Annual Report 2022

• Profit before tax 3 584 MM NOK (+7% YoY)
• Outstanding loans 187.4 Bn NOK (+7% YoY)
• Net interest income 6 754 MM NOK (-7% YoY)
• Deposit 75.9 Bn NOK (+4% YoY)

Santander Consumer Bank’s (SCB) profit before tax for the year 2022 amounted to 3 584 MM, up 7% compared to last year. The main driver of the increase was lower losses on loans to customers and reduced operating expenses.

The Group’s outstanding loans to customers amounted to 187 401 Bn NOK at year end 2022, an increase of 7% or 11.8 Bn NOK compared to year end 2021, driven by higher sales in auto product across all Nordic countries. Net interest income of 6 754 MM NOK, representing a decrease of 333 MM NOK from 2021. The change in net interest income was due to higher interest expenses of 761 MM NOK, offset by higher interest income of 428 MM NOK compared to 2021.

- During a year with challenging market conditions, we have delivered strong results, with a clear focus on operational excellence, says Michael Hvidsten, CEO of Santander Consumer Bank.

Market leader in auto finance

During 2022, the Group delivered strong sales results within its Auto business, driven by high demand for both new and used vehicles. SCB maintained its position as market leader in the Nordic auto finance market with a strong focus on partnerships with dealers and importers. 84% of outstanding loans was within auto finance in 2022.

The Group’s portfolio within unsecured loans, decreased by 7% compared to 2021. The Consumer loans market in the Nordics decreased in 2022 compared to 2021 due to the macroeconomic environment with accelerating inflation and rapid key interest rate hikes.

Financing the green shift

Santander Consumer Bank finance green energy solutions for homeowners, in addition to bikes and e-bikes. This area has experienced a solid growth in 2022.

In 2022, financed electric vehicles by SCB grew by 26,7%. In total in 2022, 47% of all new cars financed by Santander are EVs, 30% are hybrids.

- As market leader within auto finance in the Nordics, we contribute to financing the transition from a fossil-based carpark to an electrical one. While the EV-share of our auto finance portfolio has increased over several years, we have not seen numbers like this before, says Hvidsten.

Total outstanding deposit-volume for the Group is 75 925 MM NOK as of Q4 2022, representing an increase of 4% compared to year-end 2021. SCB has 250.000 deposit-customers across the Nordics. Read the annual report here.