SPAREBANK 1 SMN (MING) Q3 2026 earnings summary

Executive summary

• Q3 profit after tax was NOK 954m and ROE was 12.4%; 9M profit was NOK 2,982m and ROE was 13.2%, versus NOK 3,305m and 15.3% a year earlier.

• Lending growth and higher net interest income supported Q3 results; seasonal commission declines, lower associate contributions and higher costs weighed on earnings.

• Low loan losses and a 17.1% CET1 ratio supported financial flexibility and capacity for growth and dividends.

Financial highlights

• Q3 total income was NOK 2,114m versus NOK 2,330m; net interest income was NOK 1,292m versus NOK 1,337m, up 5.1% QoQ.

• Q3 commission and other income was NOK 606m versus NOK 640m; operating expenses rose NOK 59m YoY to NOK 913m.

• Q3 profit before tax was NOK 1,184m versus NOK 1,448m; net profit was NOK 954m versus NOK 1,171m.

• 9M total income was NOK 6,561m versus NOK 6,873m; operating expenses were NOK 2,730m versus NOK 2,671m.

• Q3 loan losses were NOK 17m versus NOK 27m; 9M loan losses were NOK 152m versus NOK 80m.

Outlook and guidance

• Long-term targets include ROE above 13% and CET1 of at least 15.9%; Q3 CET1 was 17.1%.

• The September policy-rate increase was followed by customer rate changes scheduled for 30 November, expected to support net interest income.

• The 2026 cost-growth target is expected to be met; bank cost growth was 0.0% YTD, with a 50% employee replacement target and a planned reduction of ~40 FTEs through attrition.

• The Kredinor sale is subject to regulatory approval and closing conditions; completion is expected in January 2027.