Interim Report for January – September 2019

“TF Bank continues to grow in the Nordics and the rest of Europe. Following a strong end, the loan portfolio increased by 8 % during the third quarter, hence passing SEK 6 billion. The operating profit increased by 24 % to SEK 78 million compared to the corresponding quarter in 2018. At the end of the period, TF Bank successfully issued subordinated Tier 2 bonds of SEK 100 million, which strengthen the capital base and provide opportunities for further growth.” – Mattias Carlsson, CEO

January – September 2019 compared with January – September 2018 (unless otherwise stated)

• The loan portfolio has increased by 37 % to SEK 6,099 million since the start of the year
• Operating profit increased by 30 % to SEK 214.1 million
• Net profit increased by 30 % to SEK 164.7 million
• Earnings per share increased by 28 % to SEK 7.43
• Cost/income ratio decreased to 37.3 % (39.8)
• Total capital ratio has decreased to 17.2 % (17.4) since the start of the year
• Return on equity amounted to 33.8 % (30.9)
• Adjusted return on equity amounted to 31.4 % (30.9)

July – September 2019 compared with July – September 2018

• The loan portfolio has increased by 8 % to SEK 6,099 million during the quarter
• Operating profit increased by 24 % to SEK 77.9 million
• Net profit increased by 23 % to SEK 59.7 million
• Earnings per share increased by 25 % to SEK 2.69
• Cost/income ratio decreased to 36.5 % (39.0)

Significant events, January – September 2019

• Within the segment Ecommerce Solutions several new agreements have been signed, and some Nordic retailers have also chosen to extend their existing agreements
• TF Bank has successfully issued subordinated Tier 2 bonds of SEK 100 million to optimise the capital structure and support further growth
• New agreements for continuing sale of past due loans have been signed in several markets

Presentation for investors, analysts and media
A live conference call will be held on 24 October at 08:15 CET, where CEO Mattias Carlsson and CFO Mikael Meomuttel will present the report and answer questions. The presentation material is written in English while the conference call will be held in Swedish. To participate, call +46 (0)8 5664 2692 or +44 (0)33 3300 9270. International investors will have an opportunity to ask questions in English during the Q&A session. A recording of the conference call, including the presentation material, will be available on the bank’s website, https://www.tfbankgroup.com/en/section/investor-relations/.

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 and e-commerce solutions through a proprietary IT platform with a high degree of automation. The platform is designed for scalability and adaptability to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities for more than 2 million consumers in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through subsidiary, branch or cross-border banking. In its Ecommerce Solutions segment, TF Bank offer next-generation payment and checkout solutions for online retailers in the Nordics, Estonia and Poland, and also credit cards in Norway and Germany. TF Bank is listed at Nasdaq Stockholm. 

This is information which TF Bank is required to disclose under the EU Market Abuse Regulation. The information was provided for publication, through the agency of the contact person set out above, on 24 October 2019 at 07:00 CET.