Interim Report for January – March 2018

”During the first quarter of 2018, our operations continued to expand. In three months, the loan portfolio increased by 11 %, deposits rose by 12 % and operating profit amounted to SEK 49 million, 12 % higher than in the first quarter of 2017. Strong lending growth creates favourable conditions for rising interest income and higher earnings in the coming quarter, but at the same time increases the bank's capital requirements.” – Mattias Carlsson, CEO.

First quarter 2018 compared with the first quarter 2017

  • Total operating income increased by 18.1 % to SEK 140.9 million
  • The loan portfolio amounted to SEK 3,519 million on 31 March 2018, an increase of 11.5 % since the year-end
  • Operating profit increased by11.9 % to SEK 48.6 million
  • Adjusted operating profit increased by 12.0 % to SEK 37.3 million
  • Net profit increased by 35.3 % to SEK 147.8 million
  • The cost/income ratio was 40.3 % (38.8)
  • CET1 and the Tier 1 capital ratio was 12.5 %, a decrease of 0.7 percentage points since the year-end
  • The total capital ratio was 15.1 %, a decrease of 1.1 percentage points since the year-end
  • Earnings per share amounted to SEK 1.73 (1.59)

Significant events, first quarter 2018

  • In January, the subsidiary Avarda launched a payment solution in Finland, together with several major partners
  • A new forward flow agreement of ongoing sales of non-performing loans in Finland was implemented in February
  • In March, TF Bank started a service subsidiary in Lithuania, TFB Service UAB

After the quarter-end

  • In April, TF Bank changed the name of its two segments. Sales Finance was renamed Ecommerce Solutions and Direct to Consumer was renamed Consumer Lending. The new names are applied as of this interim report
  • The Board has appointed Mattias Carlsson as the new CEO of TF Bank. Mattias Carlsson has worked for the bank for almost 10 years and has been the acting CEO since November 2017

For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626 95 33

TF Bank in brief
TF Bank is an internet-based niche bank offering consumer banking services through its proprietary IT-platform with a high degree of automation. The company's IT-platform is designed for scalability and adaptation to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities with consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia and Latvia through subsidiary, branch or cross-border banking. The business is divided into two segments: Consumer Lending and Ecommerce Solutions.

This is information which TF Bank is required to disclose under the EU Market Abuse Regulation and the Securities Market Act. The information was provided for publication 26 April 2018 at 07:00 CET.

About Us

TF Bank was founded in Sweden in 1987 for the purpose of offering financing solutions to customers who ordered goods from mail-order catalogues. Over time, the Group has grown both in terms of product offering, profit and geographical reach. Currently, TF Bank offers consumer banking services through a highly automated, in-house developed IT-platform designed for scalability and adaptability to different products, jurisdictions, currencies and digital banking solutions. TF Bank conducts banking operations with deposits and lending to private customers in Sweden and Finland, lending to private customers in Norway and Poland as well as cross-border lending in Denmark, Estonia and Latvia. The Group’s principal business is lending to the public through two segments: Direct to Consumer and Sales Finance. Direct to Consumer comprises mainly of loans of limited amounts to private customers. Sales Finance provides funding solutions for the handling of invoice and instalment payments.


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