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Morrow Bank
Morrow Bank (MORROW) investor relations material
Morrow Bank Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary9 Jan, 2026
Business Overview and Strategy
Operates as a fully digital, scalable Nordic consumer finance bank offering consumer loans, credit cards, and savings products, with over 95% of origination through distribution partners and 98% automation in applications.
Serves Norway, Sweden, and Finland, targeting a SEK 600 billion unsecured credit market and a resilient population of 22 million; typical customers are 30–50 years old, predominantly male, homeowners, with above-average income and strong credit profiles.
Requires customers to have no payment remarks and permanent employment; average loan size is SEK 150,000–160,000.
Offers high-yield deposit accounts and no-fee credit cards, focusing on a cost-efficient B2B2C model.
Operational and Financial Performance
Lending book reached SEK 15.6 billion at end of Q3 2025, with 80% outside Norway: 45% in Finland, 35% in Sweden, 20% in Norway.
Net interest margin stable at 8.5% in Q3 2025, profit after tax of NOK 73m, and return on target equity at 13%.
Maintains high liquidity and funding ratios, with deposit coverage at 102% and liquidity coverage ratio at 687%.
Transitioned headquarters to Sweden, now operating as a Swedish bank, improving competitiveness and freeing up capital due to lower Swedish capital requirements.
Demonstrated ability to acquire and integrate loan portfolios, adding SEK 3 billion through recent M&A activity without increasing costs, supporting scalability.
Track Record and Growth
Doubled loan book and halved cost/income ratio since 2022, with a 55% CAGR in profit after tax from Q3 2022 to Q3 2025, outperforming Nordic peers.
Increased market share from 1.5% in 2022 to 3% in 2025, supported by a scalable tech platform and streamlined operations.
Initiated a strategic restart in late 2021, bringing in new management, exiting unprofitable products, and streamlining operations.
How does M&A avoid increasing bank costs?
Detail capital deployment for 23% ROE target.
What drives superior ROE uplift vs. peers?
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Next Morrow Bank earnings date
Q4 202512 Feb, 2026
Morrow Bank
Next Morrow Bank earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Morrow Bank ASA, previously known as Komplett Bank ASA, is a Norway-based financial institution that provides consumer-oriented banking products. The bank offers unsecured personal loans, credit cards, deposit accounts, and point-of-sale financing solutions. Its services are available to customers in Norway, Sweden, Finland, and Germany. Morrow Bank specializes in digital banking, catering to private individuals with a focus on ease of use and flexibility in its financing options. The company is headquartered in Lysaker, Norway, and its shares are listed on the Oslo Stock Exchange.
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