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Financial results for Q1 2022

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Company announcement no. 7

Net profit of DKK 276 million and return on equity of 9.9%

Spar Nord had a fairly good start to the year in Q1 2022, recording a continuing increase in the volume of loans arranged, a profit of DKK 276 million after tax and a return on equity of 9.9%.

Having said that, the overriding theme in Q1 was Russia’s invasion of Ukraine and the resulting uncertainty with respect to economic developments. Coupled with rising inflation and lower expectations of economic growth, this resulted in losses on the Bank’s bond and share portfolios. However, in spite of an increase in total management estimates relating to COVID-19 and the uncertainty attaching to the war in Ukraine, impairment charges represented a small income in Q1.

We remain confident about the outlook for 2022, and we especially look forward to the opening of our branch in Hørsholm and the geographical banking areas on Lolland-Falster and in Allerød, said Spar Nord’s CEO Lasse Nyby.

Please direct any questions regarding this release to Rune Brandt Børglum, Head of Investor Relations, on tel. + 45 9634 4236, or by e-mail at rsn@sparnord.dk.

Rune Brandt Børglum
Head of Investor Relations

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