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Wednesday 07 August, 2019

Sparebank 1 SMN

SpareBank 1 SMN: Profit growth of more than half a billion

SpareBank 1 SMN: Profit growth of more than half a billion

SpareBank 1 SMN delivered a post-tax profit of NOK 1,729m for the first half of the current year, an increase of NOK 520m compared with the same period of last year.

“Behind the record-high first-half result are one-off factors within the jointly owned SpareBank 1 Alliance in addition to a thriving region and solid banking on the part of the bank. We are also reaping success with our complementary business lines, and half of each krone earned now comes from sources other than the net interest margin,” says Group CEO Jan-Frode Janson.

“This result benefits our customers and the region alike. It puts us a bank in an even better position to provide finance to people and businesses in Central Norway. At the same time it provides the basis for us to pay an even higher social dividend next year,” says Mr Janson.

The Central Norwegian economy continues on a fine and healthy trend, and is contributing to high growth and low losses at the region’s leading bank. SpareBank 1 SMN has increased in lending to personal borrowers by 6.7 per cent to NOK 111.1bn since end-June last year. In the first half of the current year the bank has acquired 4,100 new personal customers. The bank has thus strengthened its leading market position in Central Norway. Lending to corporate clients increased by 3.6 per cent to NOK 52.5bn. 625 new businesses have opted for SpareBank 1 SMN as their bank.

Loan losses totalled NOK 126m, which is marginally lower than in the first half of last year. The losses stem mainly from oil-related activities. The bank expects loan losses to be lower this year than last.

Jan-Frode Janson took up duties as new Group CEO on 1 May this year. In the 100 days since his accession he has travelled round the whole of Central Norway in order to become better acquainted with the bank’s customers and employees.

“The bank holds a rock solid position in the region. We intend to build further on our combination of digital development and local presence, and we will focus even more on the business sector in Central Norway. This will give the bank power to increase its social dividend further in the years ahead,” says Jan-Frode Janson.

Trondheim, 7 August 2019

Key figures

  • Pre-tax profit: NOK 2,003m (1,345m first half of 2018)
  • Post-tax profit: NOK 1,729m (1,209m)
  • Return on equity: 19.0% (14.4%)
  • Earnings per equity certificate: NOK 8.23 (5.75)
  • Loan losses: NOK 126m (127m)
  • CET1 ratio: 15.0% (15.0%)
  • Growth in lending: 5.7% (7.6%)
  • Growth in deposits: 7.7% (6.3%)

Contact persons at SpareBank 1 SMN:
Executive Director, Finance, Kjell Fordal on +47 905 41 672
Head of Corporate Communications, Hans Tronstad on +47 941 78 322

https://quarterlyreport.smn.no/2019/

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