Oslo, 18 January 2023: Komplett Bank ("the Bank") today provides an operational
and financial update with respect to the development of the Bank's strategic
initiatives and an evaluation of its balance sheet.
Strategic initiatives
Komplett Bank launched a series of strategic initiatives in the beginning of
2022 aimed at improving throughput and efficiency. As several of these
initiatives have now been successfully implemented, the Bank has grown its loan
balance by more than 30% compared to the level in Q2 2022 while the number of
full-time employees has been reduced by close to 50%.
Simplifying technology is one of the strategic initiatives now being implemented
with the dual goals of enhancing scalability and lowering costs. The Bank has
now begun transferring its activities to a more efficient platform which will
eventually result in a significant reduction in the cost of its IT
infrastructure. The completion of the process is expected within 12 months.
Operational and financial update
As a result of the structural changes being made to the IT platform, the Bank
has performed an assessment of the balance sheet and its intangible assets,
which consist mainly of historical IT investments. The Bank will report a
write-down in Q4 2022 of NOK 91 million, representing 67% of total intangible
assets. The write-down, relating to IT systems that the Bank has either phased
out or will be phasing out during 2023, will not affect the Bank's capital
ratio.
Preliminary key figures for Q4 2022:
o Gross loans ended at NOK 9.6 billion in the quarter, up 14% vs Q3 2022
o Total income was NOK 220 million, up 17% vs Q3 2022
"The Bank continued to deliver robust growth in Q4 and we are well on track to
meet our mid-term targets. We are also very pleased with the progress being made
across the strategic initiatives, enabling us to build the required scale and
efficiency. As we now transfer our operations to a more future-proof platform,
historical IT investments are consequently written down. Therefore, the
full-year 2022 result is expected to be just modestly positive," comments
Komplett Bank's CEO Øyvind Oanes.
Further details will be presented at Komplett Bank's fourth quarter results
presentation on 14 February 2023.
Contacts:
Eirik Holtedahl, CFO
+47 96 91 22 91
Øyvind Oanes, CEO
+47 98 90 60 60
email: ir@komplettbank.no
About Komplett Bank ASA:
Komplett Bank is a focused Nordic digital niche bank offering personal loans,
credit cards, deposit accounts and online point-of-sales finance products to
consumers. The target group is creditworthy customers with stable personal
finances and no payment remarks. Credit risk is managed largely by automated
processes for credit assessment and underwriting. The Bank has a diversified and
balanced distribution model utilizing both public and proprietary channels.
Operational efficiency and low cost are foundations for Komplett Bank and is
enabled by centralized operations, modern systems and digital set-up. To learn
more, visit ir.komplettbank.com.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Henning Fagerbakke, Head of Finance,
Komplett Bank ASA, on 18 January 2023 at 17:30 CEST.