Q2 2023 Sparebank 1 SMN Earnings Call Transcript
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Welcome to this short presentation of the results for second quarter of 2023 for SpareBank 1 SMN; for short, SMN. My name is Trond Søraas. I'm the CFO here at SMN and I will present the numbers and the main features from the second-quarter report that we released earlier today.
As it turned out, the second quarter of 2023 was among the best performing quarters for SMN ever. With a profit for the period about NOK920 million, the group had a return of equity of 15.1%. This quarter was the first quarter with the effect of the merger with SpareBank 1 Søre Sunnmøre in the books, and this has had a positive effect on both growth, income, and solidity. At the same time, the second quarter is also affected by costs related to the merger.
The quarter is characterized by solid income development, mainly driven by strong interest income following growth and repricing, but also strong performance from many parts of the group's well-diversified income platform. Also this quarter, very positive and strong
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