NOBA Bank Group (NOBA) Q1 2026 earnings summary

Executive summary

• Adjusted core operating profit rose 21% year-over-year to SEK 1.4 billion, with all segments contributing to 11% organic loan book growth and stable underlying NIM at 8.2%.

• Operating profit increased 27% year-over-year to SEK 1,330m, driven by revenue growth and lower credit losses.

• Cost of risk improved to 2.7%, marking the eighth consecutive quarter of year-over-year improvement.

• Acquisition of DBT Capital completed for SEK 397m, establishing an SME vertical and eliminating funding constraints.

• CET1 ratio stood at 13.3%, providing a strong buffer to regulatory requirements.

Financial highlights

• Loan book grew 11% year-over-year in local currencies (12% reported), with all segments contributing.

• Operating income reached SEK 2,941m, up 8% year-over-year; net interest income grew to SEK 2,723m.

• Adjusted cost-income ratio was 22% (22.6% excluding DBT acquisition impact).

• Net credit losses decreased 11% year-over-year to SEK 913m.

• Core profit for shareholders was SEK 970 million, up 34% year-over-year, impacted by a high effective tax rate.

Outlook and guidance

• Macro outlook is more uncertain, but credit losses are expected to remain resilient due to a robust customer base.

• Cost growth will stay above historic trends short-term, but medium-term cost-income target is below 20%.

• Loan book growth target of at least 10% in local currencies is reaffirmed.

• Board proposes an ordinary dividend of SEK 1.60 per share and an extra dividend of SEK 1.50 per share, totaling SEK 1,550m.