Note 4 - Segment information
Accounting Policy
SpareBank 1 SMN has Retail Banking and Corporate Banking, along with the most important subsidiaries and associates as its primary reporting segments. The group presents a sectoral and industry distribution of loans and deposits as its secondary reporting format. The group’s segment reporting is in conformity with IFRS 8. For the subsidiaries the figures refer to the respective company accounts, while for associates and joint ventures incorporated by the equity method the Group’s profit share is stated, after tax, as well as book value of the investment at group level.
| Group 31 December 2023 | ||||||||||
| Profit and loss account (NOKm) | RM | CM | Sunnmøre og Fjordane |
EM 1 | SB 1 Finans MN | SB 1 Regnskaps-huset SMN | Other | Uncollated | Total | |
| Net interest | 1,824 | 1,335 | 598 | 2 | 490 | 4 | - | 379 | 4,632 | |
| Interest from allocated capital | 328 | 195 | 112 | - | - | - | - | -634 | - | |
| Total interest income | 2,151 | 1,530 | 709 | 2 | 490 | 4 | - | -255 | 4,632 | |
| Comission income and other income | 652 | 234 | 110 | 432 | -97 | 716 | - | 37 | 2,084 | |
| Net return on financial investments **) | 1 | 6 | 7 | 1 | -82 | - | 379 | 488 | 799 | |
| Total income | 2,804 | 1,770 | 826 | 435 | 311 | 720 | 379 | 270 | 7,515 | |
| Total operating expenses | 1,078 | 407 | 315 | 395 | 115 | 612 | - | 97 | 3,017 | |
| Ordinary operating profit | 1,726 | 1,363 | 512 | 40 | 196 | 108 | 379 | 173 | 4,498 | |
| Loss on loans, guarantees etc. | 1 | 45 | -118 | - | 86 | - | - | -0 | 14 | |
| Result before tax | 1,725 | 1,318 | 629 | 40 | 111 | 108 | 379 | 173 | 4,484 | |
| Return on equity *) | 18.2 % | 24.3 % | 19.6 % | 14.4 % | ||||||
| Group 31 December 2022 | |||||||||
| Profit and loss account (NOKm) | RM | CM | EM 1 | SB 1 Finans MN | SB 1 Regnskaps-huset SMN | Other | Uncollated | Total | |
| Net interest | 1,328 | 1,380 | 3 | 459 | 2 | - | 167 | 3,339 | |
| Interest from allocated capital | 163 | 125 | - | - | - | - | -288 | - | |
| Total interest income | 1,491 | 1,505 | 3 | 459 | 2 | - | -121 | 3,339 | |
| Comission income and other income | 796 | 290 | 418 | -106 | 605 | - | 39 | 2,042 | |
| Net return on financial investments **) | -4 | 9 | 8 | -23 | - | 466 | -76 | 380 | |
| Total income | 2,283 | 1,804 | 429 | 329 | 607 | 466 | -158 | 5,760 | |
| Total operating expenses | 958 | 467 | 371 | 108 | 511 | - | 28 | 2,443 | |
| Ordinary operating profit | 1,325 | 1,337 | 58 | 221 | 96 | 466 | -186 | 3,317 | |
| Loss on loans, guarantees etc. | 29 | -66 | - | 30 | - | - | -0 | -7 | |
| Result before tax | 1,296 | 1,403 | 58 | 191 | 96 | 466 | -186 | 3,324 | |
| Return on equity *) | 13.6% | 20.8% | 12.3% | ||||||
| *) Regulatory capital in line with the bank's capital target have been used as basis for calculating capital used in the Retail and Corporate market. | |||||||||
| **) Specification of other (NOKm) | 31 Dec 23 | 31 Dec 22 | |||
| SpareBank 1 Gruppen | -34 | 175 | |||
| SpareBank 1 Boligkreditt | 98 | 1 | |||
| SpareBank 1 Næringskreditt | 10 | 3 | |||
| BN Bank | 257 | 203 | |||
| SpareBank 1 Markets | 19 | - | |||
| SpareBank 1 Kreditt | -13 | 9 | |||
| SpareBank 1 Betaling | -37 | 13 | |||
| SpareBank 1 Forvaltning | 35 | 33 | |||
| Other companies | 46 | 29 | |||
| Income from investment in associates and joint ventures | 379 | 466 | |||
| SpareBank 1 Mobilitet Holding | -82 | -23 | |||
| Net income from investment in associates and joint ventures | 297 | 442 | |||
Financial results
Annual report and notes
