April 30, 2020 / 5:21 AM / a month ago

BRIEF-Norwegian Finans Q1 Profit Before Tax Falls To NOK 487.1 Million

April 30 (Reuters) - Norwegian Finans Holding ASA:

* REG-NORWEGIAN FINANS HOLDING ASA: STRONG FINANCIAL PERFORMANCE IN AN UNCERTAIN ENVIRONMENT

* REPORTED COMPREHENSIVE INCOME IN Q1 OF 2020 NOK 368 MILLION AFTER TAX, COMPARED WITH NOK 504 MILLION IN Q4 OF 2019

* DECREASE IS CAUSED BY A DISCRETIONARY ADDITIONAL PROVISION FOR LOAN LOSSES OF NOK 230.0 MILLION RELATED TO COVID-19 IN Q1.

* Q1 GROSS LOANS TO CUSTOMERS INCREASED NOK 2 860 MILLION COMPARED WITH NOK 972.5 MILLION IN PREVIOUS QUARTER AND TOTALED NOK 47 015 MILLION.

* ON CORONAVIRUS: IT IS STILL TOO EARLY TO PREDICT HOW HIGHLY UNCERTAIN EFFECTS OF COVID-19 WILL AFFECT NFH GROUP

* ON CORONAVIRUS: DUE TO COVID-19, NFH GROUP HAS TEMPORARILY PAUSED PREPARATIONS FOR EXPANSION INTO EUROPEAN MARKETS

* ON CORONAVIRUS: COMMENCEMENT OF ACTIVITIES WILL DEPEND ON FALLOUT OF COVID-19.

* Q1 NET INTEREST INCOME NOK 1.39 BILLION VERSUS NOK 1.27 BILLION YEAR AGO

* Q1 LOAN LOSSES NOK 620.6 MILLION VERSUS NOK 379.3 MILLION YEAR AGO

* Q1 PROFIT BEFORE TAX NOK 487.1 MILLION VERSUS NOK 644.4 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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