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Collector Bank
Quarterly Report • Jul 14, 2025
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Quarterly Report
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January–June 2025
Interim report January–June 2025
Second quarter of 2025 (compared to the second quarter of 2024)
- The loan portfolio amounted to SEK 49,383m (47,410)
- Total income amounted to SEK 978m (947)
- The C/I ratio amounted to 29.9% (28.1)
- The credit loss level amounted to 1.8% (2.3)
- Operating profit amounted to SEK 472m (416)
- Net profit amounted to SEK 370m (326) and earnings per share 1) amounted to SEK 1.81 (1.59)
- Return on equity amounted to 15.4% (15.8)
- The CET1 ratio amounted to 15.4% (15.8) and the total capital ratio amounted to 16.5% (16.4)
1) See pages 4-5
January-June 2025 (compared to January-June 2024)
- The loan portfolio amounted to SEK 49,383m (47,410)
- Total income amounted to SEK 2,000m (1,880)
- The C/I ratio amounted to 28.7% (27.9)
- The credit loss level amounted to 1.7% (2.3)
- Operating profit amounted to SEK 997m (833)
- Net profit amounted to SEK 782m (655) and earnings per share 1) amounted to SEK 3.82 (3.12)
- Return on equity amounted to 16.6% (15.8)
- The CET1 ratio amounted to 15.4% (15.8) and the total capital ratio amounted to 16.5% (16.4)
Photo: Anna Roström
Highlights second quarter of 2025 (compared to the second quarter of 2024)
49,383
+4%
Loan portfolio (SEKm)
29.9%
C/I ratio
percentage points
+1.8
15.4%
Return on equity
-0.4
978
Total income (SEKm)
370
+13%
Net profit (SEKm)
15.4%
CET1 ratio
-0.4
percentage points percentage points
Loan portfolio (SEKm) and NIM (%) EPS 1) (SEK) and RoE (%)
1) Earnings per share before and after dilution
This is Norion Bank
Norion Bank Group is a business-oriented Nordic financing bank. The Group's brands – Norion Bank, Walley and Collector – offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants, and private individuals. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments.
Norion Bank offers corporate and real estate loans, as well as factoring for medium-sized corporates and real estate companies. The Walley brand offers flexible payment and checkout solutions to merchants and private individuals. The Collector brand offers personal loans and credit cards to private customers, as well as savings accounts to private individuals and companies. Norion Bank Group was founded in 1999 and has offices in Gothenburg, Stockholm, Helsingborg, Oslo and Helsinki. Business is conducted through Norion Bank AB (public), which is listed on Nasdaq Stockholm.
Key ratios Group
| SEKm | Q2 2025 |
Q1 2025 |
Q2 ∆ 2024 |
||||
|---|---|---|---|---|---|---|---|
| Income statement | ∆ | ||||||
| Net interest income | 861 | 928 | -7% | 844 | |||
| Total income | 978 | 1,022 | -4% | 947 | |||
| Net profit | 370 | 412 | -10% | 326 | 13% | ||
| Earnings per share before dilution, SEK | 1.81 | 2.01 | -10% | 1.59 | |||
| Earnings per share after dilution, SEK | 1.81 | 2.01 | -10% | 1.59 | 14% | ||
| Balance sheet | |||||||
| Loans to the public | 49,383 | 47,513 | 4% | 47,410 | 4% | ||
| Deposits and borrowings from the public | 55,376 | 53,837 | 3% | 45,879 | |||
| Debt securities in issue | 2,080 | 2,079 | 0% | 1,817 | |||
| Subordinated liabilities | 598 | 598 | 0% | 299 | |||
| Total equity (shareholders of Norion Bank AB) | 9,742 | 9,462 | 3% | 8,443 | 15% | ||
| Key ratios1) | |||||||
| Net interest margin (NIM) - Period 2) | 7.1% | 7.6% | 7.3% | ||||
| Net interest margin (NIM) - LTM 2) | 7.1% | 7.4% | 7.4% | ||||
| Credit loss level - Period 2) | 1.8% | 1.8% | 2.3% | ||||
| Credit loss level - LTM 2) | 1.9% | 2.1% | 2.4% | ||||
| C/I ratio - Period 2) | 29.9% | 27.5% | 28.1% | ||||
| C/I ratio - LTM 2) | 29.4% | 29.0% | 26.9% | ||||
| Return on equity (RoE) - Period 2) | 15.4% | 17.8% | 15.8% | ||||
| Return on equity (RoE) - LTM 2) | 15.3% | 15.3% | 16.1% | ||||
| CET1 ratio 3) | 15.4% | 16.1% | 15.8% | ||||
| Tier 1 ratio 3) | 15.4% | 16.1% | 15.8% | ||||
| Total capital ratio 3) | 16.5% | 17.2% | 16.4% | ||||
| Average number of shares outstanding before dilution | 204,501,202 | 205,381,004 | 0% | 205,381,004 | 0% | ||
| Average number of shares outstanding after dilution | 204,501,202 | 205,381,004 | 0% | 205,381,004 | 0% | ||
| Average number of full-time employees | 410 | 399 | 3% | 379 | 8% | ||
| Adjusted key ratios 1) | |||||||
| Net interest margin (NIM) - Period 2) | 7.1% | 7.6% | 7.3% | ||||
| Net interest margin (NIM) - LTM 2) | 7.1% | 7.4% | 7.4% | ||||
| Credit loss level - Period 2) | 1.8% | 1.8% | 2.3% | ||||
| Credit loss level - LTM 2) | 1.9% | 2.1% | 2.4% | ||||
| C/I ratio - Period 2) | 29.9% | 27.5% | 28.1% | ||||
| C/I ratio - LTM 2) | 29.4% | 29.0% | 26.9% | ||||
| Return on equity (RoE) - Period 2) | 15.4% | 17.8% | 15.8% | ||||
| Return on equity (RoE) - LTM 2) | 15.3% | 15.3% | 16.1% |
1) See Definitions, pages 22-23, and norionbank.se/en-se/investor-relations-en/financial-information/key-financials 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 Norion Bank's development. See Definitions, pages 22-23
3) Key ratios according to capital adequacy rules (CRR). See note 12, pages 46-48
4) As of 30 June 2025, the total number of issued shares amounted to 205,381,004, of which Norion Bank's holding of own shares totaled 2,028,804, resulting in 203,352,200 outstanding. As of 31 December 2024, Norion Bank held no own shares and the total number of issued and outstanding shares amounted to 205,381,004.
| SEKm | Jan-Jun 2025 |
Jan-Jun 2024 |
∆ | Full year 2024 |
|---|---|---|---|---|
| Income statement | ||||
| Net interest income | 1,789 | 1,676 | 7% | 3,313 |
| Total income | 2,000 | 1,880 | 6% | 3,697 |
| Net profit | 782 | 655 | 19% | 1,265 |
| Earnings per share before dilution, SEK | 3.82 | 3.12 | 23% | 6.09 |
| Earnings per share after dilution, SEK | 3.82 | 3.12 | 23% | 6.09 |
| Balance sheet | ||||
| Loans to the public | 49,383 | 47,410 | 4% | 50,286 |
| Deposits and borrowings from the public | 55,376 | 45,879 | 21% | 53,017 |
| Debt securities in issue | 2,080 | 1,817 | 14% | 2,320 |
| Subordinated liabilities | 598 | 299 | 100% | 598 |
| Total equity (shareholders of Norion Bank AB) | 9,742 | 8,443 | 15% | 9,052 |
| Key ratios1) | ||||
| Net interest margin (NIM) - Period 2) | 7.2% | 7.2% | 6.9% | |
| Net interest margin (NIM) - LTM 2) | 7.1% | 7.4% | 6.9% | |
| Credit loss level - Period 2) | 1.7% | 2.3% | 2.1% | |
| Credit loss level - LTM 2) | 1.9% | 2.4% | 2.1% | |
| C/I ratio - Period 2) | 28.7% | 27.9% | 29.1% | |
| C/I ratio - LTM 2) | 29.4% | 26.9% | 29.1% | |
| Return on equity (RoE) - Period 2) | 16.6% | 15.8% | 14.8% | |
| Return on equity (RoE) - LTM 2) | 15.3% | 16.1% | 14.8% | |
| CET1 ratio 3) | 15.4% | 15.8% | 15.8% | |
| Tier 1 ratio 3) | 15.4% | 15.8% | 15.8% | |
| Total capital ratio 3) | 16.5% | 16.4% | 16.9% | |
| Average number of shares outstanding before dilution | 204,878,260 | 205,381,004 | 0% | 205,381,004 |
| Average number of shares outstanding after dilution | 204,878,260 | 205,381,004 | 0% | 205,381,004 |
| Average number of full-time employees | 404 | 373 | 8% | 382 |
| Adjusted key ratios 1) | ||||
| Net interest margin (NIM) - Period 2) | 7.2% | 7.2% | 6.9% | |
| Net interest margin (NIM) - LTM 2) | 7.1% | 7.4% | 6.9% | |
| Credit loss level - Period 2) | 1.7% | 2.3% | 2.1% | |
| Credit loss level - LTM 2) | 1.9% | 2.4% | 2.1% | |
| C/I ratio - Period 2) | 28.7% | 27.9% | 29.1% | |
| C/I ratio - LTM 2) | 29.4% | 26.9% | 29.1% | |
| Return on equity (RoE) - Period 2) | 16.6% | 15.8% | 14.8% | |
| Return on equity (RoE) - LTM 2) | 15.3% | 16.1% | 14.8% |
1) See Definitions, pages 22-23, and norionbank.se/en-se/investor-relations-en/financial-information/key-financials 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 Norion Bank's development. See Definitions, pages 22-23
3) Key ratios according to capital adequacy rules (CRR). See note 12, pages 46-48
4) As of 30 June 2025, the total number of issued shares amounted to 205,381,004, of which Norion Bank's holding of own shares totaled 2,028,804, resulting in 203,352,200 outstanding. As of 31 December 2024, Norion Bank held no own shares and the total number of issued and outstanding shares amounted to 205,381,004.
Norion Bank Group is a business-oriented Nordic financing bank. The Group's brands – Norion Bank, Walley and Collector – offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants, and private individuals. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments.
Norion Bank
Corporate and real estate loans, as well as factoring solutions, for medium-sized corporates and real estate companies.
Walley
Payment and checkout solutions for merchants and private customers.
Collector
Personal loans and credit cards for private individuals as well as savings accounts for private individuals and corporates.
A comment from our CEO
Global uncertainty with cautious optimism
Entering the second half of 2025, the global macroeconomic environment remains characterized by uncertainty. Geopolitical tensions, changes in global trade dynamics and restrained global growth have contributed to continued market volatility and a generally more cautious sentiment among investors. The Swedish economy is beginning to show early signs of recovery. Inflation has come down from its earlier peaks and the Swedish Riksbank has gradually lowered the policy rate in response to a weakening economy.
Although global uncertainty remains, the overall outlook suggests increasing predictability as soon as the macroeconomic landscape stabilizes. These developments are likely to create more favorable investment conditions, thereby supporting our customers in expanding and developing their businesses.
Stable performance within the Corporate and Real Estate segments
Despite the above, the second quarter has been characterised by good development within both the Corporate and Real Estate segments – two strategically important business areas which together account for approximately 70% of the bank's loan book. Despite the generally more cautious market sentiment, it is encouraging to note that the so far implemented tariff changes have had only marginal impact on our customers businesses.
The Corporate segment, which focuses on financing solutions for medium-sized companies, reported a 12% increase of the loan book compared to the corresponding quarter last year. Taking a broader view, the segment has demonstrated a consistently upward trend over the past five years, with an average annual growth rate of nearly 14%. Furthermore, it is encouraging that the net interest income increased by 13% compared to the corresponding quarter last year.
The Real Estate segment has also shown stable performance over several consecutive quarters. The market for real estate financing is assessed to be in a phase of gradual recovery, with a cautiously improving outlook. The segment consists of collateralized real estate lending to professional clients, with a well-diversified portfolio both geographically and across industries - contributing to a robust risk profile.
Continued strategic development of the Consumer segment
The Consumer segment continues to perform strongly, with the loan book increasing by approximately 9% compared to the same quarter last year. The acquisition of DNB Sweden's credit card business has been completed, marking a significant step in strengthening our position within the credit card segment. The segment also demonstrates good capacity to deliver relevant and competitive offerings, despite the more challenging macroeconomic environment.
Furthermore, we continue to remain focused on improving riskadjusted returns and increasing the share of new sales through our own channels – two strategic initiatives that are progressing according to plan.
Walley acquires Verkkokauppa.com´s consumer financing business - strenghtens Nordic expansion
The bank's payment and checkout solution, Walley, continues to demonstrate strong momentum and now has over six million active consumers using its service. During the quarter, a new partnership was initiated with Clas Ohlson, which has chosen Walley as its partner to improve and simplify payment solutions for B2B sales.
We are also pleased to have announced that the bank, through Walley, is deepening its existing partnership with the Finnish electronics retailer Verkkokauppa.com through the acquisition of its consumer financing business. The acquisition includes a credit portfolio with approximately 90,000 end customers, expected to amount to approximately SEK 350 million upon completion. Through the acquisition, Walley continues its growth journey in Finland – a strategically important market – and further strengthens its position as a leading provider of payment and financing solutions in the region.
Share buyback programme initiated
In May, the bank initiated the previously announced share buyback programme of up to SEK 500 million. Repurchases of the company's own shares are being carried out on Nasdaq Stockholm and approximately two million shares have been repurchased, to a total value of around SEK 90 million. The programme reflects our strong financial position and we are pleased to be able to return surplus capital to our shareholders.
Ten year as a listed company
Finally, in June we celebrated Norion Bank's ten-year anniversary as a listed company. Since our listing on Nasdaq Stockholm's Mid Cap list, in June 2015, the bank has undergone a significant transformation — from a niche bank focused on fintech and high growth to a Nordic financing bank with stable, balanced and profitable growth.
We thank our shareholders, partners and customers who have been part of this journey. We look forward to continued collaborations and to further developing Norion Bank in the years to come.
Martin Nossman
CEO
MARTIN NOSSMAN, CEO
"Share buyback program initiated and announcement of another strategic acquisition"
Financial targets
Norion Bank's strategy is to maintain good risk adjusted profitability. In line with the strategy, the Board of Norion Bank has adopted the following financial targets:
Dividend policy
Norion Bank's policy is to distribute potential surplus capital in relation to the capital adequacy target, subject to the bank's future outlook and capital planning, to its shareholders.
The Group's development
Total income for the second quarter of 2025
Total income amounted to SEK 978 million (947), corresponding to an increase of 3% compared to last year. Net interest income increased by 2% compared to the previous year and amounted to SEK 861 million (844). Net interest income has been negatively affected by high volumes in Stage 3, primarily within the Real Estate segment, and positively affected by sesonal effects within the Consumer segment. The net interest margin amounted to 7.1% (7.3). Net commission income amounted to SEK 77 million (84), corresponding to a decrease of 8%. Net gains and losses on financial items amounted to SEK 8 million (15). Other income amounted to SEK 31 million (5).
Total income for the period January-June 2025
Total income amounted to SEK 2,000 million (1,880) during the period January-June 2025, corresponding to an increase of 6% compared to last year. The increase is primarily attributable to received interest payments of approximately SEK 140 million from real estate clients within Stage 3, which was received during the first quarter of the year. Net interest income amounted to SEK 1,789 million (1,676), corresponding to an increase of 7%. The net interest margin amounted to 7.2% (7.2) during the period January-June 2025. Net commission income amounted to SEK 155 million (165) during the period, corresponding to a decrease of 6% compared to last year. Net gains and losses on financial items amounted to SEK 9 million (19). Other income amounted to SEK 47 million (20).
Total expenses
Total expenses amounted to SEK 573 million (524) during the period January-June 2025, of which SEK 292 million (266) pertain to the second quarter of 2025. The C/I ratio for the period January-June 2025 amounted to 28.7% (27.9) and to 29.9% (28.1) in the second quarter of 2025. Norion Bank continues to prove solid cost control.
Loan portfolio
The total loan portfolio amounted to SEK 49,383 million (47,410) by the end of the second quarter of 2025, corresponding to an increase of 4% compared to last year and an increase of 4% compared to the previous quarter. The Corporate loan portfolio has increased by 12% compared to the previous year and is unchanged compared to the previous quarter. The Real Estate loan portfolio has decreased by 1% compared to the previous year and increased by 5% compared to the previous quarter. The Consumer loan portfolio has increased by 9% compared to the previous year and increased by 6% compared to the previous quarter. The Payments loan portfolio has increased by 7% compared to the previous year and increased by 4% compared to the previous quarter. Out of the total loan portfolio, Corporate amounted to 23% (21), Real Estate amounted to 45% (47), Consumer amounted to 26% (25), Payments amounted to 6% (6) and Other amounted to 1% (1) by the end of the quarter.
Credit losses
The credit loss level for the period January-June 2025 amounted to 1.7% (2.3) and to 1.8% (2.3) in the second quarter of 2025.
Operating profit, net profit, EPS and RoE
Operating profit amounted to SEK 997 million (833) during the period January-June 2025 and to SEK 472 million (416) in the second quarter of 2025. Net profit amounted to SEK 782 million (655) during the period January-June 2025 and to SEK 370 million (326) in the second quarter of 2025. Earnings per share amounted to SEK 3.82 (3.12) during the period January-June 2025 and to SEK 1.81 (1.59) in the second quarter of 2025. Return on equity amounted to 16.6% (15.8) during the period January-June 2025 and to 15.4% (15.8) in the second quarter of 2025.
Non-recurring items
Non-recurring items are defined as income and expenses that are not expected to appear on a regular basis.
2025
There were no non-recurring items in the first or second quarter of 2025.
2024
There were no non-recurring items in the first, second, third or fourth quarter of 2024.
Liquidity
Norion Bank's total liquidity amounted to SEK 19,439 million (9,811) as of 30 June 2025. Total liquidity consists of a liquidity portfolio and other liquid assets. The liquidity portfolio consists of highly liquid assets, e.g. municipal bonds, covered bonds and government issued securities, and amounted to SEK 15,262 million (6,274) as of 30 June 2025. Other liquid assets mainly consist of deposit accounts with Nordic banks and amounted to SEK 4,177 million (3,537) as of 30 June 2025.
As of 30 June 2025, Norion Bank's liquidity coverage ratio (LCR) amounted to 373% (409) and net stable funding ratio (NSFR) to 124% (140). Since September 2024, the numbers are reported in accordance with the SFSA:s legal position regarding handling of deposits through digital platforms while the historical numbers are based on the previous method. The numbers are therefore not fully comparable.
Funding
Deposits and borrowings from the public amounted to approximately 79% (78) of Norion Bank's balance sheet, which by the end of the period amounted to SEK 55,376 million (45,879). This is the primary source of funding for the Group. Senior unsecured bonds issued amounted to SEK 2,080 million (1,649). Commercial papers issued amounted to SEK 0 million (168).
Norion Bank has issued two green, senior unsecured bonds totaling SEK 1,200 million. The bonds were issued in 2024 with maturities of two and three years respectively and will mature in September 2026 and November 2027. The green asset register amounted to SEK 4,500 million as of June 30, 2025.
Capital adequacy
Norion 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 Norion Bank AB has been performed by the bank's auditor, and Norion Bank has been allowed to include net profit in the Common Equity Tier 1 capital. Over time, Norion 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 56,407 million (50,566). As of 30 June 2025, the CET1 ratio amounted to 15.4% (15.8), the Tier 1 ratio to 15.4% (15.8) and the total capital ratio to 16.5% (16.4). The capital adequacy was affected by deductions for the bank's share buyback program, of up to SEK 500 million, during the second quarter of 2025.
Repurchase of own shares
On 12 May 2025, Norion Bank initiated a share buyback program of up to SEK 500 million. Repurchases of the company's own shares are being conducted on Nasdaq Stockholm. As of 30 June 2025, a total of 2,028,804 shares have been repurchased to a total amount of SEK 90 million.
The purpose of the buyback program is, in line with Norion Bank's dividend policy, to return surplus capital relative to the capital adequacy target to shareholders and to be able to adapt the bank's capital structure and thereby create additional value for shareholders.
The macroeconomic environment
The second quarter has been characterized by increasing geopolitical unrest and volatility. Focus has been directed towards the global geopolitical situation, the political landscape in Europe and the USA:s shift in trade and tariff policies. At the same time, interest rates have remained stable following last year's rate cuts, and the Swedish Riksbank's latest forecast suggests that the policy rate is likely to remain unchanged, or with lower rates, depending on how the inflation develops going forward.
Stability within a cautious market
The loan portfolio of the Corporate segment amounted to SEK 11,170 million (9,992), corresponding to an increase of 12% over the previous year and an unchanged development compared to the previous quarter. The Corporate segment accounted for 23% (21) of Norion Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 224 million (188) during the quarter and to SEK 450 million (353) during the period January-June 2025. The net interest margin (NIM) amounted to 7.2% compared to 7.6% in the same quarter last year and 7.0% in the previous quarter. The NIM amounted to 7.0% (6.8) during the period January-June 2025. The total income margin amounted to 8.0% compared to 8.0% in the same quarter last year and 7.9% in the previous quarter. The total income margin amounted to 7.9% (7.2) during the period January-June 2025. The NIM and total income margins can vary between periods depending on when amortizations and disbursements of new loans are made during respective period.
Interest in bank financing and the frequency of customer dialogues have remained robust during the second quarter, despite the continued cautious market sentiment since the beginning of the year. Companies have adopted a more restrained approach to investment decisions, resulting in generally longer business processes. At the same time, it is positive to note that existing customers have so far been only marginally affected by changes in trade policy, while the already implemented interest rate cuts are helping to reduce market uncertainty.
Norion Bank's Corporate segment offers flexible financing solutions, primarily targeting medium-sized companies, and represents a strategic focus area for Norion Bank. The segment holds an attractive market position, with the ambition of serving as a complement to large banks.
Corporate
Norion Bank offers corporate loans and factoring solutions with particular focus on medium-sized companies 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. Loan portfolio
Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%)
Geographic split 1)
Other, 17%
Industry split 1)
51 SEKm Average loan in the portfolio 1)
18 Average remaining maturity (months) 2)
1) Based on the Corporate loan
portfolio as of 30 June 2025
2) Corporate lending
Signs of gradual market optimism
The loan portfolio of the Real Estate segment amounted to SEK 22,135 million (22,453), corresponding to a decrease of 1% over the previous year and an increase of 5% over the previous quarter. The Real Estate segment accounted for 45% (47) of Norion Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 289 million (268) during the quarter and to SEK 705 million (610) during the period January-June 2025. The increase during the first half of the year is primarily attributable to interest payments of approximately SEK 140 million from Stage 3 clients, which was received during the first quarter of the year. The net interest margin (NIM) amounted to 5.4% compared to 4.7% in the same quarter last year and 7.5% in the previous quarter. The NIM amounted to 6.2% (5.5) during the period January-June 2025. Net interest income was still negatively affected by high volumes in Stage 3. The total income margin amounted to 5.4% compared to 4.8% in the same quarter last year and 7.5% in the previous quarter. The total income margin amounted to 6.2% (5.6) during the period January-June 2025. 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 frequency of customer dialogues has remained stable during the second quarter, despite the continued cautious market sentiment since the beginning of the year. Companies have adopted a more restrained approach to investment decisions, resulting in generally longer business processes. At the same time, recent interest rate cuts and more stable rate levels have helped ease market uncertainty. Norion Bank has continued to exercise selectivity in its executed transactions and is actively working to reduce volumes in Stage 3. These efforts have yielded positive results, with a decrease in negative stage transitions. Senior loans continue to constitute the majority of the portfolio, amounting to 63% (58) at the end of the quarter. Norion Bank holds an attractive position within the Real Estate segment, which remains one of the company's strategic focus areas going forward.
Real Estate
Norion 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. Norion Bank offers both junior and senior lending. Financing is provided mainly for residential properties but also for offices and industrial properties. Loan portfolio
Photo: Anna Roström
Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%)
Geographic split 1)
121 SEKm Average loan in the portfolio
14 Average remaining maturity (months)
1) Based on the Real Estate loan portfolio as of 30 June 2025
Strong development and completed acquisition within credit cards
The loan portfolio of the Consumer segment amounted to SEK 12,769 million (11,733), corresponding to an increase of 9% over the previous year and an increase of 6% over the previous quarter. The Consumer segment accounted for 26% (25) of Norion Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 304 million (256) during the quarter and to SEK 534 million (465) during the period January-June 2025. The second quarter is a seasonally strong income quarter. Furthermore, the completed acquisition of DNB Sweden's credit card portfolio contributed positively to the development. The acquisition represents a strategically important step in the expansion of the segment's card operations and brings additional market opportunities. The transaction resulted in an increase in credit volume of approximately SEK 650 million.
The net interest margin (NIM) amounted to 8.9% compared to 8.4% in the same quarter last year and 7.2% in the previous quarter. The NIM amounted to 7.9% (7.7) during the period January-June 2025. The total income margin amounted to 9.8% compared to 9.0% in the same quarter last year and 7.6% in the previous quarter. The total income margin amounted to 8.6% (8.2) during the period January-June 2025.
The Consumer segment continues to remain focused on prioritizing profitability over volume growth. To support this strategic direction, several successful initiatives have been implemented to improve credit quality — including an enhanced credit assessment process and a more effective management of clients with payment difficulties. Furthermore, the increased focus on distribution through own channels has yielded good results.
Consumer
Collector offers unsecured loans to private individuals of up to SEK 500,000 in Sweden and up to EUR 25,000 in Finland. Sales is conducted through own channels as well as loan intermediaries. Collector also offers credit cards, with a maximum credit limit of SEK 100,000, and savings accounts. Loan portfolio
26% 12,769 SEKm
Strong development and completed
acquisition within credit cards
Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%)
Geographic split 1)
Finland, 2% Norway, 0% Average customer
SEK
390,000 / 490,000 Average salary (At approval / Current)
58% / 42% Women Men
Personal loans
180,000 Average loan new sales (SEK, LTM)
170,000 Average loan in the portfolio (SEK)
45% Sales through own channels
54,000 Customers
Credit cards
95,000 Cards outstanding
1) Based on the Consumer loan portfolio as of 30 June 2025
Acquisition of Verkkokauppa.com's consumer financing business
The loan portfolio of the Payments segment amounted to SEK 2,900 million (2,712), corresponding to an increase of 7% over the previous year and an increase of 4% over the previous quarter. The Payments segment accounted for 6% (6) of Norion Bank's loan portfolio by the end of the quarter. Total income amounted to SEK 127 million (134) during the quarter and to SEK 250 million (261) during the period January-June 2025. The net interest margin (NIM) amounted to 8.6% compared to 9.0% in the same quarter last year and 8.0% in the previous quarter. The NIM amounted to 8.0% (8.1) during the period January-June 2025. The total income margin amounted to 17.8% compared to 19.8% in the same quarter last year and 17.0% in the previous quarter. The total income margin amounted to 16.9% (19.1) during the period January-June 2025.
Transaction volumes amounted to SEK 5,078 million (4,112) during the second quarter of 2025, which corresponds to an increase of 24% compared to the same quarter last year. During 2024, transaction volumes increased by 20% and Walley continues to develop strongly compared to the e-commerce market as whole.
During the second quarter, it was announced that Norion Bank, through Walley, is acquiring Verkkokauppa.com's consumer financing business — a transaction that represents a significant increase in Walley's existing credit portfolio and transaction volumes in Finland. The acquired business includes a credit portfolio with approximately 90,000 end customers, expected to amount to around SEK 350 million upon completion. The acquisition is expected to be completed during the second half of 2025.
Furthermore, several new partnerships have been established in recent months – for example with Clas Ohlson, Lager 157, Kavat and Teknikmagasinet. Walley has over six million active users in the Nordics and primarily differentiates itself through its comprehensive payment experience, from checkout to loyalty programs, which creates value for both consumers and merchants.
Payments
Walley 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. Walley offers specialized solutions focusing on the merchant's strategy and brand, primarily targeting larger merchants. Loan portfolio
Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%)
Geographic split 1) Transaction volumes (SEKm)
Q2 2025 +23% 4,112 5,078 7,602 9,534 Q2 2024 Q2 2025 Jan-Jun 2024 Jan-Jun 2025
Jan-jun 2025 (Jan-jun 2024) +25% % change
% change
(Q2 2024)
1,200 Average ticket size (SEK)
1) Based on the Payments loan portfolio as of 30 June 2025
Other information
Material risks and uncertainty factors
Through its operations, Norion 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 note 3 in Norion Bank's annual report. There have been no significant changes since the publication of the annual report for the fiscal year 2024, except as reported in this interim report.
A company regulated by the Swedish Financial Supervisory Authority
Norion Bank AB (publ) has a license to conduct banking operations. The Bank conducts business in Sweden and through branches in Norway and Finland. Norion 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.
Employees
During the quarter, the average number of full-time employees (FTE) amounted to 410, which corresponds to an increase of 8% 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.
The Norion Bank share
Norion Bank's share ("NORION") is listed on Nasdaq Stockholm. As of 30 June 2025, the closing price for the Norion Bank share was SEK 50.80, corresponding to a market capitalization of SEK 10.4 billion. There were approximately 8,400 shareholders at the end of the period.
Share capital
As of 30 June 2025, the share capital amounted to SEK 149,421,957 divided into 205,381,004 ordinary shares. Norion Bank's holding of its own shares, after repurchases, amounted to 2,028,804. The number of outstanding shares thus amounted to 203,352,200. The Company has a single share series. Each share entitles the shareholder to one vote at the General Meeting.
Dividend
Norion Bank's policy is to distribute potential surplus capital in relation to the capital adequacy target, subject to the bank's future outlook and capital planning, to its shareholders.
1) Privately and through wholly owned companies.
| Shareholders at 30 June 2025 | % |
|---|---|
| Fastighets AB Balder | 44.1% |
| Erik Selin 1) | 20.0% |
| Provobis Holding AB | 6.4% |
| State Street Bank and Trust Company | 6.0% |
| Helichrysum Gruppen AB | 2.7% |
| JME Invest AB | 2.0% |
| Brunnudden Kapital AS | 1.4% |
| Vante AB | 1.4% |
| Avanza | 1.0% |
| JP Morgan Chase Bank | 1.0% |
| Other shareholders | 14.0% |
| Total | 100.0% |
Share buyback
On May 12 2025, Norion Bank initiated a share buyback program of up to SEK 500 million. The repurchase of the company's own shares is conducted on Nasdaq Stockholm and 2,028,804 shares have been repurchased, to a total value of SEK 90 million, by 30 June 2025.
Presentation for investors and analysts
A conference call will be held on 14 July 2025 at 9.00 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 here. For those who wish to participate in the conference call, please register here. After registration, you will be provided a phone number and a conference ID to access the conference call. The presentation material will be in English and be available prior to the presentation.
Other information
In January 2025, The Swedish Financial Supervisory Authority requested a statement from Norion Bank as a continuation of the previously initiated investigation regarding compliance with anti-money laundering regulations, which was initiated in May 2023 towards Norion Bank and a couple of other market participants. Norion Bank commented on the matter on February 21, 2025. It is still not known when the ongoing investigation is expected to be completed.
Definitions
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 Norion Bank when relevant for monitoring and describing the bank's financial situation and enhance comparability between the periods. Norion 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 norionbank.se/en-se/investor-relations-en/financial-information/key-financials fore more information about key ratios.
Net interest margin (NIM)
Net interest margin (NIM) - Period
Net interest income for the period in relation to average loans to the public for the period.
Net interest margin (NIM) - LTM
Net interest income for the last twelve months in relation to average loans to the public for the last twelve months.
Adjusted net interest margin (NIM) - Period
Net interest income for the period, adjusted for non-recurring items, in relation to average loans to the public for the period.
Adjusted net interest margin (NIM) - LTM
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.
C/I ratio
C/I ratio - Period
Total expenses for the period in relation to total income for the period.
C/I ratio - LTM
Total expenses for the last twelve months in relation to total income for the last twelve months.
Adjusted C/I ratio - Period
Total expenses for the period, adjusted for non-recurring items, in relation to total income for the period, adjusted for non-recurring items.
Adjusted C/I ratio - LTM
Total expenses for the last twelve months, adjusted for non-recurring items, in relation to total income for the last twelve months, adjusted for non-recurring items.
Credit loss level
Credit loss level - Period
Credit losses, net for the period in relation to average loans to the public for the period.
Credit loss level - LTM
Credit losses, net for the last twelve months in relation to average loans to the public for the last twelve months.
Adjusted credit losses, net - Period
Credit losses, net, adjusted for non-recurring items, for the period in relation to average loans to the public for the period.
Adjusted credit losses, net - LTM
Credit losses, net for the period, adjusted for non-recurring items, in relation to average loans to the public for the last twelve months.
Earnings per share 1)
Earnings per share after dilution1)
Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average number of shares outstanding after dilution for the period.
Earnings per share before dilution1)
Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average number of shares outstanding before dilution for the period.
1) Not alternative performance measures.
Definitions cont.
Return on equity (RoE)
Return on equity (RoE) - Period
Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average equity attributable to the shareholders of Norion Bank AB for the period.
Return on equity (RoE) - LTM
Net profit attributable to the shareholders of Norion Bank AB for the last twelve months in relation to average equity attributable to the shareholders of Norion Bank AB for the last twelve months.
Adjusted return on equity (RoE) - Period
Net profit for the period attributable to the shareholders of Norion Bank AB, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Norion Bank AB for the period. For relevant periods prior to the intragroup merger between Norion Bank AB (previously 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.
Adjusted return on equity (RoE) - LTM
Net profit attributable to the shareholders of Norion Bank AB for the last twelve months, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Norion Bank AB for the last twelve months. For relevant periods prior to the intra-group merger between Norion Bank AB (previously 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 margin
Total income margin - Period
Total income for the period in relation to average loans to the public for the period.
2) Key ratios according to capital adequacy rules (CRR).
Other
Adjusted net interest income
Net interest income adjusted for non-recurring items.
Adjusted total income
Total income adjusted for non-recurring items.
Adjusted total expenses
Total expenses adjusted for non-recurring items.
Adjusted operating profit
Operating profit adjusted for non-recurring items.
Adjusted net profit
Net profit attributable to the shareholders of the parent company adjusted for non-recurring items.
Non-recurring items
Income and expenses that are not expected to appear on a regular basis. See The Group's development, pages 11-12..
CET1 ratio (Common Equity Tier 1 ratio) 2)
Common Equity Tier 1 capital in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 45-47.
Tier 1 ratio 2)
Tier 1 capital in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 45-47.
Total capital ratio 2)
Total own funds in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 12, pages 45-47.
Average number of full-time employees
Including employees on fixed-term contracts, but not on parental leave or leave of absence.
Income statement
| Group | ||||||
|---|---|---|---|---|---|---|
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | |
| SEKm Note |
2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest income1) | 1 276 | 1 385 | 1 328 | 2 661 | 2 626 | 5 236 |
| Interest expense2) | -414 | -457 | -484 | -872 | -950 | -1 923 |
| Net interest income | 4 861 |
928 | 844 | 1 789 | 1 676 | 3 313 |
| Commission income | 97 | 98 | 95 | 194 | 188 | 377 |
| Commission expense | -20 | -20 | -11 | -40 | -24 | -53 |
| Net commission income | 77 | 78 | 84 | 155 | 165 | 324 |
| Net gains and losses on financial items | 8 | 1 | 15 | 9 | 19 | 30 |
| Other income3) | 31 | 16 | 5 | 47 | 20 | 31 |
| Total income | 978 | 1 022 | 947 | 2 000 | 1 880 | 3 697 |
| Personnel expenses | 5 -121 |
-113 | -108 | -235 | -212 | -435 |
| Other expenses | 6 -151 |
-148 | -142 | -299 | -279 | -568 |
| Depreciation/amortization and impairment of tangible and intangible assets |
-20 | -19 | -17 | -39 | -33 | -71 |
| Total expenses | -292 | -281 | -266 | -573 | -524 | -1 074 |
| Profit before credit losses | 686 | 741 | 681 | 1 426 | 1 355 | 2 623 |
| Credit losses, net | 7 -214 |
-216 | -265 | -430 | -523 | -1 014 |
| Operating profit | 472 | 525 | 416 | 997 | 833 | 1 609 |
| Tax expense | -102 | -113 | -89 | -215 | -177 | -344 |
| Net profit for the period | 370 | 412 | 326 | 782 | 655 | 1 265 |
| Portion of net profit for the period attributable to: | ||||||
| shareholders of Norion Bank AB | 370 | 412 | 326 | 782 | 641 | 1 250 |
| additional Tier 1 capital holders | - | - | - | - | 15 | 15 |
| Earnings per share, before dilution, SEK | 1,81 | 2,01 | 1,59 | 3,82 | 3,12 | 6,09 |
| Earnings per share, after dilution, SEK | 1,81 | 2,01 | 1,59 | 3,82 | 3,12 | 6,09 |
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.
Statement of comprehensive income
| Group | |||||||
|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | ||
| SEKm | Note | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net profit for the period reported via income statement | 370 | 412 | 326 | 782 | 655 | 1 265 | |
| Items that have been or may be reclassified to the income statement |
|||||||
| Exchange rate differences on translation of foreign currency | 0 | -1 | 0 | -1 | -1 | -1 | |
| Other comprehensive income for the period, net of tax | 0 | -1 | 0 | -1 | -1 | -1 | |
| Total comprehensive income for the period | 369 | 411 | 326 | 781 | 654 | 1 263 | |
| Portion of total comprehensive income for the period attribut able to: |
|||||||
| shareholders of Norion Bank AB | 369 | 411 | 326 | 781 | 640 | 1 249 | |
| additional Tier 1 capital holders | - | - | - | - | 15 | 15 |
Balance sheet
| Group | ||||
|---|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | ||
| SEKm | Note | 2025 | 2024 | 2024 |
| ASSETS | ||||
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 13 | 6 978 | 5 276 | 1 078 |
| Loans to credit institutions | 4 177 | 4 164 | 3 537 | |
| Loans to the public | 8, 9 | 49 383 | 50 286 | 47 410 |
| Bonds and other interest-bearing securities | 13 | 8 284 | 6 210 | 5 196 |
| Shares and participating interests | 13 | 682 | 764 | 673 |
| Intangible assets | 150 | 141 | 123 | |
| Tangible assets | 61 | 75 | 88 | |
| Derivatives | 13 | 32 | 12 | - |
| Other assets | 128 | 160 | 295 | |
| Prepaid expenses and accrued income | 126 | 121 | 129 | |
| TOTAL ASSETS | 70 001 | 67 206 | 58 529 | |
| LIABILITIES AND EQUITY | ||||
| Deposits and borrowings from the public | 10 | 55 376 | 53 017 | 45 879 |
| Debt securities in issue | 11 | 2 080 | 2 319 | 1 817 |
| Derivatives | 13 | - | - | 13 |
| Other liabilities | 769 | 734 | 727 | |
| Accrued expenses and prepaid income | 1 435 | 1 487 | 1 352 | |
| Subordinated liabilities | 11 | 598 | 598 | 299 |
| Total liabilities | 60 258 | 58 155 | 50 087 | |
| Equity attributable to the shareholders of Norion Bank AB | 9 742 | 9 052 | 8 443 | |
| Total equity | 9 742 | 9 052 | 8 443 | |
| TOTAL LIABILITIES AND EQUITY | 70 001 | 67 206 | 58 529 |
Statement of changes in equity
Group
| Jan - Jun 2025 | Equity attributable to the shareholders of Norion Bank AB |
||||||
|---|---|---|---|---|---|---|---|
| SEKm | Share capital |
Other contribut ed capital |
Exchange differences, subsidiaries and associates |
Retained earnings, incl. net profit for the period |
Total | Additional Tier 1 instruments holders1) |
Total equity |
| Opening balance 1 January 2024 | 149 | 5 | -6 | 8 904 | 9 052 | - | 9 052 |
| Comprehensive income for the period | |||||||
| Profit for the period | 782 | 782 | 782 | ||||
| Other comprehensive income for the period | -1 | -1 | -1 | ||||
| Total comprehensive income for the period | -1 | 782 | 781 | 781 | |||
| Transactions reported directly in equity | |||||||
| Repurchase of own shares2) | -90 | -90 | -90 | ||||
| Total transactions reported directly in equity | -90 | -90 | -90 | ||||
| Closing balance 30 June 2025 | 149 | 5 | -7 | 9 595 | 9 742 | - | 9 742 |
Group
| Jan - December 2024 | Equity attributable to the shareholders of Norion Bank AB |
||||||
|---|---|---|---|---|---|---|---|
| SEKm | Share capital |
Other contribut ed capital |
Exchange differences, subsidiaries and associates |
Retained earnings, incl. net profit for the period |
Total | Additional Tier 1 instruments holders1) |
Total equity |
| Opening balance 1 January 2024 | 149 | 5 | -5 | 7 654 | 7 803 | 500 | 8 303 |
| Comprehensive income for the period | |||||||
| Profit for the period | 1 250 | 1 250 | 15 | 1 265 | |||
| Other comprehensive income for the period | -1 | -1 | -1 | ||||
| Total comprehensive income for the period | -1 | 1 250 | 1 249 | 15 | 1 263 | ||
| Transactions reported directly in equity | |||||||
| Additional Tier 1 instruments redeemed | -15 | -15 | |||||
| Redemption Tier 1 instruments | -500 | -500 | |||||
| Total transactions reported directly in equity | -515 | -515 | |||||
| Closing balance 31 December 2024 | 149 | 5 | -6 | 8 904 | 9 052 | - | 9 052 |
Statement of changes in equity, cont
Group Jan - Jun 2024 Equity attributable to the shareholders of Norion 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) Total equity Opening balance 1 January 2024 149 5 -5 7 654 7 803 500 8 303 Comprehensive income for the period Profit for the period 641 641 15 655 Other comprehensive income for the period -1 -1 -1 Total comprehensive income for the period -1 641 640 15 654 Transactions reported directly in equity Additional Tier 1 instruments redeemed -15 -15 Additional Tier 1 instruments redeemed -500 -500 Total transactions reported directly in equity -515 -515 Closing balance 30 June 2024 149 5 -6 8 295 8 443 - 8 443
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.
2) As of 30 June 2025, the total number of issued shares was 205 381 004, of which Norion Bank held 2 028 804. as treasury shares. The number of outstanding shares was therefore 203 352 200. As of 31 December 2024, the total number of issued shares was 205 381 004. Norion Bank held no treasury shares at that date, so the number of outstanding shares was 205 381 004.
Cash flow statement
| Group | |||
|---|---|---|---|
| Jan - Jun | Full year | Jan - Jun | |
| SEKm | 2025 | 2024 | 2024 |
| Operating activities | |||
| Operating profit | 997 | 1 609 | 833 |
| Adjustments for non-cash items in operating activities | 504 | 1 158 | 710 |
| Income taxes paid | -163 | -378 | -240 |
| Increase/decrease in assets and liabilities from operating activities | -872 | -2 490 | -1 319 |
| Cash flow from operating activities | 466 | -101 | -16 |
| Investing activities | |||
| Acquisitions/disposals of tangible assets | 0 | -1 | -1 |
| Acquisitions/disposals of intangible assets | -34 | -76 | -37 |
| Acquisitions/disposals of financial assets | - | -62 | - |
| Cash flow from investing activities | -34 | -139 | -38 |
| Financing activities | |||
| Decrease of liabilities | -15 | -30 | -15 |
| Additional Tier 1 instruments | - | -515 | -515 |
| Redemption of interest-bearing securities | -240 | -1 117 | -50 |
| Issuance of interest-bearing securities | - | 2 785 | 917 |
| Repurchase of own shares | -90 | - | - |
| Cash flow from financing activities | -345 | 1 123 | 337 |
| Cash and cash equivalents at the start of the period | 4 164 | 3 203 | 3 203 |
| Cash flow for the period | 87 | 883 | 283 |
| Exchange rate differences in cash and cash equivalents | -74 | 78 | 51 |
| Cash and cash equivalents at the end of the period | 4 177 | 4 164 | 3 537 |
| Paid and received interest of which is included in the cash flow from operating activities | |||
| Interest paid | |||
| 824 | 2 598 | 735 |
Interest received 2 661 5 240 2 610
Income statement
| Norion Bank AB | |||||||
|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full-Year | ||
| SEKm | Note | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest income1) | 1 276 | 1 385 | 1 328 | 2 661 | 2 626 | 5 236 | |
| Interest expense2) | -414 | -457 | -484 | -872 | -950 | -1 923 | |
| Net interest income | 4 | 861 | 928 | 844 | 1 789 | 1 676 | 3 313 |
| Commission income | 97 | 98 | 95 | 194 | 188 | 377 | |
| Commission expense | -20 | -20 | -11 | -40 | -24 | -53 | |
| Net commission income | 77 | 78 | 84 | 155 | 165 | 324 | |
| Net gains and losses on financial items | 8 | 1 | 15 | 9 | 19 | 30 | |
| Other income | 31 | 16 | 5 | 47 | 20 | 31 | |
| Total income | 978 | 1 022 | 947 | 2 000 | 1 880 | 3 697 | |
| Personnel expenses | 5 | -121 | -113 | -108 | -235 | -212 | -435 |
| Other expenses | 6 | -151 | -148 | -142 | -299 | -279 | -568 |
| Depreciation/amortization and impairment of tangible and intangible assets |
-20 | -19 | -17 | -39 | -33 | -71 | |
| Total expenses | -292 | -281 | -266 | -573 | -524 | -1 074 | |
| Profit before credit losses | 686 | 741 | 681 | 1 426 | 1 355 | 2 623 | |
| Credit losses, net | 7 | -214 | -216 | -265 | -430 | -523 | -1 014 |
| Operating profit | 472 | 525 | 416 | 997 | 833 | 1 609 | |
| Appropriations | - | - | - | - | - | -331 | |
| Tax expense | -102 | -113 | -89 | -215 | -177 | -278 | |
| Net profit for the period | 370 | 412 | 326 | 782 | 655 | 1 000 | |
| Portion of net profit for the period attributable to: | |||||||
| shareholders of Norion Bank AB | 370 | 412 | 326 | 782 | 641 | 985 | |
| additional Tier 1 capital holders | - | - | - | - | 15 | 15 |
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.
PARENT COMPANY
Statement of comprehensive income
| Norion Bank AB | |||||||
|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full-Year | ||
| SEKm | Note | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net profit for the period reported via income statement | 370 | 412 | 326 | 782 | 655 | 1 000 | |
| Items that have been or may be reclassified to the income statement |
|||||||
| Exchange rate differences on translation of foreign currency | 0 | -1 | 0 | -1 | -1 | -1 | |
| Other comprehensive income for the period, net of tax | 0 | -1 | 0 | -1 | -1 | -1 | |
| Total comprehensive income for the period | 369 | 411 | 326 | 781 | 654 | 999 | |
| Portion of total comprehensive income for the period attribut able to: |
|||||||
| shareholders of Norion Bank AB | 369 | 411 | 326 | 781 | 640 | 984 | |
| additional Tier 1 capital holders | - | - | - | - | 15 | 15 |
Balance sheet
| Norion Bank AB | ||||
|---|---|---|---|---|
| 30 Jun | 31 Dec | 30 Jun | ||
| SEKm | Note | 2025 | 2024 | 2024 |
| ASSETS | ||||
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 13 | 6 978 | 5 276 | 1 078 |
| Loans to credit institutions | 4 177 | 4 164 | 3 537 | |
| Loans to the public | 8,9 | 49 383 | 50 286 | 47 410 |
| Bonds and other interest-bearing securities | 13 | 8 284 | 6 210 | 5 196 |
| Shares and participating interests | 13 | 682 | 764 | 673 |
| Shares and participating interests in group entities | 0 | 0 | 0 | |
| Intangible assets | 150 | 141 | 123 | |
| Tangible assets | 61 | 75 | 88 | |
| Derivatives | 13 | 32 | 12 | - |
| Other assets | 128 | 160 | 295 | |
| Prepaid expenses and accrued income | 126 | 121 | 129 | |
| TOTAL ASSETS | 70 001 | 67 206 | 58 529 | |
| LIABILITIES AND EQUITY | ||||
| Deposits and borrowings from the public | 10 | 55 376 | 53 017 | 45 879 |
| Debt securities in issue | 11 | 2 080 | 2 319 | 1 817 |
| Derivatives | 13 | - | - | 13 |
| Other liabilities | 428 | 393 | 452 | |
| Accrued expenses and prepaid income | 1 435 | 1 487 | 1 352 | |
| Subordinated liabilities | 11 | 598 | 598 | 299 |
| Total liabilities | 59 917 | 57 814 | 49 812 | |
| Tax allocation reserve | 1 651 | 1 651 | 1 320 | |
| Total liabilities | 1 651 | 1 651 | 1 320 | |
| Equity attributable to the shareholders of Norion Bank AB | 8 432 | 7 741 | 7 397 | |
| Total equity | 8 432 | 7 741 | 7 397 | |
| TOTAL LIABILITIES AND EQUITY | 70 001 | 67 206 | 58 529 |
Statement of changes in equity
Norion Bank AB Jan - Jun 2025 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 2025 149 2 131 - 7 459 7 741 Transfer of development expenses 3 9 -12 - Purchase of own shares2) -90 -90 Profit for the period 782 782 Other comprehensive income for the period -1 -1 Closing balance 30 June 2025 149 5 140 - 8 138 8 432
Norion Bank AB
| Jan - Dec 2024 | 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 2024 | 149 | 3 | 102 | 500 | 6 503 | 7 257 |
| Transfer | 29 | -29 | - | |||
| Redemption Tier 1 instruments | -500 | -500 | ||||
| Cost additional Tier 1 instruments | -15 | -15 | ||||
| Profit for the period | 1 000 | 1 000 | ||||
| Other comprehensive income for the period | -1 | -1 | ||||
| Closing balance 31 December 2024 | 149 | 2 | 131 | - | 7 459 | 7 741 |
Norion Bank AB
| Jan - Jun 2024 | 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 2024 | 149 | 3 | 102 | 500 | 6 503 | 7 257 |
| Transfer | 16 | -16 | - | |||
| Redemption Tier 1 instruments | -500 | -500 | ||||
| Cost additional Tier 1 instruments | -15 | -15 | ||||
| Profit for the period | 655 | 655 | ||||
| Other comprehensive income for the period | -1 | -1 | ||||
| Closing balance 30 June 2024 | 149 | 2 | 118 | - | 7 127 | 7 397 |
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.
2) As of 30 June 2025, the total number of issued shares was 205 381 004, of which Norion Bank held 2 028 804 as treasury shares. The number of outstanding shares was therefore 203 352 200. As of 31 December 2024, the total number of issued shares was 205 381 004. Norion Bank held no treasury shares at that date, so the number of outstanding shares was 205 381 004.
Cash flow statement
Norion Bank AB
| SEKm | Jan - Jun 2025 |
Full year 2024 |
Jan - Jun 2024 |
|---|---|---|---|
| Operating activities | |||
| Operating profit | 997 | 1 609 | 833 |
| Adjustments for non-cash items in operating activities | 504 | 1 158 | 710 |
| Income taxes paid | -163 | -378 | -240 |
| Increase/decrease in assets and liabilities from operating activities | -872 | -2 490 | -1 319 |
| Cash flow from operating activities | 466 | -101 | -16 |
| Investing activities | |||
| Acquisitions/disposals of tangible assets | 0 | -1 | -1 |
| Acquisitions/disposals of intangible assets | -34 | -76 | -37 |
| Acquisitions/disposals of financial assets | - | -62 | - |
| Cash flow from investing activities | -34 | -139 | -38 |
| Financing activities | |||
| Decrease of liabilities | -15 | -30 | -15 |
| Additional Tier 1 instruments | - | -515 | -515 |
| Redemption of interest-bearing securities | -240 | -1 117 | -50 |
| Issuance of interest-bearing securities | - | 2 785 | 917 |
| Group contributions paid/received | - | 0 | - |
| Repurchase of own shares | -90 | - | - |
| Cash flow from financing activities | -345 | 1 123 | 337 |
| Cash and cash equivalents at the start of the period | 4 164 | 3 203 | 3 203 |
| Cash flow for the period | 87 | 883 | 283 |
| Exchange rate differences in cash and cash equivalents | -74 | 78 | 51 |
| Cash and cash equivalents at the end of the period | 4 177 | 4 164 | 3 537 |
Paid and received interest of which is included in the cash flow from operating activities
| Interest paid | 824 | 2 598 | 735 |
|---|---|---|---|
| Interest received | 2 661 | 5 240 | 2 610 |
Notes
The stated amounts in the notes are in millions of SEK (SEKm) and at book value unless otherwise stated. The interim report on pages 2-24 constitute an integrated part of this financial report.
Note 1. General information
Norion 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.
Note 2. Accounting policies
Accounting policies
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
The address of the headquarters is Lilla Bommens Torg 11, SE-411 09 Gothenburg, Sweden. Norion 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.
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 2024 Annual Report.
Changes in IFRS
None of the changes in the accounting regulations issued for application 2025 are deemed to have a significant impact on Norion Bank and its financial reports, capital adequacy or large exposures.
Note 3. Operating segments
Group and Norion Bank AB
| Q2 2025 | ||||||
|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total |
| Net interest income | 200 | 289 | 274 | 61 | 36 | 861 |
| Net commission income | 3 | - | 13 | 61 | 0 | 77 |
| Net gains and losses on financial items | 9 | - | - | 0 | 0 | 8 |
| Other income | 12 | 0 | 17 | 4 | -2 | 31 |
| Total income | 224 | 289 | 304 | 127 | 34 | 978 |
| Credit losses, net | -36 | -21 | -127 | -30 | - | -214 |
| Net interest margin (NIM) | 7,2% | 5,4% | 8,9% | 8,6% | - | 7,1% |
| Total income margin | 8,0% | 5,4% | 9,8% | 17,8% | - | 8,1% |
| Loans to the public | 11 170 | 22 135 | 12 769 | 2 900 | 410 | 49 383 |
1) Including eliminations.
Group and Norion Bank AB
| Q1 2025 | ||||||
|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total |
| Net interest income | 200 | 416 | 217 | 58 | 38 | 928 |
| Net commission income | 2 | - | 13 | 63 | 0 | 78 |
| Net gains and losses on financial items | 11 | - | - | 0 | -10 | 1 |
| Other income | 12 | 0 | 0 | 3 | 1 | 16 |
| Total income | 226 | 416 | 230 | 123 | 28 | 1 022 |
| Credit losses, net | -10 | 10 | -181 | -23 | -13 | -216 |
| Net interest margin (NIM) | 7,0% | 7,5% | 7,2% | 8,0% | - | 7,6% |
| Total income margin | 7,9% | 7,5% | 7,6% | 17,0% | - | 8,4% |
| Loans to the public | 11 221 | 21 060 | 12 019 | 2 782 | 430 | 47 513 |
1) Including eliminations.
Note 3. Operating segments, cont.
Group and Norion Bank AB
| Q2 2024 | ||||||
|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total |
| Net interest income | 177 | 264 | 242 | 60 | 101 | 844 |
| Net commission income | 2 | - | 15 | 67 | 0 | 84 |
| Net gains and losses on financial items | 9 | 4 | 0 | 0 | 1 | 15 |
| Other income | 0 | 0 | 0 | 6 | -1 | 5 |
| Total income | 188 | 268 | 256 | 134 | 100 | 947 |
| Credit losses, net | -15 | -141 | -89 | -20 | - | -265 |
| Net interest margin (NIM) | 7,6% | 4,7% | 8,4% | 9,0% | - | 7,3% |
| Total income margin | 8,0% | 4,8% | 9,0% | 19,8% | - | 8,2% |
| Loans to the public | 9 992 | 22 453 | 11 733 | 2 712 | 519 | 47 410 |
| 1) Including eliminations. |
| Jan - Jun 2025 | ||||||
|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total |
| Net interest income | 400 | 705 | 491 | 119 | 73 | 1 789 |
| Net commission income | 5 | - | 26 | 124 | 0 | 155 |
| Net gains and losses on financial items | 20 | - | - | 0 | -11 | 9 |
| Other income | 25 | 0 | 17 | 7 | -1 | 47 |
| Total income | 450 | 705 | 534 | 250 | 61 | 2 000 |
| Credit losses, net | -46 | -11 | -308 | -53 | -13 | -430 |
| Net interest margin (NIM) | 7,0% | 6,2% | 7,9% | 8,0% | - | 7,2% |
| Total income margin | 7,9% | 6,2% | 8,6% | 16,9% | - | 8,0% |
| Loans to the public | 11 170 | 22 135 | 12 769 | 2 900 | 410 | 49 383 |
Note 3. Operating segments, cont.
Group and Norion Bank AB
| Jan - Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total | |
| Net interest income | 336 | 600 | 437 | 111 | 191 | 1 676 | |
| Net commission income | 5 | 2 | 28 | 130 | 0 | 165 | |
| Net gains and losses on financial items | 12 | 7 | 0 | 0 | 0 | 19 | |
| Other income | 0 | 0 | 0 | 20 | -1 | 20 | |
| Total income | 353 | 610 | 465 | 261 | 190 | 1 880 | |
| Credit losses, net | -73 | -191 | -223 | -35 | - | -523 | |
| Net interest margin (NIM) | 6,8% | 5,5% | 7,7% | 8,1% | - | 7,2% | |
| Total income margin | 7,2% | 5,6% | 8,2% | 19,1% | - | 8,1% | |
| Loans to the public | 9 992 | 22 453 | 11 733 | 2 712 | 519 | 47 410 |
Group and Norion Bank AB
| Full year 2024 | |||||||
|---|---|---|---|---|---|---|---|
| SEKm | Corporate | Real estate | Consumer | Payments | Other1) | Total | |
| Net interest income | 728 | 1 133 | 855 | 224 | 374 | 3 313 | |
| Net commission income | 10 | 2 | 54 | 258 | 0 | 324 | |
| Net gains and losses on financial items | 28 | 13 | -1 | -6 | -4 | 30 | |
| Other income | 0 | 0 | 0 | 29 | 1 | 31 | |
| Total income | 766 | 1 148 | 908 | 505 | 370 | 3 697 | |
| Credit losses, net | -37 | -366 | -518 | -68 | -25 | -1 014 | |
| Net interest margin (NIM) | 6,8% | 5,1% | 7,4% | 7,7% | - | 6,9% | |
| Total income margin | 7,2% | 5,2% | 7,8% | 17,5% | - | 7,7% | |
| Loans to the public | 11 582 | 23 073 | 12 152 | 3 018 | 461 | 50 286 |
1) Including eliminations.
Note 4. Net interest income
Group and Norion Bank AB
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | |
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Loans to the public1) | 1 160 | 1 256 | 1 227 | 2 416 | 2 429 | 4 833 |
| Interest-bearing securities | 101 | 108 | 58 | 209 | 98 | 299 |
| Loans to credit institutions | 15 | 22 | 43 | 37 | 99 | 104 |
| Total interest income | 1 276 | 1 385 | 1 328 | 2 661 | 2 626 | 5 236 |
| Deposits and borrowings from the public | -377 | -416 | -459 | -793 | -906 | -1 800 |
| Subordinated liabilities | -13 | -13 | - | -26 | - | -22 |
| Debt securities in issue | -24 | -29 | -25 | -53 | -43 | -101 |
| Other interest expenses | 0 | - | 0 | 0 | -1 | -1 |
| Total interest expense | -414 | -457 | -484 | -872 | -950 | -1 923 |
| Net interest income | 861 | 928 | 844 | 1 789 | 1 676 | 3 313 |
1) Interest income calculated according to the effective interest rate method.
Note 5. Personnel expenses
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | |
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 |
| Salaries and other remuneration | -83 | -77 | -74 | -159 | -142 | -288 |
| Pension costs | -28 | -27 | -24 | -55 | -48 | -98 |
| Social security costs | -9 | -10 | -8 | -19 | -16 | -37 |
| Other staff related costs | -1 | 0 | -2 | -1 | -6 | -13 |
| Total personnel expenses | -121 | -113 | -108 | -235 | -212 | -435 |
Note 6. Other expenses
Group and Norion Bank AB
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | |
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Consultancy expenses | -42 | -45 | -42 | -87 | -85 | -167 |
| IT expenses | -35 | -32 | -27 | -67 | -53 | -112 |
| Other purchased services | -39 | -34 | -35 | -72 | -68 | -146 |
| Postage expenses | -5 | -7 | -7 | -12 | -15 | -29 |
| Other operating expenses | -31 | -31 | -31 | -61 | -58 | -114 |
| Total other expenses | -151 | -148 | -142 | -299 | -279 | -568 |
Note 7. Credit losses, net
| Q2 | Q1 | Q2 | Jan - Jun | Jan - Jun | Full year | |
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2025 | 2024 | 2025 | 2024 | 2024 |
| Loans at amortized cost | ||||||
| Credit impairment provisions - Stage 1 | -36 | 20 | -64 | -16 | -41 | -17 |
| Credit impairment provisions - Stage 2 | -5 | 30 | 31 | 25 | 152 | 187 |
| Credit impairment provisions - Stage 3 | -31 | -108 | -9 | -139 | -147 | -464 |
| Total expected credit losses on balance sheet items | -72 | -59 | -42 | -131 | -35 | -295 |
| Portfolio revaluation - POCI | - | -13 | - | -13 | - | -25 |
| Total impairment gains and losses - POCI | - | -13 | - | -13 | - | -25 |
| Actual credit losses for the period | -143 | -145 | -223 | -288 | -490 | -697 |
| of which utilised share of previous provision | -117 | -115 | -194 | -232 | -310 | -475 |
| Total write-offs | -143 | -145 | -223 | -288 | -490 | -697 |
| Recoveries | 0 | 1 | 0 | 1 | 2 | 3 |
| Total recoveries | 0 | 1 | 0 | 1 | 2 | 3 |
| Total credit impairment | -214 | -216 | -265 | -430 | -523 | -1 014 |
Note 8. Loans to the public
| Jun 30 | Dec 31 | Jun 30 | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| PRIVATE CUSTOMERS 3) | |||
| Total gross carrying amount | 20 485 | 19 850 | 19 036 |
| of which Stage 1 | 12 762 | 11 988 | 11 263 |
| of which Stage 2 | 564 | 686 | 656 |
| of which Stage 3 | 6 766 | 6 738 | 6 626 |
| of which Stage 3 - POCI 1) | 392 | 437 | 492 |
| Total credit impairment provisions | -4 428 | -4 245 | -4 097 |
| of which Stage 1 | -259 | -271 | -289 |
| of which Stage 2 | -164 | -216 | -203 |
| of which Stage 3 | -4 005 | -3 758 | -3 605 |
| of which Stage 3 - POCI 1) | - | - | - |
| Total carrying amount, private customers | 16 056 | 15 604 | 14 939 |
| Private customers | |||
| Provision ratio for loans Stage 1 | 2,0% | 2,3% | 2,6% |
| Provision ratio for loans Stage 2 | 29,1% | 31,5% | 31,0% |
| Provision ratio for loans Stage 3 | 59,2% | 55,8% | 54,4% |
| Provision ratio for loans Stage 3 - POCI 1) | 0,0 % | 0,0 % | 0,0 % |
| Total provision ratio, private customers 2) | 22,0% | 21,9% | 22,1% |
| CORPORATE CUSTOMERS 4) | |||
| Total gross carrying amount | 34 548 | 35 971 | 33 686 |
| of which Stage 1 | 28 225 | 28 898 | 26 843 |
| of which Stage 2 | 2 369 | 2 454 | 2 253 |
| of which Stage 3 | 3 953 | 4 619 | 4 590 |
| Total credit impairment provisions | -1 221 | -1 289 | -1 215 |
| of which Stage 1 | -196 | -171 | -177 |
| of which Stage 2 | -78 | -52 | -100 |
| of which Stage 3 | -947 | -1 066 | -938 |
| Total carrying amount, corporate customers | 33 327 | 34 681 | 32 471 |
| Corporate customers | |||
| Provision ratio for loans Stage 1 | 0,7% | 0,6% | 0,7% |
| Provision ratio for loans Stage 2 | 3,3% | 2,1% | 4,5% |
| Provision ratio for loans Stage 3 | 23,9% | 23,1% | 20,4% |
| Total provision ratio, corporate customers | 3,5% | 3,6% | 3,6% |
Note 8. Loan to the public, cont.
Group and Norion Bank AB
| SEKm | Jun 30 2025 |
Dec 31 2024 |
Jun 30 2024 |
|---|---|---|---|
| TOTAL | |||
| Total gross carrying amount | 55 032 | 55 820 | 52 722 |
| of which Stage 1 | 40 988 | 40 886 | 38 105 |
| of which Stage 2 | 2 933 | 3 140 | 2 909 |
| of which Stage 3 | 10 720 | 11 357 | 11 216 |
| of which Stage 3 - POCI 1) | 392 | 437 | 492 |
| Total credit impairment provisions | -5 649 | -5 535 | -5 312 |
| of which Stage 1 | -456 | -442 | -466 |
| of which Stage 2 | -242 | -268 | -304 |
| of which Stage 3 | -4 951 | -4 824 | -4 543 |
| of which Stage 3 - POCI 1) | - | - | - |
| Total carrying amount, Total | 49 383 | 50 286 | 47 410 |
| Stage 3 loans / Total loans, gross, % 2) | 19,6% | 20,5% | 21,5% |
| Stage 3 loans / Total loans, net, % 2) | 11,8% | 13,1% | 14,2% |
| Total | |||
| Provision ratio for loans Stage 1 | 1,1% | 1,1% | 1,2% |
| Provision ratio for loans Stage 2 | 8,2% | 8,5% | 10,4% |
| Provision ratio for loans Stage 3 | 46,2% | 42,5% | 40,5% |
| Provision ratio for loans Stage 3 - POCI 1) | 0,0 % | 0,0 % | 0,0 % |
| Total provision ratio 2) | 10,3% | 10,0% | 10,2% |
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.
Norion Bank AB (publ) 556597-0513
Note 9. Reconciliation of credit losses provisions for loans
The tables below show reconciliations of provisions for credit losses related to loans to the public measured at Amortized Cost.
Group and Norion Bank AB
| Jan - Jun 2025 | ||||||
|---|---|---|---|---|---|---|
| SEKm | Stage 1 | Stage 2 | Stage 3 | Total | of which Private |
of which Corporate |
| Opening balance 1 January 2025 | 442 | 268 | 4 824 | 5 535 | 4 245 | 1 289 |
| New and derecognized financial assets, net | 19 | -78 | 116 | 56 | 169 | -113 |
| Changes due to changed credit judgement | - | - | - | - | ||
| Changes due to change in credit risk | -2 | 54 | 23 | 75 | 22 | 53 |
| Other adjustments1) | -3 | -2 | -12 | -16 | -8 | -9 |
| Closing balance 30 June 2025 | 456 | 242 | 4 951 | 5 649 | 4 428 | 1 221 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
Group and Norion Bank AB
| SEKm Opening balance 1 January 2024 |
Full - Year 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Stage 1 423 |
Stage 2 454 |
Stage 3 4 372 |
Total 5 249 |
of which Private 4 134 |
of which Corporate 1 115 |
|||
| New and derecognized financial assets, net | 57 | |||||||
| Changes due to changed credit judgement | - | - | - | - | - | - | ||
| Changes due to change in credit risk | -40 | -58 | 560 | 462 | 70 | 392 | ||
| Other adjustments1) | 2 | 1 | -12 | -10 | -2 | -8 | ||
| Closing balance 31 December 2024 | 442 | 268 | 4 824 | 5 535 | 4 245 | 1 289 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
Group and Norion Bank AB
| SEKm Opening balance 1 January 2024 |
Jan - Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Stage 1 423 |
Stage 2 454 |
Stage 3 4 372 |
Total 5 249 |
of which Private 4 134 |
of which Corporate 1 115 |
|||
| New and derecognized financial assets, net | 66 | |||||||
| Changes due to changed credit judgement | - | - | - | - | ||||
| Changes due to change in credit risk | -25 | -36 | 370 | 309 | 75 | 234 | ||
| Other adjustments1) | 2 | 2 | 24 | 28 | 17 | 11 | ||
| Closing balance 30 June 2024 | 466 | 304 | 4 543 | 5 312 | 4 097 | 1 215 |
1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
Note 10. Deposits and borrowings from the public
Group and Norion Bank AB
| Jun 30 | Dec 31 | Jun 30 | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| EUR | 30 005 | 27 914 | 21 068 |
| SEK | 24 331 | 24 339 | 24 507 |
| NOK | 1 039 | 763 | 304 |
| Total | 55 376 | 53 017 | 45 879 |
Note 11. Debt securities in issue and subordinated liabilities
| Group and Norion Bank AB | ||||||
|---|---|---|---|---|---|---|
| DEBT SECURITIES IN ISSUE | Jun 30 | Dec 31 | Jun 30 | |||
| SEKm | 2025 | 2024 | 2024 | |||
| ISIN | Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
| SE0013105137 | 280 | 280 | 499 | 500 | 499 | 500 |
| SE0013106317 | 700 | 700 | 699 | 700 | - | - |
| SE0013361557 | 600 | 600 | 601 | 600 | 400 | 400 |
| SE0013361953 | 500 | 500 | 500 | 500 | - | - |
| SE0015811112 | - | - | - | - | 750 | 750 |
| Commercial papers | - | - | 20 | 20 | 168 | 170 |
| Total | 2 080 | 2 080 | 2 319 | 2 320 | 1 817 | 1 820 |
| SUBORDINATED LIABILITIES SEKm |
Jun 30 2025 |
Dec 31 2024 |
Jun 30 2024 |
|||
|---|---|---|---|---|---|---|
| ISIN | Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
Carrying amount |
Nominal amount |
| SE0013361664 | 299 | 300 | 299 | 300 | 299 | 300 |
| SE0013361946 | 299 | 300 | 299 | 300 | - | - |
| Total | 598 | 600 | 598 | 600 | 299 | 300 |
Note 12. Capital adequacy
Norion Bank AB
| Jun 30 2025 |
Dec 31 2024 |
Jun 30 2024 |
||||
|---|---|---|---|---|---|---|
| SEKm | Amount | Percentage of risk exposure amount |
Amount | Percentage of risk exposure amount |
Amount | Percentage of risk exposure amount |
| Common Equity Tier 1 capital requirement (Pillar 1) | 2 538 | 4,5% | 2 417 | 4,5% | 2 275 | 4,5% |
| Other Common Equity Tier 1 capital requirement (Pillar 2) |
374 | 0,7% | 350 | 0,7% | 383 | 0,8% |
| Buffer requirements | 2 245 | 4,0% | 2 156 | 4,0% | 2 047 | 4,0% |
| Total Common Equity Tier 1 (CET1) capital requirement |
5 157 | 9,1% | 4 923 | 9,2% | 4 706 | 9,3% |
| Common Equity Tier 1 (CET1) capital | 8 710 | 15,4% | 8 499 | 15,8% | 7 988 | 15,8% |
| Tier 1 capital requirement (Pillar 1) | 3 384 | 6,0% | 3 223 | 6,0% | 3 034 | 6,0% |
| Other tier 1 capital requirement (Pillar 2) | 499 | 0,9% | 467 | 0,9% | 511 | 1,0% |
| Buffer requirements | 2 245 | 4,0% | 2 156 | 4,0% | 2 047 | 4,0% |
| Total Tier 1 capital requirement | 6 127 | 10,9% | 5 846 | 10,9% | 5 592 | 11,1% |
| Tier 1 capital | 8 710 | 15,4% | 8 499 | 15,8% | 7 988 | 15,8% |
| Capital requirements (Pillar 1) | 4 513 | 8,0% | 4 297 | 8,0% | 4 045 | 8,0% |
| Other capital requirement (Pillar 2) | 665 | 1,2% | 622 | 1,2% | 681 | 1,3% |
| Buffer requirements | 2 245 | 4,0% | 2 156 | 4,0% | 2 047 | 4,0% |
| Total capital requirement | 7 422 | 13,2% | 7 075 | 13,2% | 6 773 | 13,4% |
| Own funds | 9 308 | 16,5% | 9 097 | 16,9% | 8 287 | 16,4% |
Note 12. Capital adequacy, cont.
| Norion Bank AB | |||
|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | |
| OWN FUNDS, SEKm | 2025 | 2024 | 2024 |
| Capital instruments and the related share premium accounts: Equity | 149 | 149 | 149 |
| Retained earnings | 8 806 | 7 897 | 7 638 |
| Net profit for the period after deductions related to the consolidated situation and other foreseeable charges |
782 | 1 000 | 655 |
| Common Equity Tier 1 capital before regulatory adjustments | 9 737 | 9 046 | 8 443 |
| Deduction: | |||
| Additional value adjustments | -461 | -402 | -327 |
| Intangible assets | -150 | -141 | -123 |
| Deferred tax assets | -5 | -5 | -5 |
| Direct and indirect holdings of own CET1 instruments | -410 | - | - |
| Total regulatory adjustments to Common Equity Tier 1 | -1 027 | -548 | -455 |
| Common Equity Tier 1 (CET1) capital | 8 710 | 8 499 | 7 988 |
| Perpetual subordinated loan | - | - | - |
| Additional Tier 1 instruments | - | - | - |
| Tier 1 capital | 8 710 | 8 499 | 7 988 |
| Supplementary capital | 598 | 598 | 299 |
| Tier 2 capital | 598 | 598 | 299 |
| Total own funds | 9 308 | 9 097 | 8 287 |
| Norion Bank AB | ||||
|---|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | ||
| RISK EXPOSURE AMOUNT, SEKm | 2025 | 2024 | 2024 | |
| Credit risks, using the standardized approach | ||||
| Central government or central banks exposures | - | - | - | |
| Municipalities and other associations | - | - | - | |
| Institutional exposures | 1 003 | 855 | 730 | |
| Funds units exposures | 791 | 899 | 868 | |
| Corporate exposures | 15 274 | 29 959 | 27 707 | |
| Retail exposures | 10 484 | 9 968 | 9 050 | |
| Exposures with mortgage in residential property and ADC exposures | 17 766 | 8 | 10 | |
| Exposures in default | 6 867 | 7 697 | 8 284 | |
| Exposures in the form of covered bonds | 300 | 266 | - | |
| Equity exposures | 62 | 62 | 272 | |
| Other exposures | 335 | 409 | 544 | |
| Total | 52 883 | 50 123 | 47 465 | |
| Risk exposure amount credit valuation adjustment risk (CVA) | 24 | 22 | 23 | |
| Risk exposure amount market risk | 24 | 16 | 74 | |
| Risk exposure amount operational risk | 3 477 | 3 552 | 3 005 | |
| Total risk exposure amount | 56 407 | 53 713 | 50 566 |
NOTES
Note 12. Capital adequacy, cont.
| Norion Bank AB | ||||
|---|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | ||
| CAPITAL REQUIREMENTS, SEKm | 2025 | 2024 | 2024 | |
| Capital requirement for credit risk using the standardized approach | ||||
| Central government or central banks exposures | - | - | - | |
| Municipalities and other associations | - | - | - | |
| Institutional exposures | 80 | 68 | 58 | |
| Funds units exposures | 63 | 72 | 69 | |
| Corporate exposures | 1 222 | 2 397 | 2 217 | |
| Retail exposures | 839 | 797 | 724 | |
| Exposures with mortgage in residential property and ADC exposures | 1 421 | 1 | 1 | |
| Exposures in default | 549 | 616 | 663 | |
| Exposures in the form of covered bonds | 24 | 21 | - | |
| Equity exposures | 5 | 5 | 22 | |
| Other exposures | 27 | 33 | 44 | |
| Total capital requirement for credit risk | 4 231 | 4 010 | 3 797 | |
| Risk exposure amount credit valuation adjustment risk (CVA) | 2 | 2 | 2 | |
| Risk exposure amount market risk | 2 | 1 | 6 | |
| Risk exposure amount operational risk | 278 | 284 | 240 | |
| Total Pillar 1 capital requirement | 4 513 | 4 297 | 4 045 | |
| Concentration risk | 339 | 328 | 337 | |
| Interest rate risk for the banking book | 325 | 294 | 344 | |
| Total Pillar 2 capital requirement | 665 | 622 | 681 | |
| Capital buffers | ||||
| Capital conservation buffer | 1 410 | 1 343 | 1 264 | |
| Countercyclical capital buffer | 834 | 813 | 783 | |
| Total capital requirement - Capital buffers | 2 245 | 2 156 | 2 047 | |
| Total capital requirement | 7 422 | 7 075 | 6 773 |
| Norion Bank AB | |||
|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | |
| CAPITAL REQUIREMENT | 2025 | 2024 | 2024 |
| Capital ratios and capital buffers | |||
| CET1 ratio | 15,4% | 15,8% | 15,8% |
| Tier 1 ratio | 15,4% | 15,8% | 15,8% |
| Total capital ratio | 16,5% | 16,9% | 16,4% |
| Institution specific buffert requirement | 4,0% | 4,0% | 4,0% |
| of which capital conservation buffer | 2,5% | 2,5% | 2,5% |
| of which countercyclical capital buffer | 1,5% | 1,5% | 1,5% |
| CET1 available to meet buffers | 7,5% | 7,9% | 7,4% |
A review has been carried out of the earnings for January - June 2025, which allows net profit for the period to be included in own funds.
Note 13. Financial instruments at fair value
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. It is not considered to be any individual assumptions that have a significant impact on the fair value of the assets or the bank's results and equity.
The methods are divided into three different levels:
Level 1: Quoted market values
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.
Level 2: Valuation techniques based on observable inputs
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 with significant unobservable inputs
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.
Significant transfers and reclassifications between levels
Transfers between the different levels may take place where there are indications that market conditions have changed.
| SEKm | Jun 30 2025 | |||
|---|---|---|---|---|
| ASSETS | Level 1 | Level 2 | Level 3 | Total |
| Derivative instruments | - | 32 | - | 32 |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 5 320 | - | - | 5 320 |
| Bonds and other interest-bearing securities | 6 854 | - | - | 6 854 |
| Shares and participating interests | - | 5 | 677 | 682 |
| Total financial assets | 12 173 | 37 | 677 | 12 887 |
| LIABILITIES | ||||
| Derivative instruments | - | - | - | - |
| Other financial liabilities | - | - | - | - |
| Total financial liabilities | - | - | - | - |
| SEKm | Dec 31 2024 | |||
|---|---|---|---|---|
| ASSETS | Level 1 | Level 2 | Level 3 | Total |
| Derivative instruments | - | 12 | - | 12 |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 3 807 | - | - | 3 807 |
| Bonds and other interest-bearing securities | 4 687 | - | - | 4 687 |
| Shares and participating interests | - | 5 | 759 | 764 |
| Total financial assets | 8 494 | 16 | 759 | 9 270 |
| LIABILITIES | ||||
| Derivative instruments | - | - | - | - |
| Other financial liabilities | - | - | - | - |
| Total financial liabilities | - | - | - | - |
NOTES
Note 13.Financial instruments at fair value, cont.
| SEKm | Jun 30 2024 | ||||
|---|---|---|---|---|---|
| ASSETS | Level 1 | Level 2 | Level 3 | Total | |
| Derivative instruments | - | - | - | - | |
| Treasury bills and other bills eligible for refinancing with central banks, etc. | 284 | - | - | 284 | |
| Bonds and other interest-bearing securities | 3 947 | - | - | 3 947 | |
| Shares and participating interests | - | 5 | 668 | 673 | |
| Total financial assets | 4 231 | 5 | 668 | 4 905 | |
| LIABILITIES | |||||
| Derivative instruments | - | 13 | - | 13 | |
| Other financial liabilities | - | - | - | - | |
| Total financial liabilities | - | 13 | - | 13 |
Group and Norion Bank AB
| Changes in level 3 | Jun 30 2025 | Dec 31 2024 | Jun 30 2024 |
|---|---|---|---|
| Assets | Assets | Assets | |
| SEKm | Equity instruments |
Equity instruments |
Equity instruments |
| Opening balance for the period | 759 | 659 | 659 |
| Acquisition | - | 62 | - |
| Divestment | -61 | - | - |
| Changes in unrealised gains or losses for items held at closing day | -21 | 38 | 10 |
| Closing balance for the period | 677 | 759 | 668 |
Financial instruments in Level 3 refer to investments in funds. Norion 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.
Note 14. Financial assets and liabilities
Norion 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 36 in the Annual Report 2024.
Group and Norion Bank AB
| Jun 30 2025 | Dec 31 2024 | Jun 30 2024 | ||||
|---|---|---|---|---|---|---|
| SEKm | Carrying amount |
Fair value | Carrying amount |
Fair value | Carrying amount |
Fair value |
| Loans1) | 53 560 | 53 560 | 54 450 | 54 450 | 50 947 | 50 947 |
| Debt securities | 15 262 | 15 262 | 11 486 | 11 489 | 6 274 | 6 278 |
| Equity instruments | 677 | 677 | 759 | 759 | 668 | 668 |
| Derivatives | 32 | 32 | 12 | 12 | - | - |
| Other | 77 | 77 | 86 | 86 | 129 | 129 |
| Financial assets | 69 608 | 69 608 | 66 791 | 66 795 | 58 018 | 58 022 |
Group and Norion Bank AB
| Jun 30 2025 | Dec 31 2024 | Jun 30 2024 | ||||
|---|---|---|---|---|---|---|
| SEKm | Carrying amount |
Fair value | Carrying amount |
Fair value | Carrying amount |
Fair value |
| Deposits | 55 376 | 55 376 | 53 017 | 53 017 | 45 879 | 45 879 |
| Debt securities issued | 2 080 | 2 080 | 2 319 | 2 319 | 1 817 | 1 817 |
| Derivatives | - | - | - | - | 13 | 13 |
| Subordinated liabilities | 598 | 598 | 598 | 598 | 299 | 299 |
| Other | 432 | 432 | 384 | 384 | 507 | 507 |
| Financial liabilities | 58 486 | 58 486 | 56 318 | 56 318 | 48 515 | 48 515 |
1) Loans includes Loans to credit institutions and Loans to the public.
Note 15. Related parties
During the period normal business transactions were executed between companies in the Group and between other related parties.
Note 16. Pledged assets, contingent liabilities and commitments
PLEDGED ASSETS
Group and Norion Bank AB
| SEKm | Jun 30 2025 |
Dec 31 2024 |
Jun 30 2024 |
|---|---|---|---|
| For own liabilities and provisions | None | None | None |
| Total | None | None | None |
CONTINGENT LIABILITIES
| Group and Norion Bank AB | |||
|---|---|---|---|
| SEKm | Jun 30 2025 |
Dec 31 2024 |
Jun 30 2024 |
| Contingent liabilities | None1 | None | None |
| Total | None | None | None |
1) AML investigation
The Swedish Financial Supervisory Authority has, during the quarter, requested a statement from Norion Bank as a continuation of the peviously initiated investigation regarding compliance with anti-money laundering regulations, which was initiated in May 2023 towards Norion Bank and a couple of other market participants. Norion Bank commented on the matter on February 21, 2025. The timing of the completion of the ongoing investigation is still unknown and its outcome is still uncertain. At present, it is not possible to reliably estimate the amount of any potential settlement or fines.
COMMITMENTS
| Group and Norion Bank AB | |||
|---|---|---|---|
| Jun 30 | Dec 31 | Jun 30 | |
| SEKm | 2025 | 2024 | 2024 |
| Unutilized credit limits | 9 1131 | 5 974 | 5 797 |
| Other commitments | 159 | 163 | 162 |
| Total | 9 271 | 6 137 | 5 958 |
1) As of April 7, 2025, unutilized credit limits from acquired credit card portfolios are included in the bank's private segment.
Note 17. After the end of the period
There were no significant events after the end of the period.
Assurance by the Board of Directors and the CEO
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 auditors.
Gothenburg, July 14 2025 Board of Directors & CEO
Erik Selin Chairman of the Board
Per Lindblad Board member Marie Osberg Board member
Arian Falck Raoof Board member
Bengt Edholm Board member
Martin Nossman CEO
Forthcoming corporate events
Interim report January-September 2025 17 October 2025
Contact information
For more information, please contact:
CEO
Martin Nossman Phone: +46 703 30 26 75 Email: [email protected]
CFO
Peter Olsson Phone: +46 737 12 04 46 Email: [email protected]
IR MANAGER
Jessica Almgren Phone: +46 76 946 45 13 E-mail: [email protected] norionbank.se norionbank.no norionbank.fi
This is information that Norion Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, on July 14, 2025 at 7.30 a.m. CET.