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Q1 2021 Quarterly Report for Spar Nord Bank A/S

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.

Rune Brandt Børglum

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