SPAREBANKEN MØRE (MORG) Q4 2025 earnings summary

Executive summary

• Profit after tax for 2025 was NOK 1,030 million, marking the third consecutive year above NOK 1 billion, with a return on equity of 12.5%.

• Loans grew by 3.0% and deposits by 7.6% over the last 12 months, reflecting solid balance sheet expansion.

• Maintained solid profitability and efficiency, with improvements in key metrics each quarter.

• Continued focus on customer satisfaction, digitalization, and organizational efficiency.

• The Board proposes allocating NOK 941 million to equity owners, with a dividend share of 73.1% of the group result.

Financial highlights

• Net interest income for 2025 was NOK 2,014 million (1.89% of assets), with stable quarterly performance despite rate cuts.

• Cost/income ratio for 2025 was 41.6%, with Q4 at 39.8%.

• Loan losses remained low at NOK 47 million for the year, with a net reversal of NOK 24 million in Q4.

• Profit per equity certificate was NOK 9.57.

• Dividend proposed at NOK 7 per equity certificate, totaling NOK 349 million, with NOK 361 million allocated to charitable purposes.

Outlook and guidance

• Entering 2026 with strong momentum, robust capital position, and optimism for continued growth.

• Maintaining long-term financial targets: profitability above 13%, cost/income below 40%, and CET1 ratio above 16.15%.

• Expecting to continue efficiency improvements and digitalization initiatives.

• Monitoring macroeconomic and geopolitical risks, but regional economic activity remains solid.