Spar Nord achieved a profit after tax of DKK 876 million in Q1-Q3 2019, which corresponds to an annualised return on equity of 13.1%. Management considers the performance highly satisfactory.
Core income amounted to DKK 2,560 million, which is DKK 65 million, or 3%, higher than in the year-earlier period. At DKK 1,177 million, net interest income was 2% higher than last year, while net fee income rose 9% to DKK 935 million. Market value adjustments and dividends amounted to DKK 312 million, which is 20% more than last year.
Total costs and expenses amounted to DKK 1,475 million, which was 4% higher than in Q1-Q3 2018. Payroll costs rose DKK 52 million, or 6%, and other operating expenses increased by DKK 5 million, or 1%.Core earnings before impairment were DKK 1,085 million, which was on a level with last year. In the year-earlier period, however, income was strongly affected by positive non-recurring items related to e.g. the sale of Valueinvest Asset Management.Impairment of loans and advances, etc. amounted to DKK 10 million, which was slightly lower than expected, and profit before tax was DKK 1,075 million, against DKK 1,011 million in the same period of 2018.