Northmill Group AB (publ), Interim Report Q3 2025

Northmill Group AB (publ) reported record earnings for the second consecutive quarter in Q3 2025. The quarter was defined by record levels for transaction income and a sharp increase in the lending portfolio for B2B. The rapid growth of cards continued and EBT increased with 44% YoY, where September marked an all-time high for Northmill Group to date. In Q3, the bank continued to advance its vision of improving people’s financial lives with the launch of a Handbook for Financial Resilience.

Julie Chatterjee, CEO of Northmill Group, commented: “We continue to execute our strategy by growing profitably while strengthening our position as a tech-fuelled challenger bank. The record quarter serves as a testament to how our smart digital solutions, combined with the team’s laser focus on exceptional customer experience, enable us to deliver real value for both businesses and consumers.”

Expanding its footprint in the SME market

Northmill Bank builds on its trust within the SME segment where the B2B clients surpassed 4,200 during Q3. This was supported by strong growth in transaction income that rose to almost 14 MSEK, an increase of nearly 94% since Q3 2024. The lending portfolio grew sharply during the quarter, now exceeding 800 MSEK in disbursed volume and approved limits of more than 1 bnSEK.

Moving closer to a full-service consumer bank

During Q3 the number of card customers skyrocketed to 165K, an increase of 237% YoY and almost 80% since Q2 2025. Recently, Northmill Bank’s consumer card was named the best debit card when travelling, by Swedish independent card comparison site Kortio.

During the quarter, the bank successfully introduced a flexible and innovative mortgage product in Sweden. This enables consumers to increase their existing mortgage or consolidate their unsecured loans and credits with their mortgage to lower their costs.

“The increase in consumer cardholders underscores the continued strength of our innovative card solution in the market. With the launch of our flexible mortgage product, we take another important step towards becoming a full-service bank for consumers in a segment with strong business potential”, said Julie Chatterjee.

Growth and reduced risk underpin record earnings

Quarterly operating income grew 25% to 227 MSEK and earnings before tax 44% to 62 MSEK, which both marked record highs. Operating income and profit growth remain robust, supported by the high-value revenue streams, which continue to outgrow the net interest income growth. Transaction income grew 47% compared to 22% portfolio income growth YoY.

“Our record earnings for the second consecutive quarter, reaching an EBT of 162 MSEK year to date, is 45% higher compared to last year. A stable cost development yielding a cost to income ratio of 45% in the quarter, and favourable development of our credit losses, 6%, positions us well to deliver a solid EBT growth for FY 2025 in line with our long-term financial ambition", said Emil Folkesson, CFO of Northmill Group.

Initiatives launched to further improve people’s financial lives

As part of the bank's vision to improve people’s financial lives, Northmill Bank launched a crisis preparedness manual for household finances during Sweden’s annual Preparedness Week. The handbook showcases the importance of treating financial resilience as a basic utility; it is as essential to national preparedness as food, water and electricity. The publication in Swedish can be downloaded digitally for free at Northmill Bank’s website.

A fully licensed challenger bank with customer approval and tech advantage

Northmill Group’s profitable growth trajectory is built on strong customer trust: the bank has a 4.8 rating on Apple’s App Store and 4.5 on Trustpilot. The company holds a full Swedish banking licence, and positions itself distinctly from traditional banks. Northmill Bank aims to become a full-service alternative to regional incumbents across both consumer and business segments.

The Stockholm-based challenger bank has twice been ranked among Europe’s fastest-growing companies by the Financial Times. With three nominations in total, Northmill Bank is the most shortlisted bank in the Nordics and ranks sixth in Europe in the Banking Tech Awards 2025. In Q4 2024, it became the first Swedish bank to complete a payment through the Swedish Riksbank’s new infrastructure for real-time account to account payments, RIX-INST.

Northmill Group’s CEO Julie Chatterjee was the only executive from a Swedish bank invited to speak at the most recent annual FT Global Banking Summit and in October 2025, her peer-reviewed publication on AI in banking, was published in the Journal of Digital Banking.

Key highlights from the Q3 2025 report

• Operating income: 227 MSEK Q3 (+25% vs 182 MSEK)

• EBT: 62 MSEK Q3 (+44% vs 43 MSEK) (Sept 2025 21 MSEK)

• Card customers reached 165K Q3 (+237% vs 49K)

• Transaction income B2B: 13.6 MSEK Q3 (+94% vs 7 MSEK)

• B2B lending portfolio – exceeded 800 MSEK.

• Mortgage product launched to strengthen the bank’s full-service offering for consumers.