Interim report January–September 2018

THE THIRD QUARTER (COMPARED WITH THE THIRD QUARTER OF 2017)

  • Revenue increased by 30 percent, amounting to SEK 106.9 million (82.1)

  • Net interest income increased by 34 percent to SEK 86.8 million (64.9)

  • Adjusted Earnings before tax increased by 42 percent, amounting to SEK 42.6 million (30.0)

  • Total equity increased by 56 percent, amounting to SEK 311.0 million (199.5)

  • During the third quarter Northmill issued SEK 500 million bonds under a SEK 1,000 million framework

  • Change in executive management, co-founder Hikmet Ego new CEO

JANUARY–SEPTEMBER 2018 (COMPARED WITH JANUARY–SEPTEMBER 2017)

  • Revenue increased by 58 percent, amounting to SEK 332.1 million (210.6)

  • Net interest income increased by 63 percent to SEK 271.2 million (166.1)

  • Adjusted Earnings before tax increased by 65 percent, amounting to SEK 131.6 million (79.8)

  • Return on equity was 48 percent (58)

  • The credit portfolio increased by 35 percent, amounting to SEK 1,002 million (743)

  • Cost/income ratio dropped to 0.27 (0.32)

“Third quarter has been characterized by continued stable growth and the company has strengthened its market position. Growth has taken place in both revenues, earnings and team size. Already one third of our team consists of IT-related employees such as engineers, coders, QA’s, UI/UX-designers, data scientists and we are continuing to invest heavily in this area. Besides IT and analytics we also invest in compliance and risk management as part of our efforts towards becoming a licensed bank” says Hikmet Ego, CEO at Northmill.

The full interim report is available here.
 

For more information:

Tobias Ritzén, CFO
+46 72-534 97 61‬
tobias.ritzen@northmill.com

About Northmill

Northmill is a Swedish fintech innovation company, founded in 2006 with the vision of simplifying everyone’s financial life. Northmill develops straightforward and secure financial services using technology and innovation, with offices in Sweden, Finland, and Poland. As of 2018, the company has over 400 000 users and 90 employees.

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About Us

Northmill is a tech-bank with the vision of simplifying everyone’s financial life. Founded in Stockholm, Sweden in 2006, we develop customer-centric and accessible products that help everyone save money and time. Northmill has 200 000 customers and 125 employees, with over 50 percent working with IT, in three countries. Northmill Bank AB acts under the supervision of Finansinspektionen, the Swedish Financial Supervisory Authority and is subject to the Banking and Financing Business Act (2004:297). www.northmill.com.

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Third quarter has been characterized by continued stable growth and the company has strengthened its market position. Growth has taken place in both revenues, earnings and team size. Already one third of our team consists of IT-related employees such as engineers, coders, QA’s, UI/UX-designers, data scientists and we are continuing to invest heavily in this area. Besides IT and analytics we also invest in compliance and risk management as part of our efforts towards becoming a licensed bank.
Hikmet Ego, CEO