Bien Sparebank (BIEN) Q2 2024 earnings summary

Executive summary

• Net income after tax for H1 2024 reached NOK 34.1 million, up NOK 1.5 million year-over-year.

• Total assets under management increased to NOK 6,783 million, a rise of NOK 318 million over the past 12 months.

• The bank continues to see strong customer growth, attributed to its niche, relationship-based banking model.

Financial highlights

• Net interest income for H1 2024 was NOK 64.6 million, up NOK 7.1 million from H1 2023.

• Net commission and banking service income stable at NOK 7.7 million for H1 2024.

• Cost-to-income ratio improved to 45.2% from 46.9% year-over-year.

• Net loan losses showed a net reversal of NOK 1.8 million, mainly from previous write-backs.

• Earnings per share for H1 2024 were NOK 5.67, up from NOK 5.45 in H1 2023.

Outlook and guidance

• The bank targets a long-term return on equity of at least 10% through profitable customer growth and efficient operations.

• Management expects continued growth and market share gains in a competitive environment.

• Anticipated regulatory changes in 2025 may further strengthen the capital base.