Financial report

Year-end Report 2020 January-December Nordax Bank AB

Highlights January-December 2020

  • Total lending amounted to SEK 27.7 billion (SEK 25.3 as of 31 December 2019).
  • Total Secured loans (mortgage loans and equity release mortgages) amounted to SEK 9.6 billion and accounted to 36 % of total lending.
  • Nordax savings offer continued to attract many new customers, as a result of which total deposits grew to SEK 24.2 billion (SEK 19.2 billion as of 31 December 2019).
  • Total credit losses of SEK 416 million in the period, of which SEK 39 million consists of extra provisions related to COVID-19.

Business development personal loans

Nordax reported stable development in terms of personal loans in the fourth quarter and the total volume of personal loans has been stable in the fourth quarter and throughout the year.

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 3.2 billion as of 31 December 2020.

Equity release mortgages

The portfolio continued to develop well during 2020 due to strong 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.

Portfolio development

Total lending amounted to SEK 27.7 billion (SEK 25.3 billion as of 31 December 2019).

Results January-December 2020 (compared to January-December 2019) 

  • Operating profit for January-December 2020 amounted to SEK 704 million (463). The increase is due to better net interest income and lower general administrative expenses.

  • Net interest income for January-December 2020 amounted to SEK 1.753 million (1.507). Net interest income increased due to growing lending.
  • Credit losses for January-December 2020 amounted to SEK -416 million (-286), corresponding to 1.6 percent (1.4) of average lending. Credit losses were affected by an extra provision of SEK 39 million for increased expected credit losses under IFRS 9 in the light of the expected deterioration in the macro environment as a result of COVID-19.
  • Operating expenses for January-December 2020 amounted to SEK -694 million (-821). The decrease was in line with the company’s expectations as expenses in 2019 were affected by extensive investments in operations and that the company introduced specific savings measures in the second quarter 2020.

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 255,000 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 specialised 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 31 December 2020, lending to the public amounted to SEK 27.7 billion and deposits amounted to SEK 24.2 billion. Read more about Nordax on