Suðuroyar Sparikassi reports profit increase in first half of year

Suðuroyar Sparikassi reported a profit of 3.1 million Danish krónur in the first half of this year, a notable improvement compared to the same period last year, when the profit was 2.8 million krónur.

The bank attributes this growth to higher net interest and service fees, reduced write-downs, and overall growth in its operations.

Loans increased from 587 million krónur to 606 million krónur, marking a 1.2% growth. Meanwhile, real estate financing saw a significant growth of nine percent in the first half of the year.

Deposits rose to 752 million krónur, compared to 677 million krónur during the same period last year, reflecting an 11% increase.

Looking ahead, Søren Lünell Bruhn, the bank’s director, noted in a press release that customers are once again choosing real estate financing for housing, which is considered a favorable option. He anticipates even greater growth in real estate financing this autumn.