Financial report

Interim report January-June 2021 Nordax Bank AB

Highlights January-June 2021

  • Total lending amounted to SEK 30.1 billion (SEK 27.7 as of 31 December 2020).
  • Total Secured loans (mortgage loans and equity release mortgages) amounted to SEK 11.2 billion and accounted to 37% of total lending.
  • Nordax savings offer continued to attract many new customers, as a result of which total deposits grew to SEK 28.4 billion (SEK 24.2 billion as of 31 December 2020).
  • Operating profit amounted to till 430 MSEK (319).

Business development personal loans

Nordax continued to see stable growth in the personal loan market during the first 6 months with growth in line with historical periods. The total volume of consumer lending amounted to SEK 18.9 billion as at 30 June 2021 (SEK 17.8 billion as at 31 december 2020).

Business development mortgage loans

Nordax began offering mortgages in Sweden in 2018. The main target group is customers with some form of non-traditional employment, i.e. self-employed or temporary employees, including project, part-time or replacement workers. Thanks to thorough credit assessment and personal contacts, more loans are approved for this customer group, which is often denied by the major banks despite being financially stable. Interest in the offer has been high and new lending continues to grow. At the end of the first quarter 2019, Nordax also launched mortgage loans in the Norwegian market. As in Sweden, the target group in Norway is the nonstandard segment, i.e. customers who fall outside the narrow framework of the major Banks.

New lending has continued to develop well both in Sweden and Norway and the total mortgage portfolio amounted to SEK 4.1 billion as of 30 June 2021 (3.2 billion as of 31 December 2020).

Business development equity release mortgages

The portfolio has continued to develop well during the first 6 months of 2021 with stable new lending. The market for equity release mortgages has good potential for development and SHP has a strong brand profile within the customer base while there remains continued a strong customer interest. The total equity release mortgage portfolio amounted to SEK 7.1 billion as of 30 June 2021 (6.6 billion as of 31 December 2020).

Portfolio development

Total lending amounted to SEK 30.1 billion (SEK 27.7 billion as of 31 December 2020).


Results January-June 2021 (compared to January-June 2020) 

  • Operating profit for January-June 2021 amounted to SEK 430 million (319), an increase as a result of lower credit losses and better interest rates, which was partly offset by increased general administrative expenses.
  • Net interest income for January-June 2021 amounted to SEK 889 million (877). Net interest income increased due to growing lending.
  • Credit losses for January-June 2021 amounted to SEK -61 million (-235), corresponding to 0.2 percent (1.8) of average lending. Credit losses fell as a result of low claim levels and the comparison periods were affected by extra provisions of SEK 24 million related to COVID-19.
  • Operating expenses for January-June 2021 amounted to SEK -433 million (-352). The increase was inline with expectations as investments in the business increased again and comparison period was affected by specific cost savings due to lower activity related to COVID-19. Costs during the period were also negatively affected by costs of approximately SEK 30 million related to the ongoing process for a possible acquisition of Bank Norwegian.

For more information, please contact:

Patrick MacArthur, CFO, Nordax

Tel: +46 760 32 69 70



About Nordax

Nordax Bank is a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo. We currently have around 287,000 private customers in Sweden, Norway, Finland, Denmark and Germany. We are a specialist bank that through responsible lending helps people make informed decisions for a life they can afford. We are a flexible complement to the major banks. Instead of quantity, we have specialized in a few selected products that we know best: personal loans, mortgages, equity release products and savings accounts. Since 2019, Svensk Hypotekspension, which is a specialist in equity release products, is a wholly owned subsidiary of Nordax Bank. Nordax has around 350 employees, practically all of whom work from a central office in Stockholm. The credit assessment process is one of Nordax’s core competencies. It is thorough, sound and data driven. Nordax’s customers are financially stable. As of 30 June 2021, lending to the public amounted to SEK 30.1 billion and deposits amounted to SEK 28.4 billion. Read more about Nordax on