SpareBank 1 SMN

Latest Results (04.07.2026):

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 the Common Equity Tier 1 (CET1) ratio was 17.1% at quarter‑end. The quarter was weighed down by lower net interest income, higher loan losses and negative returns on financial investments, while commission income and contributions from associates partially offset the decline.

Profit and profitability

Pre‑tax profit Q1 2026: NOK 1,055m (Q1 2025: NOK 1,269m). Net profit Q1 2026: NOK 849m (Q1 2025: NOK 1,004m). Return on equity: 11.3% (14.0% in Q1 2025). Profit per ECC: NOK 3.66; book value per ECC: NOK 125.45.

Income mix

Total income Q1 2026: NOK 2,071m. Net interest income: NOK 1,220m (down vs prior period; reported -9.6% q-o-q and fewer interest-bearing days). Net commission & other income: NOK 685m (up vs Q1 2025). Net return on financial investments: minus NOK 48m (unrealised losses, notably in SpareBank 1 SMN Invest). Share of profit from associates and joint ventures: NOK 212m.

Costs and efficiency

Total operating expenses Q1 2026: NOK 916m (up NOK 30m q-o-q and NOK 45m y/y). Group cost/income ratio: 48%; parent bank cost/income ratio reported at ~39.6% for the quarter. Higher subsidiary activity and certain reclassifications affected costs.

Credit quality and loan losses

Losses on loans and guarantees Q1 2026: NOK 100m (Q1 2025: NOK 21m). Impairment/write‑downs totalled NOK 984m at 31 March 2026. Impairment losses ratio: 0.15% (Q1 2025: 0.03%). Stage 3 loans: 0.88% of gross loans.

Capital and liquidity

Common Equity Tier 1 (CET1) ratio: 17.1% (18.1% at 31/03/2025). Tier 1 capital ratio: 18.8%; total capital ratio: 21.2%. Liquidity Coverage Ratio (LCR): 172%. Leverage ratio: 7.0%. MREL: 47.5% (substituted MREL 32.8%).

Balance sheet and funding

Total assets: NOK 248.8bn. Gross loans to customers: NOK 183.5bn (bank); gross loans incl. SB1 Boligkreditt and SB1 Næringskreditt: NOK 261.3bn. Customer deposits: NOK 151.1bn. Loans sold to mortgage companies at quarter‑end: ~NOK 77.8bn. Issued senior non‑preferred debt (SNP) of NOK 2.5bn in the quarter; SNP outstanding ~NOK 15.8bn.

Associated companies and investments

SpareBank 1 Gruppen reported profit; SpareBank 1 SMN’s share of SpareBank 1 Gruppen Q1 profit: NOK 95m. Other associate contributions: SB1 Boligkreditt NOK 29m, BN Bank NOK 54m, SB1 Markets NOK 13m. Net investment return was negative overall (‑48m), driven by unrealised losses in SMN Invest (‑32m).

Events and outlook

Key Q1 events: five‑year NOK 100m collaboration with NTNU to boost regional innovation; merger of SpareBank 1 Regnskapshuset SMN with Berg Økonomi. Norges Bank kept policy rate at 4.00% in March; the Board notes elevated macro uncertainty and market volatility but expects stronger results over 2026 as rate expectations and seasonal factors evolve.