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Aker ASA: First Quarter Results 2024 – Net Asset Value of NOK 60.4 billion



OSLO, Norway, May 8, 2024 /PRNewswire/ — The Net Asset Value (“NAV”) of Aker ASA and holding companies (“Aker”) was NOK 60.4 billion at the end of the first quarter 2024, compared to NOK 63.2 billion at the end of the fourth quarter 2023. Aker experienced strong operations and high activity across the portfolio in the first quarter.

While navigating a complex macroeconomic and a geopolitical landscape, Aker started the year with high activity. Some of the highlights include the refinancing of Solstad being completed in January, creating value for all stakeholders involved. And in March, Aker Carbon Capture (ACC) and SLB announced the agreement to combine their respective carbon capture businesses to become a diversified, global carbon capture player. During the quarter, Aker BP continued to deliver strong production, Cognite continued its positive commercial development and both Aker Solutions and Aker BioMarine posted improved financial results for the period.

“Aker closed the first quarter of 2024 with high activity across the portfolio. Aker’s partnership with SLB continues to grow and the new venture within carbon capture marks another important step to our existing partnerships within subsea production technologies with Aker Solutions and industrial software with Cognite. The transaction will support accelerated development of industrial decarbonization at scale and better position ACC for further international growth,” said Øyvind Eriksen, President & CEO of Aker ASA.

“Aker’s commitment to long-term industrial development and shareholder value creation remains firm, but moving forward our approach will be even more focused. Instead of spreading our efforts across multiple sectors and companies, we will devote more time and resources to larger companies where Aker’s industrial ecosystem can make a difference and continue to generate value. When allocating capital, we will prioritize cash-yielding investments that also generate a running return in the form of dividends or interest income, contributing meaningfully to our objective of increased and diversified upstream cash. Assessing business opportunities, strategic alternatives including transactions, and with a continued focus on sustainability, remains important parts of Aker’s active ownership agenda and method of work. This applies equally to our listed portfolio as well as to more recent startups in which Aker has strategically invested early-stage capital,” said Eriksen.

Key financials – first quarter 2024



• GAV:


NOK 71.7 billion



• Industrial Holdings:


NOK 60.1 billion



• Financial Investments:


NOK 11.6 billion



• NAV:


NOK 60.4 billion



• NAV per share:


NOK 813.2



• Share price:


NOK 623.5



• Liquidity:


NOK 5.5 billion* of which NOK 0.7bn cash


(*incl. undrawn credit facilities)

(Please note that Aker’s investments in Solstad Offshore and Solstad Maritime have been moved from the Financial Investments segment to Industrial Holdings from Q1 2024 onwards, and historical numbers have been re-presented).

For further information or questions following the presentation, please email the relevant contact below. The quarterly presentation and material are available at and

Media contact
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
E-mail: [email protected]

Investor contact
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
E-mail: [email protected]

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on May 8, 2024, at 07:00 CEST.

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PB Fintech slips 2% after over 8 million shares change hands via block deal




PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.


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US fintech Yendo secures $165m in mix of debt financing and equity




Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.


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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub




Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.


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