(Corrects timing of Finnish launch to H1 2017 from Q1)
OSLO Oct 13 Norwegian consumer lender Komplett
Bank raised its earnings guidance on Thursday amid
continued strong growth and said it will consider an initial
public offering (IPO) within a few years.
The bank, which is closely tied to Scandinavian e-commerce
company Komplett, reported lending growth of 24 percent in the
third quarter from the second, and a 132 percent year-on-year
"We expect continued strong growth. This is only the
beginning," Chief Executive Raimond Pettersen said.
The bank reported a pretax profit of 53.5 million Norwegian
crowns ($6.61 million) for the quarter and raised its full-year
guidance to 170-180 million crowns from previously 145-160
An IPO could come in the not so distant future, the CEO told
Reuters on the sidelines of a news conference.
"We have seen successful listings in the consumer (banking)
segment both in Norway and Sweden, with Bank Norwegian
, Nordax and Collector... It is
natural to consider listing on the stock exchange within a few
years," Pettersen said.
No time table has been set for an IPO, but a listing could
potentially take place as early as 2017, he added.
The bank's launch in Finland, due in the first half of next
year, is progressing according to plan and will not add
significant extra costs. Sweden and Denmark could come next, it
The recent surge in consumer lending has triggered a warning
from Norway's Financial Supervisory Authority against potential
future losses, but Pettersen said he saw no signs of an
"Losses are, as expected, low to moderate," he said.
Year-to-date, Komplett Bank's shares are up 80 percent on
Oslo's over-the-counter market, valuing the company at 2.6
($1 = 8.0919 Norwegian crowns)
(Reporting by Camilla Knudsen, editing by Terje Solsvik)