Santander Consumer Bank results for Q3 2024

15 Nov 2024 11:46 CET

• As of Q3 2024, profit before tax for the Group amounted to 2 553 MM NOK, down
-6,1% compared to the same period last year.
• Per Q3, net interest income was 5 759 MM NOK, an increase of 2,2% compared to
Q3 2023.
• The Group’s gross outstanding loans to customers ended at 193 805 MM NOK per
Q3 2024.
• Customer deposits amounted to 98 795 MM NOK at end of Q3 2024, up 11,5% vs.
year end 2023.

The Group’s profit before tax was 2 553 MM NOK as of Q3 2024, a decrease of
-6.1% compared to the same period last year driven by higher impairment losses,
offset by higher net interest income.

Per Q3 2024, the Group’s financial results showed a net interest income of 5 759
MM NOK, representing an increase of 124 MM NOK (2.2%) compared to Q3 2023. The
change in net interest income was due to higher interest income of 1 196 MM NOK
(+13%), offset by higher interest expenses of 1 072 MM NOK (+27%) compared to Q3
2023

Comparing the periods, both interest income and interest expenses have
substantially increased following the significant increase in XIBOR rates in all
Nordic markets. FX had a positive impact on net interest income of 83 MM NOK
compared to Q3 2023.

Net impairment losses experienced a year-on-year increase of 325 MM NOK from Q3
2023 to Q3 2024, following the normalized trend from the previous year and due
to the challenges coming from the macroeconomic side. Notably, the increase was
compounded by a significant decline in gains from portfolio sales in in June
2024 compared to June 2023.

The Group’s gross outstanding loans to customers ended at 193 805 MM NOK per
September 2024. This is a decrease of -0.6% (-1 079 MM NOK) compared to December
2023. Gross outstandings in Auto had a reduction of -1 080 MM NOK driven by
lower new business volumes. Gross outstandings in Unsecured have been stable
during the year and are at the same level as year-end 2023.

The Group’s strong growth in Deposits continued, and balances grew 14% compared
to Q3 2023. Total outstanding volume for the Group is 98 795 MM NOK for Q3 2024,
representing an increase of 12 125 MM NOK compared to Q3 2023.

Contact information:
Eskil Pedersen, Nordic Communications Director
+47 46852660
eskil.pedersen@santanderconsumer.no

About Santander in the Nordics:
Santander Consumer Bank is a part of Banco Santander. In the Nordics Santander
employs around 1200 people. The bank has more than 1.6 million customers in the
Nordics, is market leader within auto finance and offers a range of loan
products, credit cards, deposit and insurance.

More information:
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632376_Q3 report 2024 - FINAL.pdf