- Revenue decreased by 5% to SEK 102.3 million (107.8)
- Net interest income decreased by 3% to SEK 85.4 million (88.2)
- Earnings before tax decreased by 44% to SEK 26.2 million (46.8)
- Cost/income ratio increased to 0.37 (0.25)
- The return on equity was 35%
“In the first quarter, we have increased our cost base and we keep investing in the organisation which is in line with our long-term strategy of building a new challenger neo-bank with an international presence. The transformation and investments are a natural part of our journey towards being granted a banking license. During the first quarter we have also witnessed the birth of a rebellious disruptor and we are proud to say that the first product under the brand Rebilla is finally here to save you money in the most simple and seamless way possible. Rebilla Reduce is a competitive and timely service that we aim to roll out to our more than 200 000 customers. During our soft-launch, the response has been very encouraging and we expect it to be a cornerstone in our journey moving forward,” says Hikmet Ego, CEO at Northmill.
The interim report Q1 2019 can be downloaded here.