TF Bank AB: Interim Report for January - September 2018

STOCKHOLM, Oct. 25, 2018 /PRNewswire/ -- "The strong growth continued during the third quarter and the loan portfolio surpassed SEK 4 billion in August. At the same time, the diversification of the bank's funding, geographically and with longer maturity, has continued. Higher interest income combined with lower loan losses increased the operating profit of the quarter to SEK 63 million, which is 22 % higher than the corresponding quarter in 2017." – Mattias Carlsson, CEO.

January – September 2018 compared with January – September 2017

• Total operating income increased 20.6 % to SEK 455.4 million
• The loan portfolio increased 33.0 % to SEK 4,198 million year to date
• Operating profit increased 15.5 % to SEK 164.9 million
• Net profit increased 16.0 % to SEK 126.8 million
• Cost/income ratio at 39.8 % (37.0)
• Total capital ratio at 17.4 %, an increase of 1.2 percentage points year to date
• Earnings per share increased to SEK 5.80 (5.22)

Significant events, January – September 2018

• In January Avarda launched a payment solution in Finland, together with several major partners
• The Board appointed Mattias Carlsson as new CEO of TF Bank. Mattias Carlsson has worked for the bank for almost 10 years and has been serving as acting CEO since November 2017
• TF Bank issued a Tier 1 capital instrument (AT1) of SEK 100 million during the period
• At the end of June, TF Bank launched two deposit products in Germany with a fixed term of one and two years, respectively
• TF Bank has established lending operations in Lithuania within the segment Consumer Lending

After the reporting period

• The Board of TF Bank has established new financial targets and dividend policy

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 25 October 2018 at 07:00 CET. 

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SOURCE TF Bank AB (publ)