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Bank Norwegian AS Annual Report 2020

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Bank Norwegian AS Annual Report 2020 Annual Report 2020 Bank Norwegian AS Letter from the CEO Last year, when writing the 2019 comfort that we are well positioned for CEO letter, I commented upon the the future and demonstrates that our first COVID-19 outbreak and that Bank line of defense is solid. It also provides Norwegian was well positioned for any surplus capital for our growth ambitions eventual economic downturn due to our and any eventual further waves of the solid capital position and cost-efficient pandemic, while still allowing us to operating model. This statement has deliver on our dividend policy. been fully validated throughout the year; we have delivered profitable results and Customer protection is on top of our increased our financial strength, agenda and the Bank devotes significant including planned dividend pay-out to effort toward this endeavor. During our shareholders of NOK 6 per share. 2020 we have further strengthened our organization, increasing our For us in Bank Norwegian, there are two ability to safeguard the consumer things that comes to mind when looking and ensuring swift implementation of back at 2020; new legislation and guidelines as they become available. A well-regulated Tine First and foremost, I am impressed and sector is desirable for all stakeholders, Wollebekk proud of the Bank’s employees and creating a level playing field that enables CEO the strength and persistence they have sustainable growth. One of the most showed during these tough times. This discussed topics regarding industry has been paramount to help the Bank development over the last years has steer through the pandemic crisis and been implementation of PSD2. Despite support our customers in their financing the potential transformative effects on needs. Secondly Bank Norwegian the Banking sector, the directive has continued to gain market share in the not yet made the anticipated impact, Nordic markets where we operate. I however the potential remains significant see this as a sign that the customers and we expect it to play a role in the continue to value our products and future banking landscape. services. During the year, the number of customers increased to ~1.75 million We continue to improve our asset quality and our net profit ended at a solid NOK and reduce the risk in the portfolio. 1.9 billion, fairly in line with 2019 despite There is an ongoing shift where both the COVID-19 effects both on income and share of lower-risk loans originated and loan losses. Our financially strong their relative part of the loan portfolio is position has increased further during increasing with lower associated default 2020 and our loss absorption capacity rates. The customers that have been has never been better. This gives me granted a loan by the end of 2020 in Annual report 2020 Bank Norwegian AS 2 I am excited to general have a lower risk profile than The expansion will leverage on the the average customer one year earlier. experience and know-how gained from initiate this next Consequently, the inflow rate in Stage our earlier cost-efficient expansion in the chapter in Bank 3 assets has declined during 2020. Nordics. Norwegian’s history In addition to proving our business model, the COVID-19 pandemic has We will continue to focus on attractive also showed that the customers behave growth in our Nordic home market rationally in times of stress, as can through continuous product and be seen in the accelerating trend of distribution improvements, addressing improved customer payment behavior new customers as well as our during the year. substantial customer base, with relevant own- and third party products delivered As financial markets continue to through excellent digital customer evolve, offering greater choice of journeys. Both the European expansion financial products than ever, customers as well as further growth opportunities increasingly turn to companies offering in the Nordic are expected to contribute class-leading specialized products positively to the Bank’s future at competitive terms over general performance. relationships with traditional full-service banks. Deep specialization offers I am excited to initiate this next chapter competitive benefits through improved in Bank Norwegian’s history. Despite products, a higher level and pace the uncertain times ahead related of innovation and an ability to adopt to the pandemic, I am confident that rapidly when market conditions change. our unique model, deep analytical Building on the strength of our position capabilities and strong capital position as a successful Nordic Champion on will allow us to compete successfully in our current business model, Bank attractive European markets. Norwegian has decided to pursue future growth through expansion of our focused product portfolio into new European markets. We are targeting to Fornebu, March 16, 2021 enter one or two European countries during the second half of 2021. Tine Wollebekk Annual report 2020 Bank Norwegian AS 3 Director’s Report 2020 Bank Norwegian AS OPERATIONS, GOALS AND due to lower private consumption in STRATEGY the beginning of the second quarter. Bank Norwegian AS is a wholly owned The Bank experienced a positive subsidiary of Norwegian Finans Holding development due to the opening of ASA. Norwegian Finans Holding ASA is societies and increase in spending listed on the Oslo Stock Exchange with in connection with summer holidays; the ticker code NOFI. this positive development continued throughout the third quarter showing an Bank Norwegian started its operations uptake in private consumption through in November 2007 and offers instalment higher credit card purchase volumes loans, credit cards and deposit accounts and increased instalment loan sales. to personal customers distributed The fourth quarter was in turn affected through the Internet in the Nordic by the second wave of COVID-19, with market. Bank Norwegian offers, in decline in economic activity resulting in cooperation with the airline Norwegian, somewhat lower credit card purchase a combined credit card and reward card. volumes primarily outside each home The Bank started operations in Sweden markets, and slightly reduced instalment in May 2013. In December 2015 the loan volumes through continued positive Bank launched operations in Denmark customer payment behavior combined and Finland. with somewhat reduced new sales. Norwegian Finans Holding ASA holds At the end of 2020 the Bank had a the rights to the Bank Norwegian brand customer base of 1 751 500 customers, for banking services and access to which can be broken down into customers across Europe. 1 264 300 credit card customers, 206 800 instalment loan customers and Bank Norwegian is a digital bank that 280 400 deposit customers. offers simple and competitive products to the market. The strategy is based The Bank’s financial statements on leading digital solutions, synergies are accounted for according to the with the airline Norwegian, attractive Norwegian annual accounts regulation terms for our customers, cost-effective for banks, credit companies and finance operations and effective risk selection. companies. This means that IFRS rules apply with exceptions and simplifications COVID-19 and the resulting partial regulated through the annual accounts shutdown of Nordic societies quartering regulations which in turn means that the March 2020 led to a sharp drop in Board of Directors’ proposal for group economic activity, which was countered contribution is recognized as debt on the by decisive government measures to balance sheet date. soften the impact on the economies. The Bank initially experienced a fall in credit card purchase volumes and lower demand for instalment loans Annual report 2020 Bank Norwegian AS 4 ECONOMIC DEVELOPMENT million due to lower credit card usage Profit and loss account for 2020 related to the pandemic. Income from The Bank’s comprehensive income shares and other securities amounted for 2020 was NOK 2 240 million, to NOK 24.0 million and consist of a compared with NOK 1 993 million in dividend received from VN Norge AS. 2019. The increase is due to the tax The net change in value on securities effect of the group contribution. Profit and currency was NOK -11.4 million, before tax decreased NOK 106 million compared to NOK 32.1 million in 2019. mainly due to higher provision for loan Negative change in value on fixed losses related to the uncertain outlook income securities exceeded gains on of COVID-19, lower net commission currency and positive change in value income due to lower credit card activity of shares in 2020. Value-adjusted return which were partly offset by increased on the securities portfolio was 0.7%, interest income derived from exchange compared with 0.8% in 2019. rate effects. The return on equity was 23.1% and the return on assets Operating expenses was 3.7%. Adjusting for the group Total operating expenses totalled contribution in the fourth quarter, the NOK 1 278 million, a reduction of ROE was 19.6% and ROA was 3.1% NOK 34.2 million from 2019. Personnel for 2020. expenses went up NOK 18.9 million due to increased number of employees. Net interest income General administrative expenses Net interest income was NOK 5 417 decreased NOK 51.3 million, mainly million, an increase of NOK 155.0 due to lower digital marketing spending. million from 2019 through increased Depreciation decreased NOK 4.1 million interest income partly offset by higher and other operating expenses increased interest expenses. The interest income NOK 2.3 million. increase is mainly explained by the positive impact from the diversified Provision for loan losses Nordic business model through The Bank’s provision for loan losses exchange rate effects and increased was NOK 1 831 million, compared liquid assets, partly offset by negative with NOK 1 627 million in 2019. The credit card loan growth, primarily increased loan loss provision is mainly in Norway.
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