Morrow Bank targets accelerated growth, higher returns by 2028

Morrow Bank ASA is targeting over 10% annual organic loan growth and a return on target equity (ROTE) of approximately 20% by end-2028, a substantial increase from its Q3 2025 ROTE of 13.1% and previous mid-term growth ambition of 5–10%. This strategy aims to grow the loan book from NOK 17 bn to NOK 24 bn, building on an industry-leading 55% annualised net earnings growth achieved since 2022. The bank attributes its past and future success to strong customer demand, a scalable banking platform, and continuous operational improvements.

A pivotal move in this strategy is Morrow Bank's redomiciliation to Sweden, effective 2026, which includes transferring its listing from Euronext Oslo Børs to Nasdaq Stockholm on January 9, 2026. This relocation will reduce capital requirements, freeing up approximately NOK 1 bn in excess capital. This capital is earmarked for accretive acquisitions, presenting an upside to the bank’s organic growth ambitions.

The strategy is further supported by a stable Nordic macro-outlook, predicting higher demand for consumer financing, improved credit quality, and expanding net interest margins. Operational efficiency is a core strength, demonstrated by a fully automated loan process for 60% of loans and AI-driven automation for further cost reductions. Morrow Bank’s focused product portfolio positions it for continued superior earnings growth and value creation.