Northmill Group AB (publ) reports 86 MSEK in profit before tax for the second quarter of 2026, compared with 56 MSEK in the same quarter the previous year. The total portfolio grew 64 per cent to 7,765 MSEK, driven by business lending.
Profit before tax
vs Q2 2025
Total portfolio, gross
vs Q2 2025
Credit loss level
down 1 percentage point vs Q2 2025
Business lending grew by 1.1 billion in one quarter
The business portfolio amounted to 2,483 MSEK in Q2 2026, compared with 551 MSEK in Q2 2025. The company describes it as a record quarter for B2B lending and states that the portfolio grew by 1.1 MDSEK during the quarter. The consumer portfolio meanwhile increased 27 per cent to 5,282 MSEK.
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating income | 281 | 205 | +37% |
| Profit before tax | 86 | 56 | +54% |
| Total portfolio, gross | 7,765 | 4,725 | +64% |
| Business portfolio | 2,483 | 551 | +351% |
| Consumer portfolio | 5,282 | 4,175 | +27% |
Credit losses fell while the portfolio grew
The credit loss level decreased to 4.6 per cent from 5.6 per cent, and the cost/income ratio to 40.3 per cent from 41.5 per cent. The company states that the business portfolio comprises around 70 counterparties with an average exposure of 35 MSEK, and that exposure to individual counterparties has more than halved during 2026. The breakdown by industry is reported as follows:
- Real estate — 40 per cent
- Credit portfolio financing — 25 per cent
- Operating companies — 20 per cent
- Acquisition financing — 10 per cent
- Construction and contracting — 5 per cent
The capital base was strengthened with an AT1 bond
At the beginning of the second quarter, Northmill issued an Additional Tier 1 bond of 275 MSEK. For the second quarter, the bank reports a total capital ratio of 21.8 per cent of the risk exposure amount, against a regulatory requirement including Pillar 2 guidance of 18.2 per cent. Deposits from the public were 7,743 MSEK, compared with 4,233 MSEK a year earlier.
The year so far
For the first half of the year, Northmill reports operating income of 532 MSEK and profit before tax of 160 MSEK, compared with 402 and 100 MSEK respectively for the same period in 2025. Adjusted return on equity for the quarter was 23.9 per cent, compared with 19.8 per cent in Q2 2025. The bank reports 280,000 active consumer customers and 3,800 active business customers as of Q2 2026, and 222 employees.
Source: Northmill Group AB (publ), Investor update Q2 2026 and the company's press release of 26 August 2026. All figures refer to continuing operations unless otherwise stated.
