"Operating profit increased by 36 % compared to the fourth quarter of 2023. In December, TF Bank divested 80.1% of the shares in the subsidiary Rediem Capital and excluding the divested past due receivables, the underlying loan book growth amounted to 17 % in local currencies. The credit card business in Germany is driving the Bank's organic growth." - Joakim Jansson, CEO
January - December 2024 compared to January - December 2023
- The loan portfolio amounted to SEK 20,265 million, compared to December 2023 the increase in local currencies was 17 % excluding divested past due receivables in stage 3
- Operating profit increased by 34 % to SEK 684.9 million
- Earnings per share increased by 60 % to SEK 28.06
- Adjusted earnings per share increased by 33 % to SEK 23.23
- Cost/income ratio improved to 38.3 % (41.6)
- Return on equity amounted to 27.2 % (21.9)
- Adjusted return on equity amounted to 22.5 % (21,9)
- Total capital ratio has increased to 16.7 % (15.9)
- The Board of Directors proposes to the Annual General Meeting an extraordinary one-off dividend of SEK 5.00 per share for 2024
October - December 2024 compared to October - December 2023
- The loan portfolio amounted to SEK 20,265 million, compared to December 2023 the increase in local currencies was 17 % excluding divested past due receivables in stage 3
- Operating profit increased by 36 % to SEK 188.0 million
- Earnings per share increased by 137 % to SEK 11.05
- Adjusted earnings per share increased by 34 % to SEK 6.23
- Cost/income ratio improved to 37.3 % (40.4)
- Return on equity amounted to 39.6 % (21.5)
- Adjusted return on equity amounted to 22.3 % (21.5)
Significant events, January - December 2024
- The divestment of 80.1% of shares in the subsidiary Rediem Capital AB was completed on 20 December. The transaction resulted in a positive one-off effect on the Group's profit before tax of SEK 103 million and a positive capital effect of SEK 345 million, corresponding to 2.0% of the Bank's risk exposure amount.
- The credit card business had an organic underlying loan book growth of 48 % over the past year and economies of scale in the business model have contributed to a significantly improved operating profit of 77 % 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.
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/bokslutskommunike-2024/
SE: +46 (0)8 5053 9728 and enter the meeting code 858 7383 8335.
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 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 20 January 2025 at 07:00 CET.
