Q2 2024 Sparebank 1 SMN Earnings Call Transcript
Good afternoon and welcome to this presentation of the financial results for SpareBank 1 SMN for the second quarter of 2024. My name is Trond Søraas and I'm the CFO here at SMN.
With a return on equity of 15.6% after the first six months of the year, SpareBank 1 SMN has just put behind both first half of the year and a second quarter, which we are very satisfied with. If we focus on the second quarter, it was a quarter that where we really demonstrated the strength and width of our business model.
The quarter is characterized by good growth on both sides of the balance sheet, still strong net interest income, solid other income, a flat cost development in the bank, and solid contributions from most of our affiliated companies. So even with an increase in loan losses, two modest 8 basis points, the quarter ended with a profit of just about NOK1 billion [a week] and a return on equity of 15.4%, and that with the capital, returning 18.5% in CET1.
Our long-term financial targets are firm and will
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
