STOCKHOLM, Jan. 28, 2021 /PRNewswire/ -- "TF Bank's loan portfolio increased by 8% in local currencies during the fourth quarter. Nordic risk and the credit card initiative in Germany have been prioritised. For consumer loans in Norway and Finland, we soon intend to sign new agreements for continuing sales of past due loans, which provides comfort and predictability for the future. Overall, TF Bank is well positioned to continue expanding during 2021." - Mattias Carlsson, CEO
October - December 2020 compared with October - December 2019
- The loan portfolio amounted to SEK 7,922 million, the increase in local currencies was 8 % during the quarter
- Operating profit increased by 2 % to SEK 76.9 million
- Earnings per share increased by 3 % to SEK 2.67
- Cost/income ratio increased to 40.6 % (39.2), the increase was an effect of investments in Ecommerce Solutions and Credit Cards
January - December 2020 compared with January - December 2019
- The loan portfolio amounted to SEK 7,922 million, the increase in local currencies was 30 % during the year
- Operating profit decreased by 9 % to SEK 263.1 million, which should be seen in the light of an extra loan loss provision of SEK 30 million and the strong expansion in Credit Cards and Ecommerce Solutions
- Earnings per share decreased by 9 % to SEK 9.13
- Cost/income ratio increased to 38.8 % (37.8)
- Total capital ratio has decreased to 17.3 % (17.4) during the year
- Return on equity amounted to 22.3 % (30.6)
- The Board proposes to the Annual General Meeting a dividend of SEK 1.00 per share for 2020
Significant events, January - December 2020
- The strong growth for German credit cards has amounted to 358 % and at the end of the year approximately 53,000 German credit cards have been issued.
- Within the Ecommerce Solutions segment 28 new agreements with Nordic merchants have been signed during the year.
- As a result of the uncertain macroeconomic situation an additional loan loss provision of SEK 30 million was made at the end of the first quarter of 2020.
For further information, please contact:
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. From 2020 the operations are divided into three segments: Consumer Lending, Ecommerce Solutions and Credit Cards.
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 28 January 2021 at 07:00 CET.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
SOURCE TF Bank AB (publ)