Annual Report 2025 Of Spar Nord

Profit after tax of DKK 1,727 million and return on equity of 11.8%

In terms of financial performance, 2025 delivered a profit after tax of DKK 1,727 million, corresponding to a return on equity after tax of 11.8% and a cost/income ratio of 59.

The result is affected by the falling level of interest rates, with a lower return on the Bank's substantial excess liquidity contributing to a reduction in net interest income. Moreover, there were total restructuring provisions of DKK 385 million and one-off costs relating to Nykredit's acquisition of Spar Nord. Against this background, the Bank realised a profit before impairment charges which was DKK 710 million lower than in 2024.

When compiling the profit for the year excluding items regarding Nykredit's takeover, Spar Nord achieved a return on equity after tax in 2025 of 14.7% and a cost/income ratio of 48 – both figures being higher than the Bank's strategic goals.

From a business perspective, 2025 delivered continued strong momentum, with net customer in-flows in our prioritised segments and an increase in total business volume of DKK 9 billion (2%). Bank deposits increased by 9%, while total credits arranged (mortgage and bank loans) grew by 5%.

Lastly, another year of net reversal of loan impairment charges underscored the persistently strong credit quality among the Bank's retail and business customers.

Yours sincerly,

Rune Brandt Børglum
CFO

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• UK - Annual-rapport 2025

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