Interim Report for H1 2020 for Spar Nord Bank A/S
Spar Nord achieved a profit after tax of DKK 255 million in H1 2020, which corresponds to an annualised return on equity of 5.1%. Management considers the performance satisfactory in the context of the global COVID-19 crisis and its socio-economic implications.
Core income amounted to DKK 1,604 million in H1, which is DKK 83 million, or 5%, lower than in the year-earlier period.
At DKK 795 million, net interest income was 3% higher than last year, while net fee income was maintained at DKK 618 million despite the lack of last year’s very high remortgaging activity. Market value adjustments and dividends amounted to DKK 164 million, against DKK 226 million in H1 2019 after a first quarter influenced by the COVID-19 crisis and a second quarter characterised by more favourable market conditions and a highly satisfactory performance.