BRAbank ASA: Capital restraints limits growth opportunities
Highlights: · Net loans at NOK 4 494 million, down from NOK 4 537 million in Q2’19 · Shifting the loan book from Norway to Finland · Net profit affected by significant one-offs · Restructuring costs (NOK 12 million) · Sale of Finnish non-performing portfolio (NOK 5 million loss) · IFRS 9 adjustments (NOK 15 million) · Loan losses affected by high losses in the former BRAbank’s Norwegian portfolio · NOK 10 million · Integration process progressing according to budget · Equity issue of NOK 35 million successfully completed · Extensive cost-