Nordax Group Interim Report Jan-Mar 2016

1st QUARTER 2016

Numbers compared with 1st quarter 2015

• Loan portfolio increased by 13.9% in constant currencies

• Net interest margin increased to 9.3% (8.4%)

• Total operating income amounted to 280 MSEK (218). Adjusted total operating
income amounted to 261 MSEK (219)

• Adjusted cost to income ratio improved to 28.6% (28.8%)

• Operating profit amounted to 119 MSEK (74). Adjusted operating profit
increased by 24% to 99 MSEK (80)

• Earnings per share were 0.84 (0.53) SEK. Adjusted earnings per share were 0.70
SEK (0.57)

1st QUARTER 2016

Numbers compared with 4th quarter 2015

• Loan portfolio increased by 3.4% (14% annualized) in constant currencies

• Net interest margin was 9.3% (9.4%)

• Total operating income amounted to 280 MSEK (228). Adjusted total operating
income amounted to 261 MSEK (254)

• Adjusted cost to income ratio amounted to 28.6% (28.5%)

• Operating profit amounted to 119 MSEK (80). Adjusted operating profit amounted
to 99 MSEK (109)

• Earnings per share were 0.84 (0.57) SEK. Adjusted earnings per share were 0.70
SEK (0.76)

CEO COMMENTS

The good momentum from the second half of 2015 continued in the first quarter of
2016 with high growth in all four core markets. New lending was 1.1 billion SEK
which is the second best quarter ever and almost at the same high level as in
previous quarter.

Compared to the same period last year our adjusted operating profit has grown by
approximately 24% and our lending book has grown by 14% in constant currencies.
Improved net interest margin and the growth of the lending portfolios have been
the drivers behind the increase in profits. Compared to the first quarter last
year the net interest margin improved to 9.3% from 8.4%. The increase has been
driven mainly by lower funding costs and strong margins on new lending.

The lending portfolios in Sweden, Norway and Germany grew by double-digits in
annualised terms. New lending in Norway was record high and the total portfolio
in Norway had a annualized growth pace in the quarter of 19 percent, excluding
FX. Despite slower growth in Finland this quarter, the portfolio has grown by 17
percent compared to the same period last year.

Germany is our newest and fastest growing market and annualized growth in the
quarter in constant currencies was 31 percent. The first quarter continues to
demonstrate the possibilities we see in Germany. In the quarter, the net
interest margin amounted to 9.1%. Our marketing model and underwriting process
have proved to work efficiently in Germany although we are still evaluating the
process for recoveries. One sign of our commitment to Germany was that we at the
end of the quarter launched deposits in Germany, and we now offer deposits in
all our four home markets. The launch supports our diversified funding strategy
where we have the ambition to match currencies of assets and liabilities and it
will be interesting to monitor the flows going forward.

Our advanced marketing models and thorough underwriting form the basis for our
sound credit quality across the markets. The net credit loss level, which
usually is seasonally higher in Q1, was 1.6% which is an improvement compared to
the same period last year. Credit quality is key to us and an essential part of
our business model. Compared to last quarter, the net level was decreased in
Norway and increased in Sweden. We continue to monitor the Norwegian economy
carefully and stay in close dialogue with our customers who experience problems.

The strengthened NOK and EUR impacted our financial performance positively in
the first quarter. The currency fluctuations impacted the operating profit as
well as our total portfolio measured in SEK.

During the first quarter, we issued a 3-year senior unsecured bond of 500 MSEK
replacing a maturing bond. The transaction was done at favorable terms and
further strengthened our diversified funding base.

Our underlying performance confirms the strength of our business model and our
customer offering. Nordax’s strengths are our focus on large consumer loans to
financially stable individuals, many effective marketing channels, diversified
funding, the sound credit underwriting and robust net interest margins. The
prerequisite for us to continue to increase lending volumes is that we get the
margin and credit quality that we require to continue to build a business model
that is sustainable over time. Our aim is to continue to create good returns
over a long-period of time and to be able to have a robust business model in all
kinds of macro environment.

We will continue to further develop our marketing modeling and enhance internal
efficiency by simplifying and digitalizing processes. We also focus on improving
customer service and customer utility to keep as well as attract new customers.
We act from a position of strength and I believe in our vision to become a
leading Northern European niche bank in offering deposits and providing consumer
loans to financially stable people.

Morten Falch

CEO

The adjusted numbers are presented in order to show the underlying performance
of the business reflecting constant currencies and excluding non-recurring items
primarily related to the IPO 2015. A bridge between statutory and adjusted
accounts can be found in the report.

Contact

For more information, please contact

Morten Falch, CEO, +46 8 690 15 07, morten.falch@nordax.se

Camilla Wirth, CFO, +46 8 690 15 07, camilla.wirth@nordax.se

Johanna Clason, treasurer and debt investor relations, +46 8 690 15 07,
johanna.clason@nordax.se

Andreas Frid, media and equity investor relations, +46 705 29 08 00,
andreas.frid@nordax.se

Conference call

Media, analysts and investors are welcome to take part in a conference call on
April 28 at 9.00am CET. CEO Morten Falch and CFO Camilla Wirth will present the
results. After the presentation there will be a Q&A session.

Call-in numbers:

Sweden: +46 8 566 426 65

UK: +44 203 008 98 13

US: +1 855 753 22 36

Link to audiocast:

https://cloud.magneetto.com/wonderland/2016_0428_Nordax_Q1_Report/view

You can also follow the presentation on

https://www.nordaxgroup.com/en/investors/financial-reports/presentations/

Nordax Group AB (publ) announces this information in accordance with the
Securities Market Act and/or the Act on Trading in Financial Instruments and/or
the Nasdaq Stockholm Rule Book. This information was submitted for announcement
on April 28, 2016, at 07.30am CET.