Year-end Report January – December 2021

The growth for TF Bank’s loan portfolio continues and amounted to 8 % in local currencies during the final quarter of the year. The operating profit increased by 28 % compared to the corresponding quarter in 2020 and return on equity was 25 %. During the fourth quarter, Credit Cards reported an operating profit, and we assess that the segment has favourable conditions to deliver attractive risk-adjusted return in the coming years.
– Mattias Carlsson, CEO

January – December 2021 compared to January – December 2020

  • The loan portfolio amounted to SEK 10,872 million, compared to December 2020 the increase in local currencies was 33 %
  • Operating profit increased by 34 % to SEK 352.6 million, the comparison period was affected by an additional loan loss provision of SEK 30 million
  • Earnings per share increased by 38 % to SEK 12.55
  • Cost/income ratio increased to 41.9 % (38.9)
  • Total capital ratio has decreased to 16.2 % (17.4)
  • Return on equity amounted to 24.4 % (22.0)
  • The Board proposes to the Annual General Meeting a dividend of SEK 1.00 per share for 2021

October – December 2021 compared to October – December 2020

  • The loan portfolio amounted to SEK 10,872 million, compared to September 2021 the increase in local currencies was 8 %
  • Operating profit increased by 28 % to SEK 98.7 million
  • Earnings per share increased by 32 % to SEK 3.52
  • Cost/income ratio increased to 43.0 % (40.6)
  • Return on equity amounted to 25.4 % (24.1)

Significant events, January – December 2021

  • The Credit Cards segment reported an operating profit for the fourth quarter and the German credit card portfolio has increased by 154 %.
  • TF Bank’s e-commerce initiative Avarda launched a payment solution for Boozt’s whole fast-growing ecommerce environment.
  • The Board of TF Bank has resolved on new financial targets. By the first half of 2025, the Bank’s loan portfolio shall amount to SEK 20 billion and the return on equity shall be well above 20 %.

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. TF Bank is listed on 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 25 January 2022 at 07:00 CET.