Morrow Bank, a leading Nordic digital niche bank, grew its loan book to SEK
18.1 billion and delivered profit before tax of SEK 87 million in Q1 (SEK 100
million excluding one-offs).
"In the first quarter of 2026, we successfully completed the redomiciliation
to Sweden and transferred our listing to Nasdaq Stockholm, reducing capital
requirements and increasing available capital. This capital is now being
deployed in line with our strategy to drive earnings growth and long-term
value, as demonstrated by the announced acquisition of MedMera Bank -- our
fourth M&A transaction in less than two years and the largest to date," said
CEO Øyvind Oanes.
"The underlying business delivered strong loan growth during the quarter,
supported by healthy credit demand across our Nordic markets. Our diversified
funding base, solid capital structure and highly scalable platform position us
to continue generating strong earnings growth and attractive returns for our
shareholders," added Oanes.
Highlights of the quarter
Strong loan book growth
* Gross loans at SEK 18 billion, up SEK 1.2 billion during the quarter
* Total income of SEK 370 million
* Cost/income ratio at 24.8% excl. one-off redomiciliation and MedMera Bank
acquisition costs
* Loan loss ratio at 4.1%
* Profit before tax of SEK 87 million in the quarter
* Return on equity (ROE) at 10.7% and return on target equity (ROTE) at 13.9%
* Earnings per share (EPS) of SEK 0.26
Successful Swedish redomiciliation and Stockholm listing
* Redomiciled to Sweden, reducing capital requirements and contributing to
increasing excess capital
* Listed on Nasdaq Stockholm, strengthening access to Nordic's largest capital
market and consumer banking hub
Excess capital deployed with MedMera Bank acquisition
* Announced acquisition of MedMera Bank, increasing loan book by ~65%, for a
total consideration of SEK ~2 billion, financed through excess capital, new
shares and bonds
* Accretive acquisition at an attractive valuation, with strong strategic fit
and significant synergies
Improved outlook
* Maintain organic growth momentum
* Ambition to more than double earnings per share by 2028 vs. 2025, driven by
scale, credit quality and cost efficiencies
* Continued focus on accretive M&A to utilise our scalable platform and
further accelerate growth and returns
The Q1 2026 report and presentation are attached and available at
ir.morrowbank.com.
CEO Øyvind Oanes and CFO Eirik Holtedahl will present the Bank's results at
10:00 CEST today, 13 May.
To participate via webcast, please click the link below:
https://www.finwire.tv/webcast/morrow-bank/q1-2026/
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.finwire.tv%2Fwebcast%2Fmorrow-bank%2Fq1-2026%2F&data=05%7C02%7C%7C5139f71ac9c24c45edf008deac150d1e%7C387e2ad2bbbe44a182b07c03b277902e%7C0%7C0%7C639137403655170784%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=2YnHNJ8JdkZ1dd71cF5pNjNlgem6ci9vM%2BuCcKSpsBg%3D&reserved=0)
To participate via conference call:
Dial-in number: +46 850500829 , then enter the meeting ID: 879 5103 4389
followed by #. To ask a question, press *9 to raise your hand, then *6 to
unmute.
Contact
Eirik Holtedahl, CFO
Tel: +47 96 91 22 91
Email: ir@morrowbank.com
About Morrow Bank
Morrow Bank is a Nordic consumer finance bank offering digital and flexible
financing solutions to creditworthy individuals in Norway, Sweden and Finland.
The bank offers consumer loans, credit cards and high-yield deposit accounts,
supported by a modern and scalable banking platform.
This information is information that Morrow Bank is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact persons set out above, at
2026-05-13 07:00 CEST.