Annual accounts 2015

  • Profit before tax: NOK 1,776m
  • Net profit: NOK 1,406 m
  • Return on equity: 10.7%
  • CET1 ratio: 13.6%
  • Growth in lending 5.8% and deposits 5.6%
  • Loan losses: NOK 169m, of which NOK 82m refers to increased collectively assessed write-downs
  • Earnings per equity certificate (EC): NOK 7.02. Book value per EC: NOK 67.65, incl. recommended dividend for 2015
  • Recommended dividend: NOK 2.25 per EC; allocation to non-profit causes: NOK 40m

Statement by the Group CEO

SpareBank 1 SMN has another good year behind it. Over the course of 2015 CET1 capital rose by NOK 1.5bn to NOK 12.2bn. At year-end the CET1 ratio stood at 13.6%. 

Read the statement by the Group CEO

Report of the Board of Directors

The directors are well satisfied with the performance for 2015. This is despite the decline in profit from 2014 which is mainly due to substantial extraordinary revenues in 2014. The Group achieved good growth in a highly competitive retail market and strengthened its market position. Reduced loan demand from the corporate segment in combination with a stronger focus on risk has enabled the bank to reduce lending growth in keeping with the assumptions of the capital plan. The board of directors has adopted a new target of 14.5% to be attained by 31 December 2016.

Read the report of the Board of Directors

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