SpareBank 1 SMN

Latest Results (15.08.2026):

SpareBank 1 SMN — First quarter 2026: The Group reported a pre-tax profit of NOK 1,055 million and net profit of NOK 849 million for Q1 2026. Return on equity was 11.3% and Common Equity Tier 1 (CET1) ratio stood at 17.1%. Net interest income fell to NOK 1,220 million, while net commission and other income rose to NOK 685 million. Loan losses increased to NOK 100 million and the Group recognised unrealised losses on financial instruments (net return - NOK 48 million). Liquidity and capital metrics remained solid (LCR 172%, total capital ratio 21.2%).

Profit & earnings

Pre-tax result Q1 2026: NOK 1,055m; net profit: NOK 849m. Return on equity 11.3% (down from 14.0% in Q1 2025). Profit was negatively impacted by lower net interest income, weaker financial-instrument returns and higher loan losses versus Q1 2025.

Net interest & fee income

Net interest income declined to NOK 1,220m (from NOK 1,321m year-earlier) mainly due to fewer interest-bearing days, loans sold to mortgage companies and full effect of prior-rate changes. Net commission and other income rose to NOK 685m, supported by insurance, real-estate brokerage and accountancy activities.

Loan losses and credit quality

Losses on loans and guarantees rose to NOK 100m in Q1 2026 (NOK 21m in Q1 2025). Impairment ratio for the period was 0.15% of gross loans; total ECL reserves amounted to NOK 984m. Stage 3 loans represent ~0.88% of gross loans.

Costs and efficiency

Group operating expenses were NOK 916m in the quarter. Group cost-income ratio ~48% (bank-only cost-income ~39.6%). Subsidiary costs increased seasonally; some cost reclassifications (e.g., EiendomsMegler 1 and IT) affected comparatives.

Capital strength

CET1 ratio 17.1% at 31/03/2026 (targeted minimum and regulatory requirements comfortably met). Tier 1 ratio 18.8% and total capital ratio 21.2%. Leverage ratio 7.0%.

Funding & liquidity

Strong liquidity: LCR 172%. Deposits totalled NOK 151.1bn (deposit growth +3.4% q/q). Group deposit-to-loan ratio (incl. mortgage companies) 58%. Loans sold to SB1 Boligkreditt / Næringskreditt ~NOK 77–78bn.

Contributions from associates & financial investments

Net contribution from associated companies was NOK 212m (up vs NOK 191m). Net return on financial instruments was negative (-NOK 48m) driven by unrealised value changes, especially in the Invest subsidiary.

Business volumes & growth

Gross loans incl. mortgage companies NOK 261.3bn (+0.9% q/q); deposits NOK 151.1bn. Retail lending in the bank grew 1.1% in the quarter; corporate lending +0.7%.

Strategy, sustainability & notable items

SpareBank 1 SMN committed NOK 100m (community dividend) to a five‑year collaboration with NTNU to boost regional innovation. The Group published its 2025 annual report aligned with CSRD/ESRS and progressed its climate & nature transition plan.

Shareholder metrics

Booked equity capital per ECC NOK 125.45; profit per ECC NOK 3.66 for the quarter. ECC price at quarter-end NOK 206.65; price/earnings ~13.9 and price/book ~1.65. Dividend policy remains active (dividend per ECC 13.50 last full year).