Sweden · Delayed Price · Currency is SEK Morrow Bank AB Earnings Call Transcripts
Fiscal Year 2026
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A Nordic consumer finance platform, now based in Sweden, has doubled its lending book since 2022 and achieved a 55% profit CAGR. With a scalable model, it targets 10% annual organic growth, further M&A, and a 20% return on equity by 2028.
Fiscal Year 2025
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Delivered 31% year-over-year profit growth in 2025, with a 21% increase in the loan book and improved cost-income and loan loss ratios. Raised 2026 loan book target to SEK 19 billion, aiming for 10% annual growth and 20% return on equity by 2028.
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Transitioning to a Swedish bank and Nasdaq Stockholm listing, the group targets at least 10% annual organic growth, supported by SEK 1 billion in excess capital for expansion and M&A. Loan book and earnings have doubled since 2021, with a focus on efficiency, risk management, and scalable technology.
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Q3 2024 saw pre-tax profit rise 32% year-over-year, driven by strong loan growth and improved cost efficiency. The bank raised its 2026 and 2028 targets, with ambitions for over 10% annual growth and a 20% return on equity, as it prepares to re-domicile to Sweden.
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Q2 2025 saw 35% profit growth and strong loan expansion, especially in Finland. Upgraded 2026 targets include higher loan growth and return on equity, with redomiciliation to Sweden and Nasdaq Stockholm relisting planned for January.
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Pre-tax profit rose 43% year-on-year to NOK 83 million, with strong cost efficiency and a stable loan loss ratio. A Swedish banking license was granted, and a cross-border merger and relisting are planned, supporting raised return targets and continued dividend payments.
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Strong 2024 performance with 637% profit growth, industry-leading efficiency, and a 140% shareholder return. Plans to move headquarters to Sweden aim to boost return on equity to 20% and unlock further growth, with a 5% organic growth target and continued focus on cost control.
Fiscal Year 2024
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Delivered strong 2024 results with 38% loan book growth, 21% income growth, and 36% higher profit before tax. Cost-income ratio improved to 25.9%, loan loss ratio declined, and a dividend of NOK 0.40 per share is proposed. Swedish banking license process and capital optimization underway.
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Strong quarterly results with 25% loan book growth, 50% year-over-year profit increase, and improved cost efficiency. Raised return on equity target to 12%-14% and submitted a Swedish banking license application, aiming for further growth and market expansion.
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Strong Q2 performance with 2% loan book growth, 3.1% income growth, and a 26% cost-income ratio. Loan losses trended down, ROE improved to 8.5%, and a NOK 700 million Swedish loan portfolio was acquired, expected to boost results from 2025.
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A scalable Nordic digital bank has achieved strong growth, reduced costs, and improved profitability, with 75% of its loan book outside Norway. Focus remains on Finland and Sweden for expansion, with further growth, cost discipline, and potential relocation under consideration.