Solid growth and strong operating profit
Results and financial position
The income statement is compared to the corresponding quarter of the previous year. The balance sheet is compared to the end of the most recent financial year (31 December 2024).
April - June 2025
Lending to the public increased by 6.0% on a rolling twelve-month basis ("RTM") to 29 633 MSEK (27 964 MSEK). Adjusted for currency effects, the increase was 9.3%.
New lending amounted to 3 025 MSEK (2 586 MSEK) for the quarter.
Net interest income increased to 305,0 MSEK (274,1 MSEK), an increase of 11.3%.
Net profit after tax for the quarter amounted to 77.2 MSEK (94.5 MSEK), and adjusted net profit for the quarter after tax amounted to 140.8 MSEK (102.2 MSEK).
Operating profit adjusted for items affecting comparability amounted to 177,3 MSEK (128,7 MSEK), an increase of 37.8%.
These items affecting comparability relate to costs associated with preparations for the company's stock exchange listing.
Net result of financial transactions was affected, among other things, by mark-to-market valuation of currency hedges of approximately 10 MSEK and by value changes in the liquidity portfolio of approximately 5 MSEK due to falling interest rates.
Net credit losses amounted to 11,1 MSEK (5,9 MSEK), corresponding to a credit loss level RTM of 0.24% (0.22%). The total share of loans in stage 2 amounted to 9.3% (14.1%), and the share of loans in stage 3 to 7.3% (5.6%).
The acquisition of the remaining shares in Eiendomsfinans AS resulted in an impairment of the original investment of 4,5 MSEK, which is recognised under share of profit from associates.
C/I ratio adjusted for items affecting comparability for the quarter amounted to 44.1% (51.8%). The C/I ratio is negatively affected by the consolidation of Eiendomsfinans AS, where the holding now affects both income and costs.
Adjusted RoTE amounted to 23.9% (17.1%).
January-June 2025
Lending to the public increased by 6.0% RTM to 29 633 MSEK (27 964 MSEK). Adjusted for currency effects, the increase was 9.3% for the period.
New lending amounted to 6 174 MSEK (5 524 MSEK) for the period January to June.
Deposits from the public amounted to 23 769 MSEK (23 203 MSEK) at period end.
Net interest income increased to 603,4 MSEK (545,0 MSEK), an increase of 10.7%.
Net profit after tax for the period amounted to 126.2 MSEK (140.6 MSEK), and adjusted net profit for the period after tax amounted to 245.0 MSEK (189.5 MSEK).
Operating profit adjusted for items affecting comparability amounted to 308,6 MSEK (238,7 MSEK), an increase of 29.3%. Operating profit amounted to 190,0 MSEK (174,2 MSEK), an increase of 9.1%. Operating profit is affected by items affecting comparability of 68,5 MSEK (13,4 MSEK) for the quarter and 118,6 MSEK (64,5 MSEK) for the period. These relate to costs associated with preparations for the stock exchange listing of the company, as well as integration and restructuring in connection with the acquisition of Bank2.
Net credit losses amounted to 42,7 MSEK (18,7 MSEK), corresponding to a credit loss level RTM of 0.24% (0.22%). The increase, which was mainly recognised in the first quarter, is primarily explained by items not occurring in the comparative period, including an adjustment of provisions in the Group's run-off portfolio of 7 MSEK and actual losses of 5 MSEK attributable to the migration of Bank2's loan portfolio to Enity's banking platform in the fourth quarter of 2024. The total share of loans in stage 2 amounted to 9.3% (14.1%), and the share of loans in stage 3 to 7.3% (5.6%).
C/I ratio adjusted for items affecting comparability for the period amounted to 45.0% (53.6%).
Adjusted RoTE amounted to 20.8% (15.9%).
Common Equity Tier 1 capital ratio (CET1) amounted to 14.7% (16.7%).
Total capital ratio amounted to 18.2% (18.7%).
Earnings per share amounted to 3,46kr (2,79kr) for the period January to June.
Strategic development and significant events during and after the quarter
Listing on Nasdaq Stockholm
On 13 June 2025, the company was listed on Nasdaq Stockholm. The listing marks an important milestone in the Group's development, providing increased access to the capital market and enhancing visibility and credibility with customers, investors, and other stakeholders.
Capital structure
On 12 May 2025, the company issued an AT1 bond of 250 MSEK.
At an extraordinary general meeting of the company on 5 May 2025, it was resolved to pay an extra dividend of 250 MSEK, with the payment date on 12 May 2025. The purpose of the company's issuance of the AT1 bond and the extra dividend was to optimise the Group's capital structure.
As part of the preparations for the company's listing, the company carried out a bonus issue, whereby the share capital increased from 400 000 kronor to 500 000 kronor through a transfer of funds from unrestricted equity. After the bonus issue, a share split was carried out, whereby the number of shares increased from 5 000 to 50 000 000. These changes were implemented before the first day of trading and were intended to adapt the company's capital structure and number of shares ahead of the listing. See Note 9 for more information.
Acquisition of the remaining shares in Eiendomsfinans
Eiendomsfinans AS is a Norwegian mortgage loan broker in which Enity Bank previously owned 49 percent of the shares and votes. On 5 May 2025, the Board of Enity Bank resolved to acquire the remaining 51 percent of the shares and votes in Eiendomsfinans AS and its subsidiary Eiendomsfinans Drift AS from Enity Holding's then parent company, Butterfly HoldCo Pte. Ltd, for a purchase consideration of 83 MSEK. The acquisition was completed on 6 May 2025, after which Eiendomsfinans AS became a wholly owned subsidiary of Enity Bank. See Note 10 for more information.
All about the report
Investors, analysts and media are invited to participate in the following event:
Enity, Audiocast with teleconference, Q2, 2025 on 27 August at 09:00 CEST
Björn Lander, Enity's President and CEO, and Pontus Sardal, CFO, will present the results, followed by a Q&A session. The presentation and Q&A will be conducted in English.
If you wish to participate via webcast please use the link below. You can ask written questions via the webcast.
https://enity.events.inderes.com/q2-report-2025
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/enity/q2-report-2025/dial-in
For further information, please contact:
Björn Lander, CEO
+46 (0)73 673 1899
bjorn.lander@enity.com
Pontus Sardal, CFO
+46 (0)70 149 9315
pontus.sardal@enity.com
John Womack, Investor Relations
+46 (0)70 678 2499
john.womack@enity.com
Or visit: www.enity.com
This disclosure contains information that Enity Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person, on 27-08-2025 07:00 CEST.
About Enity
Enity is a specialist mortgage provider operating in the Nordic region, creating innovative and inclusive mortgage solutions for approximately 33,000 customers across Sweden, Norway and Finland. Enity commenced operations in 2005, with a mission to provide sustainable access to the housing market for the underpenetrated, high-growth segment of borrowers not always well-served by high-street banks, despite low risk and strong potential. Enity serves its customers through a differentiated product offering across three brands: Bluestep Bank in all its geographies, Bank2 in Norway and 60plusbanken in Sweden. Today, Enity is a profitable market leader based on the size of its mortgage loan portfolio, with lending to the public of SEK 29.3 billion as of 31 March 2025, in a steadily growing market with a low-risk portfolio primarily comprised of fully secured mortgages.
