Monobank ASA Announces Earnings Results for the Third Quarter and Nine Months of 2018; Provides Earnings Guidance for the Year 2018; Reports Impairment Losses for the Third Quarter of 2018
For the nine months, the company's net interest income was NOK 236,589,000 compared to NOK 111,559,000 a year ago. Operating profit before tax was NOK 52,196,000 compared to NOK 14,041,000 a year ago. Profit was NOK 39,342,000 compared to NOK 10,564,000 a year ago.
Increased focus on efficient use of marketing resources as well as leveraging its developed distribution platforms to increase operational efficiencies should improve the bank's profitability going forward. For the full year 2018 Monobank targets a net profit after tax in the range of NOK 55 million to NOK 60 million. This takes into account the investments related to the introduction of the Widerøe credit card in addition to expenses related to the continued development of the Monobank platform.
The company reported impairment losses of NOK 24,524,000 for the third quarter of 2018 against NOK 10,946,000 a year ago.