Highlights January-June 2020

  • Total lending amounted to SEK 26.7 billion (SEK 25.3 billion as of 31 December 2019).
  • Solid growth in new lending during the first quarter but falling new lending volumes in the 2nd quarter due to Nordax taking a more cautios approach to new lending due to COVID-19
  • Nordax’s savings offer continued to attract many new customers, which led to an increase in total deposits to SEK 24.2 billion (SEK 19.2 billion as of 31 December 2019).
  • Total credit losses amounted to SEK 235 million during the period, of which SEK 39 million represents a management overlay related to COVID-19.

Business development personal loans

New lending for personal loans continued to grow strongly in the first quarter, during the second quarter the new lending volumes however fell as Nordax, due to the Covid-19 pandemic, took a more cautious approach

Business development mortgage loans

Nordax began offering mortgages in Sweden in 2018. The main target group is customers with some form of non-traditional employment, i.e. self-employed or temporary employees, including project, part-time or replacement workers. Thanks to thorough credit assessments and personal contacts, more loans are approved for this customer group, which is often denied by the major banks despite being financially stable. Interest in the offer has been high and new lending continues to grow. At the end of the first quarter 2019, Nordax also launched mortgage loans in the Norwegian market. As in Sweden, the target group in Norway is the non-standard segment, i.e. customers who fall outside the narrow framework of the major banks.

New lending has continued to develop well in both Sweden and Norway and the total mortgage portfolio amounted to SEK 2.3 billion as of 30 June 2020

Business development equity release mortgages

The portfolio continued to develop strongly in the first quarter with continued strength in new lending. The market for equity release mortgages continues to have good potential and SHP has a strong brand with the customer group and is seeing continued interest from them.

Portfolio development

Total lending amounted to SEK 26.7 billion (SEK 25.3 billion as of 31 December 2019). Growth was negatively affected by currency movements during the period.

Result January-June 2020 (compared to January-June 2020) 

  • Operating profit for January-June 2020 amounted to SEK 319 million (228). The increase was due to better net interest income and decreased general administrative expenses.

  • Net interest income for January-June 2020 amounted to SEK 877 million (724). Net interest income increased due to growing lending.
  • Credit losses for January-June 2020 amounted to SEK -235 million (-122), corresponding to 1.8 percent (1.3) of average lending. Credit losses were affected by a management overlay of SEK 39 million for increased expected credit losses in IFRS 9 in light of the expected deterioration in the macro environment as a result of Covid-19.
  • Operating expenses for January-June 2020 amounted to SEK -352 million (-416). The decrease was in line with the company’s expectations, as expenses in 2019 were affected by extensive investments in operations and that the company has initiated specific cost savings during the second quarter

For more information, please contact

Patrick McArthur, CFO, Nordax

Tel: +46 760 32 69 70



About Nordax

Nordax Bank is a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo. We currently have 195.000 private customers in Sweden, Norway, Finland Denmark and Germany. We are a specialist bank which, through responsible lending, helps people make informed decisions for a life they can afford. We play a flexible complementary role alongside the major banks. Instead of quantity, we have specialised in a few selected products – personal loans, mortgages, equity release products and savings accounts. Since 2019, Svensk Hypotekspension, a specialist in equity release products, is a wholly owned subsidiary of Nordax. Nordax has just over 320 employees, almost all of whom work at one central office in Stockholm. The credit assessment process is one of Nordax’s core competencies. It is thorough, sound and data driven. Nordax’s customers are financially stable. As of 3o June 2020, lending to the public amounted to SEK 26.7 billion and deposits amounted to SEK 24.2 billion. Read more about Nordax on



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