Morrow Bank Full Year 2023 Earnings: Beats Expectations

Morrow Bank (OB:MOBA) Full Year 2023 Results

Key Financial Results

• Revenue: kr527.2m (up 3.6% from FY 2022).
• Net income: kr133.7m (up from kr13.9m loss in FY 2022).
• Profit margin: 25% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses.
• EPS: kr0.62 (up from kr0.074 loss in FY 2022).

MOBA Banking Performance Indicators

• Cost-to-income ratio: 30.4% (down from 63.3% in FY 2022).
• Non-performing loans: 4.10% (up from 2.67% in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Morrow Bank Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%.

The primary driver behind last 12 months revenue was the Norway segment contributing a total revenue of kr256.7m (49% of total revenue). The largest operating expense was General & Administrative costs, amounting to kr250.7m (64% of total expenses). Explore how MOBA's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 34% p.a. on average during the next 2 years, while revenues in the Banks industry in Norway are expected to remain flat.

Performance of the Norwegian Banks industry.

The company's shares are up 2.5% from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for Morrow Bank that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.