Instabank ASA Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for Second Quarter of 2017
April 27, 2017 at 08:36 pm IST
Instabank ASA announces unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the first quarter, the company's net interest income was NOK 8,917,000 against NOK 1,000 a year ago. Total income was NOK 15,020,000 against NOK 1,000 a year ago. Operating loss was NOK 4,219,000 against NOK 492,000 a year ago. Loss after tax was NOK 3,165,000 against NOK 492,000 a year ago.
For the second quarter, the company expects that defaults and losses will increase in-line with the bank's increased loan volume and in line with expectations. It is expected that the after-tax result for second quarter will be better than previously communicated.