Komplett Bank Annual Report 2021

Point-of-sales (POS) financing declined by 15% in 2021 to NOK 490.7 million. Currently, POS finance is available as a payment solution on two of the Komplett group’s Norwegian and Swedish websites. In 2021, deposits declined by 12% to NOK 7,398 million. Deposit products are without fixed terms, except for German customers who can also choose fixed-term deposits with one- or two-year fixed interest rates. Komplett Bank entered the Swedish deposit market in January 2020, and both the German and the Swedish deposits are expected to contribute to lowering the Bank’s overall funding costs going forward. In 2021, the Bank decreased the deposit rate in Norway from 1.00% to 0.55% for customers with balance less than 1 MNOK and 0.45% for exceeding balances. In Germany the rate was adjusted from 0.17% to 0.16% on deposit rates without fixed terms. Table 1: net lending by product NOK million 2021 2020 Change Consumer loans 6,304 7,055 -11 % Credit cards 603 729 -17 % POS Finance 491 577 -15 % Deposit 7,933 8,991 -12 % Operational efficiency Operational efficiency with low costs is a priority for Komplett Bank, enabled by centralised operations and modern digital systems. At the same time, the Bank is continuously working to improve its ability to interact with customers. Since the start-up in 2014, Komplett Bank has been focusing on volume growth and the organisation has been rigged accordingly. However, regulatory changes and the Covid-19 pandemic have limited the growth opportunities. Consequently, the Bank has initiated a program to improve operational efficiency. The program includes a detailed plan to improve product performance, simplify the IT-platform and automation of processes. At the end of the year, the Bank had approximately 355,000 customers, including deposit accounts, an decrease of 10% from 325,000 customers at the end of 2020. Of these, 22% were consumer loan customers, 18% were credit card customers, 49% were point-of-sales finance customers and 11% were deposit customers. Komplett Bank uses credit models to make lending decisions. Private individuals applying for a loan must provide information relevant for their debt-servicing ability. Komplett Bank’s credit models give automatic, but conditional offers of credit to private individuals deemed creditworthy. After a conditional offer, data is collected from internal and external sources and analysed before a final credit decision is concluded. Among the external data sources used, are the debt registers in Norway, Sweden and Finland. Organisational development Changes in top management Effective as at 1 October 2021, Mr. Øyvind Oanes succeeded Mr Jan Haglund as new CEO of Komplett Bankwho resigned his position on 23 June 2021. Prior to his position as CEO at Komplett Bank, Mr. Oanes was the Group CEO of 4finance, one of Europe’s largest digital consumer lending groups operating across 15 countries. He has also been Net loan distribution by product Customer distribution by product NOK 7,4 bn 261 000 Loans Norway 44 % Credit cards 8 % Loans Finland 24 % POS Finance 7 % Loans Sweden 14 % Loans Norway 15 % Credit cards 24 % Loans Finland 11 % POS Finance 46 % Loans Sweden 4 % Komplett Bank / Annual Report 2021 31

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