Interim report January – September 2020

Once again, TF Bank delivers a quarter with strong growth. The loan portfolio increased by 7.5 % during the third quarter, and growth over the past 12 months amounts to 24 %. The consumer loans in Norway and the credit cards in Germany have been the main growth drivers in the last months. At the same time, we have maintained the bank’s strengthened capital and liquidity position. – Mattias Carlsson, CEO

January – September 2020 compared with January – September 2019

  • The loan portfolio has increased by 17 % to SEK 7,574 million since year-end
  • Operating profit decreased by 13 % to SEK 186.2 million
  • Earnings per share decreased by 13 % to SEK 6.46
  • Cost/income ratio increased to 38.1 % (37.3)
  • Total capital ratio has decreased to 17.0 % (17.4) since year-end
  • Return on equity amounted to 23.4 % (33.8)
  • Adjusted return on equity amounted to 23.4 % (31.4)

July – September 2020 compared with July – September 2019

  • The loan portfolio has increased by 7.5 % to SEK 7,574 million during the quarter
  • Operating profit decreased by 7 % to SEK 72.6 million
  • Earnings per share decreased by 6 % to SEK 2.54
  • Cost/income ratio increased to 38.7 % (36.5)

Significant events, January – September 2020

  • The German credit card initiative has been expanded and at the end of the interim period, approximately 38,000 German credit cards have been issued.
  • Within the Ecommerce Solutions segment 23 new agreements with Nordic merchants have been signed during the year.
  • As a result of the uncertain macroeconomic situation an additional loan loss provision of SEK 30 million was made at the end of the first quarter of 2020.

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. From 2020 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 15 October 2020 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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