Two men shaking hands

Report

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.

 Portfolio development

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

E-mail: ir@nordax.se

Documents

wkr0006.pdf