MyBank ASA: Q3 2018 results - stable loan growth and improved cost efficiency

Onsdag, oktober 24, 2018


Growth in net loans was NOK 120.9 million in 03 2018, compared to NOK 119.9 million in 02 2018. This was the result of a tactical decision to maintain stable loan growth while developing a new credit scoring model

During the quarter, loans of NOK 31.1 million were sold as part of the company's forward flow agreement, further improving the quality of the remaining portfolio

Operating costs ended at NOK 9.7 million in 03 2018, down 22% from NOK 12.4 million in 02 2018. The improvement was due to lower administrative expenses and increased financial income in the quarter

Total loan losses and provisions in 03 were NOK 8.5 million, which corresponds to 1.42% of total net loans outstanding

The bank is restating its second quarter results due to errors in the recognition of loan losses for June 2018. Loan losses for 02 have been increased by NOK 5 million.

Restated profit after tax for the quarter is NOK -30.0 million

"So far in 2018, we have taken important steps to strengthen MyBank's operating model. We have implemented measures to improve overall loan portfolio quality. We have performed several internal control projects and made important revisions to our quality assurance processes.

In 03, we maintained a cautious approach to loan growth, with the aim of ensuring continued improvements to overall credit risk. We also saw the effects of our operational improvements with loan losses at normalized levels and decreased operational costs," said MyBank CEO, Christen Fredriksen.

In the third quarter, MyBank developed a new and improved credit scoring model, which will be implemented during the fourth quarter this year.

"Going forward, we expect that the new credit scoring model will play a key part in safeguarding stable and sustainable growth as we scale up our loan activities and continue to work towards profitability in 2019," Fredriksen continued.

The MyBank ASA 03 2018 report and presentation material are attached to this notice and can be found at

CEO Christen Fredriksen and CFO Jakob Bronebakk will present the company's results later today at 13:00 CEST at the offices of Beringer Finance. Address: Grundingen 2, 0117 Oslo, 5th floor.

The presentation will be held in Norwegian and can be followed live via webcast at: It will be possible to submit questions online.

Contact persons at MyBank:

Christen Fredriksen, CEO Tel: +47 48 04 86 66

Email: christen.fredriksen [at]

About MyBank ASA

MyBank is a newly established online retail bank offering consumer loans, refinancing loans and deposit accounts, as well as expanding to mortgage loans when risk/reward is attractive. The bank was granted a commercial banking license in July 2016, completed a NOK 240 million equity issue in November 2016 and commenced operations during first quarter 2017. MyBank uses loan brokers as sole sales channel, enabling an efficient and scalable setup - and a competitive customer offering over time.

To learn more, visit