Year-end Report January – December 2018

“TF Bank ended 2018 with a strong last quarter for both segments. The adjusted operating profit of SEK 65 million was 29% higher than in the corresponding quarter in 2017. Rising interest income from a growing loan portfolio was the main driving force behind the increased net profit. The loan portfolio increased by SEK 252 million in the fourth quarter and growth for the full year totalled 41%. Our ambition for 2019 is to achieve continued growth in carefully selected segments and markets.” – Mattias Carlsson, CEO

January – December 2018 compared with January – December 2017

  • Total operating income increased by 22.7% to SEK 627.6 million
  • The loan portfolio increased by 41.0% to SEK 4,449 million
  • Operating profit increased by 29.6% to SEK 250.1 million
  • Adjusted operating profit increased by 19.1% to SEK 229.8 million
  • Net profit increased by 29.8 % to SEK 191.8 million
  • Cost/income ratio was 39.4% (37.0)
  • Total capital ratio was 17.4% (16.2)
  • Earnings per share increased to SEK 8.75 (7.04)
  • Adjusted earnings per share increased to SEK 8.01 (7.04)
  • The Board proposes to the Annual General Meeting a dividend of SEK 2.30 SEK (2.25) per share for 2018

Significant events, January – December 2018

  • In January, Avarda launched a payment solution in Finland, together with several major partners
  • In April, the Board appointed Mattias Carlsson as new CEO of TF Bank
  • During the second quarter TF Bank issued a Tier 1 capital instrument (AT1) of SEK 100 million
  • In October, the Board of TF Bank has updated the bank’s financial targets and dividend policy. The new targets make it clearer that future growth opportunities should be prioritised

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 about 1 million consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia, Latvia and Lithuania 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. TF Bank is listed at Nasdaq Stockholm. 

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 7 February 2019 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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