Q1 Interim report January - March 2019

 
JANUARY–MARCH 2019 (COMPARED WITH JANUARY–MARCH 2018)

  • Revenue decreased by 5% to SEK 102.3 million (107.8)

  • Net interest income decreased by 3% to SEK 85.4 million (88.2)

  • Earnings before tax decreased by 44% to SEK 26.2 million (46.8)

  • Cost/income ratio increased to 0.37 (0.25)

  • The return on equity was 35%


“In the first quarter, we have increased our cost base and we keep investing in the organization which is in line with our long-term strategy of building a new challenger neo-bank with an international presence. The transformation and investments are a natural part of our journey towards being granted a banking license. During the quarter we have witnessed the birth of a rebellious disruptor and we are proud to say that the first product under the brand Rebilla is finally here, and it's here to save you money in the most simple and seamless way possible. Rebilla Reduce is a competitive and timely service that we aim to roll out to our more than 200 000 customers. During our soft-launch, the response has been very encouraging and we expect it to be a cornerstone in our journey moving forward,” said Hikmet Ego, CEO at Northmill.


The full Q1 interim report is available here.


For more information, please contact:


 

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

About Us

Northmill is a bank for everyone. We provide the tools for people to make better financial choices. We have helped more than 200,000 customers and today we have 150 employees across four countries. Northmill Bank AB was founded in 2006 and 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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In the first quarter, we have increased our cost base and we keep investing in the organization which is in line with our long-term strategy of building a new challenger neo-bank with an international presence. The transformation and investments are a natural part of our journey towards being granted a banking license. During the quarter we have witnessed the birth of a rebellious disruptor and we are proud to say that the first product under the brand Rebilla is finally here, and it's here to save you money in the most simple and seamless way possible.
Hikmet Ego, CEO at Northmill