Sparebank 1 SR Bank increased its interest income by 23.3 per cent in the first quarter compared to the same quarter last year, according to the bank’s quarterly report.
Less than 30 minutes ago
Updated just now
Sparebank 1 SR Bank presented the results for the first quarter in the morning hours on Thursday:
- Net interest income came in at NOK 1.7 billion, from NOK 1.4 billion in the same quarter in 2023. This is an increase of 23.2 per cent.
- Operating profit before tax was NOK 1.5 billion, which is an increase from NOK 1.1 billion in the same quarter last year.
- The result after tax came in at NOK 1.2 billion, up from NOK 881 million in the first quarter of last year.
Net interest income is the difference between what the bank itself pays to borrow money and what customers pay when they borrow from the bank.
The increased interest income comes mainly as a result of loan growth, increased margins and higher interest on equity, the bank writes in the stock market announcement.
– We have had solid growth over time and are taking larger shares of a market with strong competition, says CEO Benedicte Schilbred Fasmer in a statement.
The bank’s lending growth over the past twelve months is 7.7 per cent.
The merger between SpareBank 1 SR-Bank ASA and SpareBank 1 Sørøst-Norge was approved by the Competition Authority in April.
In the quarterly report, Sparebank 1 SR Bank writes that the work on the merger to become Sparebank 1 Sør-Norge is progressing as planned.
