Morrow Bank Q2 Profit Rises

(RTTNews) - Morrow Bank ASA (MOBA.OL), a consumer finance bank, on Thursday announced that profit attributable to the shareholders increased in the second quarter compared with the previous year.

For the second quarter, profit attributable to the shareholders increased to 65.5 million Norwegian Krone from 45.7 million Norwegian Krone last year.

Earnings per share were 0.28 Norwegian Krone versus 0.20 Norwegian Krone last year.

Net loans to customers increased to 14.28 billion Norwegian Krone from 11.48 billion Norwegian Krone in the previous year.

Deposits from and debt to customers increased to 15.22 billion Norwegian Krone from 12.18 billion Norwegian Krone in the prior year.

Net interest income increased to 330.7 million Norwegian Krone from 287.4 million Norwegian Krone in the previous year.

Morrow Bank expects medium-term growth of 5-10% annually, supported by its NOK 16.1 billion diversified loan book, strong loan demand, and new products, including a refinancing offering in Norway and an upsell product in Sweden.

Morrow Bank is currently trading 1.13% higher at NOK 13.40 on the Oslo Stock Exchange.