Skandiabanken (SBANK) Q4 2024 earnings summary

Executive summary

• Net profit for 2024 reached 659 MSEK, up 8% year-over-year, with strong Q4 performance and continued growth in business volumes and financial position.

• Mortgage portfolio grew 9% to 111,240 MSEK, outpacing the market and increasing market share to 2.7%.

• Return on equity for 2024 was 8.52%, with customer satisfaction and credit quality remaining high.

• Sustainability initiatives advanced, including green bonds and green mortgages.

Financial highlights

• Q4 2024 revenue was 407 MSEK (up from 372 MSEK in Q3); operating profit was 156 MSEK (down from 168 MSEK in Q3).

• Full-year 2024 operating profit increased to 659 MSEK from 611 MSEK in 2023; revenues rose 6% to 1,529 MSEK.

• Net interest income for 2024 was 1,340 MSEK, up 7% year-over-year, driven by higher mortgage volumes.

• Costs increased 8% to 871 MSEK, mainly due to higher personnel and IT expenses.

• Net credit losses improved to +1 MSEK from -24 MSEK in 2023, reflecting a change in credit impairment definition.

Outlook and guidance

• Management expects clearer signs of economic recovery in 2025, supported by further rate cuts, tax reductions, and real wage growth.

• Anticipates positive impact on Swedish consumption and housing market, especially if proposed mortgage regulation changes are implemented.