SPAREBANK 1 SOR-NORGE ASA

Latest Results (16.05.2026):

SPAREBANK 1 SØR-NORGE ASA — Quarterly results for Q4 2025: The group reports a solid quarter and year with positive profitability, strong capital ratios and active execution of the post‑merger integration. Q4 2025 pre‑tax profit was reported at MNOK 1,993 and full‑year pre‑tax profit at MNOK 8,349; earnings per share for the period were NOK 17.0. Management proposes a dividend of NOK 12.0 per share for 2025 and has launched a share buyback program.

Profitability

Q4 2025 pre‑tax profit: MNOK 1,993; full‑year 2025 pre‑tax profit: MNOK 8,349. Reported return on equity after tax was 12.8% (ex‑goodwill) with cost‑to‑income around 38% — indicating solid operating profitability after merger items.

Capital & balance sheet metrics

CET1 capital ratio reported at 17.57% (robust capital position). Lending and deposit volumes grew (charts presented), and net interest income and margins showed positive trends quarter‑on‑quarter.

Capital distribution

Proposed dividend for 2025: NOK 12.0 per share (71% payout ratio reported). The group also established a share buyback program as a supplement to cash dividends — management signals a well‑positioned capital buffer to support distributions.

Costs, synergies and organization

Post‑merger synergy target increased to NOK 550 million annually by 2027 (up from NOK 450m), covering funding, operational and personnel synergies. Planned FTE reductions increased from 100 to 150 (additional ~50 FTEs released). Management highlights continued focus on cost efficiency and product harmonisation.

Operations, approvals and strategic actions

Key corporate actions: legal and technical mergers completed (SpareBank 1 Sør‑Norge / Forretningspartner), IRB approval obtained for corporate and leasing portfolios, SB1 Markets mobile bank launched, and the bank joined the NIBOR panel. A share buyback program and other integration initiatives were initiated.

Non‑interest income & markets

Net commission and other income grew, with particularly strong performance in EiendomsMegler 1. Income from ownership interests rose (SpareBank 1 Gruppen and SB1 Markets). The Q4 finance result was reduced by negative value changes on basis swaps and other derivatives.

Business environment

Group business survey: companies expect higher employment and larger order backlogs; unemployment remains low but investment appetite is subdued. Management notes ongoing global uncertainty from trade policy developments as a risk factor.