Morrow Bank delivers the goods 📈
Wow – That’s some impressive figures🔥
Gross loan growth is up 10% y/y or 6% q/q, driven by strong demand and the new product launch in Norway. Growth ambition increased to 10% (from 5-10%) and year end 2026 target increased by 1 BNOK to 19 BNOK – very strong.
Morrow continues to maintain good control of credit losses, which are down to 3.9% (4.3% in Q2 2025), and stage 3 loans at 18,6% (13,6% if you subtract the 72 MEUR sale of NPL loans done in Finland after Q3 end) – very strong.
Morrow is making solid progress in establishing operations in Sweden, which is freeing up a massive amount of cash (1 BNOK) – strong.
EPS in Q3 is 0,29 NOK, and increase of 38% y/y from 0,21 NOK in Q3 2024 – very strong.
New long-term ambitions launched, and terminology changed from long-term to a more concrete 2028. New communication includes i) Gross loans up to 24 BNOK, ii) Cost/income down from 23% to 22%, iii) loan losses from 4.0-4.5% to 4,0% and iv) ROTE stable at 20%💪
All in all, this is an very strong quarter, and we are now three months closer to 2026 and the move to Sweden😃
Hvaler Invest’s target price is NOK 19.2…🔥
We own a lot of shares, so you cannot trust us… Or perhaps you can?
Best regards,
David and Sverre
Hvaler Invest AS
Lillestrøm, Norway
06.11.25
Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)