Annual accounts 2020

Net profit:1,978

  • Profit before tax: NOK 2,378 million
  • Return on equity: 10.0 per cent
  • CET1 ratio: 18.3 per cent
  • Growth in lending: 9.0 per cent and in deposits: 13.5 per cent
  • Loan losses: NOK 951 million
  • Earnings per equity certificate (EC): NOK 8.87. Book value per EC incl. dividend proposed for 2020: NOK 94.71
  • Proposed dividend: NOK 4.4 per EC and NOK 321 million to be allocated to non-profit causes

Statement by the Group CEO 

2020 will go down in the history books as an 'out-of-the-ordinary' year, but SpareBank 1 SMN nonetheless managed to maintain a high level of activity and gained ever more market shares. With a cool head and warm heart SpareBank 1 SMN is standing by people and businesses in the region through another crisis.

Read the statement by the Group CEO

Report of the Board of Directors

SpareBank 1 SMN achieved a profit of NOK 1,978m in 2020 and a return on equity of 10.0 per cent. Underlying operations were good, and all business lines serviced customers from offices at home for much of the year. The retail and corporate banking divisions recorded strong growth in lending and deposits alike, and the other business lines achieved satisfactory income growth in an unusual year.

A substantial effort was devoted to the profitability enhancement project One SMN in 2020. This was done in a demanding year and aims to improve distribution of the group’s services, strengthen its market position and increase efficiency across all business lines.

Read the report of the Board of Directors

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