Komplett Bank had bad weather recently after the bank reported heavy losses in the third quarter. Now comes more bad news. Originally, the consumer loan bank planned to pay NOK 0.28 in dividend per share to shareholders in December, but now Finanstilsynet is instructing the bank to hold a portfolio.
In a stock exchange announcement late Tuesday night, Komplett Bank announced that Finanstilsynet had made an assessment — based on the bank’s review of loan history, sale of non-performing loans, and therefore an expected negative result for 2021 — and concluded that it should not pay more. Dividends based on 2020 results.
Komplett Bank previously made a different assessment, and considered capital adequacy to be within the required levels.
“However, the Board of Directors of Komplett Bank took Finanstilsynet’s assessment into account and decided not to pay additional dividends based on the results of 2020. As a result, the capital adequacy of Tier 1 common stock will increase to 19.4 percent from 18.8 percent reported as of 30 September 2021. This capital adequacy increase can be used to increase future growth and dividends to shareholders,” Complete Bank wrote in the report.
CEO Øyvind Oanes has no further comment for Finansavisen other than in the report – other than that the decision is disappointing.
Kistefos is the largest shareholder in Komplett Bank with 19.12 percent of the shares. Thus, Kristen Sveas’ earnings amounted to 10 million Norwegian kroner.