Sparekassen Sjælland-Fyn (SPKSJF) Q4 2024 earnings summary

Executive summary

• Delivered a 16% increase in pre-tax profit to DKK 814.8m, with net profit at DKK 623.1m, yielding a 14.1% ROE after tax for 2024.

• Cost/income ratio improved to 56.0% from 61.1%, with a target below 50% by 2026.

• Business volume grew 6%, driven by strong demand in business lending and real estate financing.

• Dividend proposed at DKK 10.0 per share, the highest since 2015, and a 25% increase in share price during 2024.

• First-time comprehensive sustainability reporting under CSRD, with focus on ESG integration.

Financial highlights

• Net interest income rose 11% to DKK 961.4m; fee and commission income up 3% to DKK 623.3m.

• Operating expenses increased 2% to DKK 895.9m; cost discipline maintained despite wage inflation.

• Pre-tax profit DKK 814.8m (+16% YoY); net profit DKK 623.1m (+12% YoY).

• Business volume up DKK 5.9bn (+6%); lending up DKK 0.2bn to DKK 12.8bn.

• Dividend of DKK 10.0 per share proposed; total payout DKK 169.8m.

Outlook and guidance

• 2025 pre-tax profit expected in the DKK 625–750m range, assuming three 0.25% rate cuts and cautious provisioning.

• Uncertainty remains around interest rate trends and credit loss levels.