Interim Report January – September 2024

“TF Bank's loan portfolio increased by 20 % in local currencies over the past year and surpassed SEK 20 billion in the third quarter. It is primarily the German credit card business that continues to drive organic growth. The Group's operating profit increased by 47 % compared to the corresponding quarter in 2023.” - Joakim Jansson, CEO

January – September 2024 compared to January – September 2023

• The loan portfolio amounted to SEK 20,279 million, compared to September 2023 the increase in local currencies was 20 %
• Operating profit increased by 34 % to SEK 496.9 million, including a provision for restructuring costs of SEK 15.9 million in the comparative figure
• Earnings per share increased by 32 % to SEK 17.00
• Cost/income ratio improved to 38.7 % (42.1)
• Return on equity amounted to 23.3 % (22.0)
• Total capital ratio has decreased to 15.7 % (15.9) since year-end 

July – September 2024 compared to July – September 2023

• The loan portfolio amounted to SEK 20,279 million, compared to September 2023 the increase in local currencies was 20 %
• Operating profit increased by 47 % to SEK 191.3 million, including a provision for restructuring costs of SEK 15.9 million in the comparative figure
• Earnings per share increased by 44 % to SEK 6.53
• Cost/income ratio improved to 36.7 % (42.8)
• Return on equity amounted to 25.5 % (22.2)

Significant events, January – September 2024

• The credit card business had an organic loan book growth of 58 % over the past year and economies of scale in the business model have contributed to a significantly improved operating profit of 82% compared to the previous year.
• Lending operations in Spain and Italy have been established in the Credit Cards segment with a similar offering as in other credit card markets.
• During September, TF Bank issued Tier 2 bonds in the amount of SEK 100 million and carried out an early redemption of Tier 2 bonds of SEK 100 million. 

Significant events after the end of the reporting period

• The Bank has entered into a share purchase agreement regarding the transfer of a majority stake in the subsidiary Rediem Capital AB 

To follow the conference call online, please click on the link below. To ask questions dial in using the number indicated below approximately 15 minutes before the start of the conference and enter the meeting code:

Link: https://www.finwire.tv/webcast/tf-bank/q3-2024/

SE: +46 (0) 850 500 829 end enter the meeting code 812 5551 2583

For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626 95 33

TF Bank in brief
TF Bank was founded 1987 and is a digital bank offering consumer banking services and e-commerce solutions through a proprietary IT platform with a high degree of automation. Lending and/or deposit activities are conducted in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany, Austria, Spain, Ireland, the Netherlands and Italy through subsidiary, branch or cross-border banking with the support of the Swedish banking license. The operations are divided into three segments: Credit Cards, Ecommerce Solutions and Consumer Lending. TF Bank is listed on Nasdaq Stockholm.

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 15 October 2024 at 07:00 CET.