Spar Nord Bank (SPNO) Q3 2024 earnings summary

Executive summary

• Profit after tax for Q1–Q3 2024 was DKK 1,779 million, with ROE at 18.0% year-over-year.

• Core income rose 2% year-over-year to DKK 4,323 million, driven by higher net interest and fee income.

• Assets under management increased by DKK 11.3 billion (17%) and lending grew by DKK 3.5 billion (6%) compared to Q3 2023.

• For the sixth consecutive quarter, strong credit quality led to a positive profit impact from loan impairment charges.

• Full-year profit after tax guidance was upgraded to DKK 2,100–2,300 million.

Financial highlights

• Net interest income: DKK 2,671 million (up 3% year-over-year); net fee income: DKK 1,164 million (up 2%).

• Market value adjustments and dividends: DKK 351 million (down from DKK 407 million year-over-year).

• Costs: DKK 2,028 million (up 9% year-over-year), including DKK 40 million in one-off costs.

• Loan impairment charges were an income of DKK 38 million, compared to DKK 29 million in the prior year.

• Lending growth: DKK 3.5 billion (6% year-over-year); total business volume: DKK 372 billion (up DKK 19 billion, or 5%).

Outlook and guidance

• Full-year profit after tax guidance raised to DKK 2,100–2,300 million, reflecting strong credit quality and expected zero net loan impairment charges.

• Core earnings before impairment for 2024 now guided at DKK 2,700–3,000 million.