Tinde Sparebank (TINDE) Q3 2024 earnings summary

Executive summary

• Net profit after tax for the first nine months reached 65.6 MNOK, up from 57.3 MNOK year-over-year, representing 1.18% of average assets.

• Total comprehensive income was 54.1 MNOK, impacted by -11.5 MNOK in value changes on equity investments.

• Strong growth in lending and deposits, with continued expansion in the local market and new branch openings.

• Ongoing merger negotiations with Sunndal Sparebank and sector consolidation in insurance.

Financial highlights

• Result before losses and tax YTD: 94.3 MNOK (1.69% of avg. assets), up from 84.4 MNOK (1.65%) last year.

• Net interest and credit commission income: 140.0 MNOK YTD, up 12.9 MNOK year-over-year.

• Net commission and fee income: 27.8 MNOK YTD, up 2.5 MNOK year-over-year.

• Operating expenses: 82.9 MNOK YTD, up 3.0 MNOK, mainly due to personnel costs; IT costs reduced.

• Net loan losses: 8.8 MNOK YTD, down from 11.2 MNOK last year.

Outlook and guidance

• Board considers the Q3 2024 results satisfactory, with strengthened ordinary operations and strong local demand.

• Bank sees significant local market potential and continues to invest in branch network and customer service.

• Merger with Sunndal Sparebank, if successful, expected to complete in 2025, aiming for increased competitiveness and regional growth.