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.
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.
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