Norway's Komplett Bank ups guidance, considers public listing

Morrow Bank ASA

13/10/2016 12:31

OSLO, Oct 13 (Reuters) - Norwegian consumer lender Komplett 
Bank  KOMPBK.NFF  raised its earnings guidance on Thursday amid 
continued strong growth and said it will consider an initial 
public offering (IPO) within a few years. 
    The bank, which is closely tied to Scandinavian e-commerce 
company Komplett, reported lending growth of 24 percent in the 
third quarter from the second, and a 132 percent year-on-year 
increase. 
    "We expect continued strong growth. This is only the 
beginning," Chief Executive Raimond Pettersen said. 
    The bank reported a pretax profit of 53.5 million Norwegian 
crowns ($6.61 million) for the quarter and raised its full-year 
guidance to 170-180 million crowns from previously 145-160 
million. 
    An IPO could come in the not so distant future, the CEO told 
Reuters on the sidelines of a news conference. 
    "We have seen successful listings in the consumer (banking) 
segment both in Norway and Sweden, with Bank Norwegian 
 NOFI.OL , Nordax  NDX.ST  and Collector  COLLE.ST  ... It is 
natural to consider listing on the stock exchange within a few 
years," Pettersen said. 
    No time table has been set for an IPO, but a listing could 
potentially take place as early as 2017, he added. 
    The bank's launch in Finland, due in the first quarter of 
next year, is progressing according to plan and will not add 
significant extra costs. Sweden and Denmark could come next, it 
said. 
    The recent surge in consumer lending has triggered a warning 
from Norway's Financial Supervisory Authority against potential 
future losses, but Pettersen said he saw no signs of an 
increase. 
    "Losses are, as expected, low to moderate," he said. 
    Year-to-date, Komplett Bank's shares are up 80 percent on 
Oslo's over-the-counter market, valuing the company at 2.6 
billion crowns. 
 
($1 = 8.0919 Norwegian crowns) 
 
 (Reporting by Camilla Knudsen, editing by Terje Solsvik) 
 ((camilla.knudsen@thomsonreuters.com; +47 2331 6595; Reuters 
Messaging: camilla.knudsen.thomsonreuters.com@reuters.net)) 
 
Keywords: KOMPLETT BANK RESULTS/IPO