Voss Veksel- og Landmandsbank (VVL) Q2 2026 earnings summary

Executive summary

• Net profit after tax for Q2 2026 was 39.8 million NOK, down from 45.9 million NOK in Q2 2025, reflecting a challenging interest margin environment and increased costs from strategic investments in customer-facing staff in 2025, with full cost impact in 2026 and delayed revenue realization.

• Result before losses for H1 2026 was NOK 51.8 million, down NOK 9.2 million year-over-year.

• Profit before tax was NOK 53.5 million (NOK 61.9 million in 2025); profit after tax was NOK 40.1 million (NOK 46.4 million in 2025).

• Total comprehensive income was NOK 38.3 million, compared to NOK 52.8 million last year.

• Return on equity after tax (adjusted for hybrid capital) was 9.67%, down from 12.10% year-over-year.

Financial highlights

• Net interest and credit commission income for Q2 2026 was 40.2 million NOK, up from 34.6 million NOK year-over-year; H1 net interest and credit commission income was NOK 72.3 million (NOK 64.5 million excluding reclassification).

• Total assets reached 7,136 million NOK at the end of Q2 2026, up from 6,713 million NOK a year earlier.

• Cost-to-income ratio increased to 41.91% from 36.35% in Q2 2025; cost/income ratio (excluding securities) was 45.36% (45.05% in 2025).

• Operating expenses increased to NOK 41.7 million from NOK 38.1 million, mainly due to higher personnel costs.

• Net reversals of loan losses and impairments amounted to NOK 1.7 million.

Outlook and guidance

• The bank expects continued pressure on net interest margins but anticipates that investments in staff and growth initiatives will support future revenue growth in line with strategic plans.

• Management expects results to strengthen through the year, with full effect of interest rate increases from July.

• Continued focus on quality growth and expansion in insurance and savings products to support income.

• New partnership and ownership in Aktiv Bergen offices provide access to the Bergen market, supporting further growth, especially in the retail segment.