STOCKHOLM, April 16, 2020 /PRNewswire/ -- "The first
quarter of the year started off in the same fashion as the end of
2019 - with strong volumes and a geographically diversified growth.
During the course of the quarter, it has been increasingly evident
that the spread of covid-19 in Europe means that the bank currently must
adapt to a new reality. TF Bank has a stable and adaptable business
model with a long track-record that has been tested in various
macro-economic environments." - Mattias Carlsson, CEO
January - March 2020 compared
with January - March 2019
- The loan portfolio has increased by 8 % to SEK 6,990 million since year-end
- Operating profit decreased by 34 % to SEK 43.2 million
- Earnings per share decreased by 34 % to SEK 1.51
- Cost/income ratio decreased to 37.7 % (38.0)
- Total capital ratio has decreased to 17.1 % (17.4) since
year-end
- Return on equity amounted to 26.7 % (34.4)
- Adjusted return on equity amounted to 26.7 % (31.7)
Significant events, January - March
2020
- TF Bank has completed mergers of the three wholly owned
subsidiaries BB Bank ASA, Avarda AB and Avarda Oy
- The segment reporting has been expanded to three segments from
the first quarter of 2020
- Due to the communicated urge from Swedish FSA regarding
dividends, the Board of Directors of TF Bank has decided to
withdraw the dividend proposal of SEK
0.50 per share
- The countercyclical buffer requirements in Sweden and Norway have been decreased. Following the
changes, TF Bank's total capital requirement amounts to 11.8
%.
Significant events after the reporting period
- On April 5, TF Bank announced that as a result of the
uncertain macroeconomic situation an additional loan loss provision
of SEK 30 million was made at the end
of the first quarter of 2020. The financial target of an EPS of at
least SEK 14.50 in 2020 was also
abandoned in connection with the announcement.
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. From 2020 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 16 April 2020 at
07:00 CET.
For further information, please contact:
Mikael
Meomuttel
CFO and Head of Investor Relations
+46(0)70-626-95-33
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https://mb.cision.com/Main/13973/3089352/1230215.pdf
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