Norion Bank (NORION) Q1 2026 earnings summary

Executive summary

• Operating profit reached SEK 389m, with EPS at SEK 1.54, both supported by share buybacks, while net profit for Q1 2026 was SEK 301m, down from SEK 412m in Q1 2025 due to a prior year one-off.

• Loan book expanded to SEK 51.5bn, up 8% year-over-year and 4% sequentially, with stable performance across all segments.

• Completed acquisition of Consensus Asset Management and announced acquisition of Strand Kapitalförvaltning, expanding Wealth Management.

• Launched a SEK 500m share buyback program, following SEK 1bn in buybacks during 2025.

• Return on equity was 12.1%, or 14.0% adjusted for excess capital.

Financial highlights

• Total income decreased 11% year-over-year to SEK 913m, reflecting the absence of last year’s SEK 140m one-off, with NIM at 6.4%.

• Cost/income ratio rose to 33.3%, up year-over-year.

• CET1 and total capital ratios stood at 15.6% and 18.4%, respectively, exceeding targets.

• Credit loss level improved to 1.7%.

• Earnings per share were SEK 1.54 (2.01).

Outlook and guidance

• Continued selective approach and prudent provisioning in light of macroeconomic and rate uncertainties.

• Wealth Management expansion expected to drive further growth, pending regulatory approval for the Strand Kapitalförvaltning acquisition.

• Ongoing share buybacks and capital flexibility are prioritized.