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TOTENS SPAREBANK (TOTG) investor relations material

TOTENS SPAREBANK Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary31 Oct, 2024

Executive summary

  • Net profit for Q3 2024 was NOK 68 million, slightly down from NOK 70.5 million in Q3 2023; YTD profit at NOK 229.6 million versus NOK 231.8 million last year.

  • Return on equity YTD 2024 was 11.4%, down from 12.5% in the same period last year.

  • The merger with SpareBank 1 Østlandet is approved and will be effective from November 1, 2024, making this the last standalone report for Totens Sparebank.

Financial highlights

  • Net interest income in Q3 2024 was NOK 142.1 million, up from NOK 134.2 million in Q3 2023; YTD net interest income reached NOK 410.1 million, up from NOK 384.7 million.

  • Net commission and other operating income in Q3 2024 was NOK 20.8 million, stable year-over-year; YTD at NOK 87.7 million, down from NOK 94.7 million.

  • Operating expenses in Q3 2024 were NOK 55.7 million, up from NOK 49.3 million in Q3 2023; YTD expenses at NOK 167.7 million, up from NOK 155.2 million.

  • Loan losses in Q3 2024 were NOK 17.1 million, up from NOK 12.7 million in Q3 2023; YTD loan losses at NOK 32.6 million.

  • Net loans to customers increased by NOK 999 million (5.3%) over the last 12 months; deposit growth was 8.3% year-over-year.

Outlook and guidance

  • Norges Bank's policy rate remains at 4.50%, with stable net interest margins expected in the near term.

  • Low credit growth and strong competition may pressure margins going forward.

  • From November 2024, all future reports will be for the merged SpareBank 1 Østlandet.

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Frequently asked questions

Totens Sparebank is a Norwegian savings bank established in 1854. The bank primarily serves the region of Innlandet in Norway and offers a range of banking services including mortgages, savings, and loans for private customers and small to medium-sized enterprises. Additional services include online and mobile banking, card issuing, payment services, and insurance products. Totens Sparebank is also a significant owner of Eika Gruppen, a collaboration of independent local banks in Norway. The company is headquartered in Lena, Norway, and its shares are listed on the Oslo Stock Exchange.

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