Profit for the fourth quarter ended at NOK 1,052m after tax, with a return on equity of 14.4 per cent. This makes for a preliminary net profit for 2024 of NOK 4,591m. The gain after the merger between Fremtind and Eika Forsikring accounts for NOK 452m of this figure.
All business lines in the group have strengthened their position through growth in 2024, with overall lending growth of 5.5 per cent posted for the year. The increase in lending to corporate customers was 7.5 per cent, and to personal customers 5.0 per cent. Deposits from corporate customers rose by 10.7 per cent from personal customers by 7.5 per cent.
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“We have done what we said we would do and strengthened our position in the domestic market through profitable growth. We have established a number of new finance centres, and customers now meet SpareBank 1 SMN in 26 different locations that offer them services in in the banking, insurance, estate agency and accounting fields under one and the same roof. No-one knows Mid Norway’s local communities better than we do,” says Group CEO Jan-Frode Janson.
At the same time as the group’s position in Mid Norway is being strengthened, the national catchment area has grown in importance for SpareBank 1 SMN. In August the bank was re-elected national partner to LO Norway, which has almost a million members.
The group’s expenses were NOK 3,300m compared with NOK 3,018m the previous year. At the bank the increase in expenses adjusted for one-time events comes to 4.5 per cent in 2024. Group expenses are concurrently impacted by acquisitions at SpareBank 1 Regnskapshuset SMN along with improved market conditions and ensuing higher remuneration at EiendomsMegler 1 Midt-Norge. After several years of very low losses, loan losses in 2024 ended on a more moderate level of NOK 176m compared with NOK 14m the prevous year.
With a CET1 ratio of 18.3 per cent the bank is well equipped to withstand macroeconomic fluctuations. The board of directors propose a cash dividend of NOK 12.50 per equity certificate and a historically high allocation to community dividend. Of the NOK 896m going to community dividend, NOK 240m will be distributed to strengthen the voluntary sector through sports, art, culture, outdoor recreation and community building, and to support innovation and value creation in Mid Norway’s local communities.
“Customers and employees alike see the tremendous value of choosing a savings bank with this unique ownership model which has functioned well for more than 200 years. It appeals to people that a large portion of the net profit goes back to activities in the communities where people and firms live and work,” Says Group CEO Jan-Frode Janson.
Key figures:
(Consolidated figures. Figures in parenthesis refer to the same period of 2023 unless otherwise stated)
Profit after tax: NOK 4,951m (3,688m)
Return on equity: 16.6% (14.4)
CET1 ratio: 18.3% (18.8%)
Growth in lending: 5.5% (11.9%)
Growth in deposits: 6.0% (8.9%)
Losses on loans and guarantees: NOK 176m (14m)
Earnings per equity certificate: NOK 20.60 (16.88)
Proposed cash dividend: NOK 12.50 (12.00)
Proposed community dividend: NOK 896m (860m)
Contact:
CFO Trond Søraas on +47 922 36 803
Executive director Rolf Jarle Brøske on +47 911 12 475
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