leasing | 1,023,597 | 1,090,731 | 2,175,754 | ||
| where of commission net | 132,759 | 140,163 | 288,391 | ||
| where of leasing income | 2,132,104 | 2,086,237 | 4,245,428 | ||
| Operating expense before loan losses | -3,090,703 | -3,014,503 | -6,100,776 | ||
| Operating result before loan losses | 131,423 | 216,997 | 451,151 | ||
| Loan losses | -413,004 | -369,763 | -754,048 | ||
| Operating result | -281,581 | -152,766 | -302,897 | ||
| Key ratios | Jan-Jun 2024 | Jan-Jun 2023 | Jan-Dec 2023 | ||
| Common Equity Tier 1 capital ratio | 23.7% | 25.2% | 25.2% | ||
| Return on adjusted equity | neg. | neg. | neg. | ||
| C/I-ratio before loan losses | 0.91 | 0.85 | 0.85 | ||
| Loan loss ratio | 2.3% | 2.0% | 2.1% |
For definitions of performance measures, used to describe the Bank's operations, see the Bank's Annual Report for 2023 page 72, available on the Bank's website: https://ikanobank.se/om-banken/ekonomisk-information.
| Lending including leasing, SEK m | Deposits from the public, SEK m | |
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The 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 29 August 2024 at 11:00 am CET.
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 and businesses. Its offer includes savings and loan products for consumers, sales support services for retailers, and leasing and factoring solutions for businesses. Ikano Bank operates in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany, and Austria and is a part of the Ikano Group who owns 51 % of the 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.
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