STOCKHOLM, April 19, 2021 /PRNewswire/ -- "TF Bank's
expansion continues, and the loan portfolio increased to
SEK 8.6 billion at the end of the
first quarter. The German credit card portfolio has increased by 31
% since year-end. The operating profit increased to SEK 79 million and the loan loss ratio decreased
to 3.0 %. After the end of the quarter, Boozt has implemented our
payment solution for its Nordic webstores." – Mattias Carlsson, CEO
January – March 2021 compared
with January – March 2020
- The loan portfolio amounted to SEK 8,643
million, since year-end the increase in local currencies was
6 %
- Operating profit increased by 83 % to SEK 78.6 million, the comparison period was
affected by an additional loan loss provision of SEK 30 million
- Earnings per share increased by 90 % to SEK 2.84
- Cost/income ratio increased to 40.9 % (37.8)
- Total capital ratio has decreased to 16.2 % (17.4) since
year-end, which partly derives from repurchase of subordinated Tier
2 capital of SEK 47 million
- Return on equity amounted to 24.1 % (15.9)
Significant events, January – March
2021
- New agreements for continuing sale of past due loans have been
signed in Norway, Finland and Sweden within the segment Consumer
Lending.
- The expansion in Germany
continues and the German credit card portfolio has increased by 31
% since year-end.
Significant events after the end of the reporting
period
- On April 6 2021, it was announced
that TF Bank's ecommerce initiative Avarda launched a payment
solution for Boozt's whole fast growing ecommerce environment, this
after a successful pilot project with Booztlet.com during the
autumn of 2020.
Monthly statistics
To create further transparency and understanding for its
operations, TF Bank will start publishing monthly statistics
regarding the total size of the loan portfolio, new lending within
Consumer Lending, transaction volume within Ecommerce Solutions and
number of active credit cards within Credit Cards. The statistics
will be published on a monthly basis starting in May 2021, with the exception of reporting months
when the outcome will be included in the interim reports.
For further information, please contact:
Mikael Meomuttel
CFO and Head of Investor Relations
+46 (0)70 626 95 33
TF Bank in brief
TF Bank was founded 1987 and is an internet-based niche bank
offering consumer banking services and e-commerce solutions through
a proprietary IT platform with a high degree of automation. Deposit
and lending activities are conducted in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through branch or cross-border
banking. The operations are divided into three segments: Consumer
Lending, Ecommerce Solutions and Credit Cards.
This is information which TF Bank is required to disclose
under the EU Market Abuse Regulation. The information was provided
for publication, through the agency of the contact person set out
above, on 19 April 2021 at
07:00 CET.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/tf-bank-ab--publ-/r/interim-report-january---march-2021,c3326035
The following files are available for download:
https://mb.cision.com/Main/13973/3326035/1403249.pdf
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