Santander Consumer Bank results for Q1 2022

  • The Group’s outstanding loans increased with 0,8 Bn in local currencies. However gross outstanding loans have decreased with 1% (2,6 Bn NOK) compared to year end 2021, mainly driven by stronger NOK towards, SEK, DKK, and EUR.
  • The Group’s new lending has increased with 13 % in Q1 2022 compared to Q1 2021. The increase in 2022 is driven by strong auto sales (up 18% compared to Q1 2021) especially in the used cars and private leasing segment. Unsecured sales in Q1 2022 were equal to Q1 2021 in local currencies, but down 1% on a consolidated basis due to a stronger NOK.
  • Net interest income decreased with 5% in Q1 2022 compared to Q1 2021. A significantly stronger NOK and a shift from high yield unsecured products to secured products is having a negative impact on interest income.
  • The Group’s profit before tax was 550 MM NOK in Q1 2022, a decrease of 32% compared to the same period last year driven by lower interest income and trading losses.


Auto and leisure

The Group strengthened its position as market leader in the Nordic auto finance market with a strong focus on partnerships with dealers and importers. The Group has financed 21.409 new and 47.521 used cars year to date, Q1 2022, up 10.4% and 13.5% respectively compared to the same period in 2021.

The acceleration of EV and Hybrid car adoption continues. So far in 2022, 36% of all new cars financed by the Group are EVs and 31% are hybrids. Finance penetration is significantly higher for EVs than for non-EVs.


The Group consumer loans sales increased by +3,6% in Q1 2022 compared to Q4 2021. In local currencies consumer loans sales increased by 31,8% in Norway, 14,1% in Denmark, 2.58% in Sweden and decreased by 6.3% in Finland.

Within the green energy financing area, the Group has continued the positive trend with growth in especially Denmark and Finland during Q1, and by that delivering on our responsible banking agenda.

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