STOCKHOLM, April 26, 2018 /PRNewswire/ -- "During the
first quarter of 2018, our operations continued to expand. In three
months, the loan portfolio increased by 11 %, deposits rose by 12 %
and operating profit amounted to SEK 49
million, 12 % higher than in the first quarter of 2017.
Strong lending growth creates favourable conditions for rising
interest income and higher earnings in the coming quarter, but at
the same time increases the bank's capital requirements." –
Mattias Carlsson, CEO.
First quarter 2018 compared with the first quarter
2017
- Total operating income increased by 18.1 % to SEK 140.9 million
- The loan portfolio amounted to SEK 3,519
million on 31 March 2018, an
increase of 11.5 % since the year-end
- Operating profit increased by 11.9 % to SEK 48.6 million
- Adjusted operating profit increased by 12.0 % to SEK 37.3 million
- Net profit increased by 35.3 % to SEK
147.8 million
- The cost/income ratio was 40.3 % (38.8)
- CET1 and the Tier 1 capital ratio was 12.5 %, a decrease of 0.7
percentage points since the year-end
- The total capital ratio was 15.1 %, a decrease of 1.1
percentage points since the year-end
- Earnings per share amounted to SEK
1.73 (1.59)
Significant events, first quarter 2018
- In January, the subsidiary Avarda launched a payment solution
in Finland, together with several
major partners
- A new forward flow agreement of ongoing sales of non-performing
loans in Finland was implemented
in February
- In March, TF Bank started a service subsidiary in Lithuania, TFB Service UAB
After the quarter-end
- In April, TF Bank changed the name of its two segments. Sales
Finance was renamed Ecommerce Solutions and Direct to Consumer was
renamed Consumer Lending. The new names are applied as of this
interim report
- The Board has appointed Mattias
Carlsson as the new CEO of TF Bank. Mattias Carlsson has worked for the bank for
almost 10 years and has been the acting CEO since November 2017
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 through its proprietary IT-platform with a high
degree of automation. The company's IT-platform is designed for
scalability and adaptation to different products, countries,
currencies and digital banking solutions. TF Bank carries out
deposit and lending activities with consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia and Latvia through subsidiary, branch or
cross-border banking. The business is divided into two segments:
Consumer Lending and Ecommerce Solutions.
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 26 April 2018 at 07:00
CET.
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/tf-bank-ab--publ-/r/interim-report-for-january---march-2018,c2505976
The following files are available for download:
http://mb.cision.com/Main/13973/2505976/829835.pdf
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