Year-end Report January – December 2019

“During the fourth quarter, TF Bank’s loan portfolio increased by 9 % in local currencies. The expansion in Germany was intensified towards the end of the year, and the credit card business is an exciting part of the bank’s future growth. After the year-end, the subsidiaries BB Bank and Avarda were merged with TF Bank. The mergers simplify the legal group structure and enable a higher internal efficiency.” – Mattias Carlsson, CEO

January – December 2019 compared with January – December 2018

  • The loan portfolio has increased by 46 % to SEK 6,496 million during the year
  • Operating profit increased by 16 % to SEK 289.4 million
  • Adjusted operating profit increased by 26 % to SEK 289.4 million
  • Net profit increased by 16 % to SEK 221.9 million
  • Adjusted net profit increased by 26 % to SEK 221.9 million
  • Earnings per share increased by 14 % to SEK 10.01
  • Adjusted earnings per share increased by 25 % to SEK 10.01
  • Cost/income ratio decreased to 37.8 % (39.4)
  • Total capital ratio has decreased to 17.2 % (17.4)
  • Return on equity amounted to 30.6 % (34.5)
  • Adjusted return on equity amounted to 30.6 % (31.6)
  • The Board proposes to the Annual General Meeting a dividend of SEK 0.50 per share for 2019

Significant events, January – December 2019

  • Within the segment Ecommerce Solutions several new agreements have been signed, and some major Nordic retailers have also chosen to extend their existing agreements
  • Credit card operations in Germany have been strengthened by the appointment of a country manager and the establishment of a a service subsidiary
  • TF Bank has successfully issued subordinated Tier 2 bonds of SEK 100 million to optimise the capital structure and support further growth

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 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. The platform is designed for scalability and adaptability to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities for more than 2 million consumers in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through subsidiary, branch or cross-border banking. In its Ecommerce Solutions segment, TF Bank offer next-generation payment and checkout solutions for online retailers in the Nordics, Estonia and Poland, and also credit cards in Norway and Germany. TF Bank is listed at Nasdaq Stockholm.

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 6 February 2020 at 07:00 CET.