Instabank ASA Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for Second Quarter of 2017
April 27, 2017 at 11:06 am
Instabank ASA announces unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the first quarter, the company's net interest income was NOK 8,917,000 against NOK 1,000 a year ago. Total income was NOK 15,020,000 against NOK 1,000 a year ago. Operating loss was NOK 4,219,000 against NOK 492,000 a year ago. Loss after tax was NOK 3,165,000 against NOK 492,000 a year ago.
For the second quarter, the company expects that defaults and losses will increase in-line with the bank's increased loan volume and in line with expectations. It is expected that the after-tax result for second quarter will be better than previously communicated.