and NOK 901 million respectively. During 2022, credit card loans increased by 3% to 620 million NOK. At the end of the year, credit card loans in Finland and Sweden accounted for 40% of the total portfolio of credit card loans. Point of sales (POS) financing decreased by 31% in 2022 to 338 million Norwegian kroner. As a result POS financing no longer delivering the expected return on capital, the Bank has decided to discontinue this product. In 2022, customer deposits increased by 18% to NOK 9,348 million. The deposit products do not have a fixed term. In 2022, the Bank increased the average deposit rate in Norway from 0.5% to 2.1% in December. The average deposit rate in Sweden was increased from 0.8% to 2.4%. In Germany, the rate was adjusted from 0.7% to 1.4%, including commission to partner. Table 1: net lending by product NOK million 2022 2021 Endring Consumer loans 8,152 6,304 29 % Credit cards 620 603 3 % POS Finance 338 491 -31 % Deposit 9,348 7,933 18 % 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. Regulatory changes and the COVID-19 pandemic, however, limited growth opportunities in 2020 and 2021. Consequently, the Bank initiated a program to improve operational efficiency. The program included a detailed plan to improve product performance, simplify the IT platform, and automate processes. At the end of the year, the Bank had approximately 362,000 customers, including deposit customers. This was a 15% increase from the end of 2021 (approximately 315,000 customers). POS customers accounted for 51% of the total customer base, while consumer loan and credit card customers accounted for 20% and 15%, respectively, of the remaining customer base. 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 In January 2022, Komplett Bank announced a new and more efficient management structure to provide the Bank with increased market focus and better adaptability. The new management team was reduced from ten to six members, and more flexible and efficient decision-making processes were introduced. In the new structure, Eirik Holtedahl took over as the new Chief Gross loan distribution by product Customer distribution by product NOK 9,6 bn 314’ 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 2022 31
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