March 25, 2020 / 7:09 AM / 7 days ago

BRIEF-Komplett Bank Expects To Make Additional Loan Loss Provisions In 2020

March 25 (Reuters) - Komplett Bank ASA:

* KOMPLETT BANK: OPERATIONAL AND FINANCIAL UPDATE

* ON CORONAVIRUS: PANDEMIC IS NOT EXPECTED TO HAVE A MATERIAL IMPACT ON DAY-TO-DAY OPERATIONS OR TO COMPROMISE ANY OF BANK’S PRODUCTS AND SERVICES.

* LOAN GROWTH ADJUSTED FOR CURRENCY EFFECTS IS EXPECTED TO BE SLIGHTLY NEGATIVE IN Q1 2020.

* AS A CONSEQUENCE OF PANDEMIC AND RESULTING CHANGES IN MACROECONOMIC CONDITIONS, KOMPLETT BANK EXPECTS TO MAKE ADDITIONAL LOAN LOSS PROVISIONS DURING 2020

* KOMPLETT BANK HAS A SOLID LIQUIDITY POSITION AND HAS NO REFINANCING NEEDS IN 2020.

* LOAN LOSSES FOR FIRST TWO MONTHS OF YEAR IMPROVED SIGNIFICANTLY COMPARED TO AVERAGE LEVEL IN Q4 2019

* UNAUDITED PRE-TAX OPERATING PROFIT CAME IN AT NOK 74.5 MILLION FOR FIRST TWO MONTHS OF 2020. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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