Sparebank 1 Nord-Norge had a profit after tax of NOK 714 million in the first quarter, down from NOK 721 million in the same period the previous year. The bank had net interest income of NOK 986 million in the quarter.
CEO Hanne Karoline Kræmer talks about growth in both the personal market, but not least in the corporate market.
– Measured over 12 months, the growth in the personal market is 3.7 per cent, and in the business market 13.8 per cent. If we look at the first quarter in isolation, the growth (annualised) is 2 and 6.4 per cent respectively, says Kræmer in a stock exchange announcement.
The return on equity was 17.8 per cent in the quarter. The bank’s cost percentage was 33.9 per cent in the first quarter, and core core capital coverage was 17 per cent.
– I am very pleased that we are growing, while at the same time managing to reduce our costs. The costs are 105 million lower than in the fourth quarter of 2023. The picture is otherwise fairly similar to what we have seen in recent years. The North Norwegian business community is generally doing well. The bankruptcy figures are low and so are the unemployment figures. All in all, this affects our results positively, says Kræmer.
Recorded write-downs and losses were NOK 36 million in the quarter, compared to a reversal of NOK 57 million in the same period the previous year.
The bank has long had a customer portfolio outside northern Norway, but is now establishing a separate team that will work with customers outside the country.
– We see that the traditional market areas are being watered out. This is because most things today can be solved digitally, which blurs geographical boundaries. We constantly have inquiries from people who are going to buy homes further south in the country, who want to use us as a bank. These are both expatriate northerners and people with no connection to northern Norway. Sparebank 1 Nord-Norge has competitive conditions, and we attract particular attention around green loans. We have therefore established a separate team to serve customers outside the region. In this way, we can achieve profitable growth, without having to establish physical offices in the south, says Kræmer.
