Aprila Bank (APRILA) Q3 2025 earnings summary

Executive summary

• Achieved record pre-tax profit of NOK 17.8 million in Q3 2025, up from NOK 9.2 million YoY, with strong underlying profitability and ROE of 21.1% for the quarter and 18.6% on a trailing 12-month basis.

• Gross lending increased 23% year-over-year and 8% quarter-over-quarter to NOK 1,362 million, with lending demand rebounding after a policy rate cut.

• Customer base grew to 5,653 unique business customers, with growth muted by a prior NPL portfolio divestment.

• Liechtenstein shortlisted as preferred new domicile to reduce CET1 requirement by 30–40%, with license application planned for H1 2026.

• Three consecutive quarters of record-high profit and 10 straight quarters of profitability.

Financial highlights

• Total income for Q3 2025 was NOK 61.1 million, up 11% year-on-year and 3% quarter-on-quarter.

• Net interest income was NOK 54.3 million (89% of total), net fee and commission income NOK 4.7 million (8%), and net gains on financial instruments NOK 2.2 million (4%).

• Loan losses declined to NOK 11.0 million in Q3 2025, annualized at 3.4% of gross lending, the lowest since Q3 2019.

• Cost/income ratio improved to 53% (LTM), reflecting ongoing cost control.

• Earnings per share for Q3 2025 was NOK 0.25, up from NOK 0.13 in Q3 2024.

Outlook and guidance

• Targeting a total income run-rate of NOK 250–260 million in Q4 2025, cost-income ratio of 52% for 2025, and customer accounts expected to reach ~5,800 by year-end.

• Continued focus on profitable growth, automation, and redomiciliation process.

• Macroeconomic outlook remains subdued but shows early signs of stabilization; global growth projected at 3.2% for 2025.

• Lower funding costs from rate cuts are expected to benefit profitability in the short to medium term.

• Continued focus on leveraging AI and technology to improve operational efficiency and profitability.