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Interim Report January – September 2021

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“Following growth of 9 % in local currencies during the third quarter, TF Bank’s loan portfolio reached SEK 10 billion! At the same time, the operating profit for the quarter has increased by 27 % to SEK 92 million while the return on equity for the interim period amounts to 24 %. In October, the Board resolved on new financial targets which mean that we will continue to prioritise organic growth with high profitability.”
– Mattias Carlsson, CEO

January – September 2021 compared to January – September 2020

  • The loan portfolio amounted to SEK 9,970 million, compared to September 2020 the increase in local currencies was 32 %
  • Operating profit increased by 37 % to SEK 253.8 million, the comparison period was affected by an additional loan loss provision of SEK 30 million
  • Earnings per share increased by 40 % to SEK 9.03
  • Cost/income ratio increased to 41.5 % (38.3)
  • Total capital ratio has decreased to 15.6 % (17.4) since year-end, which partly derives from repurchase of subordinated tier 2 capital of SEK 47 million
  • Return on equity amounted to 24.2 % (21.4)

July – September 2021 compared to July – September 2020

  • The loan portfolio amounted to SEK 9,970 million, compared to June 2021 the increase in local currencies was 9 %
  • Operating profit increased by 27 % to SEK 91.5 million
  • Earnings per share increased by 30 % to SEK 3.28
  • Cost/income ratio increased to 41.1 % (38.9)

Significant events, January – September 2021

  • The expansion in Germany continues and the German credit card portfolio has increased by 215 % during the last year.
  • TF Bank’s e-commerce initiative Avarda launched a payment solution for Boozt’s whole fast-growing ecommerce environment.
  • New agreements for continuing sale of past due loans have been signed and TF Bank now has agreements in place in all markets.

Significant events after the end of the reporting period

  • The Board of TF Bank has resolved on new financial targets. By the first half of 2025, the Bank’s loan portfolio shall have doubled with continued high profitability.

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. TF Bank is listed on 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 18 October 2021 at 07:00 CET.

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