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Spar Nord Bank (SPNO) investor relations material
Spar Nord Bank Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Profit after tax for H1 2025 was DKK 707 million, with ROE after tax of 10.0%.
Net interest income declined 13% year-over-year due to lower interest rates.
Costs rose 32% year-over-year, mainly from DKK 350 million in restructuring and Nykredit acquisition-related expenses.
Excluding Nykredit-related items, ROE after tax was 14.4% and cost/income ratio was 52.
Nykredit completed its acquisition, leading to delisting from Nasdaq Copenhagen by July 2025.
Financial highlights
Net interest income was DKK 1,564 million, down 13% year-over-year.
Net fee income increased 3% to DKK 804 million, supported by housing market activity.
Market value adjustments and dividends amounted to DKK 238 million.
Total costs reached DKK 1,820 million, a 32% increase year-over-year.
Lending and deposits grew 12% and 10% year-over-year, respectively; business volume increased 2% to DKK 380 billion.
Outlook and guidance
Full-year profit after tax is expected in the DKK 1.6–1.9 billion range.
Profit before impairment charges forecasted at the low end of DKK 2.2–2.6 billion due to restructuring provisions.
Persistently strong credit quality expected to keep impairment charges around DKK 0 million for 2025.
Net interest income expected to decline further from margin pressure and lower rates.
Net fee income anticipated to rise on higher asset management volumes and housing activity.
What drove the decline in net interest income?
How did Nykredit's acquisition affect capital?
What is the outlook for profit after tax?
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Frequently asked questions
Spar Nord Bank A/S is a Denmark-based financial institution that provides a wide range of banking services to both retail customers and businesses. The bank offers various products, including loans, deposits, mortgages, life annuities, and guarantee services. In addition to standard banking, Spar Nord engages in asset management, foreign exchange services, and trading activities in shares and corporate bonds. The bank operates through its local branch network, serving small and medium-sized enterprises, high-net-worth individuals, and larger corporate clients. Its operations are divided into segments focused on local banking services and trading activities related to international markets. The company is headquartered in Aalborg, Denmark, and its shares are listed on the Nasdaq Copenhagen.
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