Morrow Bank delivered record Q3 earnings of SEK 200 million, driven by the MedMera Bank integration and improved credit quality, while raising its 2028 financial targets.
Q3 profit before tax more than doubled to a record SEK 200 million (+123%), EPS from continuing operations rose 65% to SEK 0.45, and the loan loss ratio fell from 3.9% to 2.5%. The MedMera Bank integration is ahead of plan with roughly half of the SEK 150 million annual synergies already run-rate, and non-core operations are being sold at a premium to equity value. These hard results and raised end-2028 ambitions (EPS above SEK 2.0) support the share price; the higher YTD cost/income ratio of 27.8% vs 26.7% is a partial offset.
Morrow Bank reported record third-quarter profit before tax of SEK 200 million, a 123% increase year-on-year, following the successful consolidation of MedMera Bank. Earnings per share rose 65% to SEK 0.45, while the bank successfully realized approximately half of its projected SEK 150 million in annual synergies on a run-rate basis.
Profit before tax more than doubled to a record SEK 200 million, earnings per share from continuing operations rose 65% to SEK 0.45, and return on target equity reached 21.5%, helped by the consolidation of MedMera Bank from 1 July 2026.
For end-2028: loan book growth of around 10% per annum, a cost/income ratio of around 20%, a loan loss ratio of around 3%, ROTE above 20% and earnings per share above SEK 2.0, more than double the 2025 level.