Tinde Sparebank (TINDE) Q4 2025 earnings summary

Executive summary

• Result after tax for Q4 2025 was 83.3 MNOK, up from 79.8 MNOK in Q4 2024, with a return on equity of 5.7% versus 8.5% last year.

• The merger between Sunndal Sparebank and Romsdal Sparebank was completed on June 2, 2025, creating a larger, more competitive local bank.

• The merger resulted in significant one-time costs and increased credit losses, impacting profitability.

Financial highlights

• Net interest income rose to 280.2 MNOK, a 49% increase year-over-year, driven by the merger and volume growth.

• Net commission income increased by 63.7%, and other operating income rose by 45.4%.

• Operating expenses increased by 77.3% to 210.8 MNOK, mainly due to merger costs and expanded operations.

• Credit losses totaled 65.3 MNOK, up 44 MNOK from 2024, mainly from the corporate portfolio.

• Cost/income ratio was 56.0% (49.4% in 2024); adjusted for one-offs, 51.0%.

• Dividend per equity certificate proposed at NOK 4.90 (NOK 9.00 in 2024), with a payout ratio of about 90%.

Outlook and guidance

• The bank targets a return on equity above 10% and a cost/income ratio below 40% in the long term.

• Risk profile is considered moderate, with credit losses expected to remain low to moderate in 2026.

• Plans to apply for listing on the main Oslo Børs in Q2 2026, subject to market conditions.