Bluestep Bank AB (publ) Interim Report 2023

The first half year in brief

The period extends from 1 January - 30 June 2023 (comparative figures for the corresponding period last year).

Performance and financial position

• Lending to the public increased by 8% to MSEK 20,458 (MSEK 18,981). Adjusted for currency effects the increase was 6%.

• New lending amounted to MSEK 2,868 (MSEK 3,351). Adjusted for currency effects the decrease was 12%, as EUR strengthened against SEK compared to the previous year.

• Net interest income amounted to MSEK 461 (MSEK 442), an increase of 4%.

• Operating profit amounted to MSEK 198 (MSEK 130). The operating profit was also positively impacted by gains on financial transactions and negatively impacted by increased credit loss provisions. The comparative period was affected by nonrecurring items related to the strategic review initiated by the owners of the Group.

• Net credit losses amounted to MSEK -16 (MSEK 0), equivalent to a credit loss level of 0.15% (0.00%).

• The return on equity for the period was 17.8% (12.1%).

• The Common Equity Tier 1 (”CET1”) ratio was 17.7% (17.0%), which is well above the targeted level of 16%.


• The Group’s long-term strategy is to have a well-diversified funding structure, mainly comprising of retail deposits from the public and the issuance of covered and senior unsecured bonds.

• During the first half of 2023, one of Bluestep Bank’s outstanding covered bonds, amounting to MSEK 1,900 was repaid. At the end of the period, the Group had an outstanding volume of covered bonds amounting to MSEK 4,000 under Bluestep Bank’s MTCN-programme.

• At the end of the period, the Group had an outstanding volume of MSEK 1,550 and MNOK 550 in senior unsecured bonds under Bluestep Bank’s MTN-programme.

• Deposits from the public amounted to MSEK 14,082 (MSEK 10,919).

Strategic development and significant events

• The first half-year of 2023 has been characterised by a continuous challenging macroeconomic landscape with persistent high inflation, interest rates that are still rising and geopolitical uncertainty due to the conflict in Ukraine. Nevertheless, Bluestep Bank has through comprehensive risk mitigation strategies and identification of emerging opportunities successfully navigated these headwinds. The Bank is closely monitoring the situation and implements measures as needed.

• Both Bluestep Bank's growth initiatives, focusing on the equity release product in Sweden and mortgages in Finland increased in volume during the period and reached MSEK 1,163 (MSEK 817), and MSEK 625 (MSEK 359) respectively.

• In June, Bluestep Bank entered into an agreement to acquire Bank2 ASA, a Norwegian specialist mortgage bank.

• As a consequence of the build-up of the common Nordic Back Office, the Bank divested the subsidiary, Bluestep Servicing AB, during the period.

• Following the notification to the Swedish Financial Supervisory Authority ("SFSA") and the German Federal Financial Supervisory Authority (“BaFin”) in 2022, Bluestep Bank will start offering deposit products in EUR to customers residing in Germany. This will provide further diversification to the Group's funding.

Comment from Björn Lander, CEO of Bluestep Bank:

“The first half of 2023 stands as a testament to our ability to thrive within a challenging macroeconomic environment. The profound impact of ongoing conflicts and rising interest rates on global markets tested our resilience and determination. Our business, though not immune to these challenges, adeptly navigated the landscape with precision and foresight. We attribute our growth to the dedication and resilience of all our employees, who have remained the cornerstone of our accomplishments.”

To read the report in full:

For further information, please contact:

Björn Lander, CEO, Bluestep Bank
+46 73 673 1899

Juan Navas, Head of Corporate Communication, Bluestep Bank
+46 70 306 2245

Or visit:

This information is information that Bluestep Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation, the Swedish Securities Market Act and due to the requirements pursuant to § 5 – 12 of the Norwegian Securities Trading Act. The information was submitted for publication, through the agency of the contact persons set out above, at 18.30 CEST on 24 August 2023.

Published 2023-08-24 18:30



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Bluestep Bank AB (publ) Interim Report 2023