Lea bank ASA reports profit before tax of NOK 25.1 million

Lea bank reported a profit before tax of NOK 25.1 million for Q2 2023. Gross loans amounted to 6,618.5 MNOK, compared to 6,676.6 MNOK in the previous quarter. Adjusted for the one-off sale of non-performing loans in Norway, the gross loans increased by NOK 309 million during the quarter. Net interest income for the quarter was NOK 136.9 million, an increase of NOK 15.9 million from Q2 2022. Loss on loans were NOK 83.6 million compared to NOK 42.3 million in Q2 2022. Equity at the end of the quarter was NOK 1,399.1 million.

Lea bank has over the last years developed the bank to become an attractive international consumer bank. This has led to operational activities in four countries and over 65% of the lending volume issued outside Norway, following our international strategy, says CEO Oddbjørn Berentsen.

Highlights of Q2 2023:

· Profit before tax NOK 25.1 million (after tax of NOK 19.1 million)

· Net interest income of NOK 136.9 million

· Gross loan portfolio of NOK 6.6 billion

· Cost-income ratio (C/I) of 27,3%

· Book value per share of NOK 14.13

Focus areas going forward:

1.    Securing profitable growth

· Aim to maintain interest margins despite increasing funding costs

· Utilize presence in four markets to optimize capital allocation and develop more diversified funding capabilities

2.    Securing prudent risk management

· Navigate through an uncertain macroeconomic environment

· Close monitoring of customer behaviour and support customers through temporary challenges

Lea bank will present the results for Q2 2023 on Thursday, August 10, at 10:30 am. The presentation will take place at the bank's premises in Holbergs gate 21, Oslo. In addition, the presentation will be broadcasted via Microsoft Teams. Registration can be done to email: [email protected]

Contact information:

Oddbjørn Berentsen, CEO

Tel: +47 22 99 14 00

Email: [email protected]