MORROW BANK ASA Oslo ,18 January 2023 :Komplett Bank ("the Bank") today provides an operational and financial update with respect to the development of the Bank's strategic initiatives and an evaluation of its balance sheet. Strategic initiativesKomplett Bank launched a series of strategic initiatives in the beginning of 2022 aimed at improving throughput and efficiency. As several of these initiatives have now been successfully implemented, the Bank has grown its loan balance by more than 30% compared to the level in Q2 2022 while the number of full-time employees has been reduced by close to 50%. Simplifying technology is one of the strategic initiatives now being implemented with the dual goals of enhancing scalability and lowering costs. The Bank has now begun transferring its activities to a more efficient platform which will eventually result in a significant reduction in the cost of its IT infrastructure. The completion of the process is expected within 12 months. Operational and financial update As a result of the structural changes being made to the IT platform, the Bank has performed an assessment of the balance sheet and its intangible assets, which consist mainly of historical IT investments. The Bank will report a write-down in Q4 2022 ofNOK 91 million , representing 67% of total intangible assets. The write-down, relating to IT systems that the Bank has either phased out or will be phasing out during 2023, will not affect the Bank's capital ratio. Preliminary key figures for Q4 2022: o Gross loans ended atNOK 9.6 billion in the quarter, up 14% vs Q3 2022 o Total income wasNOK 220 million , up 17% vs Q3 2022 "The Bank continued to deliver robust growth in Q4 and we are well on track to meet our mid-term targets. We are also very pleased with the progress being made across the strategic initiatives, enabling us to build the required scale and efficiency. As we now transfer our operations to a more future-proof platform, historical IT investments are consequently written down. Therefore, the full-year 2022 result is expected to be just modestly positive," commentsKomplett Bank's CEO Øyvind Oanes. Further details will be presented atKomplett Bank's fourth quarter results presentation on14 February 2023 . Contacts:Eirik Holtedahl , CFO +47 96 91 22 91 Øyvind Oanes, CEO +47 98 90 60 60 email: ir@komplettbank.no AboutKomplett Bank ASA :Komplett Bank is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts and online point-of-sales finance products to consumers. The target group is creditworthy customers with stable personal finances and no payment remarks. Credit risk is managed largely by automated processes for credit assessment and underwriting. The Bank has a diversified and balanced distribution model utilizing both public and proprietary channels. Operational efficiency and low cost are foundations forKomplett Bank and is enabled by centralized operations, modern systems and digital set-up. To learn more, visit ir.komplettbank.com. This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Thisstock exchange announcement was published byHenning Fagerbakke , Head of Finance,Komplett Bank ASA , on18 January 2023 at17:30 CEST .
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