YEAR-END REPORT JANUARY-DECEMBER 2018 NORDAX BANK AB
Business development private loans
New lending for personal loans developed strongly and amounted to SEK 5.8 billion during the year, an increase of 24% compared to 2017. Finland was the market that performed the strongest (+35% in local currency), followed by Sweden and Norway, while new lending decreased in Germany. During the year new lending increased the most in the loan broker channel, which was a result of both improved customer processes and collaborations with more brokers.
Business development mortgages
In early May Nordax began offering loans in the Swedish market. The main target group is customers with some form of non-traditional employment, i.e. the self-employed or temporary employees, including project, part-time or replacement workers. Thorough credit assessments and personal customer contacts have facilitated more loan approvals for this customer group, who is often denied by the major banks despite stable finances. Interest in the offer has been high and since mid-September marketing has been increased, which led to a significant increase in the number of applications in the period September to December.
Total lending to the general public increased 12% compared to the beginning of the year to SEK 15.1 billion at year-end. Adjusted for FX effects and one-effects from the transition to IFRS 9, the increase was 11%. Lending increased in all markets with the strongest trend in Finland, where the corresponding increase was 24%. Result
January-December 2018 (compared to January-December 2017)
- Operating profit was 429 MSEK (540).
- Net interest income amounted to 1 325 MSEK (1 194)
- Total operating expenses was -571 MSEK (-440).
- Credit losses amounted to -380 MSEK (-209), corresponding to a credit loss level of 2.7 percent (1.6).
For more information, please contact
Andreas Frid, Head of Communication, Nordax
Tel: +46 705 29 08 00