Norwegian Finans Holding

Norwegian Finans Holding's price/earnings (P/E) fell 34.6% yoy to 7.04 in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding stock traded at NOK 70.5 per share at the end first quarter of 2019 implying a market capitalization of USD 1,534 mi...

Norwegian Finans Holding's net profit rose 17.7% yoy to NOK 483 mil in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding made a net profit of NOK 483 mil under revenues of NOK 1,251 mil in the first quarter of 2019, up 17.7% and ...

Norwegian Finans Holding's net interest margin fell 1.24% yoy to 9.16% in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's net interest margin amounted to 9.16% in the first quarter of 2019, down from 9.37% when compared to ...

Profit Statement 2016 2017 2018
Net Interest Income NOK mil 2,453 3,670 4,406
Fee Income (As % Of Revenues) % 4.79 4.89 5.01
Other Income NOK mil 74.2 7.46 12.8
Total Revenues NOK mil 2,655 3,867 4,652
Staff Cost NOK mil 66.0 75.0 87.7
Operating Profit NOK mil 1,726 2,796 3,416
Provisions NOK mil 468 672 1,028
Net Profit NOK mil 959 1,597 1,797
Balance Sheet 2016 2017 2018
Interbank Loans NOK mil 1,103 1,261 1,702
Customer Loans NOK mil 24,534 32,452 37,798
Debt Securities NOK mil 4,464 8,860 10,603
Total Assets NOK mil 30,402 43,000 50,436
Shareholders' Equity NOK mil 3,335 3,921 7,544
Interbank Borrowing NOK mil 0 0 0
Customer Deposits NOK mil 24,424 33,682 39,092
Issued Debt Securities NOK mil 2,099 2,717 2,855
Ratios 2016 2017 2018
ROE % 36.9 44.0 31.3
ROA % 4.00 4.35 3.85
Costs (As % Of Assets) % 3.87 2.92 2.65
Costs (As % Of Income) % 35.0 27.7 26.6
Capital Adequacy Ratio % 16.4 20.9 23.7
Net Interest Margin % 10.2 10.0 9.43
Loans (As % Of Deposits) % 100 96.3 96.7
NPLs (As % Of Loans) % 6.52 7.79 9.97
Provisions (As % Of NPLs) % 50.3 43.6 42.6
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,562 2,091 1,608
Share Price (End Of Period) NOK 74.8 94.5 70.7
Price/Earnings (P/E) 14.0 10.8 7.35
Price/Book Value (P/BV) 4.04 4.50 1.75
Earnings Per Share (EPS) NOK 5.33 8.79 9.62
Book Value Per Share NOK 18.5 21.0 40.4

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summary Unit 2013 2014 2015 2016 2017 2018
income statement            
Net Interest Income NOK mil 636 975 1,424 2,453    
Total Revenues NOK mil 699 1,044 1,520 2,655    
Operating Profit NOK mil 414 622 947 1,726    
Net Profit NOK mil 238 348 540 959    
balance sheet            
Interbank Loans NOK mil 106 300 478 1,103    
Customer Loans NOK mil 6,364 9,419 13,808 24,534    
Debt Securities NOK mil 1,694 3,463 2,969 4,464    
Total Assets NOK mil 8,349 13,416 17,604 30,402    
Shareholders' Equity NOK mil 791 1,260 1,860 3,335    
Interbank Borrowing NOK mil 0 0 0 0    
Customer Deposits NOK mil 6,592 10,156 13,367 24,424    
Issued Debt Securities NOK mil 500 1,606 1,880 2,099    
ratios            
ROE % 30.1 33.9 34.6 36.9    
ROA % 2.85 3.20 3.48 4.00    
Costs (As % Of Assets) % 3.41 3.88 3.70 3.87    
Costs (As % Of Income) % 40.8 40.5 37.7 35.0    
Capital Adequacy Ratio % 17.9 16.0 15.7 16.4    
Net Interest Margin % 7.62 8.96 9.18 10.2    
Interest Income (As % Of Revenues) % 91.0 93.4 93.6 92.4    
Fee Income (As % Of Revenues) % 7.50 6.89 7.50 4.79    
Staff Cost (As % Of Total Cost) % 16.2 12.3 10.1 7.11    
Equity (As % Of Assets) % 9.47 9.39 10.6 11.0    
Loans (As % Of Deposits) % 96.5 92.7 103 100    
Loans (As % Assets) % 76.2 70.2 78.4 80.7    
NPLs (As % Of Loans) % ... ... ... 6.52    
Provisions (As % Of NPLs) % ... ... ... 50.3    
valuation            
Market Capitalisation (End Of Period) USD mil ... ... ... 1,562    
Number Of Shares (Average) mil ... ... ... 180    
Share Price (End Of Period) NOK ... ... ... 74.8    
Earnings Per Share (EPS) NOK ... ... ... 5.33    
Book Value Per Share NOK ... ... ... 18.5    
Price/Earnings (P/E) ... ... ... 14.0    
Price/Book Value (P/BV) ... ... ... 4.04    
Earnings Per Share Growth % ... ... ... ...    
Book Value Per Share Growth % ... ... ... ...    
income statement Unit 2013 2014 2015 2016 2017 2018
income statement            
Interest Income NOK mil 864 1,278 1,709 2,791    
Interest Cost NOK mil 228 303 286 338    
Net Interest Income NOK mil 636 975 1,424 2,453    
Net Fee Income NOK mil 52.4 71.9 114 127    
Other Income NOK mil 10.3 -3.00 -17.4 74.2    
Total Revenues NOK mil 699 1,044 1,520 2,655    
Staff Cost NOK mil 46.3 52.0 58.2 66.0    
Depreciation NOK mil 9.70 10.5 15.5 42.4    
Other Cost NOK mil 229 360 500 820    
Operating Cost NOK mil 285 422 574 929    
Operating Profit NOK mil 414 622 947 1,726    
Provisions NOK mil 82.8 143 208 468    
Extra and Other Cost NOK mil 0 0 -0.100 0    
Pre-Tax Profit NOK mil 331 479 739 1,258    
Tax NOK mil 93.1 131 199 298    
Net Profit NOK mil 238 348 540 959    
growth rates            
Net Interest Income Growth % ... 53.3 46.0 72.3    
Net Fee Income Growth % ... 37.2 58.6 11.6    
Total Revenue Growth % ... 49.4 45.6 74.6    
Operating Cost Growth % ... 48.2 35.8 61.9    
Operating Profit Growth % ... 50.2 52.3 82.3    
Pre-Tax Profit Growth % ... 44.7 54.3 70.3    
Net Profit Growth % ... 46.3 55.1 77.7    
balance sheet Unit 2013 2014 2015 2016 2017 2018
balance sheet            
Cash NOK mil 54.0 59.0 59.0 60.0    
Interbank Loans NOK mil 106 300 478 1,103    
Customer Loans NOK mil 6,364 9,419 13,808 24,534    
Debt Securities NOK mil 1,694 3,463 2,969 4,464    
Fixed Assets NOK mil 32.1 35.0 42.8 108    
Total Assets NOK mil 8,349 13,416 17,604 30,402    
Shareholders' Equity NOK mil 791 1,260 1,860 3,335    
Liabilities NOK mil 7,558 12,156 15,744 27,067    
Interbank Borrowing NOK mil 0 0 0 0    
Customer Deposits NOK mil 6,592 10,156 13,367 24,424    
Issued Debt Securities NOK mil 500 1,606 1,880 2,099    
Other Liabilities NOK mil 466 395 497 544    
asset quality            
Non-Performing Loans NOK mil ... ... ... 1,654    
Gross Loans NOK mil 6,611 9,615 14,200 25,365    
Total Provisions NOK mil 247 196 392 831    
growth rates            
Customer Loan Growth % ... 48.0 46.6 77.7    
Total Asset Growth % ... 60.7 31.2 72.7    
Shareholders' Equity Growth % ... 59.4 47.7 79.3    
Customer Deposit Growth % ... 54.1 31.6 82.7    
ratios Unit 2013 2014 2015 2016 2017 2018
ratios            
ROE % 30.1 33.9 34.6 36.9    
ROA % 2.85 3.20 3.48 4.00    
Costs (As % Of Assets) % 3.41 3.88 3.70 3.87    
Costs (As % Of Income) % 40.8 40.5 37.7 35.0    
Capital Adequacy Ratio % 17.9 16.0 15.7 16.4    
Tier 1 Ratio % 12.8 12.6 13.4 15.1    
Net Interest Margin % 7.62 8.96 9.18 10.2    
Interest Spread % ... 8.67 8.97 10.1    
Asset Yield % 10.4 11.7 11.0 11.6    
Cost Of Liabilities % ... 3.07 2.05 1.58    
Interest Income (As % Of Revenues) % 91.0 93.4 93.6 92.4    
Fee Income (As % Of Revenues) % 7.50 6.89 7.50 4.79    
Other Income (As % Of Revenues) % 1.47 -0.287 -1.14 2.80    
Cost Per Employee USD per month 13,941 13,610 10,628 9,785    
Cost Per Employee (Local Currency) NOK per month 82,092 92,199 86,607 85,277    
Staff Cost (As % Of Total Cost) % 16.2 12.3 10.1 7.11    
Equity (As % Of Assets) % 9.47 9.39 10.6 11.0    
Loans (As % Of Deposits) % 96.5 92.7 103 100    
Loans (As % Assets) % 76.2 70.2 78.4 80.7    
NPLs (As % Of Loans) % ... ... ... 6.52    
Provisions (As % Of NPLs) % ... ... ... 50.3    
Provisions (As % Of Loans) % 3.88 2.08 2.84 3.39    
Cost of Provisions (As % Of Loans) % 1.30 1.81 1.79 2.44    
other data Unit 2013 2014 2015 2016 2017 2018
other data            
Employees 47.0 47.0 56.0 64.5    

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Norwegian Finans Holding's market capitalisation (end of period) fell 0.283% to USD 1,534 mil in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding stock traded at NOK 70.5 per share at the end of first quarter of 2019 implying a market capitalization of USD 1,534 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolute...

Norwegian Finans Holding's share price (end of period) fell 19.7% yoy to NOK 70.5 in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding stock traded at NOK 70.5 per share at the end of first quarter of 2019 implying a market capitalization of USD 1,534 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, th...

Norwegian Finans Holding's net interest income rose 13.3% yoy to NOK 1,160 mil in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding generated total banking revenues of NOK 1,251 mil in the first quarter of 2019, up 17.6% when compared to the same period of last year and 2.91% when compared to the previous quarter. Historically, the bank’s revenues containing of in...

Norwegian Finans Holding's equity (as % of assets) rose 15.7% yoy to 15.7% in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's Equity reached 64.5% of total assets in the 1Q2019, up from 55.3% for the previous year. As a share of net customer loans, the ratio amounted to 90.9% at the end of the first quarter of 2019. ...

Norwegian Finans Holding's customer loan growth fell 51.3% yoy to 12.0% in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's customer loan growth reached 12.0% in 2019-03-31, down from 24.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 32.3% in 2017-12-31 and an all time low of 12.0% in 2019-03-31. I...

Norwegian Finans Holding's Cost of Risk rose 14.7% yoy to 2.11% in 1Q2019

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's Cost of Risk (loan loss provisions as % of total assets) amounted to 2.11% in the first quarter of 2019, down from 2.26% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 2.40% in ...

Norwegian Finans Holding's net profit rose 12.5% to NOK 1,797 mil in 2018

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding made a net profit of NOK 1,797 mil under revenues of NOK 4,652 mil in 2018, up 12.5% and 20.3% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of NOK 1,797 mil in 2018 and an all time low o...

Norwegian Finans Holding's capital adequacy ratio rose 13.4% to 23.7% in 2018

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's capital adequacy ratio reached 23.7% at the end of 2018, up from 20.9% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 23.7% in 2018 and an all time low of 15.7% in 2015. The Tier 1 rati...

Norwegian Finans Holding's net interest income rose 20.0% to NOK 4,406 mil in 2018

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding generated total banking revenues of NOK 4,652 mil in 2018, up 20.3% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of NOK 4,652 mil in ...

Norwegian Finans Holding's net interest margin fell 5.69% to 9.43% in 2018

By Helgi Analytics - November 05, 2019

Norwegian Finans Holding's net interest margin amounted to 9.43% in 2018, down from 10.0% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 10.2% in 2016 and an all time low of 8.96% in 2014. The ave...

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Finance

Norwegian Finans Holding has been growing its revenues and asset by 45.2% and 42.0% a year on average in the last 3 years. Its loans and deposits have grown by 39.9% and 43.0% a year during that time and loans to deposits ratio reached 96.7% at the end of 2018. The company achieved an average return on equity of 37.4% in the last three years with net profit growing 49.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 26.6% in 2018, compared to 29.8% average in the last three years.

Equity represented 15.0% of total assets or 20.0% of loans at the end of 2018. Norwegian Finans Holding's non-performing loans were 9.97% of total loans while provisions covered some 42.6% of NPLs at the end of 2018.

Valuation

Norwegian Finans Holding stock traded at NOK 70.7 per share at the end of 2018 resulting in a market capitalization of USD 1,608 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 37.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.35x and price to book value (PBV) of 1.75x in 2018.

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