Interim report January – March 2021

“TF Bank’s expansion continues, and the loan portfolio increased to SEK 8.6 billion at the end of the first quarter. The German credit card portfolio has increased by 31 % since year-end. The operating profit increased to SEK 79 million and the loan loss ratio decreased to 3.0 %. After the end of the quarter, Boozt has implemented our payment solution for its Nordic webstores.” – Mattias Carlsson, CEO

January – March 2021 compared with January – March 2020

• The loan portfolio amounted to SEK 8,643 million, since year-end the increase in local currencies was 6 %
• Operating profit increased by 83 % to SEK 78.6 million, the comparison period was affected by an additional loan loss provision of SEK 30 million
• Earnings per share increased by 90 % to SEK 2.84
• Cost/income ratio increased to 40.9 % (37.8)
• Total capital ratio has decreased to 16.2 % (17.4) since year-end, which partly derives from repurchase of subordinated Tier 2 capital of SEK 47 million
• Return on equity amounted to 24.1 % (15.9)

Significant events, January – March 2021

• New agreements for continuing sale of past due loans have been signed in Norway, Finland and Sweden within the segment Consumer Lending.
• The expansion in Germany continues and the German credit card portfolio has increased by 31 % since year-end.

Significant events after the end of the reporting period

• On April 6 2021, it was announced that TF Bank’s ecommerce initiative Avarda launched a payment solution for Boozt’s whole fast growing ecommerce environment, this after a successful pilot project with Booztlet.com during the autumn of 2020.

Monthly statistics
To create further transparency and understanding for its operations, TF Bank will start publishing monthly statistics regarding the total size of the loan portfolio, new lending within Consumer Lending, transaction volume within Ecommerce Solutions and number of active credit cards within Credit Cards. The statistics will be published on a monthly basis starting in May 2021, with the exception of reporting months when the outcome will be included in the interim reports.

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 was founded 1987 and 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. Deposit and lending activities are conducted in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through branch or cross-border banking. The operations are divided into three segments: Consumer Lending, Ecommerce Solutions and Credit Cards.

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 19 April 2021 at 07:00 CET.