SKUE SPAREBANK (SKUE) Q3 & CMD 2026 earnings summary

Executive summary

• Q3 net profit was NOK 83.5m; 9M net profit was NOK 257.4m and profit before tax was NOK 321.7m, up 7.5% YoY.

• 9M total comprehensive income reached NOK 355.4m, including NOK 98.1m of YTD share-value gains in OCI, mainly from Eika Gruppen shares.

• Lending growth continued, while an intent agreement for a possible Romerike Sparebank merger supports strategic expansion; comparisons are affected by the Tinn Sparebank merger completed in Nov. 2025.

Financial highlights

• 9M net interest income rose 17.1% YoY to NOK 473.7m; Q3 was NOK 165.3m, up 7% QoQ.

• 9M net commission income increased 16.8% YoY to NOK 88.2m; dividend income was NOK 51.4m versus NOK 41.6m.

• 9M operating expenses were NOK 261.5m versus NOK 204.7m; excluding NOK 16.2m of merger costs, the cost ratio was 39.9%.

• YTD loan-loss expense was NOK 31.1m versus NOK 22.6m; individual impairments and realized losses contributed NOK 21.5m.

• YTD financial-instrument valuation changes were negative NOK 1.2m versus positive NOK 3.0m; Q3 alone recorded a negative NOK 6.6m change.

Outlook and guidance

• Strong lending growth in 2026 supports continued organic growth; market-area potential remains in regions with relatively low market shares.

• September's intent agreement with Romerike Sparebank concerns a possible merger; integration costs are estimated at ~NOK 55m, with fully phased annual savings targeted at NOK 40–60m.

• The proposed combination is positioned as a larger local and regional bank across Romerike, Buskerud and much of Telemark, focused on relationships and digital development.