Spar Nord achieved a profit after tax of DKK 295 million in the first quarter of 2021, which corresponds to an annualized return on equity of 11,6 percent. Management considers the performance as very satisfying in a period affected by the derived uncertainties of COVID-19.
The performance for the first quarter of 2021 is highly generated by the 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.
Based on the development in the first quarter of 2021 and the expectations for the remainder of the year Spar Nord chose to raise the expectations for the entire year in April to DKK 850-1.050 million.
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”.