STOCKHOLM, Oct 24, 2018 /PRNewswire/ -- The Supervisory
Board of TF Bank has established new financial targets and dividend
policy for the three-year period leading up to 2020. Maintaining a
strong return on equity, the financial targets are expected to
create strong shareholder value in the long term. The updated
targets will be presented by the CEO and CFO in a live audio cast
at CET 08:15 on 25 October.
TF Bank has defined an earnings per share target of SEK 14.50 or higher by 2020, and a new target for
cost efficiency implying a C/I ratio below 35 % by 2020.
The Supervisory board remains focused on the banks capital
structure and ability to continue to realize strong growth. The new
target implies to exceed the legal requirement for the capital
ratios (including Pillar 2) by at least 2.5 % points.
TF Bank is revising its dividend policy from 2018 and forward,
and dividend will be set relative to the targeted growth and
capital requirements.
– TF Bank has exceeded its internal targets for lending volumes
since its IPO in 2016. The loan portfolio has doubled and the bank
has in this period also delivered a return on equity close to 30 %.
In order to create strong shareholder return in the long term, the
Supervisory Board states that growth opportunities and operational
excellence shall be prioritized. At the same time, we make the
dividend policy more flexible and strengthen the bank's financial
position, says Mari Thjømøe, Chairman of TF Bank Supervisory
Board.
– TF Bank continues to grow and diversify its operations. The
bank currently operates in nine countries and plans to expand
further, both geographically and with new products in existing
markets. The new financial targets represents a doubling of profits
compared to the 2017 results. The growth will be executed with
continued discipline on a high return on equity and a strong risk
management culture. In my role as CEO, I look forward to continuing
the profitable growth in the best interests for our employees,
customers and shareholders, says Mattias
Carlsson, CEO of TF Bank.
In connection to tomorrow's telephone conference CET 08:15 for
media, institutional investors, analysts and other interested
parties, the CEO and CFO will present the interim report and the
new financial targets.
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 24
October 2018 at 20:00 CET.
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/tf-bank-ab--publ-/r/tf-bank-announces-ambitious-new-financial-targets,c2653879
The following files are available for download:
http://mb.cision.com/Main/13973/2653879/932512.pdf
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