Aug 08, 2024 / 12:00PM GMT
Trond Soraas - Sparebank 1 SMN - Executive Director - Group Finance and Governance
Good afternoon and welcome to this presentation of the financial results for SpareBank 1 SMN for the second quarter of 2024. My name is Trond Søraas and I'm the CFO here at SMN.
With a return on equity of 15.6% after the first six months of the year, SpareBank 1 SMN has just put behind both first half of the year and a second quarter, which we are very satisfied with. If we focus on the second quarter, it was a quarter that where we really demonstrated the strength and width of our business model.
The quarter is characterized by good growth on both sides of the balance sheet, still strong net interest income, solid other income, a flat cost development in the bank, and solid contributions from most of our affiliated companies. So even with an increase in loan losses, two modest 8 basis points, the quarter ended with a profit of just about NOK1 billion [a week] and a return on equity of 15.4%, and that with the capital, returning 18.5% in CET1.
Our long-term financial targets are firm and will
Q2 2024 Sparebank 1 SMN Earnings Call Transcript
Aug 08, 2024
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