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Sparebanken Sør (SOR) investor relations material
Sparebanken Sør Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 2025 net profit after tax was NOK 529 million, down from NOK 573 million in Q1 2024, with solid net interest income and positive commission income development.
Result before tax was NOK 545 million in Q1 2025, down from NOK 620 million in Q1 2024, with return on equity at 13.4% excluding merger costs.
Earnings per equity certificate were NOK 4.9.
The merger with Sparebanken Vest is progressing, with legal merger set for May 2, 2025.
Cost/income ratio was 41.5% (38.3% excluding merger costs); loan losses remained low.
Financial highlights
Net interest income was NOK 800 million, down NOK 24 million year-over-year; commission income increased by NOK 13 million to NOK 98 million.
Net financial income decreased by NOK 17 million to NOK 22 million; income from associated companies rose by NOK 22 million to NOK 27 million.
Net loan losses were NOK 10 million (Q1 2024: NOK 6 million); total impairments at 0.36% of gross loans.
Net loans to customers: NOK 134.9 billion, up 4.7% year-over-year; customer deposits: NOK 74.4 billion, up 5.5%.
Total income was NOK 948 million, down NOK 8 million year-over-year.
Outlook and guidance
Cost synergies from the merger are estimated at NOK 350–400 million annually from 2027–2028.
Capital synergies are estimated at NOK 2 billion, with additional Basel IV effects of NOK 2.1 billion.
The bank targets ROE above 12%, cost/income ratio below 40%, and a dividend payout ratio of ~50%.
Expectation of Norges Bank rate cut in 2025, with pent-up housing demand likely to boost activity.
Merger with Sparebanken Vest expected to enhance efficiency, earnings robustness, and customer experience.
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