NOBA Bank Group (NOBA) Q2 2024 earnings summary

Executive summary

• Operating income for Q2 2024 rose 15% year-over-year to SEK 2,398 million, with net profit up 73% to SEK 578 million and EPS at 7.1 SEK.

• Loan portfolio reached SEK 117,073 million, up 15% year-over-year, with growth across all active segments and markets.

• Adjusted operating profit for Q2 increased 41% to SEK 900 million, reflecting strong underlying operations and efficiency gains.

• Cost-to-income ratio improved to 29.2% (adjusted 24.4%), highlighting ongoing cost discipline.

• Strategic initiatives included a confirmed BBB credit rating, securitization of non-performing loans, and expansion into the Irish market.

Financial highlights

• Q2 2024 operating income: SEK 2,398 million (up 15% year-over-year); H1 2024: SEK 4,674 million (up 16%).

• Q2 net profit: SEK 578 million (up from SEK 334 million); H1 net profit: SEK 983 million (up from SEK 690 million).

• Q2 operating profit: SEK 765 million (up 69%); H1 operating profit: SEK 1,300 million (up 46%).

• Credit loss level for Q2: 3.2% (down from 3.4%); H1: 3.6% (up from 3.5%).

• Return on equity (excluding intangibles and Tier 1): Q2 18.7%, H1 16.3%.

Outlook and guidance

• Focus remains on growth in specialist banking, efficiency, and responsible lending.

• Continued expansion in new markets and product offerings, including green loans and digital solutions.

• Management expects further efficiency gains and portfolio growth, with ongoing attention to credit quality.