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Operational and financial update Q1 2021

Kjetil S. Barli

Aprila’s gross income from lending grew by 15% in the first quarter, to NOK 11.6 million. Following two weak months in January and February, gross income from lending came in at an all-time high of NOK 4.3 million in Marchcorresponding to an annual run-rate of NOK 52 million. 
Gross loans amounted to NOK 213 million at the end of the quarter, an increase of NOK 29 million (+16%) compared to the end of the fourth quarter 2020The gross lending balance on credit line increased by 35% in the quarter and accounted for 72% of gross loans at the end of the quarter (vs. 62% at the end of Q4 20). 
Purchased amount in Q1 21 amounted to NOK 158 million, compared to NOK 194 million in Q4 20. The decline in purchased amount was driven by lower invoicing volumes (-12%) and a lower approval rate (51% in Q1 21 vs. 60% in Q4 20). Aprila’s income relative to its customers’ invoice volumes (‘invoice cut’) improved from 0.35% to 0.38% as a result of higher take-up rate and an increased margin. 

At the end of the first quarter, Aprila had a total of 3,483 unique customers on its two lending platforms; an increase of 18% compared to the end of the fourth quarter 2020. The 3,483 unique customers held a total of 4,004 open customer accounts distributed on Aprila’s three lending products: spot factoring (2,538 accounts), credit line (1,365 accounts) and home rental (101 accounts). 

Aprila’s own channels accounted for 33% of the customers added in the quarter, followed by Fiken (25%), Visma eAccounting (14%), and Tripletex (9%). 

Aprila’s Q1 presentation will be held on Wednesday 12 May 2021. 
Contact person at Aprila Bank ASA: 
Kjetil S. Barli, CFO 
+47 908 42 016