SPAREBANK 1 SOR-NORGE ASA

Latest Results (01.10.2025):

In the Annual Report 2024, SpareBank 1 Sør-Norge ASA demonstrated strong financial performance despite a challenging economic environment. The bank achieved significant growth in net interest income and maintained robust financial strength, positioning itself well for future expansion and continued support of local communities.

Revenue Growth

SpareBank 1 Sør-Norge ASA reported a substantial increase in net interest income, rising to NOK 7,517 million in 2024 from NOK 6,136 million in 2023. Additionally, net commissions and other operating income grew to NOK 2,286 million, up from NOK 1,939 million the previous year, reflecting the bank’s expanding service offerings and customer base.

Profitability Metrics

The bank maintained healthy profitability with a return on equity of 14.1%, slightly down from 15.3% in 2023. The cost-to-income ratio improved to 36.7%, indicating enhanced operational efficiency. Pre-tax profit increased to NOK 6,415 million, up from NOK 5,677 million, underscoring the bank’s ability to generate strong earnings.

Financial Strength and Growth

SpareBank 1 Sør-Norge ASA strengthened its balance sheet with total assets growing to NOK 479,336 million by the end of 2024. The Common Equity Tier 1 capital ratio improved to 18.0%, showcasing the bank’s solid capital position. Gross loans to customers surged to NOK 375,678 million, reflecting the bank’s active role in supporting local businesses and individuals.

Strategic Expansion

2024 marked a significant milestone with the completion of the largest bank merger in Norway in 25 years, enhancing SpareBank 1 Sør-Norge ASA’s market presence and service capabilities. The merger has expanded the bank’s customer base to over 450,000 corporate and retail clients, positioning it for further growth and increased market share in the Southern Norway region.