Financial report

Interim report January-September 2021 Nordax Bank AB

Highlights January-September 2021

  • Total lending amounted to SEK 31.7 billion (SEK 27.7 as of 31 December 2020).
  • Total Secured loans (mortgage loans and equity release mortgages) amounted to SEK 11.8 billion and accounted to 37% of total lending.
  • Nordax savings offer continued to attract many new customers, as a result of which total deposits grew to SEK 27.5 billion (SEK 24.2 billion as of 31 December 2020).
  • Operating profit amounted to till 645 MSEK (524).

Business development personal loans

Nordax continued to see stable growth in the personal loan market during the third quarter. The total volume of consumer lending amounted to SEK 19.9 billion as at 30 September 2021 (SEK 17.8 billion as at 31 December 2020).

Business development mortgage loans

Nordax began offering mortgages in Sweden in 2018. The main target group is customers with some form of non-traditional employment, i.e. self-employed or temporary employees, including project, part-time or replacement workers. Thanks to thorough credit assessment and personal contacts, more loans are approved for this customer group, which is often denied by the major banks despite being financially stable. Interest in the offer has been high and new lending continues to grow. At the end of the first quarter 2019, Nordax also launched mortgage loans in the Norwegian market. As in Sweden, the target group in Norway is the nonstandard segment, i.e. customers who fall outside the narrow framework of the major Banks.

New lending has continued to develop well both in Sweden and Norway and the total mortgage portfolio amounted to SEK 4.5 billion as of 30 September 2021 (3.2 billion as of 31 December 2020).

Business development equity release mortgages

The portfolio has continued to develop well during the first 6 months of 2021 with stable new lending. The market for equity release mortgages has good potential for development and SHP has a strong brand profile within the customer base while there remains continued a strong customer interest. The total equity release mortgage portfolio amounted to SEK 7.3 billion as of 30 September 2021 (6.6 billion as of 31 December 2020).

Portfolio development

Total lending amounted to SEK 31.7 billion (SEK 27.7 billion as of 31 December 2020).

Results January-September 2021 (compared to January-September 2020) 

  • Operating profit for January-September 2021 amounted to SEK 645 million (524), an increase as a result of lower credit losses and better interest rates, which was partly offset by increased general administrative expenses.
  • Net interest income for January-September 2021 amounted to SEK 1,352 million (1,309). Net interest income increased due to growing lending portfolio but was negatively affected by an increase in liquidity related to the ongoing acquisition of Bank Norwegian ASA.
  • Credit losses for January-September 2021 amounted to SEK -114 million (-329), corresponding to 0.5 percent (1.7) of average lending. Credit losses fell as a result of low claim levels and the comparison periods were affected by extra provisions of related to COVID-19.
  • Operating expenses for January-September 2021 amounted to SEK -646 million (-503). The increase was in line with expectations as investments in the business increased again and comparison period was affected by specific cost savings due to lower activity related to COVID-19. The acquisition process of Bank Norwegian ASA had a negative effect on costs during the period of approximately SEK 62 million.

Important events after the balance sheet date

The offer period for Nordax’s offer to acquire all out- standing shares in Bank Norwegian ASA (“Bank Norwegian”) (the “Offer”) expired on 15 October 2021. After settlement of Offer which will take place no later than 4 November 2021, subject to fulfilment or waiver by Nordax, in its sole discretion, of customary closing conditions (other than the minimum acceptance condition and the regulatory approvals condition which were both fulfilled during September 2021) Nordax will control a total of approximately 95,73 % of the shares and votes in Bank Norwegian. Following settlement of the Offer, Nordax will resolve and apply for a compulsory acquisition of the remaining shares in Bank Norwegian. Upon completion of the compulsory acquisition, which is expected to occur shortly after the completion of the Offer, Nordax will become owner of 100% of the shares in Bank Norwegian.

For more information, please contact:

Patrick MacArthur, CFO, Nordax

Tel: +46 760 32 69 70


About Nordax

Nordax Bank is a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo. We currently have around 294,000 private customers in Sweden, Norway, Finland, Denmark and Germany. We are a specialist bank that through responsible lending helps people make informed decisions for a life they can afford. We are a flexible complement to the major banks. Instead of quantity, we have specialized in a few selected products that we know best: personal loans, mortgages, equity release products and savings accounts. Since 2019, Svensk Hypotekspension, which is a specialist in equity release products, is a wholly owned subsidiary of Nordax Bank. Nordax has around 360 employees, practically all of whom work from a central office in Stockholm. The credit assessment process is one of Nordax’s core competencies. It is thorough, sound and data driven. Nordax’s customers are financially stable. As of 30 September 2021, lending to the public amounted to SEK 31.7 billion and deposits amounted to SEK 27.5 billion. Read more about Nordax on