Press release – Annual report 2021

  • Profit before tax 3 349 MM NOK (+24% YoY)
  • Outstanding loans 175.6 Bn NOK (-3% YoY)
  • Net interest income 7 087 MM NOK (-7% YoY)


2021 profit before tax for the Group amounted to 3 359 MM, up 24% compared to last year. The main driver of the increase were lower losses on loans to customers and continued improvement within operating expenses.

The Group’s outstanding loans to customers amounted to 175.6 Bn NOK at year end 2021, a decrease of 3% or 6,0 Bn NOK compared to year end 2020. The decrease was mainly driven by a strengthening of the NOK, which increased the FX impact of translation of loans in other currencies (non-NOK denominated) of 6,6 Bn NOK.

  • Market conditions continued to be challenging in 2021. During yet another unprecedented year, we have delivered positive results, with strong focus on operational excellence, says Michael Hvidsten, CEO of Santander Consumer Bank.


A strong auto portfolio

During 2021, the Group experienced healthy sales results within its Auto business and strengthen its position as market leader in the Nordic auto finance market. The Group observed lower sales within its Consumer business compared to 2020 (-8%) due to changed customer behaviours during the pandemic. As an example we saw a significant reductions in foreign transactions due to reduced customer travelling.


Financing the green shift

Executing on our responsible banking agenda, the Group continued its strategic focus on financing of green energy solutions for consumer homeowners and continued the issuance of green bonds, within our Green Bonds framework. The issuance proceeds finance EVs.

During 2021, 32% of all new cars financed by Santander across the region are EVs, 28% are hybrids. Finance penetration is significantly higher for EVs than for non-EVs, helped by the strong partnerships the Group have across the region.

  • Through our financing we contribute to a more sustainable car park, at the same time as we provide our customers with safe mobility. We are the Nordic market leader in financing the transition from a fossil-based carpark to an electrical one, says Hvidsten.

For further information, please see the annual report for 2021