Bluestep Bank AB (publ) Interim report 2022

The first half year 2022 in brief


Performance and financial position

• Lending to the public increased by 11% to MSEK 18,981 (MSEK 17,071). Adjusted for currency effects the increase was 9%.

• New lending amounted to MSEK 3,351 (MSEK 3,380). Adjusted for currency effects the decrease was 3%, as both NOK and EUR strengthened against SEK compared to the same period last year.

• Net interest income amounted to MSEK 442 (MSEK 412), an increase of 7%.

• Operating profit decreased by 28% and amounted to MSEK 130 (MSEK 182). Non-recurring items associated with the strategic review initiated by the owners of the Group this year of MSEK 25, and income from the sale of the personal loan portfolio last year of MSEK 18, are the main reasons for the decrease. Operating income is also negatively affected by unrealised losses from financial instruments reported at fair value.

• Net credit losses amounted to MSEK 0 (MSEK 0), equivalent to a credit loss level of 0.00% (0.00%)

• The return on equity for the period was 12.1% (15.9%).

• The Common Equity Tier 1 ratio (”CET1”) was 17.0% (21.9%). The CET1-target is 16%.



• The Group redeemed its final outstanding RMBS transaction (Step 4) in May. The Group has thereby taken another step towards its long-term funding structure, comprising of covered bonds, senior unsecured bonds and deposits from the public.

• Two tap issues of covered bonds, amounting to MSEK 300 each, were completed during the first half of 2022. At the end of the period, the Group had an outstanding volume of covered bonds amounting to MSEK 5,900 under Bluestep Bank’s MTCN-programme.

• At the end of the period, the Group had an outstanding volume of MSEK 2,050 and MNOK 550 in senior unsecured bonds under Bluestep Bank’s MTN-programme.

• Deposits from the public amounted to MSEK 10,919 (MSEK 11,074).

Strategic development and significant events

• Russia launched an invasion of Ukraine on 24 February. Bluestep Bank is continuously analysing the situation and have made the assessment that there is low risk of direct effects on its operations. Bluestep Bank does not have any customers in Russia or Ukraine and have implemented measures to mitigate the indirect macroeconomic impacts related to the war.

• The strategic review initiated by EQT VII, the indirect majority shareholder in Bluestep Bank, is ongoing as previously communicated. No decision has yet been made as to any strategic alternative, nor as to the timetable. Further updates to the market will be provided if and when appropriate.

• The common Nordic function for lending and deposit administration was established at the end of last year, thereby realising synergies and paving the way for future expansion. We have now taken the next steps and the migration to one common lending and deposit system for all segments has been implemented.

• The new onboarding system, SMART, was launched in Norway and Finland with Sweden to follow in the near future.

• The expansion of the equity-release product in Sweden and mortgages in Finland continues, and the combined loan balances per the end of June 2022 were MSEK 1,176 (MSEK 453). Operating profit was negatively impacted by MSEK 28 (MSEK 24).

• Jayne Almond was appointed as a new member of the Board of Directors at the Annual General Meeting on the 26 April 2022. As Lars Wollung and Sofia Arhall Bergendorff decided not to stand for re-election, the number of board members decreased from eight to seven.


Comment from Björn Lander, CEO of Bluestep Bank:

“Despite a more challenging macroeconomic environment, Bluestep Bank continues to deliver stable growth and a positive underlying profit development. Our growth initiatives, 60plusbanken in Sweden and mortgages in Finland, have seen a doubling in lending volume compared to the previous year. In a tougher financial climate, more people will find themselves excluded from the traditional banking sector, providing us with an opportunity to include even more people in the housing market. Our diverse portfolio makes for a resilient business ready for further growth even during challenging macroeconomic times,” says Björn Lander, CEO at Bluestep Bank.


To read the report in full:


For further information, please contact:

Björn Lander, CEO, Bluestep Bank

+46 736 73 18 99


Sofia Hagman Buhlin, Head of Corporate Communications, Bluestep Bank

+46 708 98 24 29

This information is information that Bluestep Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Norwegian Securities Trading Act § 5 - 12. The information was submitted for publication, through the agency of the contact persons set out above at 08.30 CEST on 25 August 2022.


Published 2022-08-25 08:30

Modified 2022-09-14 16:12



Name Files
Bluestep Bank AB (publ) Interim report 2022