It was no surprise that this year would also be marked by the corona pandemic. The worldwide virus outbreak has led to lasting ripple effects for private individuals, business actors, nations and the global community.  

However, 12 more months with the virus have given us new knowledge and more experience that gives me strong faith in the future of both the region and our business model. From a banking perspective, my clear conclusion is that the role of savings banks in society is stronger than ever.  

A direct number away

The bank has had solid growth and positive development through 2021. We have gained a record number of new customers, and have a growth of 4.3 per cent in the retail market and 5.4 per cent in the corporate market. This signals a good level of activity in our region, while at the same time confirming that many people choose Sparebanken Møre as their bank.  

It is almost a paradox that in the time of more physical distancing, we have come closer to each other in several areas. As a bank, we have witnessed a regional cohesion and community that has grown larger and stronger over the period, and which has concretised itself through a genuine desire to circle around the local. More than ever, customers have expressed their appreciation for the fact that the bank's permanent adviser is only a direct number away. In a period of uncertainty, strong presence, availability and good relationships have contributed to stability and security, both for our customers and for us.  

However, there is no doubt that the period has been challenging, and at the end of 2021, many people are still experiencing uncertainty as a result of the corona pandemic. At the same time, few bankruptcies and low default rates testify to solid brands, strong corporate cultures, adaptable employees and forward-looking business leaders in our region. I also feel confident that the bank has been a good supporter and discussion partner for the players around us – just as we as a regional savings bank should be.  

It is almost a paradox that in the time of more physical distancing, we have come closer to each other in several areas.  

Has strengthened the total offer

Because it's not like it's enough to just be present. The competition for bank customers is tough, and we really have to deliver the goods and add value to be the first choice. In 2021, we gained many new employees, and I am pleased that we are constantly attracting bright minds who can contribute to our continuous work to create good customer experiences. Throughout the year, we took several steps to contribute to just this, and we are already seeing that it is having an effect.  

We started the year by expanding our asset management service offering, and can now offer a tailor-made team to clients who want advice on savings and investments. We have also established the customer center Næringsbasen, and we have strengthened our investment in real estate.  

In addition, we have launched a number of new digital features in online banking and mobile banking that make everyday banking easier for our customers. Less physical contact as a result of infection control measures has made smart use of technology more relevant than ever.  

Valuable customer insights

Our development work is closely linked to our customers' needs, and here too we experience the advantage of a close relationship with our customers and good knowledge of the region. It is of little use to develop new functionality and new services if our customers really need something completely different. Over the course of a year, we receive a lot of constructive feedback that gives us useful input on what is important for both private individuals and companies in our area, and in this way we can further develop, adjust or reject ideas and solutions.  

In addition to ongoing dialogue, external surveys are also important sources of insight for us. In April, Sparebanken Møre's customer centre was named Norway's best in the banking category, for the third year in a row. A few months later, EPSI established that Sparebanken Møre has the most satisfied corporate customers in its annual survey of customer satisfaction among Norwegian bank customers. We also ended up in the top tier among retail customers, and received the highest score of all on issues related to sustainability and social responsibility.  

We are both proud and happy about such results, which confirm that we are a relevant and attractive banking partner for our customers. Nevertheless, we are grateful for all constructive input that can help lift us further. We never put our development work on hold.  

Green transition

This attitude is also important to us when it comes to our efforts to contribute to a more sustainable society. Norway aims to reduce greenhouse gas emissions by 50-55 per cent by 2030 compared with 1990 levels, and the financial industry has a key role to play in this work. There is little doubt that this will require a significant effort from all of us, and last year we took several steps that can help accelerate the pace of change.  

Examples include the launch of green mortgages and car loans with favourable terms, routines and system support for ESG assessment of business engagements, the integration of sustainability considerations into strategies and policy documents and, not least, a significant focus on internal competence enhancement and awareness-raising.  

We have a stated goal of being a driving force for sustainable development of our region, and as a bank we can facilitate the meeting of funds and opportunities. It is a responsibility we take very seriously.  

Profits accrue to the region

Our social responsibility is also highly actualized through our work with the allocation of funds for non-profit purposes. Figures from the Savings Bankers' Association show that the country's savings banks and savings bank foundations distributed as much as NOK 2.3 billion to socially beneficial purposes in 2020. This makes the savings bank industry one of Norway's largest private contributors in sports, culture and volunteering.  

The savings banks' tradition of contributing to the positive development of the society we are part of stretches far back in time, and is due to the fact that parts of the bank's capital belong to the local community. In Norway, this proportion accounts for about 50 per cent, which means that half of the bank's distributed profits go back to good causes in the local community. Over the past 10 years, we have contributed well over NOK 1 billion to measures that will build Northwest Norway.  

This has been possible as a result of sound banking operations, skilled employees – and not least the fact that many have chosen Sparebanken Møre as their bank connection. Without customers, we would not have created results, and without results, we would not have had a profit to distribute.  

It is a strong and solid bank that is on the starting line for 2022, and is ready to continue the story. Strong regional ties give us advantages that we must cultivate, while the savings bank model creates opportunities that we must seize.  

This makes me confident that the next chapters will be filled with good content in the years to come.  

Trond Lars Nydal

Managing Director