Key topics. 2nd quarter 2015

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1 2 ND QUARTER 2015

2 Disclaimer This Presentation has been produced by Komplett Bank ASA (the Company or Komplett Bank ), solely for use at the presentation to investors and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This Presentation speaks as of 30 June Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. 2

3 Key topics In its 5 th quarter since inception the bank has a net profit of 0.6 NOK million Net loans to customers show solid growth with 249 NOK million for the quarter Maintaining high yield on loans to customers Relatively low loan losses Good liquidity and solid capital position for further growth Well-functioning operations with cost control 3

4 Quarterly Income Statement Income Statement Amounts in NOK 1000 Note Q Q Q Q Q Interest income Interest expenses Net interest income Income commissions and fees Expenses commisions and fees Net commisions and fees Salary and other personnel expenses Other administrative expenses, of which: Direct marketing cost Total salary and administrative expenses Ordinary depreciation Other expenses Total operating expenses Losses on loans Pre-tax operating profit Tax expenses Profit after tax Net income ahead of plan Good cost control with cost/income ratio moving steadily down. Increased activity during 2 nd quarter, including TV-campaign Moderate losses on loans, lower than expected 4

5 Rising lending volume and interest income T NOK Net loans to customers T NOK Interest income on loans to customers

6 Balance Sheet structure - Assets comprise loans to customers and liquidity - Liabilities consists of deposits from customers T NOK Assets T NOK Liabilities and equity Net loans to customers Deposits with credit institution Certificates and bonds Other assets Deposits from customers Other debt Equity Deposits constitute 105,2 % of loans to customers. Liquid assets at end of quarter amounted to 25,6 % of total assets. Quantitative liquidity measures: LCR 180 % NSFR 192 % 6

7 Satisfactory customer growth Number of customers Q Good reception in the market High demand Number of loan customers steadily increasing Deposit customers Loan customers 7

8 Quarterly Balance Sheet Balance Sheet Amounts in NOK 1000 Note Assets Loans and deposits with credit institutions Loans to customers Loan impairment Certificates and bonds Other intangible assets Deferred tax asset Fixed assets Other receivables, of which: Prepaid agent commission Total assets Liability and equity Deposits from and debt to customers Other debt, of which: Deferred revenue (establishment fees) Total liabilities Share capital Share premium Other paid-in equity Retained earnings Total equity Total liabilities and equity Capital increase Q

9 Yields and margins 18,00% 16,00% 14,00% 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% 15,15% 15,54% 15,74% 15,75% 15,96% 3,40% 3,25% 3,05% 2,90% 2,50% 1,40% 1,37% 1,28% 1,06% 1,20% Yield net loan to customers* Liquidity yield Interest rate deposits at end of quarter Satisfactory yield on loans to customers Interest rate on deposits will vary with market situation and liquidity needs Funds placed with low risk, dominated by bank deposits and covered bonds (Norwegian: OMF). Relatively lower share in bank deposits during Q *Earlier presentations has shown yield based on gross loans 9

10 Operating expenses T NOK Operating expenses are dominated by salary and marketing costs Salary and other personnel costs Administration Ordinary depreciation Other expenses Marketing* * applies to marketing costs booked as operating expenses according to Norwegian generally accepted accounting principles Cost to income Q2 2015: 70,0 % Cost to income w/o marketing Q2 2015: 37,5 % 10

11 Credit quality 25,00% Past due (days) at end of quarter 20,00% 15,00% 10,00% Still few data points for customer behavior and credit quality Preliminary observations in line with expectation 5,00% 0,00%

12 Regulatory capital 80,00% 70,00% Common equity Tier 1 60,00% 50,00% 40,00% 30,00% Total capital consists exclusively of common equity The increase in Q1 is due to the capital increase in March ,00% 10,00% 0,00% 12

13 Summary After five quarters in operations In its 5 th quarter since inception the bank has a net profit of 0,6 NOK million Net loans to customers show solid growth with 249 NOK million for the quarter Maintaining high yield on loans to customers Relatively low loan losses Good liquidity and solid capital position for further growth Well-functioning operations with cost control 13

14 OUTLOOK Well positioned for further growth, but macro factors and accelerating competition between niche banks makes further growth more challenging: Well capitalized potential for solid growth Credit cards to be launched shortly Cooperation with Komplett Group to be developed and deepened. Strong brand a significant asset for growth Intensified competition for marketplace leads to higher marketing cost per acquired customer Macro outlook gives expectations of increased defaults and losses. Might also be accompanied by a slowdown in demand for consumer loans Tighter regulatory regime, hereunder increased capital and liquidity requirements may affect the industry negatively 14

15 20 largest shareholders Beholdning Prosentandel Navn Stats-borgerskap/Reg. land Kontotype ,00 KOMPLETT AS NOR ,75 PERM INVEST AS NOR ,75 MACAMA AS NOR ,68 STATE STREET BANK & USA Nominee ,40 FONDSAVANSE AS NOR ,24 SUNDT AS NOR ,39 ALFAB HOLDING AS NOR ,06 SANDEN A/S NOR ,00 AWECO INVEST AS NOR ,95 DINGJA INVEST AS NOR ,69 IVAR S LØGE AS NOR ,21 DIRECTMARKETING NOR ,09 SVEJK INVEST AS NOR ,82 MP PENSJON PK NOR ,36 HØGSET HOLDING AS NOR ,29 KHAYA AS NOR ,05 URSULF AS NOR ,99 TRULS AS NOR ,89 CONTRIBUTE AS NOR ,87 HAVA FINANCIALS AS NOR Sum ,48 Øvrige ,52 Total ,00 as of 30 June

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