Morrow Bank, a leading Nordic digital niche bank, delivered another strong quarter with profit before tax of NOK 95.2 million in Q3 2025, up 32% from NOK 72.3 million in Q3 2024.
“Morrow Bank is in a strong position to keep taking market share in the Nordic consumer finance space. We have delivered the fastest growth in the industry over the past years while maintaining one of the lowest cost-to-income ratios, proving the strength of our scalable platform,” said CEO Øyvind Oanes.
“With a proven ability to combine growth and profitability, we are raising our annual organic growth target to above 10%, implying a loan book of around NOK 19 billion by end-2026 while maintaining solid credit quality. For end-2028 we have an ambition NOK ~24 billion in gross loans and return on target equity (ROTE) of ~20%.”
“We are on track to redomicile the bank to Sweden and transfer our listing to Nasdaq Stockholm in January 2026 – the natural home for the Nordic consumer finance cluster. This will put Morrow Bank on a level playing field with peers and support our ambition to deliver higher growth, stronger returns and long-term value for our shareholders.”
Highlights of the quarter:
Organic loan growth of 6% q-o-q
• Gross loans at NOK 17.1 billion, up 10% from Q3 2024 and 6% from Q2 2025
• Total income of NOK 354 million in Q3, up 10% year-on-year
• Growth driven by successful product launch in Norway and strong customer demand
• Sale of Finnish non-performing loans of EUR 72 million to be reflected in Q4 2025
Scalable platform driving profitability
• Cost/income ratio at 24.7% excluding one-off redomiciliation costs (25.7% in Q3 2024)
• Loan loss ratio reduced to 3.9% (4.8% in Q3 2024) reflecting improved credit risk management and a maturing loan portfolio
• Profit before tax increased by 32% to NOK 95.2 million in Q3
• Return on equity (ROE) increased to 11.5% (9.0%) and return on target equity (ROTE) to 13.1% (10.1%)
Unlocking up to NOK 1 billion as a Swedish bank
• Redomiciliation to Sweden and listing on Nasdaq Stockholm on track for January 2026
• Excess capital post redomiciliation estimated at up to NOK 1 billion, providing headroom for accelerated value creation
• Capital allocation priorities: 1) organic growth, 2) accretive M&A, 3) return of capital to shareholders
Targeting higher growth and returns
• Increasing annualised organic loan growth target to >10% (up from 5–10%)
• End-2028 ambition of NOK ~24 billion loan book, ~22% cost/income ratio and ~20% ROTE
The Q3 2025 report and presentation are attached and available at ir.morrowbank.com.
Investor presentation and Q&A: CEO Øyvind Oanes and CFO Eirik Holtedahl will present the results on Thursday, 6 November at 08:30 CET.
To participate in the conference call, please click on the link below:
https://www.finwire.tv/webcast/morrow-bank/q3-2025/
For dialing in: +46 8501 63 827, then enter the meeting ID: 216 6758 1683 followed by #. Link to meeting: https://us06web.zoom.us/j/21667581683 (To ask a question, press *9 to raise your hand, then *6 to unmute).
For further information, please contact:
Eirik Holtedahl, CFO
Tel: +47 969 12 291
Email: ir@morrowbank.com
About Morrow Bank ASA
Morrow Bank is a Nordic niche bank offering personal loans, credit cards and deposit accounts to consumers. The target group is creditworthy individuals with stable personal finances and no payment remarks. Credit risk is managed largely by automated processes for credit assessment and underwriting. The Bank has a diversified and balanced distribution model utilizing both public and proprietary channels. Operational efficiency and low cost are a foundation for Morrow Bank, enabled by centralized operations, modern systems and digital set-up. Learn more at ir.morrowbank.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Henning Fagerbakke, Head of Finance, Morrow Bank ASA, on Thursday 6 November 2025 at 07:00 CET.