NOBA has demonstrated strong profitability momentum with 40% year-over-year growth in adjusted core operating profits in Q3 2025 and a loan book expansion of 10% reaching SEK 131.5 billion. The company targets ambitious growth goals including expanding its loan book to SEK 250 billion by 2030 while maintaining disciplined cost management with a 22% cost-to-income ratio.
Cyborg Score Rationale
NOBA demonstrates robust financial performance with 40% YoY profit growth, 28% core return on equity, and strong net interest margins at 8.4%. Recent capital raising via block trade signals investor confidence, though execution risk remains on ambitious 2030 targets and Nordic market sensitivity.
Top Insights
Q3 2025 showed exceptional 40% YoY adjusted core operating profit growth with 16% top-line expansion and 28% core ROE
Loan book grew 10% YoY to SEK 131.5 billion with Net Interest Margin of 8.4% indicating pricing power
Cost-to-income ratio improved to 22% with medium-term target of 20%, demonstrating operational leverage
Recent block trade by Nordic Capital and Sampo Oyj with OP participation (February 2026) validates institutional interest in growth platform
Named Competitors
Nordea — Major Nordic universal bank
SEB — Diversified Nordic financial services
Danske Bank — Nordic and Baltic retail banking
Bank Norwegian — Consumer lending in Norway
Recent Developments
(February 2026) OP raises stake in NOBA via €560M block trade with Nordic Capital and Sampo Oyj
(February 2026) Q4 2025 earnings release issued with continued profitability focus
(Q3 2025) Adjusted core operating profits surged 40% YoY to SEK 1.4 billion with 16% top-line growth
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