Quarterly Report • Apr 25, 2023
Quarterly Report
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INTERIM REPORT JANUARY–MARCH 2023
Interim report January-March 2023 Collector Bank AB (publ) 556597-0513 1
(COMPARED TO THE FIRST QUARTER OF 2022)
On 28 March 2023, a press release was published stating that the Board of Collector Bank proposes changing the company name from Collector Bank AB to Norion Bank AB. The proposal reflects the strategic changes the company has made in recent years in terms of streamlining the business and a clear focus on balanced and profitable growth. The purpose of the proposal is also to clarify the company's customer offering. The change of the company name requires approvals by the Annual General Meeting, the Swedish Financial Supervisory Authority and the Swedish Companies Registration Office.
No significant events have occured after the end of the period.
1) See pages 4-5 2) See page 20
HIGHLIGHTS FIRST QUARTER OF 2023 (COMPARED TO THE FIRST QUARTER OF 2022)
Loan portfolio
SEKm 41,699 +8% 882 +22%
Total income
SEKm
C/I ratio
26.0% +17%
percentage points
Net profit
SEKm
-0.8 305
percentage points
Adj. return on equity CET1 ratio 17.4% 14.6% +1.0
-0.2 percentage points
1) Earnings per share after dilution (attributable to the shareholders of Collector Bank AB)
Collector Bank specializes in financing solutions for medium-sized corporates and real estate companies, private individuals and merchants, and is a complement to large traditional banks. The corporate and real estate offering includes corporate lending, factoring and real estate lending. The bank's services for private individuals include personal loans, credit cards and deposit accounts. Checkout and payment solutions, targeting merchants and private individuals, are offered through the brand Walley. The company has offices in Gothenburg (headquarters), Stockholm, Helsingborg, Helsinki and Oslo. Collector Bank AB (publ) is listed on Nasdaq Stockholm.
| SEKm | Q1 2023 |
Q4 2022 |
∆ | Q1 2022 |
∆ |
|---|---|---|---|---|---|
| INCOME STATEMENT | |||||
| Net interest income | 809 | 839 | -4% | 645 | 25% |
| Total income | 882 | 928 | -5% | 723 | 22% |
| Net profit | 305 | 346 | -12% | 260 | 17% |
| Earnings per share before dilution, SEK | 1.42 | 1.62 | -13% | 1.22 | 16% |
| Earnings per share after dilution, SEK | 1.42 | 1.62 | -13% | 1.22 | 16% |
| BALANCE SHEET | |||||
| Loans to the public | 41,699 | 41,490 | 1% | 38,734 | 8% |
| Deposits and borrowings from the public | 36,442 | 36,842 | -1% | 32,519 | 12% |
| Debt securities in issue | 3,243 | 3,337 | -3% | 5,127 | -37% |
| Subordinated liabilities | - | - | - | 500 | -100% |
| Total equity (shareholders of Collector Bank AB) | 6,860 | 6,570 | 4% | 5,667 | 21% |
| KEY RATIOS 1) | |||||
| Net interest margin (NIM) - Period 2) | 7.8% | 8.1% | 6.9% | ||
| Net interest margin (NIM) - LTM 2) | 7.6% | 7.5% | 6.8% | ||
| Credit loss level - Period 2) | 2.6% | 2.5% | 2.1% | ||
| Credit loss level - LTM 2) | 2.5% | 2.4% | 2.4% | ||
| C/I ratio - Period 2) | 26.0% | 24.9% | 26.7% | ||
| C/I ratio - LTM 2) | 25.7% | 25.9% | 28.4% | ||
| Return on equity (RoE) - Period 2) | 17.4% | 20.8% | 18.1% | ||
| Return on equity (RoE) - LTM 2) | 18.2% | 18.3% | 16.0% | ||
| CET1 ratio 3) | 14.6% | 14.3% | 13.6% | ||
| Tier 1 ratio 3) | 15.7% | 15.4% | 14.8% | ||
| Total capital ratio 3) | 15.7% | 15.4% | 16.1% | ||
| Average number of full-time employees | 328 | 327 | 1% | 300 | 9% |
| ADJUSTED KEY RATIOS 1) | |||||
| Net interest margin (NIM) - Period 2) | 7.8% | 8.1% | 6.9% | ||
| Net interest margin (NIM) - LTM 2) | 7.6% | 7.5% | 6.8% | ||
| Credit loss level - Period 2) | 2.6% | 2.5% | 2.1% | ||
| Credit loss level - LTM 2) | 2.5% | 2.4% | 2.4% | ||
| C/I ratio - Period 2) | 26.0% | 24.9% | 26.7% | ||
| C/I ratio - LTM 2) | 25.7% | 25.9% | 28.4% | ||
| Return on equity (RoE) - Period 2) | 17.4% | 20.8% | 17.6% | ||
| Return on equity (RoE) - LTM 2) | 18.1% | 18.2% | 15.7% |
1) See Definitions, pages 19-20, and collector.se/en/about-collector/investors/financial-information/ for more information about key ratios
2) Key ratios that have not been prepared in accordance with IFRS but are deemed to facilitate the analysis of Collector's development. See Definitions, pages 19-20 3) Key ratios according to capital adequacy rules (CRR). See note 12, pages 42-44
| SEKm | Full year 2022 |
|---|---|
| INCOME STATEMENT | |
| Net interest income | 2,899 |
| Total income | 3,212 |
| Net profit | 1,141 |
| Earnings per share before dilution, SEK | 5.34 |
| Earnings per share after dilution, SEK | 5.34 |
| BALANCE SHEET | |
| Loans to the public | 41,490 |
| Deposits and borrowings from the public | 36,842 |
| Debt securities in issue | 3,337 |
| Subordinated liabilities | - |
| Total equity (shareholders of Collector Bank AB) | 6,570 |
| KEY RATIOS 1) | |
| Net interest margin (NIM) - Period 2) | 7.5% |
| Net interest margin (NIM) - LTM 2) | 7.5% |
| Credit loss level - Period 2) | 2.4% |
| Credit loss level - LTM 2) | 2.4% |
| C/I ratio - Period 2) | 25.9% |
| C/I ratio - LTM 2) | 25.9% |
| Return on equity (RoE) - Period 2) | 18.3% |
| Return on equity (RoE) - LTM 2) | 18.3% |
| CET1 ratio 3) | 14.3% |
| Tier 1 ratio 3) | 15.4% |
| Total capital ratio 3) | 15.4% |
| Average number of full-time employees | 308 |
| ADJUSTED KEY RATIOS 1) | |
| Net interest margin (NIM) - Period 2) | 7.5% |
| Net interest margin (NIM) - LTM 2) | 7.5% |
| Credit loss level - Period 2) | 2.4% |
| Credit loss level - LTM 2) | 2.4% |
| C/I ratio - Period 2) | 25.9% |
| C/I ratio - LTM 2) | 25.9% |
| Return on equity (RoE) - Period 2) | 18.2% |
| Return on equity (RoE) - LTM 2) | 18.2% |
1) See Definitions, pages 19-20, and collector.se/en/about-collector/investors/financial-information/ for more information about key ratios
2) Key ratios that have not been prepared in accordance with IFRS but are deemed to facilitate the analysis of Collector's development. See Definitions, pages 19-20 3) Key ratios according to capital adequacy rules (CRR). See note 12, pages 42-44
2022 started with the Russian invasion of Ukraine, which led to worldwide ramifications and created turbulence in financial markets during the full year. In the first quarter of 2023, volatility on financial markets increased once again driven by a number of specific events within the banking sector, which started with the takeover of Silicon Valley Bank in the US. In Europe, UBS was also forced to take over Credit Suisse under noticed forms. The consequential effects include higher financing costs, lower asset valuations and higher volatility in financial markets. At the same time, focus has remained on high inflation rates and higher policy rates. Despite uncertainty in the macroeconomic environment, Collector Bank has shown stable development both during 2022 and the first quarter of 2023. We stand on solid ground and do not see any direct effects of the turbulence in 2023. Deposits and borrowings from the public is Collector Bank's primary source of funding. 96% of our deposits are covered by the government deposit guarantee scheme, which is a number that has been stable, quarter over quarter, over the years. We also have low risk taking in the management of our liquidity portfolio as we invest in issuers with low risk profile at floating rate, have short durations and the absolute majority of our portfolio has mark-to-market valuation.
In 2019, we initiated a strategic transformation journey, moving focus from high growth to profitability. As a result, we also have a more balanced risk profile and a stronger balance sheet. The results of the changes are clearly visible in the financial development in recent years. Today, we are a bank that shows good profitability, and I am glad that we have already made that journey given the current uncertain macroeconomic environment.
The loan book amounted to SEK 41,699 million, which corresponds to a growth of 8% since the first quarter of 2022, primarily driven by the Corporate and Real Estate segments.
Corporate and Real Estate have seen stable results development. Since the second half of 2022, our focus has remained on lower volume growth given the macroeconomic uncertainty. From a long-term perspective, we still have an attractive position as a financing bank with a distinct focus on medium-sized corporates and real estate companies in the Nordics. Our target market is large, and we are uniquely positioned as a complement to larger traditional banks by being one of few players offering corporate and real estate loans in the size of SEK 30-300 million.
Payments maintain solid transaction volumes and stable results development despite a challenging market still characterized by declining online sales. Since the fall of 2021, the business has operated under the brand Walley, which is one of the leading players on the Nordic payment solutions market. Going forward, our aim is to increase awareness among both merchants and end customers.
The Consumer loan book continues to decrease, both in absolute and relative terms, as our focus is to prioritize increased profitability over volume growth as well as to ensure sound and sustainable lending. Increased profitability is a longterm focus, and the work is progressing well.
Interest income continues to be positively affected by the higher policy rate environment, primarily driven by the Corporate and Real Estate segments. Interest costs have however increased during the quarter driven by gradually increased competition in the deposit market. The credit loss level amounted to 2.6% during the quarter. We hence remain conservative with regards to our credit loss provisioning, and increase our provisioning levels, even though we see some signs of slightly deteriorating payment patterns. Return on equity amounted to 17.4% during the quarter. We consequently maintain solid underlying profitability.
By the end of March, we published a press release with the announcement that the Board of Directors of Collector Bank proposes to change the company name from Collector Bank AB to Norion Bank AB. The proposal reflects the strategic changes we have made in recent years in terms of streamlining the business and a clear focus on balanced and profitable growth. Today, Collector Bank is a business-oriented Nordic bank that offers financing solutions to medium-sized corporates and real estate companies, merchants and private individuals. From a business perspective, we hence create a clear brand group with three distinct brands directed at our three primary customer groups. The proposal aims to optimize the opportunities for all individual business areas. If the proposal is approved by the General Meeting and the relevant authorities, the business will, starting in the fall, be conducted under three different brands: Norion Bank, Collector and Walley. Our aim with a new corporate name and brand is both to further strengthen our positioning and to clarify our customer offering.
Martin Nossman CEO
MARTIN NOSSMAN, CEO
"Stable quarter in a turbulent market"
Interim report January-March 2023 Collector Bank AB (publ) 556597-0513 7
Total income amounted to SEK 882 million (723) corresponding to an increase of 22% compared to last year. Net interest income increased by 25% compared to the previous year and amounted to SEK 809 million (645). Higher market rates have had a positive impact on interest income. Funding costs have also increased following higher policy rates and gradually increased competition in the deposit market. The net interest margin amounted to 7.8% (6.9). Net commission income decreased by 7% compared to last year and amounted to SEK 72 million (77). Net gains and losses on financial items amounted to SEK -9 million (-11). Other income amounted to SEK 9 million (11). The business has developed positively compared to the first quarter of 2022 with the Corporate and Real Estate segments having contributed strongly.
Total expenses amounted to SEK 229 million (193) during the first quarter of 2023. The C/I ratio for the period amounted to 26.0% (26.7). Collector Bank hence continues to prove solid cost control.
The total loan portfolio amounted to SEK 41,699 million (38,734) by the end of the first quarter of 2023, corresponding to an increase of 8% compared to last year and an increase of 1% compared to the previous quarter. The Corporate loan portfolio has increased by 7% compared to the previous year and decreased by 7% compared to the previous quarter. The Real Estate loan portfolio has increased by 22% compared to the previous year and increased by 7% compared to the previous quarter. The Consumer loan portfolio has decreased by 7% compared to the previous year and remains unchanged compared to the previous quarter. The Payments loan portfolio is unchanged compared to the previous year and has decreased by 6% compared to the previous quarter. Out of the total loan portfolio, Corporate amounted to 24% (24), Real Estate amounted to 45% (39), Consumer amounted to 25% (29), Payments amounted to 6% (6) and Other amounted to 2% (2) by the end of the quarter.
The credit loss level in the first quarter of 2023 amounted to 2.6% (2.1). The credit loss level for the underlying banking operations is presented on page 9.
Operating profit amounted to SEK 385 million (329) in the first quarter of 2023. Net profit amounted to SEK 305 million (260) during the period. Earnings per share amounted to SEK 1.42 (1.22) during the period. Return on equity amounted to 17.4% (18.1) during the period.
Non-recurring items are defined as income and expenses that are not expected to appear on a regular basis.
There were no non-recurring items in the first quarter of 2023.
There were no non-recurring items in the first, second, third or fourth quarter of 2022.
As of 31 March 2023, cash and cash equivalents amounted to SEK 2,496 million (2,361). Collector Bank's excess liquidity is invested in Swedish municipal bonds, covered bonds, government issued securities and deposit accounts primarily with Nordic banks. At the end of the period, the Group's financial investments amounted to SEK 3,641 million (3,703).
Deposits and borrowings from the public amounted to approximately 75% (72) of Collector Bank's balance sheet, which by the end of the period amounted to SEK 36,442 million (32,519). This is the primary source of funding for the Group. Senior unsecured bonds issued amounted to SEK 3,243 million (2,991). Commercial papers issued amounted to SEK 0 million (2,136).
Collector Bank has received permission from the Swedish Financial Supervisory Authority to include net profit for the period in own funds. A review of net profit for the period for Collector Bank AB has been performed, and Collector Bank has been allowed to include net profit in the Common Equity Tier 1 capital. Over time, Collector Bank aims to work with an efficient capital planning strategy, which includes issuance of both Additional Tier 1 and Tier 2 instruments. At the end of the period, the risk-weighted exposure amount was SEK 45,494 million (41,157). As of 31 March 2023, the CET1 ratio amounted to 14.6% (13.6), the Tier 1 ratio to 15.7% (14.8) and the total capital ratio to 15.7% (16.1).
Central Banks all around the world have carried out policy rate increases at a pace never seen before. The policy rate increases have however not managed to curb inflation which remains at a high level, in which energy and food prices have played a large role. The market expects additional rate hikes in order to reduce the inflation rate and macroeconomic forecasts have as a consequence been revised down.
Uncertainty in the financial markets increased during the first quarter as a number of financial institutions in the US and Europe were deemed insolvent, or likely insolvent, by their respective supervisory authority. As a consequence, risk premiums for financial institutions have been affected, assets have decreased in value and overall volatility in financial markets has increased.
| Credit loss level (%) | Q1 2023 |
Q1 2022 |
|---|---|---|
| Reported | 2.6% | 2.1% |
| Reported, excl. purchased debt portfolios | 2.6% | 2.1% |
The loan portfolio of the Corporate segment amounted to SEK 9,808 million (9,182), corresponding to an increase of 7% over the previous year and a decrease of 7% over the previous quarter. The Corporate segment accounted for 24% (24) of Collector Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 191 million (150) during the quarter. The net interest margin (NIM) amounted to 7.9% compared to 6.6% in the same quarter last year and 8.0% in the previous quarter. The total income margin amounted to 7.5% compared to 7.0% in the same quarter last year and 7.9% in the previous quarter. The NIM and total income margins can vary between periods dependent on when amortizations and disbursements of new loans are made during respective period.
The income development was solid during the quarter. Transaction activity continued to be muted as market sentiment was tentative. On the back of the uncertain macroeconomic backdrop, Collector Bank has applied a more selective approach with regards to completed transactions. In combination amortizations it has impacted the loan book growth during the quarter. The loan book for factoring was seasonally weak. Collector Bank has an attractive position within the Corporate segment which is one of the company's focus areas going forward.
9,808 SEKm 24%
Collector Bank offers corporate loans and factoring solutions with particular focus on small and medium-sized enterprises in Sweden, Norway and Finland in a wide range of industries. Corporate loans are issued to companies against collateral. Factoring solutions primarily comprise purchasing of invoices both with and without right of recourse.
Geographic split 1) Industry split 1)
The loan portfolio of the Real Estate segment amounted to SEK 18,594 million (15,252), corresponding to an increase of 22% over the previous year and an increase of 7% over the previous quarter. The Real Estate segment accounted for 45% (39) of Collector Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 327 million (232) during the quarter. The net interest margin (NIM) amounted to 7.3% compared to 6.4% in the same quarter last year and 7.8% in the previous quarter. The total income margin amounted to 7.3% compared to 6.4% in the same quarter last year and 7.9% in the previous quarter. The NIM and total income margins can vary between periods dependent on when amortizations and disbursements of new loans are made during respective period. Total income was positively impacted by some SEK 30 million in the previous quarter for exposures that had previously been included in Stage 3. Thus, the comparability between the quarters is affected.
Transaction activity remained muted following the decline during the end of last year. Market participants still have to adapt to the new financial environment and demand is driven by i.a. lower activity on the bond market. On the back of the macroeconomic developments and declining market sentiment, Collector Bank has applied a more selective approach with regards to completed transaction. The market sentiment has therefore had an impact on the loan book growth. The majority of the Real Estate portfolio still constitutes of senior loans, which amounted to 62% (68) by the end of the quarter.
Collector Bank offers real estate loans focusing on metropolitan areas and university cities in the Nordic region and Germany. Real estate loans are issued to companies against collateral. Collector Bank offers both junior and senior lending. Financing is provided mainly for residential properties but also for offices and industrial properties.
Industry split 1) Geographic split 1)
17 Average remaining maturity (months)
1) Based on the Real Estate loan portfolio as of 31 March 2023
The loan portfolio of the Consumer segment amounted to SEK 10,320 million (11,141), corresponding to a decrease of 7% over the previous year and the loan portfolio is unchanged compared to the previous quarter. The Consumer segment accounted for 25% (29) of Collector Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 207 million (218) during the quarter. The net interest margin (NIM) amounted to 7.4% compared to 7.3% in the same quarter last year and 7.4% in the previous quarter. The total income margin amounted to 8.0% compared to 7.8% in the same quarter last year and 7.9% in the previous quarter.
Loan book volumes have been declining during the last few years given Collector Bank's focus on increasing profitability within the segment. Interest rate increases have been made during the quarter to compensate for increased funding costs due to higher policy rates. Going forward, Collector Bank continues to prioritize higher profitability over volume growth within the segment.
10,320 SEKm
Collector Bank offers unsecured loans to private individuals of up to SEK 500,000 in Sweden and up to EUR 25,000 in Finland. Sales is mainly made through loan intermediaries but also through the bank's own channels. Collector Bank also offers credit cards, with a maximum credit limit of SEK 100,000.
Geographic split 1) Average customer Personal loans
50years
203,000 Average loan new sales (SEK, LTM)
145,000 Average loan in the portfolio (SEK)
~30% Sales through own channels
50,000 Customers
24,000 Cards outstanding
1) Based on the Consumer loan portfolio as of 31 March 2023
The loan portfolio of the Payments segment amounted to SEK 2,336 million (2,336), which is unchanged compared to the previous year and corresponds to a decrease of 6% over the previous quarter. The Payments segment accounted for 6% (6) of Collector Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 113 million (125) during the quarter. The net interest margin (NIM) amounted to 8.1% compared to 9.1% in the same quarter last year and 8.5% in the previous quarter. The total income margin amounted to 18.9% compared to 20.9% in the same quarter last year and 19.1% in the previous quarter.
Transaction volumes amounted to SEK 3,132 million (3,191) during the first quarter of 2023, which corresponds to a decrease of 2% compared to the same quarter last year. Transaction volumes remain at stable levels despite continued challenging conditions for the e-commerce market. The Payments segment hence continues to show relatively stronger growth than the market as both new and existing merchants have shown relatively stronger performance compared to the market. The work to ensure end customer satisfaction is progressing well and app users continue to increase every quarter. Profitable growth, in combination with satisfied merchants and end customers, remains as core focus for the Payments segment.
Collector Bank offers payment and checkout solutions to e-commerce and retail chains, primarily in Sweden, Finland and Norway, as well as invoicing and payment by instalment services for private individuals. Collector Bank offers specialized solutions focusing on the merchant's strategy and brand, primarily targeting larger merchants.
Since Q3 2021 the business is conducted through the brand Walley.
Geographic split 1)
Transaction volumes (SEKm)
Q1 2023 (Q1 2022) -2% % change
1) Based on the Payments loan portfolio as of 31 March 2023
Through its operations, Collector Bank is exposed to several different risks: primarily credit risk, market risk (currency risk and interest rate risk), liquidity and financing risks as well as operational risk and other business risks. The Group's overall risk management policy focuses on the unpredictability of the financial markets and strives to minimize potentially unfavorable influences on the Group's financial results. Risk management is handled by the Group's management team according to policies established by the Board of Directors. The Board establishes written policies for overall risk management and for specific areas such as currency risk, interest rate risk, credit risk, operational risk and the use of derivatives and similar financial instruments. The Group's risk structure and its risk, liquidity and capital management are described in Collector Bank's Annual Report. There have been no significant changes since the publication of the annual report, except as reported in this interim report.
Collector Bank AB (publ) has a license to conduct banking operations. The Bank conducts business in Sweden and through branches in Norway and Finland. Collector Bank AB (publ) is under the supervision of the Swedish Financial Supervisory Authority and is covered by its rules for capital adequacy and large exposures.
During the quarter, the average number of full-time employees (FTE) amounted to 328, which corresponds to an increase of 9% compared to the corresponding quarter last year. The number of full-time employees includes employees on fixed-term contracts, but not employees on parental leave or a leave of absence.
Collector Bank's share ("COLL") is listed on Nasdaq Stockholm. As of 31 March 2023, the closing price for the Collector Bank share was SEK 35.865, corresponding to a market capitalization of SEK 7.4 billion. There were approximately 10,900 shareholders at the end of the period.
First day of trading in the Collector Bank share was on 15 August 2022 as the merger between Collector Bank AB and Collector AB had been completed. Last day of trading in the previously listed Collector AB share was on 11 August 2022.
| Shareholders at 31 March 2023 | % |
|---|---|
| Fastighets AB Balder | 44.1% |
| Erik Selin | 17.6% |
| StrategiQ Capital AB | 6.9% |
| State Street Bank and Trust Company | 4.5% |
| Helichrysum Gruppen AB | 3.3% |
| Nordnet Pensionsförsäkring | 2.6% |
| JME Invest AB | 2.0% |
| SEB AB | 1.5% |
| Vante AB | 1.4% |
| Avanza Pension | 1.2% |
| Other shareholders | 14.9% |
| Total | 100.0% |
On 4 May 2022, a reverse share split and a split were carried out prior to the merger with Collector AB to achieve a 1:1 exchange ratio. More information is available in the merger prospectus.
As of 31 March 2023, the share capital amounted to SEK 20,538,100, divided into 205,381,004 ordinary shares. The Company has a single share series. Each share entitles the shareholder to one vote at the General Meeting.
According to the adopted dividend policy dividends may be low or not occur at all in the medium term.
A conference call will be held on 25 April 2023 at 09:30 a.m. (CET), during which CEO Martin Nossman and CFO Peter Olsson will present the report. The presentation will be held in Swedish and will be broadcasted live at https://ir.financialhearings.com/collector-bank-q1-2023. To participate in the conference call, please dial +46 850 516 386 or +44 2031 984 884, pin code 9391286#. The presentation material will be in English and be available prior to the presentation on the website collector.se/en
No significant events have occurred after the end of the period.
Alternative performance measures (APMs) are financial measures of past or future earnings trends, financial position or cash flow that are not defined in the applicable accounting regulatory framework (IFRS), in the Capital Requirements Directive (CRD IV), or in the EU's Capital Requirement Regulation number 575/2013 (CRR). APMs are used by Collector Bank when relevant for monitoring and describing the bank's financial situation and enhance comparability between the periods. Collector Bank believes that these APMs provide valuable information and enhance the analysis of the Group's financial development. These are not necessarily comparable to similar APMs presented by other companies.
See collector.se/en/about-collector/investors/financial-information/ fore more information about key ratios.
Net interest income for the period in relation to average loans to the public for the period.
Net interest income for the last twelve months in relation to average loans to the public for the last twelve months.
Net interest income for the period, adjusted for non-recurring items, in relation to average loans to the public for the period.
Net interest income for the last twelve months, adjusted for non-recurring items, in relation to average loans to the public for the last twelve months.
Total expenses for the period in relation to total income for the period.
Total expenses for the last twelve months in relation to total income for the last twelve months.
Total expenses for the period, adjusted for non-recurring items, in relation to total income for the period, adjusted for non-recurring items.
Total expenses for the last twelve months, adjusted for nonrecurring items, in relation to total income for the last twelve months, adjusted for non-recurring items.
Credit losses, net for the period in relation to average loans to the public for the period.
Credit losses, net for the last twelve months in relation to average loans to the public for the last twelve months.
Credit losses, net, adjusted for non-recurring items, for the period in relation to average loans to the public for the period.
Credit losses, net for the period, adjusted for non-recurring items, in relation to average loans to the public for the last twelve months.
Net profit for the period attributable to the shareholders of Collector Bank AB in relation to average number of shares outstanding after dilution for the period.
Net profit for the period attributable to the shareholders of Collector Bank AB in relation to average number of shares outstanding before dilution for the period.
Net profit for the period attributable to the shareholders of Collector Bank AB in relation to average equity attributable to the shareholders of Collector Bank AB for the period.
Net profit attributable to the shareholders of Collector Bank AB for the last twelve months in relation to average equity attributable to the shareholders of Collector Bank AB for the last twelve months.
Net profit for the period attributable to the shareholders of Collector Bank AB, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Collector Bank AB for the period. For relevant periods prior to the intragroup merger between Collector Bank AB and Collector AB, the calculation includes net profit for the period attributable to the shareholders of Collector AB, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Collector AB for the period.
1) Not alternative performance measures.
Net profit attributable to the shareholders of Collector Bank AB for the last twelve months, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Collector Bank AB for the last twelve months. For relevant periods prior to the intra-group merger between Collector Bank AB and Collector AB, the calculation includes net profit attributable to the shareholders of Collector AB for the last twelve months, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Collector AB for the last twelve months.
Total income for the period in relation to average loans to the public for the period.
Net interest income adjusted for non-recurring items.
Total income adjusted for non-recurring items.
Total expenses adjusted for non-recurring items.
Operating profit adjusted for non-recurring items.
Net profit attributable to the shareholders of the parent company adjusted for non-recurring items.
Income and expenses that are not expected to appear on a regular basis. See The Group's development, pages 8-9.
2) Key ratios according to capital adequacy rules (CRR).
Common Equity Tier 1 capital in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 42-44.
Tier 1 capital in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 42-44.
Total own funds in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 42-44.
Including employees on fixed-term contracts, but not on parental leave or leave of absence.
Group
| Q1 | Q4 | Q1 | Full year | ||
|---|---|---|---|---|---|
| SEKm | Note | 2023 | 2022 | 2022 | 2022 |
| Interest income1) | 1 040 | 1 008 | 741 | 3 385 | |
| Interest expense2) | -232 | -169 | -96 | -486 | |
| Net interest income | 4 | 809 | 839 | 645 | 2 899 |
| Commission income | 83 | 83 | 88 | 342 | |
| Commission expense | -11 | -11 | -11 | -43 | |
| Net commission income | 72 | 73 | 77 | 299 | |
| Net gains and losses on financial items | -9 | 6 | -11 | -24 | |
| Other income3) | 9 | 10 | 11 | 39 | |
| Total income | 882 | 928 | 723 | 3 212 | |
| Personnel expenses3) | 5 | -90 | -92 | -76 | -321 |
| Other expenses3) | 6 | -122 | -122 | -109 | -448 |
| Depreciation/amortization and impairment of tangible and intangible assets3) | -17 | -17 | -7 | -63 | |
| Total expenses | -229 | -231 | -193 | -832 | |
| Profit before credit losses | 653 | 697 | 529 | 2 381 | |
| Credit losses, net | 7 | -268 | -260 | -200 | -938 |
| Operating profit | 385 | 437 | 329 | 1 442 | |
| Tax expense | -80 | -91 | -69 | -302 | |
| Net profit for the period | 305 | 346 | 260 | 1 141 | |
| Portion of net profit for the period attributable to: | |||||
| shareholders of Collector Bank AB | 291 | 333 | 251 | 1 097 | |
| additional Tier 1 capital holders | 13 | 13 | 10 | 44 | |
| Earnings per share, before dilution, SEK4) | 1,42 | 1,62 | 1,22 | 5,34 | |
| Earnings per share, after dilution, SEK4) | 1,42 | 1,62 | 1,22 | 5,34 |
1) Consists mainly of interest income calculated according to the effective interest rate method.
2) Interest expenses for issued tier 1 capital instruments are reported in equity.
3) IFRS 16 Leases started to be applied from quarter 3, 2022. The group's leasing agreement has been taken over with the merger of Collector AB and consists mostly of office premises and to a lesser extent vehicles. All right-of-use assets are reported under the item Tangible fixed assets and leasing liabilities under the item Other liabilities in the balance sheet.
4) On May 4, 2022, a reverse share split and a split were carried out before the merger of Collector AB to achieve the 1:1 exchange ratio. After the share split, the total number of shares in Collector Bank AB amount to 205 381 004. Historical data for the total number of shares in this report have been adjusted in accordance with IAS 33.
| Q1 | Q4 | Q1 | Full year | |
|---|---|---|---|---|
| SEKm Note |
2023 | 2022 | 2022 | 2022 |
| Net profit for the period reported via income statement | 305 | 346 | 260 | 1 141 |
| Items that have been or may be reclassified to the income statement | ||||
| Exchange rate differences on translation of foreign currency | -2 | 1 | 1 | 2 |
| Other comprehensive income for the period, net of tax | -2 | 1 | 1 | 2 |
| Total comprehensive income for the period | 303 | 347 | 261 | 1 143 |
| Portion of total comprehensive income for the period attributable to: | ||||
| shareholders of Collector Bank AB | 290 | 334 | 252 | 1 099 |
| additional Tier 1 capital holders | 13 | 13 | 10 | 44 |
Group
| Mar 31 | Dec 31 | Mar 31 | ||
|---|---|---|---|---|
| SEKm | Note | 2023 | 2022 | 2022 |
| ASSETS | ||||
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 13 | 286 | 267 | 182 |
| Loans to credit institutions | 2 496 | 3 050 | 2 361 | |
| Loans to the public | 8, 9 | 41 699 | 41 490 | 38 734 |
| Bonds and other interest-bearing securities | 13 | 3 355 | 2 970 | 3 521 |
| Shares and participating interests | 13 | 523 | 533 | 396 |
| Intangible assets | 83 | 79 | 91 | |
| Tangible assets | 129 | 137 | 0 | |
| Derivatives | 13 | 36 | - | - |
| Other assets | 38 | 68 | 70 | |
| Prepaid expenses and accrued income | 89 | 82 | 100 | |
| Total assets | 48 734 | 48 676 | 45 456 | |
| LIABILITIES AND EQUITY | ||||
| Deposits and borrowings from the public | 10 | 36 442 | 36 842 | 32 519 |
| Debt securities in issue | 11 | 3 243 | 3 337 | 5 127 |
| Derivatives | 13 | - | 7 | 40 |
| Other liabilities | 711 | 687 | 502 | |
| Accrued expenses and prepaid income | 979 | 733 | 601 | |
| Subordinated liabilities | 11 | - | - | 500 |
| Total liabilities | 41 375 | 41 606 | 39 288 | |
| Equity attributable to additional Tier 1 capital holders | 500 | 500 | 500 | |
| Equity attributable to the shareholders of Collector Bank AB | 6 860 | 6 570 | 5 667 | |
| Total equity | 7 360 | 7 070 | 6 167 | |
| Total liabilities and equity | 48 734 | 48 676 | 45 456 |
January - March 2023 Equity attributable to the shareholders of Collector Bank AB SEKm Share capital Other contributed capital Exchange differences, subsidiaries and associates Retained earnings, incl. net profit for the period Total Additional Tier 1 instruments holders¹⁾ equity Opening balance 1 January 2023 149 5 -2 6 418 6 570 500 7 070 Comprehensive income for the period Profit for the period 291 291 13 305 Other comprehensive income for the period -2 -2 -2 Total comprehensive income for the period 149 5 -4 6 710 6 860 13 303 Transactions reported directly in equity Additional Tier 1 instruments redeemed -13 -13 Total transactions reported directly in equity -13 -13 Closing balance 31 March 2023 149 5 -4 6 710 6 860 500 7 360
¹⁾ The issued Tier 1 instrument is deemed to fulfil the conditions of an equity instrument since the instrument, according to the conditions, does not have a set time to maturity, meaning that the issuer has an unconditional right to refrain from making repayments and the issuer of the instrument has full discretion regarding interest payments, that is to say no obligation to pay interest.
| January - December 2022 | Equity attributable to the shareholders of Collector Bank AB |
||||||
|---|---|---|---|---|---|---|---|
| SEKm | Share capital |
Other contributed capital |
Exchange differences, subsidiaries and as sociates |
Retained earnings, incl. net profit for the period |
Total | Additional Tier 1 instru ments holders¹⁾ |
Total equity |
| Opening balance 1 January 2022 | 149 | 5 | -4 | 5 266 | 5 416 | 500 | 5 916 |
| Comprehensive income for the period | |||||||
| Profit for the period | 1 097 | 1 097 | 44 | 1 141 | |||
| Other comprehensive income for the period | 2 | 2 | 2 | ||||
| Total comprehensive income for the period | 2 | 1 097 | 1 099 | 44 | 1 143 | ||
| Transactions reported directly in equity | |||||||
| Additional Tier 1 instruments redeemed | -44 | -44 | |||||
| Collector AB merger | 55 | 55 | 55 | ||||
| Total transactions reported directly in equity | 55 | 55 | -44 | 11 | |||
| Closing balance 31 December 2022 | 149 | 5 | -2 | 6 418 | 6 570 | 500 | 7 070 |
Total
| Group | |||||||
|---|---|---|---|---|---|---|---|
| January - March 2022 | Equity attributable to the shareholders of Collector Bank AB |
||||||
| SEKm | Share capital |
Other contributed capital |
Exchange differences, subsidiaries and asso ciates |
Retained earnings, incl. net profit for the period |
Total | Additional Tier 1 instru ments holders¹⁾ |
Total equity |
| Opening balance 1 January 2022 | 149 | 5 | -4 | 5 266 | 5 416 | 500 | 5 916 |
| Comprehensive income for the period | |||||||
| Profit for the period | 251 | 251 | 10 | 260 | |||
| Other comprehensive income for the period | 1 | 1 | 1 | ||||
| Total comprehensive income for the period | 1 | 251 | 252 | 10 | 261 | ||
| Transactions reported directly in equity in equity |
|||||||
| Additional Tier 1 instruments redeemed | -10 | -10 | |||||
| Total transactions reported directly in equity | -10 | -10 | |||||
| Closing balance 31 March 2022 | 149 | 5 | -3 | 5 517 | 5 668 | 500 | 6 167 |
| Jan-Mar | Full year | Jan-Mar | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| Operating activities | |||
| Operating profit | 385 | 1 442 | 329 |
| Adjustments for non-cash items in operating activities | 423 | 862 | 131 |
| Income taxes paid | -36 | -156 | -33 |
| Increase/decrease in assets and liabilities from operating activities | -1 249 | -1 871 | -3 162 |
| Cash flow from operating activities | -477 | 277 | -2 735 |
| Investing activities | |||
| Acquisitions/disposals of tangible assets | 0 | -1 | 0 |
| Acquisitions/disposals of intangible assets | -12 | -38 | -9 |
| Cash flow from investing activities | -12 | -39 | -9 |
| Financing activities | |||
| Decrease of liabilities | -8 | -31 | - |
| Additional Tier 1 instruments | -13 | -44 | -10 |
| Redemption of interest-bearing securities | -50 | -4 384 | -1 151 |
| Issuance of interest-bearing securities | - | 1 970 | 1 024 |
| Cash flow from financing activities | -71 | -2 489 | -137 |
| Cash and cash equivalents at the start of the period | 3 050 | 5 228 | 5 228 |
| Cash flow for the period | -560 | -2 251 | -2 881 |
| Exchange rate differences in cash and cash equivalents | 6 | 73 | 14 |
| Cash and cash equivalents at the end of the period | 2 496 | 3 050 | 2 361 |
| Interest paid | 164 | 454 | 118 |
|---|---|---|---|
| Interest received | 1 033 | 3 384 | 745 |
Collector Bank AB
| Q1 | Q4 | Q1 | Full year | ||
|---|---|---|---|---|---|
| SEKm | Note | 2023 | 2022 | 2022 | 2022 |
| Interest income1) | 1 040 | 1 008 | 741 | 3 385 | |
| Interest expense2) | -232 | -169 | -96 | -486 | |
| Net interest income | 4 | 809 | 839 | 645 | 2 899 |
| Commission income | 83 | 83 | 88 | 342 | |
| Commission expense | -11 | -11 | -11 | -43 | |
| Net commission income | 72 | 73 | 77 | 299 | |
| Net gains and losses on financial items | -9 | 6 | -11 | -24 | |
| Other income | 9 | 10 | 11 | 40 | |
| Total income | 882 | 928 | 723 | 3 213 | |
| Personnel expenses | 5 | -90 | -92 | -76 | -321 |
| Other expenses | 6 | -122 | -122 | -109 | -448 |
| Depreciation/amortization and impairment of tangible and intangible assets | -17 | -17 | -7 | -63 | |
| Total expenses | -229 | -231 | -193 | -832 | |
| Profit before credit losses | 653 | 697 | 529 | 2 382 | |
| Credit losses, net | 7 | -268 | -260 | -200 | -938 |
| Operating profit | 385 | 437 | 329 | 1 443 | |
| Appropriations | - | -277 | - | -277 | |
| Tax expense | -80 | -35 | -69 | -246 | |
| Net profit for the period | 305 | 125 | 260 | 920 | |
| Portion of net profit for the period attributable to: | |||||
| shareholders of Collector Bank AB | 291 | 112 | 251 | 876 | |
| additional Tier 1 capital holders | 13 | 13 | 10 | 44 |
1) Consists mainly of interest income calculated according to the effective interest rate method.
2) Interest expenses for issued tier 1 capital instruments are reported in equity. Comparison periods are recalculated.
| Q1 | Q4 | Q1 | Full year | |
|---|---|---|---|---|
| SEKm Note |
2023 | 2022 | 2022 | 2022 |
| Net profit for the period reported via income statement | 305 | 125 | 260 | 920 |
| Items that have been or may be reclassified to the income statement |
||||
| Exchange rate differences on translation of foreign currency | -2 | 1 | 1 | 1 |
| Other comprehensive income for the period, net of tax | -2 | 1 | 1 | 1 |
| Total comprehensive income for the period | 303 | 126 | 261 | 921 |
| Portion of total comprehensive income for the period attributable to: | ||||
| shareholders of Collector Bank AB | 290 | 113 | 252 | 877 |
| additional Tier 1 capital holders | 13 | 13 | 10 | 44 |
| Mar 31 | Dec 31 | Mar 31 | ||
|---|---|---|---|---|
| SEKm | Note | 2023 | 2022 | 2022 |
| ASSETS | ||||
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 13 | 286 | 267 | 182 |
| Loans to credit institutions | 2 496 | 3 050 | 2 361 | |
| Loans to the public | 8,9 | 41 699 | 41 490 | 38 734 |
| Bonds and other interest-bearing securities | 13 | 3 355 | 2 970 | 3 521 |
| Shares and participating interests | 13 | 523 | 533 | 396 |
| Shares and participating interests in group entities | 0 | 0 | 13 | |
| Intangible assets | 83 | 79 | 73 | |
| Tangible assets | 129 | 137 | 0 | |
| Derivatives | 13 | 36 | - | - |
| Other assets | 38 | 68 | 70 | |
| Prepaid expenses and accrued income | 89 | 82 | 100 | |
| Total assets | 48 734 | 48 676 | 45 450 | |
| LIABILITIES AND EQUITY | ||||
| Deposits and borrowings from the public | 10 | 36 442 | 36 842 | 32 519 |
| Debt securities in issue | 11 | 3 243 | 3 337 | 5 127 |
| Derivatives | 13 | - | 7 | 40 |
| Other liabilities | 494 | 470 | 354 | |
| Accrued expenses and prepaid income | 979 | 733 | 601 | |
| Subordinated liabilities | 11 | - | - | 500 |
| Total liabilities | 41 158 | 41 388 | 39 141 | |
| Tax allocation reserve | 1 032 | 1 032 | 755 | |
| Total liabilities | 1 032 | 1 032 | 755 | |
| Equity attributable to additional Tier 1 capital holders | 500 | 500 | 500 | |
| Equity attributable to the shareholders of Collector Bank AB | 6 045 | 5 756 | 5 055 | |
| Total equity | 6 545 | 6 256 | 5 555 | |
| Total liabilities and equity | 48 734 | 48 676 | 45 450 |
| January - Mars 2023 | Restricted equity | Unrestricted equity | ||||
|---|---|---|---|---|---|---|
| SEKm | Share capital | Statutory reserve |
Development expenditure fund |
Additional Tier 1 instruments¹⁾ |
Retained earnings, incl. net profit for the period |
Total equity |
| Opening balance 1 January 2023 | 149 | 6 | 79 | 500 | 5 521 | 6 256 |
| Transfer of development expenses | 3 | -3 | - | |||
| Cost additional Tier 1 instruments | -13 | -13 | ||||
| Profit for the period | 305 | 305 | ||||
| Other comprehensive income for the period | -2 | -2 | ||||
| Closing balance 31 March 2023 | 149 | 5 | 82 | 500 | 5 809 | 6 545 |
¹⁾ The issued Tier 1 instrument is deemed to fulfil the conditions of an equity instrument since the instrument, according to the conditions, does not have a set time to maturity, meaning that the issuer has an unconditional right to refrain from making repayments and the issuer of the instrument has full discretion regarding interest payments.
| January - December 2022 | Restricted equity | Unrestricted equity | ||||
|---|---|---|---|---|---|---|
| SEKm | Share capital | Statutory reserve |
Development expenditure fund |
Additional Tier 1 instruments¹⁾ |
Retained earnings, incl. net profit for the period |
Total equity |
| Opening balance 1 January 2022 | 149 | 5 | 71 | 500 | 4 579 | 5 304 |
| Transfer of development expenses | 8 | -8 | - | |||
| Cost additional Tier 1 instruments | -44 | -44 | ||||
| Profit for the period | 920 | 920 | ||||
| Other comprehensive income for the period | 1 | 1 | ||||
| Collector AB merger | 74 | 74 | ||||
| Closing balance 31 December 2022 | 149 | 6 | 79 | 500 | 5 521 | 6 256 |
| January - March 2022 | Restricted equity | Unrestricted equity | ||||
|---|---|---|---|---|---|---|
| SEKm | Share capital | Statutory reserve |
Development expenditure fund |
Additional Tier 1 instruments¹⁾ |
Retained earnings, incl. net profit for the period |
Total equity |
| Opening balance 1 January 2022 | 149 | 5 | 71 | 500 | 4 579 | 5 304 |
| Transfer of development expenses | 2 | -2 | - | |||
| Cost additional Tier 1 instruments | -10 | -10 | ||||
| Profit for the period | 260 | 260 | ||||
| Other comprehensive income for the period | 1 | 1 | ||||
| Closing balance 31 March 2022 | 149 | 6 | 73 | 500 | 4 827 | 5 555 |
| Jan-Mar | Full year | Jan-Mar | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| Operating activities | |||
| Operating profit | 385 | 1 443 | 329 |
| Adjustments for non-cash items in operating activities | 423 | 861 | 132 |
| Income taxes paid | -36 | -156 | -33 |
| Increase/decrease in assets and liabilities from operating activities | -1 249 | -1 851 | -3 148 |
| Cash flow from operating activities | -477 | 297 | -2 720 |
| Investing activities | |||
| Acquisitions/disposals of tangible assets | 0 | -1 | 0 |
| Acquisitions/disposals of intangible assets | -12 | -38 | -9 |
| Cash flow from investing activities | -12 | -39 | -9 |
| Financing activities | |||
| Decrease of liabilities | -8 | -31 | - |
| Additional Tier 1 instruments | -13 | -44 | -10 |
| Redemption of interest-bearing securities | -50 | -4 384 | -1 151 |
| Issuance of interest-bearing securities | - | 1 970 | 1 024 |
| Group contributions paid/received | - | -6 | - |
| Cash flow from financing activities | -71 | -2 495 | -137 |
| Cash and cash equivalents at the start of the period | 3 050 | 5 214 | 5 214 |
| Cash flow for the period | -560 | -2 237 | -2 866 |
| Exchange rate differences in cash and cash equivalents | 6 | 73 | 13 |
| Cash and cash equivalents at the end of the period | 2 496 | 3 050 | 2 361 |
| Interest paid | 164 | 454 | 118 |
|---|---|---|---|
| Interest received | 1 033 | 3 384 | 745 |
The stated amounts in the notes are in millions of SEK (SEKm) and at book value unless otherwise stated. The interim report on pages 2-20 constitute an integrated part of this financial report.
Collector Bank AB (publ) company registration number 556597-0513, is a bank limited company with its registered office in Gothenburg. The company has a license to conduct banking operations and is listed on Nasdaq Stockholm. The Bank conducts business in Sweden and through branches in Norway and Finland.
The address of the headquarters is Lilla Bommens Torg 11, SE-411 09 Gothenburg, Sweden. Collector Bank AB (publ) is under the supervision of the Swedish Financial Supervisory Authority and is covered by its rules for capital adequacy and large exposures.
The interim report is prepared in accordance with IAS 34, and the Swedish Financial Supervisory Authority's Regulations and General Guidelines on the Annual Accounts for Credit Institutions and Securities Companies
(FFFS 2008:25, Chapter 7, Sections 2-3 and Chapter 8), the Annual Accounts Act for Credit Institutions and Securities Companies (Chapter 7, Sections 7-8 ÅRKL).
The parent company has prepared its accounts in accordance with Swedish Annual Act for Credit Institutions and Securities Companies, the Swedish Financial Supervisory Authority's Regulations and General Guidelines (FFFS 2008:25) on Annual Reports in Credit Institutions and
Securities Companies and the Supplementary Accounting Rules for Legal Entities (RFR 2) issued by the Swedish Financial Reporting Board.
Accounting principles, methods of calculation and presentation are essentially unchanged compared with those applied in the 2022 Annual Report.
None of the changes in the accounting regulations issued for application 2023 are deemed to have a significant impact on Collector and its financial reports, capital adequacy or large exposures.
| Q1 2023 | |||||||
|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Group | |
| Net interest income | 201 | 326 | 192 | 49 | 41 | 809 | |
| Net commission income | 3 | - | 14 | 55 | 0 | 72 | |
| Net gains and losses on financial items | -14 | 0 | 0 | 1 | 3 | -9 | |
| Other income | 0 | 0 | 0 | 9 | 0 | 9 | |
| Total income | 191 | 327 | 207 | 113 | 44 | 882 | |
| Net interest margin (NIM) | 7.9% | 7.3% | 7.4% | 8.1% | - | 7.8% | |
| Total income margin | 7.5% | 7.3% | 8.0% | 18.9% | - | 8.5% | |
| Loans to the public | 9 808 | 18 594 | 10 320 | 2 336 | 641 | 41 699 |
1) Including eliminations.
| Q4 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Group | ||
| Net interest income | 212 | 337 | 194 | 51 | 44 | 839 | ||
| Net commission income | 2 | - | 14 | 57 | 0 | 73 | ||
| Net gains and losses on financial items | -5 | 2 | -1 | -1 | 12 | 6 | ||
| Other income | 0 | 0 | 0 | 9 | 0 | 10 | ||
| Total income | 210 | 339 | 207 | 116 | 56 | 928 | ||
| Net interest margin (NIM) | 8.0% | 7.8% | 7.4% | 8.5% | - | 8.1% | ||
| Total income margin | 7.9% | 7.9% | 7.9% | 19.1% | - | 8.9% | ||
| Loans to the public | 10 570 | 17 411 | 10 367 | 2 476 | 667 | 41 490 |
| Q1 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Group | ||
| Net interest income | 141 | 231 | 205 | 55 | 14 | 645 | ||
| Net commission income | 3 | - | 14 | 60 | 0 | 77 | ||
| Net gains and losses on financial items | 6 | 1 | 0 | 0 | -18 | -11 | ||
| Other income | 0 | 0 | 0 | 10 | 1 | 11 | ||
| Total income | 150 | 232 | 218 | 125 | -3 | 723 | ||
| Net interest margin (NIM) | 6.6% | 6,4% | 7.3% | 9.1% | - | 6.9% | ||
| Total income margin | 7.0% | 6.4% | 7.8% | 20.9% | - | 7.7% | ||
| Loans to the public | 9 182 | 15 252 | 11 141 | 2 336 | 824 | 38 734 |
| Full year 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Group | ||
| Net interest income | 691 | 1 060 | 824 | 217 | 106 | 2 899 | ||
| Net commission income | 10 | - | 58 | 230 | 0 | 299 | ||
| Net gains and losses on financial items | 5 | 16 | -3 | -4 | -38 | -24 | ||
| Other income | 1 | 0 | 0 | 37 | 1 | 39 | ||
| Total income | 706 | 1 077 | 879 | 481 | 69 | 3 212 | ||
| Net interest margin (NIM) | 7.5% | 6.8% | 7.6% | 8.8% | - | 7.5% | ||
| Total income margin | 7.6% | 7.0% | 8.1% | 19.5% | - | 8.3% | ||
| Loans to the public | 10 570 | 17 411 | 10 367 | 2 476 | 667 | 41 490 |
1) Including eliminations.
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Loans to the public1) | 1 010 | 983 | 735 | 3 333 |
| Interest-bearing securities | 24 | 14 | 6 | 38 |
| Loans to credit institutions | 7 | 11 | 0 | 14 |
| Total interest income | 1 040 | 1 008 | 741 | 3 385 |
| Deposits and borrowings from the public | -197 | -141 | -77 | -396 |
| Subordinated liabilities | - | - | -5 | -11 |
| Debt securities in issue | -34 | -28 | -13 | -78 |
| Amounts owed to credit institutions | -1 | 0 | 0 | -1 |
| Total interest expense | -232 | -169 | -96 | -486 |
| Net interest income | 809 | 839 | 645 | 2 899 |
1) Interest income calculated according to the effective interest rate method.
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Loans to the public1) | 1 010 | 983 | 735 | 3 333 |
| Interest-bearing securities | 24 | 14 | 6 | 38 |
| Loans to credit institutions | 7 | 11 | 0 | 14 |
| Total interest income | 1 040 | 1 008 | 741 | 3 385 |
| Deposits and borrowings from the public | -197 | -141 | -77 | -396 |
| Subordinated liabilities | - | - | -5 | -11 |
| Debt securities in issue | -34 | -28 | -13 | -78 |
| Amounts owed to credit institutions | -1 | 0 | 0 | -1 |
| Total interest expense | -232 | -169 | -96 | -486 |
| Net interest income | 809 | 839 | 645 | 2 899 |
1) Interest income calculated according to the effective interest rate method.
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Salaries and other remuneration | -62 | -63 | -53 | -219 |
| Pension costs | -20 | -20 | -16 | -69 |
| Social security costs | -7 | -7 | -6 | -27 |
| Other staff related costs | -1 | -1 | -1 | -6 |
| Total personnel expenses | -90 | -92 | -76 | -321 |
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Salaries and other remuneration | -62 | -63 | -53 | -219 |
| Pension costs | -20 | -20 | -16 | -69 |
| Social security costs | -7 | -7 | -6 | -27 |
| Other staff related costs | -1 | -1 | -1 | -6 |
| Total personnel expenses | -90 | -92 | -76 | -321 |
Group
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Consultancy expenses | -47 | -46 | -35 | -161 |
| IT expenses | -19 | -19 | -10 | -73 |
| Other purchased services | -28 | -29 | -20 | -101 |
| Postage expenses | -9 | -7 | -9 | -32 |
| Other operating expenses | -20 | -21 | -36 | -82 |
| Total other expenses | -122 | -122 | -109 | -448 |
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Consultancy expenses | -47 | -46 | -35 | -161 |
| IT expenses | -19 | -19 | -10 | -73 |
| Other purchased services | -28 | -29 | -20 | -101 |
| Postage expenses | -9 | -7 | -9 | -32 |
| Other operating expenses | -20 | -21 | -36 | -82 |
| Total other expenses | -122 | -122 | -109 | -448 |
| Q1 | Q4 | Q1 | Full-year | |
|---|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 | 2022 |
| Loans at amortized cost | ||||
| Credit impairment provisions - Stage 1 | -16 | -1 | 12 | 3 |
| Credit impairment provisions - Stage 2 | -140 | -91 | -42 | -146 |
| Credit impairment provisions - Stage 3 | -78 | -135 | -76 | -533 |
| Total | -234 | -227 | -106 | -676 |
| Portfolio revaluation - POCI | - | 0 | - | -51 |
| Impairment gains and losses - POCI | - | 0 | - | -51 |
| Write-offs | -33 | -33 | -95 | -212 |
| Recoveries | - | - | - | - |
| Total | -33 | -33 | -95 | -212 |
| Total credit impairment | -268 | -260 | -200 | -938 |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| PRIVATE CUSTOMERS 3) | |||
| Total gross carrying amount | 17 016 | 17 077 | 17 423 |
| of which Stage 1 | 9 648 | 9 836 | 10 521 |
| of which Stage 2 | 504 | 536 | 544 |
| of which Stage 3 | 6 268 | 6 087 | 5 613 |
| of which Stage 3 - POCI 1) | 596 | 618 | 745 |
| Total credit impairment provisions | -3 745 | -3 594 | - 3 151 |
| of which Stage 1 | -234 | -214 | -223 |
| of which Stage 2 | -144 | -133 | -121 |
| of which Stage 3 | -3 366 | -3 247 | -2 807 |
| of which Stage 3 - POCI 1) | - | - | - |
| Total carrying amount, private customers | 13 271 | 13 483 | 14 272 |
| Private customers | |||
| Provision ratio for loans Stage 1 | 2.4% | 2.2% | 2.1% |
| Provision ratio for loans Stage 2 | 28.5% | 24.8% | 22.3% |
| Provision ratio for loans Stage 3 | 53.7% | 53.3% | 50.0% |
| Provision ratio for loans Stage 3 - POCI 1) | 0.0 % | 0.0 % | 0.0 % |
| Total provision ratio, private customers 2) | 22.8% | 21.8% | 18.9% |
| CORPORATE CUSTOMERS 4) | |||
| Total gross carrying amount | 29 393 | 28 905 | 25 175 |
| of which Stage 1 | 24 442 | 24 939 | 22 056 |
| of which Stage 2 | 4 026 | 3 107 | 2 603 |
| of which Stage 3 | 926 | 859 | 516 |
| Total credit impairment provisions | -965 | -898 | -713 |
| of which Stage 1 | -136 | -141 | -120 |
| of which Stage 2 | -351 | -229 | -130 |
| of which Stage 3 | -478 | -528 | -463 |
| Total carrying amount, corporate customers | 28 428 | 28 007 | 24 462 |
| Corporate customers | |||
| Provision ratio for loans Stage 1 | 0.6% | 0.6% | 0.5% |
| Provision ratio for loans Stage 2 | 8.7% | 7.4% | 5.0% |
| Provision ratio for loans Stage 3 | 51.6% | 61.4% | 89.7% |
| Total provision ratio, corporate customers | 3.3% | 3.1% | 2.8% |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| TOTAL | |||
| Total gross carrying amount | 46 409 | 45 982 | 42 598 |
| of which Stage 1 | 34 090 | 34 775 | 32 577 |
| of which Stage 2 | 4 530 | 3 642 | 3 147 |
| of which Stage 3 | 7 194 | 6 947 | 6 129 |
| of which Stage 3 - POCI 1) | 596 | 618 | 745 |
| Total credit impairment provisions | -4 710 | -4 492 | -3 864 |
| of which Stage 1 | -370 | -355 | -343 |
| of which Stage 2 | -495 | -362 | -251 |
| of which Stage 3 | -3 845 | -3 775 | -3 270 |
| of which Stage 3 - POCI 1) | - | - | - |
| Total carrying amount, Total | 41 699 | 41 490 | 38 734 |
| Stage 3 loans / Total loans, gross, % 2) | 15.7% | 15.3% | 14.6% |
| Stage 3 loans / Total loans, net, % 2) | 8.1% | 7.8% | 7.5% |
| Total | |||
| Provision ratio for loans Stage 1 | 1.1% | 1.0% | 1.1% |
| Provision ratio for loans Stage 2 | 10.9% | 9.9% | 8.0% |
| Provision ratio for loans Stage 3 | 53.4% | 54.3% | 53.4% |
| Provision ratio for loans Stage 3 - POCI 1) | 0.0 % | 0.0 % | 0.0 % |
| Total provision ratio 2) | 10.3% | 9.9% | 9.2% |
1) Purchased credit-impaired assets are subject to net accounting from the time of acquisition, consequently no explicit provisioning is shown for these receivables.
2) Excluding purchased credit-impaired assets.
3) Includes the segments Consumer, Payments and parts of Other.
4) Includes the segments Corporate and Real Estate and parts of Other.
The tables below show reconciliations of provisions for credit losses related to loans to the public measured at Amortized Cost.
| SEKm | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Opening balance 1 January 2023 | 355 | 362 | 3 775 | 4 492 |
| New and derecognized financial assets, net | -15 | -49 | 82 | 19 |
| Changes due to changed credit judgement | - | - | - | - |
| Changes due to change in credit risk | 31 | 189 | -4 | 216 |
| Other adjustments 1) | -1 | -7 | -9 | -17 |
| Closing balance 31 March 2023 | 370 | 495 | 3 845 | 4 710 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
| SEKm | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Opening balance 1 January 2022 | 354 | 207 | 3 178 | 3 739 |
| New and derecognized financial assets, net | -7 | -26 | 433 | 400 |
| Changes due to changed credit judgement | - | - | - | - |
| Changes due to change in credit risk | 4 | 172 | 100 | 275 |
| Other adjustments 1) | 4 | 9 | 64 | 78 |
| Closing balance 31 December 2022 | 355 | 362 | 3 775 | 4 492 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
| SEKm | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Opening balance 1 January 2022 | 354 | 207 | 3 178 | 3 739 |
| New and derecognized financial assets, net | -11 | -5 | 47 | 31 |
| Changes due to changed credit judgement | - | - | - | - |
| Changes due to change in credit risk | -1 | 47 | 29 | 75 |
| Other adjustments 1) | 1 | 2 | 16 | 19 |
| Closing balance 31 March 2022 | 343 | 251 | 3 270 | 3 864 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
| Group and Collector Bank AB | |||
|---|---|---|---|
| Mar 31 | Dec 31 | Mar 31 | |
| SEKm | 2023 | 2022 | 2022 |
| EUR | 15 770 | 14 641 | 9 934 |
| SEK | 20 340 | 21 673 | 22 548 |
| NOK | 331 | 527 | 37 |
| Total | 36 442 | 36 842 | 32 519 |
| Mar 31 | Dec 31 | Mar 31 | |||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | |||||
| SEKm | ISIN | Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
| COLLB 3, FRN 21/231) | SE0013104577 | 550 | 550 | 550 | 550 | 550 | 550 |
| COLLB 4, FRN 21/232) | SE0013360427 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| COLLB 5, FRN 21/243) | SE0015811112 | 750 | 750 | 750 | 750 | 750 | 750 |
| COLLB 7, FRN 22/254) | SE0013105137 | 300 | 300 | 300 | 300 | 300 | 300 |
| COBK01 , FRN 21/235) | NO0011152449 | 643 | 644 | 687 | 688 | 691 | 692 |
| Commercial papers | - | - | 50 | 50 | 2 136 | 2 138 | |
| Total | 3 243 | 3 244 | 3 337 | 3 338 | 5 127 | 5 130 |
1) Issued under Collector Bank's MTN programme, with a total frame of SEK 5 billion, with a coupon of 3m STIBOR +1.35%. 2) Issued under Collector Bank's MTN programme, with a total frame of SEK 5 billion, with a coupon of 3m STIBOR +1.20%. 3) Issued under Collector Bank's MTN programme, with a total frame of SEK 5 billion, with a coupon of 3m STIBOR +1.27%.
4) Issued under Collector Bank's MTN programme, with a total frame of SEK 15 billion, with a coupon of 3m STIBOR +2.40%.
5) Issued under Collector Bank's MTN programme, with a total frame of SEK 5 billion, with a coupon of 3m NIBOR +1.20%.
| Mar 31 Dec 31 Mar 31 |
|||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | |||||
| SEKm | ISIN | Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
| COLLB 2, MTN1, 17/27 | SE0010101402 | - | - | - | - | 500 | 500 |
| Total | - | - | - | - | 500 | 500 |
| Mar 31 | ||
|---|---|---|
| 2023 | ||
| SEKm | Amount | Percentage of risk exposure amount |
| Common Equity Tier 1 capital requirement (Pillar 1) | 2 047 | 4,5% |
| Other Common Equity Tier 1 capital requirement (Pillar 2) | 267 | 0,6% |
| Buffer requirements | 1 603 | 3,5% |
| Total Common Equity Tier 1 (CET1) capital requirement | 3 918 | 8,6% |
| Common Equity Tier 1 (CET1) capital | 6 652 | 14,6% |
| Tier 1 capital requirement (Pillar 1) | 2 730 | 6,0% |
| Other tier 1 capital requirement (Pillar 2) | 356 | 0,8% |
| Buffer requirements | 1 603 | 3,5% |
| Total Tier 1 capital requirement | 4 689 | 10,3% |
| Tier 1 capital | 7 152 | 15,7% |
| Capital requirements (Pillar 1) | 3 640 | 8,0% |
| Other capital requirement (Pillar 2) | 475 | 1,0% |
| Buffer requirements | 1 603 | 3,5% |
| Total capital requirement | 5 718 | 12,6% |
| Own funds | 7 152 | 15,7% |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| OWN FUNDS, SEKm | 2023 | 2022 | 2022 |
| Capital instruments and the related share premium accounts: Equity | 149 | 149 | 149 |
| Retained earnings | 6 406 | 5 500 | 5 244 |
| Net profit for the period after deductions related to the consolidated situation and other foreseeable charges |
305 | 920 | 260 |
| Common Equity Tier 1 capital before regulatory adjustments | 6 860 | 6 570 | 5 654 |
| Deduction: | |||
| Additional value adjustments | -121 | -70 | -16 |
| Intangible assets | -83 | -79 | -73 |
| Deferred tax assets | -3 | -3 | -2 |
| Significant investments in the financial sector | - | - | - |
| Application of the transitional rules IFRS9 | - | 43 | 43 |
| Total regulatory adjustments to Common Equity Tier 1 | -208 | -109 | -48 |
| Common Equity Tier 1 (CET1) capital | 6 652 | 6 461 | 5 606 |
| Perpetual subordinated loan | 500 | 500 | 500 |
| Additional Tier 1 instruments | 500 | 500 | 500 |
| Tier 1 capital | 7 152 | 6 961 | 6 106 |
| Supplementary capital | - | - | 500 |
| Tier 2 capital | - | - | 500 |
| Total own funds | 7 152 | 6 961 | 6 606 |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| RISK EXPOSURE AMOUNT, SEKm | 2023 | 2022 | 2022 |
| Credit risks, using the standardized approach | |||
| Central government or central banks exposures | - | - | - |
| Municipalities and other associations | - | - | - |
| Institutional exposures | 581 | 689 | 546 |
| Funds units exposures | 684 | 692 | 544 |
| Corporate exposures | 26 256 | 25 719 | 22 452 |
| Retail exposures | 7 851 | 8 212 | 8 443 |
| Exposures with mortgage in residential property | 16 | 17 | 22 |
| Exposures in default | 3 954 | 3 790 | 3 901 |
| Items associated with particularly high risk | 562 | 543 | 555 |
| Exposures in the form of covered bonds | 217 | 207 | 204 |
| Equity exposures | - | - | - |
| Other exposures | 323 | 330 | 266 |
| Total | 40 443 | 40 199 | 36 933 |
| Risk exposure amount credit valuation adjustment risk (CVA) | 28 | 27 | 25 |
| Risk exposure amount market risk | 34 | 28 | 21 |
| Risk exposure amount operational risk | 4 989 | 4 989 | 4 178 |
| Total risk exposure amount | 45 494 | 45 244 | 41 157 |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| CAPITAL REQUIREMENTS, SEKm | 2023 | 2022 | 2022 |
| Capital requirement for credit risk using the standardized approach | |||
| Central government or central banks exposures | - | - | - |
| Municipalities and other associations | - | - | - |
| Institutional exposures | 46 | 55 | 44 |
| Funds units exposures | 55 | 55 | 44 |
| Corporate exposures | 2 100 | 2 058 | 1 796 |
| Retail exposures | 628 | 657 | 675 |
| Exposures with mortgage in residential property | 1 | 1 | 2 |
| Exposures in default | 316 | 303 | 312 |
| Items associated with particularly high risk | 45 | 43 | 44 |
| Exposures in the form of covered bonds | 17 | 17 | 16 |
| Equity exposures | - | - | - |
| Other exposures | 26 | 26 | 21 |
| Total capital requirement for credit risk | 3 235 | 3 216 | 2 955 |
| Risk exposure amount credit valuation adjustment risk (CVA) | 2 | 2 | 2 |
| Risk exposure amount market risk | 3 | 2 | 2 |
| Risk exposure amount operational risk | 399 | 399 | 334 |
| Total Pillar 1 capital requirement | 3 640 | 3 619 | 3 293 |
| Concentration risk | 284 | 274 | 243 |
| Interest rate risk for the banking book | 191 | 179 | 204 |
| Total Pillar 2 capital requirement | 475 | 453 | 448 |
| Capital buffers | |||
| Capital conservation buffer | 1 137 | 1 131 | 1 029 |
| Countercyclical capital buffer | 466 | 395 | 51 |
| Total capital requirement - Capital buffers | 1 603 | 1 526 | 1 079 |
| Total capital requirement | 5 718 | 5 599 | 4 820 |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| CAPITAL REQUIREMENT | 2023 | 2022 | 2022 |
| Capital ratios and capital buffers | |||
| CET1 ratio | 14.6% | 14.3% | 13.6% |
| Tier 1 ratio | 15.7% | 15.4% | 14.8% |
| Total capital ratio | 15.7% | 15.4% | 16.1% |
| Institution specific buffert requirement | 3.5% | 3.4% | 2.6% |
| of which capital conservation buffer | 2.5% | 2.5% | 2.5% |
| of which countercyclical capital buffer | 1.0% | 0.9% | 0.1% |
| CET1 available to meet buffers | 7.7% | 7.4% | 8.1% |
A review has been carried out of the earnings for January - March 2023, which allows net profit for the period to be included in own funds.
The table below contains financial instruments measured at fair value by valuation level. To determine the fair value for financial instruments various methods are used, depending on the degree of observable market data in the valuation and activity in the market. The objective of the fair value measurement is to arrive at the price at which an orderly transaction would take place between market participants at the measurement date under current market conditions.
Valuations in Level 1 are determined by reference to unadjusted quoted market prices for identical asset- and liability instruments in active markets where the quoted prices are readily available and the prices represent actual and regularly occurring market transactions on an arm's length basis.
In Level 2 valuation techniques, all significant inputs to the valuation models are observable either directly or indirectly. Level 2 valuation techniques include using discounted cash flows, option pricing models, recent transactions and the price of another instrument that is substantially the same.
Level 3 valuation techniques incorporate significant inputs that are unobservable. These techniques are generally based on extrapolating from observable inputs for similar instruments, analysing historical data or other analytical techniques.
Transfers between the different levels may take place where there are indications that market conditions have changed.
| 31 Mar 2023 | |||||
|---|---|---|---|---|---|
| SEKm | Level 1 | Level 2 | Level 3 | Total | |
| ASSETS | |||||
| Derivative instruments | - | 36 | - | 36 | |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 57 | - | - | 57 | |
| Bonds and other interest-bearing securities | 2 599 | - | - | 2 599 | |
| Shares and participating interests | - | 5 | 518 | 523 | |
| Total financial assets | 2 656 | 41 | 518 | 3 215 | |
| LIABILITIES | |||||
| Derivative instruments | - | - | - | - | |
| Other financial liabilities | - | - | - | - | |
| Total financial liabilities | - | - | - | - |
| SEKm | 31 Dec 2022 | ||||
|---|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total | ||
| ASSETS | |||||
| Derivative instruments | - | - | - | - | |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 56 | - | - | 56 | |
| Bonds and other interest-bearing securities | 2 604 | - | - | 2 604 | |
| Shares and participating interests | - | 5 | 528 | 533 | |
| Total financial assets | 2 659 | 5 | 528 | 3 192 | |
| LIABILITIES | |||||
| Derivative instruments | - | 7 | - | 7 | |
| Other financial liabilities | - | - | - | - | |
| Total financial liabilities | - | 7 | - | 7 |
| SEKm | 31 Mar 2022 | ||||
|---|---|---|---|---|---|
| ASSETS | Level 1 | Level 2 | Level 3 | Total | |
| Derivative instruments | - | - | - | - | |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 182 | - | - | 182 | |
| Bonds and other interest-bearing securities | 3 521 | - | - | 3 521 | |
| Shares and participating interests | - | - | 396 | 396 | |
| Total financial assets | 3 703 | - | 396 | 4 099 | |
| LIABILITIES | |||||
| Derivative instruments | - | 40 | - | 40 | |
| Other financial liabilities | - | - | - | - | |
| Total financial liabilities | - | 40 | - | 40 |
| Changes in level 3 | Mar 31 | Dec 31 | Mar 31 |
|---|---|---|---|
| 2023 | 2022 | 2022 | |
| Assets | Assets | Assets | |
| SEKm | Equity instru ments |
Equity instru ments |
Equity instru ments |
| Opening balance for the period | 528 | 396 | 396 |
| Acquisition | - | 100 | - |
| Divestment | - | - | - |
| Changes in unrealised gains or losses for items held at closing day | -10 | 32 | 0 |
| Closing balance for the period | 518 | 528 | 396 |
Financial instruments in Level 3 refer to investments in unlisted companies and funds. Collector Bank uses different measurement techniques depending on available data. The investment portfolio is measured quarterly in accordance with IPEV guidelines and primarily following an external measurement where a transaction in the company has been made in the past 12 months with at least one external party. If such measurement is not possible, or if there are objective reasons to do so, as a secondary option, an internal measurement is made based on assumed discounted cash flow.
Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have changed in significance to the valuation. There were no transfers of financial instruments to or from level 3 during the period.
| Mar 31 2023 | Dec 31 2022 | Mar 31 2022 | ||||
|---|---|---|---|---|---|---|
| SEKm | Carrying amount | Fair value Carrying amount | Fair value Carrying amount | Fair value | ||
| Loans1) | 44 195 | 44 195 | 44 540 | 44 540 | 41 095 | 41 095 |
| Debt securities | 3 641 | 3 631 | 3 237 | 3 236 | 3 703 | 3 703 |
| Equity instruments | 518 | 518 | 528 | 528 | 396 | 396 |
| Derivatives | 36 | 36 | - | - | - | - |
| Other | 33 | 33 | 30 | 30 | - | - |
| Financial assets | 48 423 | 48 413 | 48 335 | 48 334 | 45 194 | 45 194 |
| Mar 31 2023 Dec 31 2022 |
Mar 31 2022 | |||||
|---|---|---|---|---|---|---|
| Carrying amount | Fair value Carrying amount | Fair value Carrying amount | Fair value | |||
| Deposits | 36 442 | 36 442 | 36 842 | 36 842 | 32 519 | 32 519 |
| Debt securities issued2) | 3 243 | 3 243 | 3 337 | 3 337 | 5 127 | 5 127 |
| Derivatives | - | - | 7 | 7 | 40 | 40 |
| Other | 176 | 176 | 109 | 109 | 55 | 55 |
| Financial liabilities | 39 861 | 39 861 | 40 295 | 40 295 | 37 741 | 37 741 |
Collector Bank has classified its financial instruments by class taking into account the characteristics of the instruments. The fair value of each class of financialassets and liabilities are compared with its carrying amount. A description of the characteristics of the classes can be found in note 37 in the Annual Report 2022.
1) Loans includes Loans to credit institutions and Loans to the public.
2) Debt securities issued includes Debt securities issued and Subordinated liabilities.
During the period normal business transactions were executed between companies in the Group and between other related parties. The group structure changed accordingly with the merger between Collector AB and Collector Bank AB with Collector Bank AB as the surviving company, was completed on 15 August 2022. On the same date the shares of Collector Bank AB were listed on the Nasdaq Stockholm exchange and the company Collector AB was dissolved.
PLEDGED ASSETS
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| For own liabilities and provisions | None | None | None |
| Total | None | None | None |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| Contingent liabilities | None | None | None |
| Total | None | None | None |
| Mar 31 | Dec 31 | Mar 31 | |
|---|---|---|---|
| SEKm | 2023 | 2022 | 2022 |
| Unutilized credit limits | 4 921 | 5 800 | 5 423 |
| Other commitments | 161 | 158 | 148 |
| Total | 5 081 | 5 958 | 5 571 |
There were no significant events after the end of the period.
The Board of Directors and the CEO hereby certify that the interim report provides a fair and accurate overview of the operations, position and results of the parent company and the Group and describes the significant risks and uncertainties faced by the parent company and the companies in the Group. This interim report has not been reviewed by the company's auditor.
Gothenburg, April 25, 2023
Erik Selin Chairman of the Board Christoffer Lundström Board member
Charlotte Hybinette Board member
Ulf Croona Board member Marie Osberg Board member
Bengt Edholm Board member
Martin Nossman CEO
Annual General Meeting 2023 4 May 2023 Interim report January-June 2023 13 July 2023 Interim report January-September 2023 20 October 2023
For more information, please contact:
Martin Nossman Phone: +46 703 30 26 75 Email: [email protected]
Peter Olsson Phone: +46 737 12 04 46 Email: [email protected]
Madeleine Mörch Phone: +46 737 12 04 52 E-mail: [email protected] collector.se collector.no collector.fi
This is information that Collector Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on April 25, 2023 at 7.30 a.m. CET.
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