Quarterly Report, Q1-Q3 2020, for Spar Nord Bank A/S
Spar Nord achieved a profit after tax of DKK 507 million in Q1-Q3 2020, which corresponds to an annualised return on equity of 6.8%. Management considers the performance satisfactory in a period strongly affected by COVID-19 and derived uncertainties.
Core income amounted to DKK 2,454 million in Q1- Q3, which is DKK 106 million, or 4%, lower than in the year-earlier period. At DKK 1,186 million, net interest income was 1% higher than last year, while net fee income fell 2% to DKK 918 million. Market value adjustments and dividends for the period amounted to DKK 301 million, against DKK 312 million in the same period of 2019. After a turbulent first quarter impacted by COVID-19, the second and third quarters were both characterised by very positive earnings from the Bank’s bond and equity portfolios.
Total costs and expenses amounted to DKK 1,530 million, against DKK 1,475 million in the same period of 2019. Of this amount, payroll costs amounted to DKK 949 million, corresponding to an increase of DKK 55 million, and operating expenses amounted to DKK 582 million, which is on a level with the same period of last year.