NOBANasdaq StockholmFinancialsIFRS · SEK

NOBA Bank Group

NOBA Bank Group is a Nordic specialist bank that provides retail banking products through the Nordax Bank, Bank Norwegian, Svensk Hypotekspension and DBT brands. Its core offering includes private loans, credit cards, mortgages, equity release mortgages and deposits across selected European markets.

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Revenue11.3bn SEK
+14.1 %y/y
Operating profit (EBIT)2.9m SEK
−99.8 %y/y
EBIT margin0.0%
−15.3 ppy/y
Net income0.0m SEK
−99.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2.50.02.55.07.510.012.5bn SEK2020: 1.8 bn SEK2020: EBIT 0.70 bn SEK20202021: 2.6 bn SEK2021: EBIT -0.03 bn SEK20212022: 7.0 bn SEK2022: EBIT 1.3 bn SEK20222023: 8.5 bn SEK2023: EBIT 1.5 bn SEK20232024: 9.9 bn SEK2024: EBIT 1.5 bn SEK20242025: 11.3 bn SEK2025: EBIT 0.00 bn SEK202511.30.00
RevenueOperating profit (EBIT)
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Business

Share of revenue
Private lending35 %

Unsecured consumer loans and refinancing products for retail customers.

Credit cards20 %

Revolving consumer credit products offered under the Bank Norwegian brand.

Mortgages and equity release20 %

Residential mortgages and reverse mortgages for homeowners and older borrowers.

Deposits15 %

Retail savings and deposit accounts used to fund the lending business.

SME financing10 %

Business lending and financing solutions for small and medium-sized enterprises.

Customers

NOBA serves retail customers seeking consumer credit, refinancing, mortgages, and savings products, with a focus on borrowers that may not fit traditional bank criteria. It also serves homeowners seeking equity release solutions and small businesses needing tailored financing through DBT. The customer base is spread across several Nordic markets plus selected deposit and card markets in continental Europe.

Private loan borrowers

Retail customers taking unsecured loans or refinancing existing debt, often for flexibility or consolidation.

Credit card customers

Consumers using revolving credit and payment cards for purchases and liquidity management.

Mortgage and equity release customers

Homeowners and older borrowers seeking residential mortgages or reverse mortgage solutions.

Deposit customers

Retail savers placing funds in deposit accounts that support the bank's funding base.

SME borrowers

Small and medium-sized businesses using DBT for financing and working-capital needs.

Strategy

NOBA's strategy centers on scaling a digital specialist-bank platform across consumer and SME niches where it can apply disciplined underwriting and customer segmentation. It also emphasizes broadening its product set, strengthening customer experience, and using technology such as AI to improve service and internal efficiency.

Scale the digital specialist-bank platformMedium term

A common platform supports multi-brand growth and operating leverage across markets.

Maintain disciplined credit selectionShort term

Specialist lending depends on underwriting quality to balance growth and credit losses.

Deepen customer value propositionMedium term

Customer satisfaction and retention support cross-sell and brand strength.

Use AI and automation in service deliveryShort term

Automation can improve response times and reduce manual work in a digital bank.

Geography

NOBA operates mainly in the Nordic region, with a broad retail offering in four Nordic countries. It also offers credit cards and deposits in Germany, and deposit products in Spain, the Netherlands and Ireland, which broadens funding and customer reach beyond the Nordics.

Risks

NOBA's main risks come from consumer credit exposure, funding and liquidity management, and the sensitivity of household borrowers to macroeconomic conditions. As a regulated bank, it also faces operational, compliance, IT, and financial-crime risks, while its mortgage and equity release products add valuation and collateral-related complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Credit risk in consumer lending1Liquidity and funding risk2Compliance and financial crime risk3Macro sensitivity in Nordic and German markets4Operational and ICT risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Credit risk in consumer lendingImpact: HighLikelihood: Medium

    Private loans and credit cards are exposed to borrower default and macro stress.

    ExposureConsumer loansCredit cardsMortgagesEquity release mortgages
  2. Liquidity and funding riskImpact: HighLikelihood: Low

    The bank relies on deposits and market funding to support lending growth.

    Exposure: Deposits and wholesale funding

  3. Compliance and financial crime riskImpact: MediumLikelihood: Medium

    Banking operations are subject to AML, consumer protection and conduct rules.

    Exposure: Cross-border retail banking

  4. Macro sensitivity in Nordic and German marketsImpact: MediumLikelihood: Medium

    Borrower demand and repayment capacity depend on unemployment, rates and property prices.

    Exposure: Nordic countries and Germany

  5. Operational and ICT riskImpact: MediumLikelihood: Low

    A digital banking platform depends on stable systems, processes and data security.

    ExposureCustomer servicingOnboardingPaymentsInternal operations
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Accounting

Judgemental items
Expected credit losses (IFRS 9)

Loan loss provisions depend on forward-looking assumptions and portfolio segmentation.

Impact: Can materially change impairment charges and carrying values of lending assets

Derivative and hedge accounting

Interest rate swaps and other hedges are measured at fair value with effectiveness testing.

Impact: Can create earnings volatility if hedge relationships change

Goodwill impairment

Annual impairment testing relies on long-term growth and discount-rate assumptions.

Impact: Can trigger large non-cash write-downs if assumptions weaken

Lease accounting

Office and vehicle leases are recognized on the balance sheet under IFRS 16.

Impact: Affects leverage, depreciation, and interest expense presentation

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Last updated: 24/09/2026