Key topics. 1st quarter 2015

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1 1 ST QUARTER 2015

2 Key topics Solid growth in lending and high demand for loans High yield on loans to customers Relatively low loan losses Good liquidity position for further growth Planned capital increase completed as intended Well-functioning operations with cost control In position for further growth 2

3 Quarterly Income Statement Income Statement Amounts in NOK 1000 Note Q Q Q Q Q Total 2014 Interest income Interest expenses Net interest income Income commissions and fees Expenses commisions and fees Net commisions and fees Salary and other personnel expenses Banking operations started March 2014 Net income ahead of plan Good cost control with cost/income ratio moving steadily down 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 Moderate losses on loans, lower than expected 3

4 Rising lending volume and interest income T NOK Net loans to customers T NOK Interest income on loans to customers 4

5 Balance Sheet structure - Assets comprise loans to customers and liquidity - Liabilities consists of deposits from customers T NOK Assets T NOK Liabilities and equity Deposits constitute 123 % of loans to customers. Liquid assets at end of quarter amounted to 39 % of total assets. Quantitative liquidity measures: LCR 244 % NSFR 220 % Net loans to customers Deposits with credit institution Deposits from customers Other debt Equity Certificates and bonds Other assets 5

6 Satisfactory customer growth Number of customers Q Good reception in the market High demand Growth in deposits deliberately flattened out during Q1 2015, and adapted to the banks liquidity needs following the completed capital increase Deposit customers Loan customers 6

7 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 Total assets Liability and equity Deposits from and debt to customers Other debt Total liabilities Share capital Share premium Other paid-in equity Retained earnings Total equity Total liabilities and equity Capital increase Q

8 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% 15,59% 15,60% 15,38% 3,40% 3,25% 3,05% 2,90% 1,37% 1,28% 1,06% 1,20% Yield 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) 8

9 Operating expenses T NOK Operating expenses are dominated by salary and marketing costs. The increase in total costs in Q1 should be viewed in context of growth in loans to customers. 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 Q1 2015: 103 % Cost to income ex marketing Q1 2015: 66 % 9

10 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%

11 Regulatory capital Common equity tier 1 80,00% 70,00% 60,00% 50,00% 40,00% 30,00% 20,00% 10,00% 0,00% Total capital consists exclusively of common equity The increase in Q1 is due to the capital increase in March

12 Summary The first twelve months in operations Solid growth in lending and high demand for loans High yield on loans to customers Relatively low loan losses Good liquidity position for further growth Well-functioning operations with cost control Outlook Well positioned for further growth Project for credit card issuing started Cooperation with Komplett Group to be developed and deepened 12

13 20 largest shareholders Beholdning Andel Navn Konto type Statsborger ,00 KOMPLETT AS NOR ,75 MACAMA AS NOR ,75 PERM INVEST AS NOR ,68 STATE STREET BANK & S/A SSB CLIENT NOM USA ,64 SUNDT AS NOR ,40 FONDSAVANSE AS NOR ,39 ALFAB HOLDING AS NOR ,06 SANDEN A/S NOR ,00 AWECO INVEST AS NOR ,81 DINGJA INVEST AS NOR ,69 IVAR S LØGE AS NOR ,09 SVEJK INVEST AS NOR ,82 MP PENSJON PK NOR ,82 DIRECTMARKETING INVE NOR ,36 HØGSET HOLDING AS NOR ,29 KHAYA AS NOR ,05 URSULF AS NOR ,04 ELTEK HOLDING AS NOR ,99 TRULS AS NOR ,89 CONTRIBUTE AS NOR Sum , ,49 Andre Total ,00 as of 17 April

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