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:
Mikael Meomuttel
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.
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