SPAREBANKEN MØRE (MORG) Q4 2025 earnings summary

Executive summary

• Profit after tax for 2025 was NOK 1,030 million, down from NOK 1,086 million in 2024, with a return on equity (ROE) of 12.5% compared to 13.7% last year.

• Profit before tax for 2025 was NOK 1,350 million (1.26%), down from NOK 1,426 million (1.43%) in 2024.

• Q4 2025 profit before tax was NOK 393 million, up from NOK 333 million in Q4 2024; profit after tax was NOK 297 million, up from NOK 251 million.

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

• 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), down from NOK 2,071 million (2.08%) in 2024.

• Other income increased to NOK 376 million, up 13.8% year-over-year.

• Cost/income ratio rose to 41.6% from 39.8% in 2024.

• Loan losses remained low at NOK 47 million (0.04% of loans and guarantees), up from NOK 20 million in 2024.

• Profit per equity certificate (EC) was NOK 9.57, down from NOK 9.95 in 2024.

Outlook and guidance

• The bank enters 2026 with good momentum, supported by strong regional business activity and a well-functioning housing market.

• Strategic targets for 2028 include ROE > 13%, cost/income ratio < 40%, and CET1 > 16.15%.

• Macroeconomic and geopolitical uncertainties are expected to continue affecting financial markets.