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Annual Report 2020

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.

Rune Børglum Sørensen

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