STOCKHOLM, July 14, 2020 /PRNewswire/ -- "In the
second quarter, the humanitarian consequences of Covid-19 have
become increasingly evident in Europe. At the same time, the economic effects
of the virus outbreak are still difficult to overlook. We have
therefore chosen a restrictive approach for the new lending within
Consumer Lending over most of the quarter, which has strengthened
the bank's capital and liquidity. The growth in the Ecommerce
Solutions and Credit Cards segments has been strong during the
quarter." - Mattias Carlsson,
CEO
January - June 2020 compared
with January - June
2019
- The loan portfolio has increased by 8 % to SEK 7,047 million since year-end
- Operating profit decreased by 17 % to SEK 113.6 million
- Earnings per share decreased by 17 % to SEK 3.92
- Cost/income ratio is unchanged at 37.8 % (37.8)
- Total capital ratio has increased to 17.5 % (17.4) since
year-end
- Return on equity amounted to 25.2 % (34.3)
- Adjusted return on equity amounted to 25.2 % (31.7)
April - June 2020 compared with
April - June
2019
- The loan portfolio has increased by 1 % to SEK 7,047 million during the quarter
- Operating profit amounted to SEK 70.4
million (70.6)
- Earnings per share decreased by 2 % to SEK 2.41
- Cost/income ratio increased to 37.9 % (37.6)
Significant events, January - June
2020
- Two significant Nordic merchants have signed cooperation
agreements during the second quarter. The volume from these
partners will gradually increase in the coming quarters.
- 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.
- TF Bank has completed mergers of the three wholly owned
subsidiaries BB Bank ASA, Avarda AB and Avarda Oy.
- The segment reporting has been expanded to three segments from
the first quarter of 2020.
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 and the Securities Market Act.
The information was provided for publication, through the agency of
the contact person set out above, on 14 July
2020 at 07:00 CET.
For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626
95 33
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