Annual Report 2024

SDC submits solid and controlled annual report ahead of the planned merger with Netcompany 

Despite the expected decline in revenue in Norway and increasing workload, SDC delivered a solid positive and controlled result in 2024 and today appears as a forward-looking and adapted SDC – ready for the merger with Netcompany. 

IT projects were carried out, new functionality was developed and stable banking systems were secured for DKK 1.7 billion for the banks in the SDC collaboration across the Nordic region in 2024, compared to DKK 1.84 billion in 2023. At the same time, the first year of the strategy period has been ticked, where the focus has been on optimising the overall customer and advisor journey and creating value based on the investments and initiatives of recent years. 

The revenue fell 7.1 percent compared to the previous year and was completely in line with expectations and is solely due to lower revenue in Norway, where the last banks from Eika are now excluded in the annual report. However, in 2024, new revenue has also been added, as SDC were able to welcome customers and employees from Totalbanken in Denmark when it was merged with Sparekassen Danmark to SDC's platform, just as several of our existing banks have experienced increase of customers.  

Revenue was also positively impacted by several commercial projects, that is, joint projects that the individual banks in the collaboration are free to choose to join. The temporary price adjustment of 3.5 percent per year for three years also contributes to the satisfactory development in revenue. 

Solid business and controlled adjustment  

The report shows that we have a solid business and that we have developed and adapted to the reality we are in with full control. I am very pleased that, despite lower revenue without the Eika banks, we have been able to maintain a strong development power, meet increased compliance requirements and deliver more value to the banks in our community, while at the same time being able to make a positive result on the bottom line,” says CEO of SDC Torben Finnemann. After tax, the profit for 2024 ended at DKK 71 million.  

'Strategy 2025' had its first full year, and the purpose of the strategy has been to take advantage of previous investments and at the same time become even more efficient, cost-focused and customer-oriented. We have established an office in Norway and have succeeded in repositioning ourselves in the Norwegian market and have high expectations for Nordic growth going forward. In addition, SDC has gathered all development work in a new area - 'One Development Area' - to increase cooperation across SDC for the benefit of customers in all countries. 
Coherence and increased value  
"Our goal is to become even more customer-oriented and create more coherence between the different areas at SDC, so that we can optimize the overall customer and advisor journey across SDC’s systems and at the same time become even more efficient and utilize our Nordic volume. That work is running at full speed," says Torben Finnemann. He points out that again in 2024, the vast majority of SDC’s system development has been carried out as joint development across the Nordic region. 

In 2024, SDC has also completely shut down the old online and mobile bank, as all banks are on the new platform. This has freed up more resources to be able to develop even more.  

In addition, in 2024, SDC has worked on a completely new infrastructure around instant clearing, which went live together with the rest of the sector at Easter. In the business segment, investments have also been made, and in the pension area, we have developed new functionality so that customers in Nærpension can see pension and insurance agreements in their online and mobile banking app.  

Strong starting point for new constellation 
The next step for SDC is the merger with Netcompany and the creation of the banking platform of the future. The regulatory approvals are in place, and now the final approvals are waiting, including an extraordinary general assembly. The starting point for SDC is according to Torben Finnemann strong. 

We have created a strong foundation for the development of the banking platform of the future together with Netcompany. Based on SDC's strong and future-proof Nordic systems and more efficient workflows, we are ready to take advantage of Netcompany's development- and innovation power for the benefit of the banks. We have already secured over 80 percent of the expected revenue in 2025, and I am very much looking forward to seeing the value of this new constellation 'Netcompany Banking Services',” says Torben Finnemann.  


Read the Annual Report 2024

Annual Report SDC 2024