Kredinor AS: Result for the third quarter 2023

Oslo, 8 November 2023 – Kredinor AS today announced its interim report for the period ending 30 September 2023. The quarter was weaker than expected from Kredinor, mainly due to macroeconomic conditions. At the same time, Kredinor continues to execute on the new strategy and showed good progress on the post-merger integration.

As a result of weaker collection performance than expected, Kredinor reduced the book value of its purchased portfolios by MNOK 180 in the third quarter. The impairment of MNOK 180 represents a total of 2.84% of the current portfolio value. Additionally, Kredinor has also written down MNOK 62 in goodwill related to the Portfolio Investment business line.

– These portfolios are mainly from before 2020 and more than half of them come from loans given to customers from consumer finance banks before the public debt register was introduced, says Klaus-Anders Nysteen, CEO of Kredinor.

There is a risk that Kredinor in the next quarter will be in breach with some of the covenants related to the revolving credit facility (RCF). As a result of this, Kredinor is in a constructive dialogue with the RCF banks to make amendments to or get waivers from existing covenants, if required.

Financial highlights of Q3:

  • Cash revenues of MNOK 561 (MNOK 628 in Q2 2023)
  • Cash EBITDA of MNOK 279 (MNOK 353 in Q2 2023)
  • Adjusted EBIT of MNOK 82 (MNOK 85 in Q2 2023)
  • Earnings before tax of MNOK -274 (MNOK – 54 in Q2 2023)


The figures in in brackets refer to the previous quarter in the absence of other comparable figures following the merger.

– The collection performance was 90% in Q3 and 93 % for the period January-September. When the consumers are struggling, it is obviously more difficult for them to repay their outstanding amounts. Our commitment is to be at our customers’ side to support them through the tough challenges, says Nysteen.

Strategy and synergies

This fall, Kredinor has reduced the number of core collection systems from three to two following the merger in 2022, and the work continues gathering all collections into one core system.

– As a result of this and other ongoing synergy projects, we expect higher efficiency and better collection performance going forward, says CEO Klaus-Anders Nysteen.

– Our new financial advisory service Kan has now moved from pilot to live production. We are very pleased with the progress and the feedback we are receiving from our customers, helping them to improve financial health, says Nysteen.

During the third quarter, Kredinor completed the acquisition of the Danish company Intellecto A/S. With this, Kredinor will be able to service pan-Nordic customers and clients.

For additional information, please contact:

Jon Berge, Head of Marketing and Communication. Tel.: +47 905 98 680.

Jon Berge

Communications director

+47 905 98 680