Spar Nord achieved a profit after tax of DKK 737 million in 2020, which corresponds to an annualized return on equity of 7,4 percent. Management considers the performance as satisfying in a period strongly affected by COVID-19 and derived uncertainties.
The performance for 2020 is highly generated by a surprisingly high level of activity, especially in the housing area with remortgaging and house sales, as well as a favorable interest rate development. Furthermore, remains the actual loss as a result of COVID-19 at a modest level.
With the uncertainties derived by the crisis Spar Nord overall financial goal is to generate a return on equity of 7-9 percent after tax and thus to rank among the top-performing large Danish banks.
Developments in the banking market are characterized by swift digitalization, low growth and low interest rates and, above all, a wealth of new regulatory standards. Given these conditions, Spar Nord believes that in future most customers will still wish to speak with a REAL person about their financial affairs. We also believe that it calls for strong digital solutions if you want to survive and be successful. This is why Spar Nord’s ambition is to become “The Personal Bank in a Digital World”.