MELHUS SPAREBANK (MELG) Q2 2026 earnings summary

Executive summary

• Result after tax for Q2 2026 was 68.1 MNOK, down from 76.6 MNOK in Q2 2025, mainly due to lower net interest income and reduced commission from Eika Boligkreditt.

• Strong lending growth in the retail segment (8.5% YoY), while the corporate portfolio declined slightly.

• Deposit growth was robust at 8.17% YoY, with a deposit coverage ratio of 85.34%.

Financial highlights

• Net interest income for Q2 2026 was 117.7 MNOK, down from 127.8 MNOK in Q2 2025.

• Cost/income ratio increased to 48.8% from 43.1% YoY.

• Loan losses and impairments were 1.4 MNOK, a decrease of 5.0 MNOK YoY.

• Return on equity after tax was 8.05% (down from 9.88% YoY).

• Earnings per equity certificate: 6.69 NOK (Q2 2025: 8.03 NOK).

Outlook and guidance

• Long-term targets remain: ROE above 10%, credit growth 6–8%, cost/income below 45%.

• ROE and cost ratio are under pressure due to competition and margin compression.

• The bank expects continued solid growth and profitability, supported by a strong regional market.