JANUARY–JUNE 2020 (COMPARED WITH JANUARY–JUNE 2019)
Total credit portfolio* increased by 33 % to SEK 1 441 million (1 083)
Net interest income increased by 10 % to SEK 168.1 million (153.4)
Operating income increased by 7 % to SEK 188.8 million (176.9)
Profit before tax (EBT) decreased by 67 % to SEK 23.4 million (71.9) and Adjusted EBT** decreased by 46 % to SEK 38.8 million
Cost/income ratio totaled 0.38 (0.26)
Return on equity was 14.6 % (30.7 %)
Total capital ratio was 21.3 % in Northmill Bank AB and 19.8 % in the Group
Common Equity Tier 1 ratio was 21.3 % in Northmill Bank AB and 19.8 % in the Group
Hikmet Ego, CEO at Northmill Bank commented:
“Given the uncertainties the Covid-19 outbreak caused in terms of potential economic effects, we decided that a precautionary position regarding our credit-granting decisions in the second quarter was necessary. In return, this affected our operating income which declined slightly from the previous quarter and amounted to SEK 89.1 million. Our profit before tax amounted to SEK 17.7 million which is in line with expectations. We have a stable position regarding both capital and cash equivalents, and the extra reservation for future expected credit losses made during the first quarter remains unchanged.”
The Interim Report Q2 2020 can be downloaded here.
For more information, please contact:
Tobias Ritzén, CFO
+46 72-534 97 61
* Total credit portfolio consists of lending to the public and a portfolio of intermediated credits.
** Adjusted for the extra credit loss provisioning of SEK 15.4 million in the first quarter.
This information is information that Northmill Group AB (publ) is obliged to make public pursuant to the Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on August 28, 2020.