The group's comprehensive income amounted to 246.7 million kroner, corresponding to an earnings growth of 31.7 million kroner compared with the second quarter of 2016.
The earnings growth is explained by strong loan growth, stable margins, good cost control and stable credit quality.
The strong customer and loan growth continued in the third quarter, with a loan growth of 2.7 billion kroner, while deposits increased 2.5 billion kroner. The bank recruited 94,700 new customers in the third quarter.
Bank Norwegian has a strong capital position with a common equity tier 1 ratio of 14.0%. The bank strengthened the capital position further in the third quarter by issuing 210 million kroner in Tier 1 capital and 100 million kroner in Tier 2 capital.
The bank maintained its strong liquidity position in the third quarter due to solid deposit growth.
At the end of the third quarter of 2016 the bank had a customer base of 852,600 customers, which can be broken down into 609,900 credit card customers, 131,400 loan customers and 111,300 deposit customers.
Bank Norwegian is a wholly owned subsidiary of the listed company Norwegian Finans Holding ASA. Bank Norwegian started its operations in November 2007 and offers consumer loans, credit cards and deposit accounts to retail customers distributed through the Internet in the Nordic market. The bank offers, in cooperation with the airline Norwegian, a combined credit card and reward card. The bank started operations in Sweden in May 2013. In December 2015 the bank launched operations in Denmark and Finland, where it initially offered consumer loans and deposit accounts, while credit cards were launched in June 2016.
Bank Norwegian is an internet based bank offering simple and competitive products to the retail market. The operations are based on leading e-commerce solutions, synergies with the airline Norwegian, attractive terms for our customers, cost-effective operations and effective risk selection.
For further information, see the report for the third quarter of 2016 and investor presentation for the third quarter 2016 available at:
If you have questions you may call;
CEO Erik Jensen; phone: +4792634501 or
CFO Pål Svenkerud; phone: +4793403904