Ikano Bank (IKANO) H1 2025 earnings summary

Executive summary

• Operating result for H1 2025 declined to SEK -670m from SEK -282m year-over-year, mainly due to non-recurring transformation expenses.

• Strategic investments in new product platforms continued, with a new savings and loans platform launched in Sweden and further B2B product rollouts.

• Ingka Group became sole owner in late 2024, enabling closer collaboration and a shift in funding from bond market to internal group financing.

Financial highlights

• Total operating income fell 5.8% to SEK 3,036m (3,222m), while operating expenses rose 7.9% to SEK 3,335m (3,091m).

• Net interest income (excl. leasing) decreased to SEK 989m (1,024m) due to lower margins and returns.

• Net commission income dropped to SEK 93m (133m), while net leasing income increased to SEK 192m (178m).

• Loan losses decreased to SEK 371m (413m), mainly in the corporate loan portfolio.

• Net result for the period was SEK -718m (-264m).

Outlook and guidance

• Management expects continued negative results in 2025 due to ongoing investments and restructuring, with profitability targeted for 2026.

• New product launches in 2025 are anticipated to drive volume growth.