Morrow Bank Asa Reports Earnings Results for the Fourth Quarter and Full Ear Ended December 31, 2023
February 14, 2024 at 04:00 pm IST
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Morrow Bank ASA reported earnings results for the fourth quarter and full ear ended December 31, 2023. For the fourth quarter, the company reported net interest income was NOK 278.1 million compared to NOK 208.1 million a year ago. Net income was NOK 35.1 million compared to net loss of NOK 88.7 million a year ago. Basic earnings per share from continuing operations was NOK 0.13 compared to basic loss per share from continuing operations of NOK 0.5 a year ago. Diluted earnings per share from continuing operations was NOK 0.13 compared to diluted loss per share from continuing operations of NOK 0.5 a year ago.
For the full year, the company reported net interest income was NOK 1,020.2 million compared to NOK 793.3 million a year ago. Net income was NOK 151.9 million compared to NOK 0.9 million a year ago. Basic earnings per share from continuing operations was NOK 0.62 compared to basic loss per share from continuing operations of NOK 0.07 a year ago. Diluted earnings per share from continuing operations was NOK 0.61 compared to diluted loss per share from continuing operations of NOK 0.07 a year ago.
Morrow Bank ASA, formerly Komplett Bank ASA, is a Norway-based bank offering convenient payment and financing products to consumers. The Bank is focused on creating value for its customers by offering flexible, convenient financing solutions through efficient, customer friendly processes. Operational efficiency and low cost are foundations for the bank and is enabled by centralized operations, modern systems, and digital set-up. The Bank is pursuing a growth strategy based on geographical and product-wise diversification and expansion. The product portfolio includes consumer loans, credit cards, point-of-sales finance solutions, and high-yield deposit accounts. The Bank operates in Norway, Sweden and Finland.