Morrow Bank ASA (STU:KBN)

€ 0.742 0.002 (0.27%) Market Cap: 180.10 Mil Enterprise Value: 213.89 Mil PE Ratio: 13.14 PB Ratio: 0.88 GF Score: 56/100

Q4 2022 Komplett Bank ASA Earnings Call Transcript

Feb 14, 2023 / 07:30AM GMT

Release Date Price: €0.518 (+3.70%)

Transcript

Oyvind Oanes

Komplett Bank ASA - CEO

(technical difficulty)

Higher interest-bearing balance combined with several actions to increase yield on both front and back book helped grow the total income line with a strong 17% in the quarter.

We continued to execute on structural cost-out initiatives that will bring our cost base down over time. In addition to further rightsizing actions, bringing the FTE level down by around 40% year-on-year, we made decisions to exit POS Finance, as it is no longer meeting the expectation -- expected returns; as well as to write-down a significant part of our past IT investments as we are making good progress on our IT transformation road map. You will have seen that we announced an IT write-down of NOK 91 million in mid-January. The write-down, combined with a few additional one-offs related to the restructuring, influenced reported OpEx line as well as the profit after tax for the quarter, as can be seen on this page. However, based on the great progress being made now across the strategic initiatives, we are confident that we will be able to deliver a

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