Santander Consumer Bank results and annual report for 2024

24 Feb 2025 14:07 CET

• Profit before tax for the Group amounted to 2 717 MM NOK, down -27% compared
to last year.
• Net interest income was 7 721 MM NOK, an increase of 0,5% compared to last
year.
• The Group’s gross outstanding loans to customers ended at 187 871 MM NOK in
2024.
• Customer deposits amounted to 99 820 MM NOK at end of 2024, up 13% vs. year
end 2024.

The Group’s Profit before tax amounted to 2 717 MM NOK, (-27%) compared to last
year. The main driver for the decreased result was driven by higher fee and
commission expenses, other operating expenses and higher impairment losses on
loans. In addition, the Group had costs related to sale of its direct and
indirect credit card business in Norway and Sweden to Avida Finans. The final
reported loss from the sale amounted to 587 MM NOK.

In 2024, the Group’s financial results showed a net interest income of 7 721 MM
NOK, representing an increase of 36 MM NOK (0.5%) compared to 2023. The change
in net interest income was due to higher interest income of 902 MM NOK (7%),
offset by higher interest expenses of 866 MM NOK (15%) compared to 2023.

In 2024, both interest income and interest expenses have substantially increased
due to higher average XIBOR rates in the Nordic markets. In addition, FX had a
positive impact on net interest income of 96 MM NOK compared to 2023.
Net impairment losses experienced a year-on-year increase of 460 MM NOK,
reflecting the delayed but persistent impact of rising interest rates and
inflation. However, the Group’s cost of credit remained in line with our
expectations and objectives for the year.

The Group's gross outstanding loans to customers came to 187 871 MM NOK per
December 2024. This is a decrease of 3.6% (-7.0 Bn NOK) compared to December
2023. Gross auto financing had a reduction of -2.2 MM NOK during 2024 with real
reduction of 6.1 Bn NOK and a positive FX impact of 3.9 Bn NOK. At the same
time, the gross unsecured lending had a reduction of 4.8 Bn NOK with real
reduction of 1.4 Bn NOK and sale of Credit Card portfolio in Norway and Sweden
of 4.2 Bn NOK, offset by positive FX impact of 0.8 Bn NOK.

The Group’s strong growth in Deposits continued in 2024, with total outstanding
volume ended at 99 820 MM NOK in Q4 2024, representing an increase of 11 274 MM
NOK compared to Q4 2023. The Group operates deposit platforms in three of its
four home markets: Denmark, Norway and Sweden.

Contact information:
pressnordics@gruposantander.com

Santander Consumer Bank is a part of Banco Santander. In the Nordics Santander
employs around 1200 people. The bank has 1.3 million customers in the Nordics,
is market leader within auto finance and offers a range of loan products,
deposit and insurance.

More information:
Access the news on Oslo Bors NewsWeb site

639557_scb-as-annual-report-2024-incl.-auditor-report.pdf