NOBA Bank Group (NOBA) Q3 2025 earnings summary

Executive summary

• Achieved a major milestone with the first quarterly report as a listed company on Nasdaq Stockholm, increasing brand awareness and direct capital market access.

• Delivered strong Q3 2025 results with adjusted core operating profit of SEK 1.4 billion, up 40% year-over-year, and operating income up 16%.

• Loan book reached SEK 131.5 billion, up 10% year-over-year in local currencies, in line with medium-term targets.

• Maintained a stable outlook, with Q3 seasonally strong and cost growth expected to be above trend in coming quarters due to investments.

• Net profit increased 51% year-over-year, with basic EPS for Q3 at SEK 1.71, up 59%.

Financial highlights

• Adjusted core operating profit reached SEK 1.4 billion, a 40% increase year-over-year.

• Loan book at SEK 131.5 billion, with 10% FX-adjusted growth and 8% reported growth.

• Net interest margin at 8.4% for the quarter, supported by lower base rates and strong lending margins.

• Operating income rose 16% year-over-year to SEK 2,913 million.

• Cost-income ratio at 22% (adjusted), down from 23% year-over-year.

Outlook and guidance

• Cost growth expected to be temporarily above underlying trend in coming quarters due to investments in AI, new products, and cost takeout realization.

• Medium-term targets: annual organic loan book growth of at least 10%, adjusted C/I ratio below 20%, Core ROTE around 30%, and CET1 ratio of 13-15%.

• NIM expansion expected to slow, with only minor increases going forward.

• Fee income expected to continue outgrowing the loan portfolio, driven by credit card growth and new supplier terms.

• No dividend proposed for Q4 2025; inaugural dividend expected in 2026.