SPAREBANKEN MØRE (MORG) Q3 2025 earnings summary

Executive summary

• Profit after tax for Q3 2025 was NOK 258 million, down from NOK 280 million in Q3 2024, with a return on equity of 12.2% for the quarter and 11.7% year-to-date, reflecting a solid but slightly weaker performance year-over-year.

• Profit before tax for the first three quarters of 2025 was NOK 957 million, a 12.4% decrease from NOK 1,093 million year-over-year.

• Net interest income for Q3 2025 was NOK 515 million, a decrease of 1.5% from Q3 2024, while total income for the quarter was NOK 613 million, down 2.1% year-over-year.

• Cost/income ratio increased to 42.3% for the first three quarters, up from 39.7% year-over-year.

• Loans to customers grew by 3.7% and deposits by 6.8% over the last 12 months, supporting balance sheet growth.

Financial highlights

• Net interest income per Q3 2025 was NOK 1,503 million, down 3.0% year-over-year.

• Profit after tax per Q3 2025 was NOK 733 million, a 12.2% decrease from NOK 835 million in Q3 2024.

• Profit per equity certificate (EC) for Q3 2025 was NOK 2.40, compared to NOK 2.66 in Q3 2024.

• CET1 ratio improved to 18.7% from 17.3% year-over-year.

• Cost/income ratio for Q3 2025: 40.8% (Q3 2024: 38.7%).

Outlook and guidance

• The Norwegian economy is expected to see a cautious upturn, with low unemployment and increased household purchasing power.

• The bank maintains long-term financial targets: ROE above 13%, cost/income below 40%, and CET1 at or above regulatory requirements.

• International financial market sentiment improved in Q3, with lower interest rates and falling inflation supporting optimism.

• Uncertainty remains high due to global trade policies and geopolitical risks.

• Board expects 2025 financial results to be in line with Q3 year-to-date performance.