Annual accounts 2023

Net profit: 3,688 million

  • Profit before tax and result investment held for sale: NOK 4,484 million
  • Return on equity: 14.4 per cent
  • Growth in lending: 11.9 per cent and in deposits: 8.9 per cent
  • Net result of ownership interests: NOK 297m 
  • Net result of financial instruments (incl. dividends): minus NOK 502m
  • Losses on loans and guarantees of NOK 14m
  • Earnings per equity certificate (EC): NOK 16.88
  • Proposed dividend: NOK 12.00 per EC and NOK 680 million to be allocated to non-profit causes

Return on equity

14.4 %

Core capital ratio

18.9 %


18.8 %


Growth in lending

last 12 months

8.1 %


11.9 %


Growth in deposits

last 12 months

9.6 %


8.9 %


Net profit

3,688 in 2023

2,785 in 2022

Statement by the Group CEO 

Our anniversary year, no less, is now behind us, a year in which SpareBank 1 SMN marked 200 years together with customers and local communities throughout Mid-Norway. The year brought a record profit performance, and has been one of most eventful in the history of the bank. We have completed a strategically important savings bank merger, agreed mergers for key jointly-owned product companies, brought in a team from Danske Bank, strengthened our finance centres and established a presence in Oslo.

The merger with SpareBank 1 Søre Sunnmøre strengthens our position in Møre and Romsdal. It also confirms our aspiration to be a leading savings bank. At the same time it provides important experience for future mergers in a Norwegian banking market in which we expect consolidation to continue.

Read the statement by the Group CEO

Report of the Board of Directors

SpareBank 1 SMN delivered a very good performance in 2023 reflecting strong profitability and financial soundness. Operating profit was satisfactory while the gain from disinvestment in SpareBank 1 Markets strengthened return on equity.

At the start of 2024 uncertainty continues to affect the economy, with reduced household purchasing power and decreasing credit growth. Inflation remains above target, although having slowed. Norges Bank raised the base rate to 4.50 per cent at its interest rate meeting in December, and the base rate may now have peaked. The further path of interest rates will in any case depend on economic developments. Unemployment remains low in Mid-Norway, but showed a weak rising trend through 2023 and Norges Bank’s regional network survey indicates a negative trend for the region.

Read the report of the Board of Directors

© SpareBank 1 SMN