SpareBank 1 SMN

Latest Results (13.04.2026):

SpareBank 1 SMN — Q3 2025: The group delivered strong quarterly results with return on equity of 15.9% (15.3% YTD) and net profit of NOK 1,171 million in Q3. Operating income was NOK 1,956 million, driven by net interest income (NOK 1,337m) and commission income (NOK 619m). Contributions from ownership interests and insurance were robust, including a one-off gain related to the establishment of SB1 Markets. Loan losses remained low and credit quality and capital ratios stayed solid, supporting room for growth and dividend capacity.

Profitability

Q3 2025 result before tax was NOK 1,448 million and net profit NOK 1,171 million. Return on equity was 15.9% for the quarter and 15.3% year-to-date. Adjusted for the Fremtind–Eika Insurance merger effect, ROE is 1.5 percentage points higher than Q3 2024.

Income mix

Net interest income was NOK 1,337m and total commission income NOK 619m in Q3. Total operating income reached NOK 1,956m. Related companies contributed strongly (NOK 278m) and securities/FX/derivatives added NOK 75m.

Costs and efficiency

Total operating expenses were NOK 833m in Q3. Group costs rose 2.9% versus Q3 2024; cost reduction from Q2 was partly due to an earlier accrual reversal related to Tietoevry. Management expects moderate cost growth in 2025.

Credit quality and loan losses

Loan losses remained low at NOK 27m in Q3. The bank reports strong credit quality and low loss levels, underpinning capacity for controlled lending growth.

Lending, deposits and margins

Lending growth was modest (+0.8%) and deposits slightly down (-0.3%) year-to-date. Retail and corporate lending volumes and margins are tracked quarterly, with the bank highlighting normal seasonal activity patterns.

Capitalisation

CET1 ratio reported at 13.9%. The risk-weight floor for mortgages reduces CET1 by roughly 1.4 percentage points, but the bank states capitalization is solid and provides room for growth and dividends.

Ownership interests and strategic initiatives

Strong contributions from ownership interests and insurance businesses supported results. SpareBank 1 SMN is a founder of SB1 Markets (strategic partnership with Swedbank); a Stockholm office opened on 1 Sept 2025 and the group recognised a NOK 42m gain related to SB1 Markets’ establishment.

Local presence and business development

The bank continues to roll out local finance centres (recent opening in Kristiansund) and emphasizes cross-selling between banking, accounting and capital markets as a key synergy for customer value and profitability.

Governance & remuneration item

The board has resolved a one‑time offer allowing executive management to buy equity certificates at a 30% discount (CEO up to 30,000 certificates, others up to 15,000), purchased in the market by the bank and subject to Finanstilsynet approval and a three‑year lock-up.