Bluestep Bank AB (publ) Year-end report 2022

The year in brief

Performance and financial position

  • Lending to the public increased by 11% to MSEK 20,346 (MSEK 18,333). Adjusted for currency effects the increase was 9%.
  • New lending amounted to MSEK 6,903 (MSEK 7,169). Adjusted for currency effects the decrease was 6%, as both NOK and EUR strengthened against SEK compared to the previous year.
  • Net interest income amounted to MSEK 921 (MSEK 833), an increase of 11%.
  • Operating profit amounted to MSEK 310 (MSEK 325). Operating income increased during the year, but non-recurring items associated with the strategic review initiated by the owners of the Group (amounting to MSEK 36) and increased credit loss provisions led to a decrease in operating profit by 5%.
  • Net credit losses amounted to MSEK 28 (MSEK 7), equivalent to a credit loss level of 0.14% (0.04%).
  • The return on equity for the year was 13.9% (14.6%).
  • The Common Equity Tier 1 ratio (”CET1”) was 17.2% (16.4%), which is with a good margin to the targeted level at 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 1,550 and MNOK 550 in senior unsecured bonds under Bluestep Bank’s MTN-programme.
  • Deposits from the public amounted to MSEK 13,239 (MSEK 10,426)

Strategic development and significant events

  • The year 2022 has been characterised by a swift change in macro coupled with geopolitical uncertainty due to the conflict in Ukraine. This is resulted in sharply rising interest rates, high energy prices and elevated inflation. The outlook is still filled with uncertainty and Bluestep Bank is closely monitoring the situation and implements measures as needed.
  • The strategic review initiated by EQT VII, the indirect majority shareholder in Bluestep Bank, concluded with EQT VII deciding to remain committed to Bluestep Bank.
  • Both Bluestep Bank's growth initiatives, focusing on the equity release product in Sweden and mortgages in Finland doubled in volume during the year and reached MSEK 1,011 (MSEK 542), and MSEK 511 (MSEK 219) respectively.
  • Bluestep Bank notified the Swedish Financial Services Authority of the intention to provide cross-border services by offering deposit products to customers residing in Germany. The notification was acknowledged by the Swedish Financial Services Authority and thereafter also by the German Federal Financial Supervisory Authority (“BaFin”). This will enable Bluestep Bank to further diversify the Group's funding.
  • A common Nordic function for loan and deposit administration was established at the end of 2021. During 2022, the next step was finalised with the migration to one common IT system for loan and deposit administration within Bluestep Bank.
  • Jayne Almond was appointed new chairman of the Board of Directors as Per-Arne Blomquist decided to step down. His departure and the decision from Lars Wollung and Sofia Arhall Bergendorff not to stand for re-election, decreased the number of Board members from eight to six during the year.

Comment from Björn Lander, CEO, Bluestep Bank:

"2022 was a year of continued solid performance. Despite the difficult geopolitical situation and severe implications for the macroeconomic climate, Bluestep Bank exhibited both strong growth in lending to the public and continued solid profitability. In 2022 we took further steps to build market share in Finland, as well as with the equity release product through 60plusbanken in Sweden. Furthermore, we streamlined operations with the transformation to one core banking platform and one centralised back office. In times of hardship Bluestep Bank remains a resilient company and is more relevant than ever before. Exclusion from both the housing market and from traditional banks has left room for a modern mortgage bank aiming at improving financial inclusion through home ownership."

For further information, please contact:

Björn Lander, CEO, Bluestep Bank
+ 46 (0)73 673 1899


Juan Navas, Head of Corporate Communication, Bluestep Bank
+46 (0)70 306 2245

Or visit:

Bluestep Bank AB (publ) is publishing this information which is obliged to be made publicly available 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 person set out above at 08.30 CET on 23rd of February 2023.

Published 2023-02-23 08:30



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Bluestep Bank AB (publ) Year-end report 2022