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Sparebanken Møre
Quarterly Report • Apr 30, 2025
3754_rns_2025-04-30_3ddb0eb3-b4da-438b-beda-3eb133ef2df7.pdf
Quarterly Report
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Interim report Q1 2025
Financial highlights - Group
Income statement
(Amounts in percentage of average assets)
| Q1 2025 | Q1 2024 | 2024 | ||||
|---|---|---|---|---|---|---|
| NOK million |
% | NOK million |
% | NOK million |
% | |
| Net interest income | 485 | 1.87 | 508 | 2.07 | 2 071 | 2.08 |
| Net commission and other operating income | 67 | 0.26 | 54 | 0.22 | 287 | 0.29 |
| Net result from financial instruments | 15 | 0.06 | 16 | 0.06 | 43 | 0.04 |
| Total income | 567 | 2.19 | 578 | 2.35 | 2 401 | 2.41 |
| Total operating expenses | 252 | 0.98 | 228 | 0.93 | 955 | 0.96 |
| Profit before impairment on loans | 315 | 1.21 | 350 | 1.42 | 1 446 | 1.45 |
| Impairment on loans, guarantees etc. | 13 | 0.05 | 17 | 0.07 | 20 | 0.02 |
| Pre-tax profit | 302 | 1.16 | 333 | 1.35 | 1 426 | 1.43 |
| Taxes | 70 | 0.27 | 79 | 0.32 | 340 | 0.34 |
| Profit after tax | 232 | 0.89 | 254 | 1.03 | 1 086 | 1.09 |
Balance sheet
| (NOK million) | 31.03.2025 | Change last three months (%) | 31.12.2024 | Change last twelve months (%) | 31.03.2024 |
|---|---|---|---|---|---|
| Total assets 4) | 104 345 | 2.0 | 102 335 | 5.0 | 99 372 |
| Average assets 4) | 103 863 | 4.1 | 99 776 | 5.7 | 98 236 |
| Loans to and receivables from customers |
88 770 | 2.2 | 86 875 | 6.6 | 83 260 |
| Gross loans to retail customers |
58 440 | 1.0 | 57 872 | 7.2 | 54 513 |
| Gross loans to corporate and public entities |
30 586 | 4.5 | 29 255 | 5.4 | 29 028 |
| Deposits from customers |
51 262 | 3.5 | 49 550 | 6.4 | 48 191 |
| Deposits from retail customers |
30 790 | 2.1 | 30 149 | 3.6 | 29 729 |
| Deposits from corporate and public entities |
20 472 | 5.5 | 19 401 | 10.9 | 18 462 |
Key figures and Alternative Performance Measures (APMs)
| Q1 2025 | Q1 2024 | 2024 | |
|---|---|---|---|
| Return on equity (annualised) 3) 4) | 11.2 | 13.1 | 13.7 |
| Cost/income ratio 4) | 44.5 | 39.5 | 39.8 |
| Losses as a percentage of loans and guarantees (annualised) 4) | 0.06 | 0.08 | 0.02 |
| Gross credit-impaired commitments as a percentage of loans/guarantee liabilities | 0.44 | 0.57 | 0.58 |
| Net credit-impaired commitments as a percentage of loans/guarantee liabilities | 0.32 | 0.44 | 0.45 |
| Deposit-to-loan ratio 4) | 57.6 | 57.7 | 56.9 |
| Liquidity Coverage Ratio (LCR) | 141 | 173 | 167 |
| NSFR (Net Stable Funding Ratio) | 119 | 124 | 122 |
| Lending growth as a percentage 4) | 6.6 | 6.9 | 6.5 |
| Deposit growth as a percentage 4) | 6.4 | 9.0 | 4.5 |
| Capital adequacy ratio 1) | 20.7 | 23.1 | 21.1 |
| Tier 1 capital ratio 1) | 18.7 | 20.8 | 19.0 |
| Common Equity Tier 1 capital ratio (CET1) 1) | 17.0 | 18.5 | 17.2 |
| Leverage Ratio (LR) 1) | 7.3 | 7.7 | 7.4 |
| Man-years | 399 | 416 | 402 |
Equity Certificates (ECs)
| 31.03.2025 | 31.03.2024 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Profit per EC (Group) (NOK) 2) 5) | 2.13 | 2.41 | 9.95 | 10.12 | 7.50 | 31.10 |
| Profit per EC (parent bank) (NOK) 2) 5) | 3.38 | 3.32 | 9.55 | 10.34 | 8.48 | 30.98 |
| Number of ECs 5) | 49 795 520 | 49 434 770 | 49 795 520 | 49 434 770 | 49 434 770 | 9 886 954 |
| Nominal value per EC (NOK) 5) | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 100.00 |
| EC fraction 1.1 as a percentage (parent bank) |
49.1 | 49.7 | 49.1 | 49.7 | 49.7 | 49.7 |
| EC capital (NOK million) | 995.90 | 988.70 | 995.90 | 988.70 | 988.70 | 988.70 |
| Price at Oslo Stock Exchange (NOK) | 102.8 | 91.2 | 97.0 | 84.0 | 84.4 | 444 |
| Stock market value (NOK million) | 5 117 | 4 509 | 4 830 | 4 153 | 4 173 | 4 390 |
| Book value per EC (Group) (NOK) 4) 5) | 83.8 | 83.1 | 81.5 | 80.7 | 74.8 | 350 |
| Dividend per EC (NOK) 5) | 0.00 | 0.00 | 6.25 | 7.50 | 4.00 | 16.00 |
| Price/Earnings (Group, annualised) | 12.0 | 9.4 | 9.8 | 8.3 | 11.3 | 14.3 |
| Price/Book value (P/B) (Group) 2) 4) | 1.23 | 1.10 | 1.19 | 1.04 | 1.13 | 1.27 |
1) Incl. 50 % of the comprehensive income after tax
2) Calculated using the EC-holders' share of the period's profit to be allocated to equity owners
3) Calculated using the share of the profit to be allocated to equity owners
4) Defined as Alternative Performance Measure (APM), see www.sbm.no/IR
5) Our EC(MORG) was split 1:5 in April 2022
Interim report from the Board of Directors
All figures relate to the Group. Figures in brackets refer to the corresponding period last year. The financial statements have been prepared in accordance with IFRS and the interim report has been prepared in conformity with IAS 34 Interim Financial Reporting.
RESULTS FOR Q1 2025
Profit before losses amounted to NOK 315 million for the first quarter of 2025, or 1.21 per cent of average assets, compared with NOK 350 million, or 1.42 per cent, for the corresponding quarter last year.
The profit after tax for the first quarter of 2025 amounted to NOK 232 million, or 0.89 per cent of average assets, compared with NOK 254 million, or 1.03 per cent, for the corresponding quarter last year.
Return on equity was 11.2 per cent in the first quarter of 2025, compared with 13.1 per cent in the first quarter of 2024, and the cost income ratio amounted to 44.5 compared with 39.5 in the first quarter of 2024.
Earnings per equity certificate were NOK 2.13 (NOK 2.41) for the Group and NOK 3.38 (NOK 3.32) for the parent bank.
Net interest income
Net interest income was NOK 485 million for the quarter, which is NOK 23 million, or 4.5 per cent, lower than in the corresponding quarter of last year. This represents 1.87 per cent of total assets, which is 0.2 percentage points lower than for the corresponding quarter last year.
Interest rate margins contracted in both the retail and corporate markets compared with the first quarter of 2024. The lending margin in the retail market was stable compared with the same period in 2024, while it decreased in the corporate market.
Other income
Other income was NOK 82 million in the quarter, which is NOK 12 million higher than in the first quarter of last year. The net result from financial instruments of NOK 15 million for the quarter was NOK 1 million less than in the first quarter of 2024. Capital gains from bond holdings amounted to NOK 5 million in the quarter, the same as in the first quarter of 2024. Capital gains from equities amounted to NOK 1 million, compared with capital losses of NOK 4 million in the first quarter of 2024. The negative change in value for fixed-rate lending amounted to NOK 2 million, compared with a change in value of NOK 0 million in the same quarter last year. Income from foreign exchange and interest rate business for customers amounted to NOK 6 million in the quarter, NOK 6 million less than in the same quarter last year.
Other income excluding financial instruments increased by NOK 13 million compared with the first quarter of 2024. The increase was mainly attributable to income from Discretionary Portfolio Management and fund sales/securities.
Expenses
Operating expenses amounted to NOK 252 million for the quarter, which is NOK 24 million higher than for the same quarter last year. Personnel expenses accounted for NOK 13 million of the rise in relation to the same period last year and totalled NOK 137 million. Other operating expenses increased by NOK 11 million from the same period last year.
Provisions for expected credit losses and credit-impaired commitments
Losses on loans and guarantees amounted to NOK 13 million in the quarter (NOK 17 million), corresponding to 0.05 per cent of average assets (0.07 per cent of average assets). The corporate segment saw an increase of NOK 11 million in losses in the quarter, while losses in the retail segment increased by NOK 2 million.
At the end of the first quarter of 2025, provisions for expected credit losses totalled NOK 272 million, equivalent to 0.30 per cent of gross loans and guarantee commitments (NOK 284 million and 0.33 per cent). Of the total provision for expected credit losses, NOK 33 million relates to credit-impaired commitments more than 90 days past due (NOK 26 million), which represents 0.04 per cent of gross loans and guarantee commitments (0.03 per cent), while NOK 75 million relates to other credit-impaired commitments (NOK 92 million), corresponding to 0.08 per cent of gross loans and guarantee commitments (0.11 per cent).
Net credit-impaired commitments (commitments more than 90 days past due and other credit-impaired commitments) have decreased by NOK 87 million in the past12 months. At end of the first quarter of 2025, the corporate market accounted for NOK 121 million of net credit-impaired commitments and the retail market NOK 168 million. In total, this represents 0.32 per cent of gross loans and guarantee commitments (0.44 per cent).
Lending to customers
At the end of the first quarter of 2025, net lending to customers amounted to NOK 88,770 million (NOK 83,260 million). In the past 12 months, gross customer lending has increased by a total of NOK 5,485 million, equivalent to 6.6 per cent. Retail lending has increased by 7.2 per cent, while corporate lending has increased by 5.4 per cent in the past 12 months. Retail lending accounted for 65.6 per cent of total lending at the end of the first quarter of 2025 (65.3 per cent).
Customer deposits
Customer deposits have increased NOK 3,071 million, or 6.4 per cent, in the past 12 months. At the end of the first quarter of 2025, deposits amounted to NOK 51,262 million (NOK 48,191 million). Retail deposits have increased by 3.6 per cent in the past 12 months, while corporate deposits and public sector deposits have increased by 10.9 per cent. The retail market's relative share of deposits amounted to 60.1 per cent (61.7 per cent), while deposits from the corporate market accounted for 39.9 per cent (38.3 per cent).
LIQUIDITY AND FUNDING
Sparebanken Møre's liquidity and funding are managed based on frameworks for its liquidity coverage ratio (LCR), net stable funding ratio (NSFR), deposit-to-loan ratio and others. The regulatory minimum LCR and NSFR requirements are both 100 per cent. The Group has established minimum internal targets that exceed the regulatory requirements for LCR and NSFR as well as an internal target corridor for its deposit-to-loan ratio.
Sparebanken Møre's liquidity coverage ratio (LCR) was 141 (173) for the Group and 133 (160) for the parent bank at the end of the year.
The NSFR ended at 119 (124) at the end of the first quarter of 2025 (consolidated figure), while the bank's and Møre Boligkreditt AS's NSFR ended at 121 (125) and 108 (112), respectively.
Both LCR and NSFR meet both external and internal requirements by good margin.
Deposits from customers represent the bank's main source of funding. The deposit-to-loan ratio was 57.6 per cent (57.7 per cent) at the end of the first quarter of 2025, and this is within the established target corridor.
Total net market funding amounted to NOK 39,927 million at the end of the quarter. Senior bonds with a remaining term to maturity of more than 1 year have a weighted remaining term to maturity of 2.72 years, while covered bond funding through Møre Boligkreditt AS correspondingly has a weighted remaining term to maturity of 2.87 years – overall for market funding in the Group (inclusive of T2 and T3) the remaining term to maturity is 2.89 years.
Møre Boligkreditt AS issues bonds based on the transfer of loans from the parent bank. Gross retail lending transferred to Møre Boligkreditt AS amounted to NOK 35,098 million at the end of the quarter, which corresponds to 39.5 per cent of the bank's total lending.
RATING
In a Credit Opinion published on 17 January 2025, the rating agency Moody's confirmed Sparebanken
Møre's counterparty, deposit and issuer ratings as A1 with a stable outlook.
Møre Boligkreditt has the same issuer rating as the parent bank, while the mortgage credit company's issuances are rated Aaa.
CAPITAL ADEQUACY
Capital adequacy is calculated and reported in line with the EU capital requirements for banks and investment firms – CRD /CRR. Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway to use internal measurement methods, the Foundation IRB method, for credit risk. Market risk calculations are based on the standard method and operational risk calculations on the basic method. The use of IRB involves comprehensive requirements for the bank's organisation, expertise, risk models and risk management systems.
CRR3 will enter into force in Norway on 1 April 2025. The bank is thus reporting in line with CRR2 for the first quarter of 2025, and will report in line with CRR3 from the second quarter of 2025 onwards.
The Ministry of Finance has decided to increase the risk-weighted floor for mortgages from 20 to 25 per cent with effect from 1 July 2025. Overall, the changes in capital requirements will have a positive effect of around 1.5 percentage points on CET1 capital for Sparebanken Møre.
In January 2025, a new application was submitted for the acquisition of equity certificates. Sparebanken Møre received a response to this application on 25 February 2025. New permission to acquire equity certificates has been granted for a total amount of up to NOK 42 million. Authorisation was granted on the condition that the buybacks do not reduce CET1 capital by more than NOK 42 million. Sparebanken Møre has deducted NOK 42 million from CET1 capital since the date authorisation was granted and will do so until the authorisation expires on 30 June 2025.
At the end of the first quarter of 2025, the CET1 capital ratio was 17.0 per cent (18.5 per cent), including 50 per cent of the result for the year to date. This is 0.85 percentage points higher than the total minimum requirement and the Financial Supervisory Authority of Norway's expected capital adequacy margin (P2G) totalling 16.15 per cent. The primary capital ratio, including 50 per cent of the result for the year to date, was 20.7 per cent (23.1 per cent) and the Tier 1 capital ratio was 18.7 per cent (20.8 per cent).
Sparebanken Møre's total internal minimum CET1 capital ratio requirement is 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. The Financial Supervisory Authority conducted a SREP in 2023. The individual Pillar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin has been set at 1.25 per cent. At least 56.25 per cent of the Pillar 2 requirement (P2R) that resulted from the aforementioned SREP must be met with CET1 capital (0.9 per cent), while a minimum of 75 per cent must be met with Tier 1 capital. The P2G margin must be met with CET1 capital.
The leverage ratio (LR) at the end of the first quarter of 2025 was 7.3 per cent (7.7 per cent). The regulatory minimum requirement (3 per cent) was met by a good margin.
MREL
On 1 January 2025, the Financial Supervisory Authority of Norway set Sparebanken Møre's effective MREL requirement at 35.7 per cent of the risk-weighted assets at any given time. The minimum subordination requirement was set at 28.7 per cent. At the end of the quarter, Sparebanken Møre's actual MREL level was 36.6 per cent, while the level of subordination was 29.7 per cent of the risk-weighted assets.
Sparebanken Møre had issued NOK 3,750 million in subordinated bond debt at the end of first quarter of 2025.
SUBSIDIARIES
The aggregate profit of the bank's subsidiaries amounted to NOK 43 million after tax in 2024 (NOK 41 million).
Møre Boligkreditt AS was established as part of the Group's long-term funding strategy. The main purpose of the covered bond company is to issue covered bonds for sale to Norwegian and international investors. At the end of the first quarter of 2025, the company had nominal outstanding covered bonds of NOK 28.6 billion in the market. Around 40 per cent was issued in a currency other than NOK. At the end of the quarter, the parent bank held NOK 0 million in bonds issued by the company. Møre Boligkreditt AS contributed NOK 43 million to the Group's result in the first quarter of 2025 (NOK 41 million).
Møre Eiendomsmegling AS provides real estate brokerage services to both retail and corporate customers. The company made a NOK -1 million contribution to the result in the first quarter of 2025 (NOK -1 million). At the end of the quarter, the company employed 24 FTEs.
The purpose of Sparebankeiendom AS and Storgata 41-45 Molde AS is to own and manage the bank's own commercial properties. The company contributed NOK 0 million to the result in the first quarter of 2025 (NOK 1 million). The companies have no staff.
EQUITY CERTIFICATES
At the end of the first quarter of 2025, there were 7,639 holders of Sparebanken Møre's equity certificates. The proportion of equity certificates owned by foreign nationals and entities amounted to 3.7 per cent at the end of the year.
Note 14 includes a list of the 20 largest holders of the bank's equity certificates. As at 31 March 2025, the bank owned 171,741 of its own equity certificates. These were purchased on the Oslo Stock Exchange at market price.
At the end of the first quarter of 2025, equity certificate capital accounted for 49.1 per cent of the bank's total equity.
FUTURE PROSPECTS
The first quarter was marked by political initiatives from the new US government headed by President Donald Trump. The initiatives particularly centred around security policy, trade policy and domestic policy. Initiatives were launched, postponed, changed and later revoked. Doubts about whether what is on the table at any given time is a negotiating tactic or an actual initiative that will be implemented have created great uncertainty in the financial markets.
Recently, there has been a lot about trade policy. Trump was clear throughout his campaign that he wanted to increase import duties (tariffs) to remedy what he believes has been the unfair treatment of the US for decades. What was announced on 2 April, referred to as "Liberation Day," was far more extensive than the financial markets had anticipated. High tariffs targeting 175 countries sent stock markets into a period of sharp decline.
In such situations, investors have normally sought out safe havens, with US government bonds being the ultimate safe haven. A weaker USD and sharp rises in interest rates for US debt can be read as indications that investors have lost confidence in the US based on what is currently happening. It also appears that this is what triggered a 90-day pause for the tariffs, except for China, during which only a "base rate" of 10 per cent tariffs remains. The news was welcomed by the markets, although the uncertainty about what comes next between the US and China superpowers rests like a clammy hand on the shoulder of the financial markets. At the same time, many countries are entering into negotiations with the US government.
The uncertainty surrounding the future performance of the global economy remains high. The central banks in Western countries have pointed out that a more protectionist direction could mean both higher inflation and lower growth potential going forward. The big fear is that the result will be so-called "stagflation", where inflation increases while economic activity levels drop. This could put central banks in a difficult position where price stability considerations pull in the direction of higher interest rates while an economic slowdown pulls in the opposite direction. So far, the markets appear to believe that economic activity considerations are the priority, which has lowered expectations concerning interest rates cuts in both the US and Europe.
As a small, open economy, Norway will obviously be impacted by the direction this takes. A weaker performing global economy will also slow down demand for Norwegian goods. At the same time, it is unclear what the actual tariffs on Norwegian goods will be, as well as where we will end up in relation to our trading partners.
Meanwhile, the Norwegian economy has a relatively good starting point. Unemployment remains low and in the first quarter there were signs of activity levels recovering in most industries. High wage growth combined with lower inflation also appear to ensure households will see some increase in purchasing power this year. At the same time, the uncertainty has also grown for us. Møre og Romsdal is the most export-intensive county with regards to export income per employed person, excluding oil and gas. A slowdown in world trade could obviously hit a number of companies and industries in our part of the country as well.
When Norges Bank presented its last monetary policy report on 27 March it expected a total of three interest rate cuts in 2025. The interest rate market is currently assuming the same. However, significant movements with respect to interest rates, equities and exchange rates must be expected going forward as well.
Figures from Statistics Norway show that the rate of growth in lending to Norwegian households continues to edge upwards. In February, the 12-month growth rate was 4.0 per cent, up from 3.2 per cent in the same period last year. The growth in lending to non-financial enterprises has for its part continued to fall to 1.5 per cent, while the growth in lending to municipalities has risen slightly. Overall lending growth in the retail market remains relatively stable at around 3.5 per cent.
Sparebanken Møre's overall lending growth remains satisfactorily high and is still markedly above market growth. At the end of the first quarter of 2025, the 12-month growth rate was 6.6 per cent, slightly above the growth rate at the end of 2024 of 6.5 per cent. The year-on-year growth in lending to the retail market ended at 7.2 per cent at the end of first quarter, while lending growth in the corporate market amounted to 5.4 per cent. Deposits have increased by 6.4 per cent in the past 12 months and the deposit-to-loan ratio remains high.
The bank has a solid capital base and good liquidity and will remain a strong and committed supporter of our customers also going forward. The focus will always be on good operations and profitability.
The bank's return on equity at the end of the first quarter of 2025 amounted to 11.2 per cent and the cost income ratio was 44.5. Sparebanken Møre's long-term strategic financial performance targets are a return on equity of above 13.0 per cent and a cost income ratio below 40.0.
Ålesund, 31 March 2025 29 April 2025
THE BOARD OF DIRECTORS OF SPAREBANKEN MØRE
BIRGIT MIDTBUST ANNE JORUNN VATNE MARIE REKDAL HIDE BJØRN FØLSTAD ROY REITE, Chair of the Board KÅRE ØYVIND VASSDAL, Deputy Chair JILL AASEN TERJE BØE
TROND LARS NYDAL, CEO
Statement of income - Group
STATEMENT OF INCOME - GROUP (COMPRESSED)
| (NOK million) | Note | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|---|
| Interest income from assets at amortised cost | 1 258 | 1 249 | 5 100 | |
| Interest income from assets at fair value | 231 | 208 | 868 | |
| Interest expenses | 1 004 | 949 | 3 897 | |
| Net interest income | 3 | 485 | 508 | 2 071 |
| Commission income and revenues from banking services | 68 | 56 | 271 | |
| Commission expenses and charges from banking services | 12 | 10 | 40 | |
| Other operating income | 11 | 8 | 56 | |
| Net commission and other operating income | 7 | 67 | 54 | 287 |
| Dividends | 0 | 4 | 14 | |
| Net change in value of financial instruments | 15 | 12 | 29 | |
| Net result from financial instruments | 7 | 15 | 16 | 43 |
| Total other income | 7 | 82 | 70 | 330 |
| Total income | 567 | 578 | 2 401 | |
| Salaries, wages etc. | 137 | 124 | 525 | |
| Depreciation and impairment of non-financial assets | 15 | 13 | 55 | |
| Other operating expenses | 100 | 91 | 375 | |
| Total operating expenses | 8 | 252 | 228 | 955 |
| Profit before impairment on loans | 315 | 350 | 1 446 | |
| Impairment on loans, guarantees etc. | 5 | 13 | 17 | 20 |
| Pre-tax profit | 302 | 333 | 1 426 | |
| Taxes | 70 | 79 | 340 | |
| Profit after tax | 232 | 254 | 1 086 | |
| Allocated to equity owners | 217 | 241 | 1 023 | |
| Allocated to owners of Additional Tier 1 capital | 15 | 13 | 63 | |
| Profit per EC (NOK) 1) | 2.13 | 2.41 | 9.95 | |
| Diluted earnings per EC (NOK) 1) | 2.13 | 2.41 | 9.95 | |
| Distributed dividend per EC (NOK) | 0.00 | 0.00 | 7.50 |
STATEMENT OF COMPREHENSIVE INCOME - GROUP (COMPRESSED)
| (NOK million) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Profit after tax | 232 | 254 | 1 086 |
| Items that may subsequently be reclassified to the income statement: | |||
| Basisswap spreads - changes in value | 9 | -6 | -38 |
| Tax effect of changes in value on basisswap spreads | -2 | 1 | 8 |
| Items that will not be reclassified to the income statement: | |||
| Pension estimate deviations | 0 | 0 | 9 |
| Tax effect of pension estimate deviations | 0 | 0 | -2 |
| Total comprehensive income after tax | 239 | 249 | 1 063 |
| Allocated to equity owners | 224 | 236 | 1 000 |
| Allocated to owners of Additional Tier 1 capital | 15 | 13 | 63 |
1) Calculated using the EC-holders' share (49.1 %) of the period's profit to be allocated to equity owners.
Balance sheet - Group
ASSETS (COMPRESSED)
| (NOK million) | Note | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|---|
| Cash and receivables from Norges Bank | 9 10 13 | 299 | 599 | 447 |
| Loans to and receivables from credit institutions | 9 10 13 | 496 | 1 030 | 702 |
| Loans to and receivables from customers | 4 5 6 9 11 13 | 88 770 | 83 260 | 86 875 |
| Certificates, bonds and other interest-bearing securities | 9 11 13 | 12 412 | 12 094 | 12 144 |
| Financial derivatives | 9 11 | 1 426 | 1 595 | 1 393 |
| Shares and other securities | 9 11 | 206 | 200 | 199 |
| Intangible assets | 60 | 63 | 61 | |
| Fixed assets | 227 | 208 | 220 | |
| Overfunded pension liability | 83 | 68 | 80 | |
| Other assets | 366 | 255 | 214 | |
| Total assets | 104 345 | 99 372 | 102 335 |
LIABILITIES AND EQUITY (COMPRESSED)
| (NOK million) | Note | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|---|
| Loans and deposits from credit institutions | 9 10 13 | 2 021 | 2 065 | 1 994 |
| Deposits from customers | 4 9 10 13 | 51 262 | 48 191 | 49 550 |
| Debt securities issued | 9 10 12 | 39 084 | 37 227 | 38 906 |
| Financial derivatives | 9 11 | 645 | 628 | 719 |
| Other provisions for incurred costs and prepaid income | 92 | 102 | 101 | |
| Pension liabilities | 23 | 28 | 23 | |
| Tax payable | 279 | 251 | 349 | |
| Provisions for guarantee liabilities | 16 | 3 | 11 | |
| Deferred tax liabilities | 147 | 162 | 148 | |
| Other liabilities | 661 | 685 | 651 | |
| Subordinated loan capital | 9 10 | 857 | 857 | 857 |
| Total liabilities | 95 087 | 90 199 | 93 309 | |
| EC capital | 14 | 996 | 989 | 996 |
| ECs owned by the bank | -4 | -3 | -5 | |
| Share premium | 380 | 360 | 379 | |
| Additional Tier 1 capital | 750 | 903 | 750 |
| Paid-in equity | 2 122 | 2 249 | 2 120 |
|---|---|---|---|
| Primary capital fund | 3 690 | 3 476 | 3 687 |
| Gift fund | 125 | 125 | 125 |
| Dividend equalisation fund | 2 309 | 2 206 | 2 306 |
| Liability credit reserve | -43 | -13 | -43 |
| Other equity | 816 | 881 | 831 |
| Comprehensive income for the period | 239 | 249 | - |
| Retained earnings | 7 136 | 6 924 | 6 906 |
| Total equity | 9 258 | 9 173 | 9 026 |
| Total liabilities and equity | 104 345 | 99 372 | 102 335 |
Statement of changes in equity - Group
| GROUP 31.03.2025 | Total equity |
EC capital |
Share premium |
Additional Tier 1 capital |
Primary capital fund |
Gift fund |
Dividend equalisation fund |
Liability credit reserve |
Other equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity as of 31.12.2024 | 9 026 | 991 | 379 | 750 | 3 687 | 125 | 2 306 | -43 | 831 |
| Changes in own equity certificates |
8 | 1 | 1 | 3 | 3 | ||||
| Distributed dividends to the EC holders |
0 | ||||||||
| Distributed dividends to the local community |
0 | ||||||||
| Issued Additional Tier 1 capital |
0 | ||||||||
| Redemption of Additional Tier 1 capital |
0 | ||||||||
| Interests on issued Additional Tier 1 capital |
-15 | -15 | |||||||
| Comprehensive income for the period |
239 | 239 | |||||||
| Equity as at 31 March 2025 |
9 258 | 992 | 380 | 750 | 3 690 | 125 | 2 309 | -43 | 1 055 |
| GROUP 31.03.2024 | Total equity |
EC capital |
Share premium |
Additional Tier 1 capital |
Primary capital fund |
Gift fund |
Dividend equalisation fund |
Liability credit reserve |
Other equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity as of 31.12.2023 | 8 680 | 985 | 359 | 650 | 3 475 | 125 | 2 205 | -13 | 894 |
| Changes in own equity certificates |
4 | 1 | 1 | 1 | 1 | ||||
| Distributed dividends to the EC holders |
0 | 0 | |||||||
| Distributed dividends to the local community |
0 | 0 | |||||||
| Issued Additional Tier 1 capital |
350 | 350 | |||||||
| Redemption of Additional Tier 1 capital |
-97 | -97 | |||||||
| Interests on issued Additional Tier 1 capital |
-13 | -13 | |||||||
| Comprehensive income for the period |
249 | 249 | |||||||
| Equity as at 31 March 2024 |
9 173 | 986 | 360 | 903 | 3 476 | 125 | 2 206 | -13 | 1 130 |
| GROUP 31.12.2024 | Total equity |
EC capital |
Share premium |
Additional Tier 1 capital |
Primary capital fund |
Gift fund |
Dividend equalisation fund |
Liability credit reserve |
Other equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity as at 31.12.2023 | 8 680 | 985 | 359 | 650 | 3 475 | 125 | 2 205 | -13 | 894 |
| Changes in own equity certificates |
-7 | -1 | 1 | -5 | -2 | ||||
| Distributed dividends to the EC holders |
-371 | -371 | |||||||
| Distributed dividends to the local community |
-376 | -376 | |||||||
| Issued Additional Tier 1 capital |
350 | 350 | |||||||
| Redemption of Additional Tier 1 capital |
-250 | -250 | |||||||
| Interests on issued Additional Tier 1 capital |
-63 | -63 | |||||||
| Convertion of ECs to Sparebankstiftelsen Sparebanken Møre |
0 | 7 | 19 | -26 | |||||
| Order of corretion to the primary capital fund |
132 | 132 | |||||||
| Equity as at 31.12.2024 | 8 095 | 991 | 379 | 750 | 3 576 | 125 | 2 203 | -13 | 84 |
| Allocated to the primary capital fund |
107 | 107 | |||||||
| Allocated to the dividend equalisation fund |
100 | 100 | |||||||
| Allocated to owners of Additional Tier 1 capital |
63 | 63 | |||||||
| Allocated to other equity |
41 | 41 | |||||||
| Proposed dividend allocated for the EC holders |
311 | 311 | |||||||
| Proposed dividend allocated for the local community |
332 | 332 | |||||||
| Profit for the year | 954 | 0 | 0 | 0 | 107 | 0 | 100 | 0 | 747 |
Equity as t 31.12.2024 9 026 991 379 750 3 687 125 2 306 -43 831
| Changes in value - basis swaps |
-38 | -38 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Tax effect of changes in value - basis swaps |
8 | 8 | |||||||
| Pension estimate deviations |
9 | 5 | 4 | ||||||
| Tax effect of pension estimate deviations |
-2 | -1 | -1 | ||||||
| Total other income and costs from comprehensive income |
-23 | 0 | 0 | 0 | 4 | 0 | 3 | -30 | 0 |
| Total profit for the year | 931 | 0 | 0 | 0 | 111 | 0 | 103 | -30 | 747 |
| Equity as at 31.12.2024 | 9 026 | 991 | 379 | 750 | 3 687 | 125 | 2 306 | -43 | 831 |
Statement of cash flow - Group
| (NOK million) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Interest, commission and fees received | 1 413 | 1 395 | 5 758 |
| Interest, commission and fees paid | -563 | -541 | -1 943 |
| Interest received on certificates, bonds and other securities | 146 | 132 | 542 |
| Interest paid on debt securities and subordinated loan capital | -522 | -502 | -2 038 |
| Dividend and group contribution received | 0 | 4 | 14 |
| Operating expenses paid | -207 | -204 | -883 |
| Income taxes paid | -141 | -97 | -269 |
| Receipts/payments(-) on loans to and receivables from other financial institutions | 158 | -111 | 245 |
| Receipts/payments(-) on loans/leasing to customers | -1 937 | -1 238 | -4 810 |
| Receipts/payments(-) on customers utilised credit facilities | 38 | -469 | -484 |
| Receipts/payments(-) on deposits from customers | 1 712 | 780 | 2 140 |
| Proceeds from the sale of certificates, bonds and other securities | 6 635 | 4 894 | 18 640 |
| Purchase of certificates, bonds and other securities | -7 098 | -6 540 | -19 221 |
| Receipts of other assets | 0 | 7 | 0 |
| Payments of other assets | -100 | 0 | -7 |
| Net cash flow from operating activities | -466 | -2 490 | -2 316 |
| Cash flow from investing activities | |||
| Proceeds from the sale of fixed assets and intangible assets | 0 | 0 | 0 |
| Purchase of fixed assets and intangible assets | -21 | -19 | -71 |
| Receipts/payments(-) on investment i subsidiaries | 0 | 0 | 0 |
| Net cash flow from investing activities | -21 | -19 | -71 |
| Cash flow from financing activities | |||
| Receipts/payments(-) on deposits from Norges Bank and other financial institutions | 27 | 338 | 268 |
| Redemption of debt securities | -1 579 | -436 | -7 819 |
| Proceeds from bonds issued | 1 998 | 3 045 | 10 675 |
| Redemption of Additional Tier 1 capital | 0 | 0 | -250 |
| Proceeds from Additional Tier 1 capital issued | 0 | 251 | 348 |
| Interest paid on issued Additional Tier 1 capital | -15 | -15 | -63 |
|---|---|---|---|
| Payment of cash dividends to EC owners | 0 | -371 | |
| Payment of dividend funds | -57 | -43 | -515 |
| Payment upon sale of own equity certificates | 9 | 8 | 9 |
| Payment upon purchase of own equity certificates | 0 | -2 | -15 |
| Receipts/payments(-) of other debt | -92 | -312 | 330 |
| Net cash flow from financing activities | 291 | 2 834 | 2 597 |
| Net change in cash and cash equivalents | -196 | 325 | 210 |
| Cash balance, OB | 563 | 353 | 353 |
| Cash balance, CB | 367 | 678 | 563 |
Accounting principles
The Group`s interim accounts have been prepared in accordance with adopted International Financial Reporting Standards (IFRS), approved by the EU as at 31 March 2025. The interim report has been prepared in compliance with IAS 34 Interim Reporting and in accordance with accounting principles and methods applied in the 2024 Financial statements.
The accounts are presented in Norwegian kroner (NOK), which is also the parent banks and subsidiaries functional currency. All amounts are stated in NOK million unless stated otherwise.
Capital adequacy
Sparebanken Møre calculates and reports capital adequacy in compliance with the EU's capital requirements regulation and directive (CRD/CRR). Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway (FSA) to use internal rating methods, IRB (Internal Rating Based Approach) Foundation for credit risk. Calculations regarding market risk are performed using the standardised approach and for operational risk the basic indicator approach is used. The use of IRB places extensive demands on the bank's organisation, expertise, risk models and risk management systems.
CRR3 will enter into force in Norway on 1 April 2025. The bank is thus reporting in line with CRR2 for the first quarter of 2025 and will report in line with CRR3 from the second quarter of 2025 onwards.
The Ministry of Finance has decided to increase the risk-weighted floor for mortgages from 20 to 25 per cent with effect from 1 July 2025. Overall, the changes in capital requirements will have a positive effect of around 1.5 percentage points on CET1 capital for Sparebanken Møre.
On 21 December 2021, Sparebanken Møre applied to the FSA to make changes to the bank's IRB models and calibration framework. The bank received a response to the application 22 June 2023, in which the FSA approved the proposed models for the corporate market. On 18 January 2024, the bank received a response to the proposed models for the retail market. The FSA believes that the applied for models for the retail market do not satisfy the requirements for an adequate level of calibration, ref. the Capital Requirements Regulation Articles 179-182. The FSA therefore found no basis for permitting the applied for amendments. The bank is aiming to submit new models and complete the processing of the model changes for lending to the retail customer market in the second quarter of 2025.
A new application was submitted in January 2025 for the acquisition of own equity certificates (ECs). Sparebanken Møre received an answer to this application on 25 February 2025. New permission to acquire own ECs has been granted for a total amount of up to NOK 42 million. The authorisation has been granted on the condition that the buybacks do not reduce the Common Equity Tier 1 capital by more than NOK 42 million. Sparebanken Møre has made deductions in the Common Equity Tier 1 capital of NOK 42 million from the date the authorisation was granted and for the duration of the authorisation until 30 June 2025.
Sparebanken Møre has an internal minimum CET1 capital ratio requirement of 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. The Financial Supervisory Authority conducted a SREP in 2023. The individual Pillar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin (P2G) has been set at 1.25 per cent. At least 56.25 per cent of the new Pillar 2 requirement that resulted from the aforementioned SREP must be met with Common Equity Tier 1 capital (0.9 per cent), and minimum 75 per cent must be met with Tier 1 capital.
Sparebanken Møre has an internal target for the CET1 ratio to minimum equal the sum of Pillar 1, Pillar 2 and the Pillar 2 Guidance.
MREL
One key element of the BRRD II (Bank Recovery and Resolution Directive) is that capital instruments and debt can be written down and/or converted to equity (bail-in). The Financial Institutions Act, therefore, requires the bank to meet a minimum requirement regarding the sum of its own funds and convertible debt at all times (MREL – minimum requirement for own funds and eligible liabilities) such that the bank has sufficient primary capital and convertible debt to cope with a crisis without the use of public funds.
The MREL requirement, applicable from 1 January 2025, must be covered by own funds or debt instruments with a lower priority than ordinary, unsecured, non-prioritised debt (senior debt).
In its letter dated 17 December 2024, the FSA set Sparebanken Møre's effective MREL-requirement as of 01.01.2025 at 35.7 per cent and the minimum subordination requirement at 28.7 per cent. th
| Equity | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| EC capital | 996 | 989 | 996 |
| - ECs owned by the bank | -4 | -3 | -5 |
| Share premium | 380 | 360 | 379 |
| Additional Tier 1 capital (AT1) | 750 | 903 | 750 |
| Primary capital fund | 3 690 | 3 476 | 3 687 |
| Gift fund | 125 | 125 | 125 |
| Dividend equalisation fund | 2 309 | 2 206 | 2 306 |
| Proposed dividend for EC holders | 311 | 371 | 311 |
| Proposed dividend for the local community | 332 | 376 | 332 |
| Liability credit reserve | -43 | -13 | -43 |
| Other equity | 173 | 134 | 188 |
| Comprehensive income for the period | 239 | 249 | - |
| Total equity | 9 258 | 9 173 | 9 026 |
| Tier 1 capital (T1) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Goodwill, intangible assets and other deductions | -59 | -63 | -63 |
| Value adjustments of financial instruments at fair value | -19 | -18 | -19 |
| Deduction of overfunded pension liability | -62 | -51 | -60 |
| Deduction of remaining permission for the acquisition of own equity certificates | -38 | 0 | -73 |
| Additional Tier 1 capital (AT1) | -750 | -903 | -750 |
| Expected IRB-losses exceeding ECL calculated according to IFRS 9 | -381 | -226 | -376 |
| Deduction for proposed dividend | -311 | -371 | -311 |
| Deduction for proposed dividend for the local community | -332 | -376 | -332 |
| Deduction of comprehensive income for the period | -239 | -249 | |
| Total Common Equity Tier 1 capital (CET1) | 7 067 | 6 916 | 7 042 |
| Additional Tier 1 capital - classified as equity | 750 | 903 | 750 |
| Additional Tier 1 capital - classified as debt | 0 | 0 | 0 |
| Total Tier 1 capital (T1) | 7 817 | 7 819 | 7 792 |
| Tier 2 capital (T2) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Subordinated loan capital of limited duration | 857 | 857 | 857 |
| Total Tier 2 capital (T2) | 857 | 857 | 857 |
| Net equity and subordinated loan capital | 8 674 | 8 676 | 8 649 |
Risk weighted assets (RWA) by exposure classes
| Credit risk - standardised approach | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Central governments or central banks | 0 | 0 | 0 |
| Local and regional authorities | 339 | 411 | 370 |
| Public sector companies | 0 | 207 | 0 |
| Institutions | 376 | 355 | 270 |
| Covered bonds | 639 | 560 | 607 |
| Equity | 348 | 348 | 348 |
| Other items | 743 | 591 | 515 |
| Total credit risk - standardised approach | 2 445 | 2 472 | 2 109 |
| Credit risk - IRB Foundation | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Retail - Secured by real estate | 13 147 | 12 093 | 12 910 |
| Retail - Other | 289 | 307 | 256 |
| Corporate lending | 22 269 | 19 604 | 21 630 |
| Total credit risk - IRB-Foundation | 35 705 | 32 004 | 34 797 |
| Market risk (standardised approach) | 238 | 183 | 135 |
|---|---|---|---|
| Operational risk (basic indicator approach) | 3 962 | 3 424 | 3 962 |
| Risk weighted assets (RWA) | 42 350 | 38 083 | 41 003 |
| 1 714 1 845 Minimum requirement Common Equity Tier 1 capital (4.5 %) 1 906 |
|---|
| ------------------------------------------------------------------------------------- |
| Buffer requirements | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Capital conservation buffer , 2.5 % | 1 059 | 952 | 1 025 |
| Systemic risk buffer, 4.5 % | 1 906 | 1 714 | 1 845 |
| Countercyclical buffer, 2.5 % | 1 059 | 952 | 1 025 |
| Total buffer requirements for Common Equity Tier 1 capital | 4 023 | 3 618 | 3 895 |
| Available Common Equity Tier 1 capital after buffer requirements | 1 138 | 1 584 | 1 302 |
| Capital adequacy as a percentage of risk weighted assets (RWA) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Capital adequacy ratio | 20.5 | 22.8 | 21.1 |
| Capital adequacy ratio incl. 50 % of the profit | 20.7 | 23.1 | |
| Tier 1 capital ratio | 18.5 | 20.5 | 19.0 |
| Tier 1 capital ratio incl. 50 % of the profit | 18.7 | 20.8 | |
| Common Equity Tier 1 capital ratio | 16.7 | 18.2 | 17.2 |
| Common Equity Tier 1 capital ratio incl. 50 % of the profit | 17.0 | 18.5 |
| Leverage Ratio (LR) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Basis for calculation of leverage ratio | 108 207 | 102 706 | 105 407 |
| Leverage Ratio (LR) | 7.2 | 7.6 | 7.4 |
| Leverage Ratio (LR) incl. 50 % of the profit | 7.3 | 7.7 | - |
Operating segments
| Result - Q1 2025 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Interest income | 1 489 | -65 | 688 | 361 | 505 | 0 |
| Interest expenses | 1 004 | -65 | 600 | 172 | 297 | 0 |
| Net interest income | 485 | 0 | 88 | 189 | 208 | 0 |
| Total other income | 82 | -20 | 32 | 26 | 32 | 12 |
| Total income | 567 | -20 | 120 | 215 | 240 | 12 |
| Depreciations | 15 | -4 | 12 | 1 | 6 | 0 |
| Other operating expenses | 237 | -15 | 48 | 46 | 145 | 13 |
| Total operating expenses | 252 | -19 | 60 | 47 | 151 | 13 |
| Profit before impairments on loans | 315 | -1 | 60 | 168 | 89 | -1 |
| Impairment on loans, guarantees etc. |
13 | 0 | 0 | 11 | 2 | 0 |
| Pre-tax profit | 302 | -1 | 60 | 157 | 87 | -1 |
| Taxes | 70 | |||||
| Profit after tax | 232 |
| Key figures - 31.03.2025 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Gross loans to customers 1) | 89 026 | -74 | 1 527 | 28 774 | 58 799 | 0 |
| Expected credit loss on loans | -256 | 0 | 0 | -189 | -67 | 0 |
| Net loans to customers | 88 770 | -74 | 1 527 | 28 585 | 58 732 | 0 |
| Deposits from customers 1) | 51 262 | -111 | 1 197 | 16 914 | 33 262 | 0 |
| Guarantee liabilities | 2 423 | 0 | 0 | 2 422 | 1 | 0 |
| Expected credit loss on guarantee liabilities |
16 | 0 | 0 | 16 | 0 | 0 |
| The deposit-to-loan ratio | 57.6 | 150.0 | 78.4 | 58.8 | 56.6 | 0.0 |
| Man-years | 399 | 0 | 154 | 54 | 167 | 24 |
| Result - Q1 2024 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Interest income | 1 457 | -73 | 674 | 353 | 502 | 1 |
| Interest expenses | 949 | -73 | 579 | 159 | 284 | 0 |
| Net interest income | 508 | 0 | 95 | 194 | 218 | 1 |
| Total other income | 70 | -18 | 28 | 26 | 26 | 8 |
| Total income | 578 | -18 | 123 | 220 | 244 | 9 |
| Depreciations | 13 | -4 | 10 | 1 | 6 | 0 |
| Other operating expenses | 215 | -13 | 31 | 45 | 142 | 10 |
| Total operating expenses | 228 | -17 | 41 | 46 | 148 | 10 |
| Profit before impairments on loans | 350 | -1 | 82 | 174 | 96 | -1 |
| Impairment on loans, guarantees etc. |
17 | 0 | 0 | 26 | -9 | 0 |
| Pre-tax profit | 333 | -1 | 82 | 148 | 105 | -1 |
| Taxes | 79 | |||||
| Profit after tax | 254 |
| Key figures - 31.03.2024 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Gross loans to customers 1) | 83 541 | -106 | 1 616 | 27 483 | 54 548 | 0 |
| Expected credit loss on loans | -281 | 0 | -1 | -186 | -94 | 0 |
| Net loans to customers | 83 260 | -106 | 1 615 | 27 297 | 54 454 | 0 |
| Deposits from customers 1) | 48 191 | -90 | 873 | 15 295 | 32 113 | 0 |
| Guarantee liabilities | 1 648 | 0 | 0 | 1 646 | 2 | 0 |
| Expected credit loss on guarantee liabilities |
3 | 0 | 0 | 3 | 0 | 0 |
| The deposit-to-loan ratio | 57.7 | 84.9 | 54.0 | 55.7 | 58.9 | 0.0 |
| Man-years | 416 | 0 | 156 | 62 | 174 | 24 |
| Result - 31.12.2024 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Interest income | 5 968 | 1 | 2 450 | 1 456 | 2 061 | 0 |
| Interest expenses | 3 897 | 0 | 2 095 | 643 | 1 159 | 0 |
| Net interest income | 2 071 | 1 | 355 | 813 | 902 | 0 |
| Total other income | 330 | -70 | 101 | 113 | 138 | 48 |
| Total income | 2 401 | -69 | 456 | 926 | 1 040 | 48 |
| Depreciations | 55 | -15 | 43 | 3 | 24 | 0 |
| Other operating expenses | 900 | -54 | 160 | 180 | 564 | 50 |
| Total operating expenses | 955 | -69 | 203 | 183 | 588 | 50 |
| Profit before impairments on loans | 1 446 | 0 | 253 | 743 | 452 | -2 |
| Impairment on loans, guarantees etc. |
20 | 0 | 0 | 59 | -39 | 0 |
| Pre-tax profit | 1 426 | 0 | 253 | 684 | 491 | -2 |
| Taxes | 340 | |||||
| Profit after tax | 1 086 |
| Key figures - 31.12.2024 | Group | Eliminations | Other 2) | Corporate | Retail 1) | Real estate brokerage |
|---|---|---|---|---|---|---|
| Gross loans to customers 1) | 87 127 | -103 | 1 553 | 27 423 | 58 254 | 0 |
| Expected credit loss on loans | -252 | 0 | 0 | -188 | -64 | 0 |
| Net loans to customers | 86 875 | -103 | 1 553 | 27 235 | 58 190 | 0 |
| Deposits from customers 1) | 49 550 | -150 | 1 234 | 16 104 | 32 362 | 0 |
| Guarantee liabilities | 2 208 | 0 | 0 | 2 207 | 1 | 0 |
| Expected credit loss on guarantee liabilities |
11 | 0 | 0 | 11 | 0 | 0 |
| The deposit-to-loan ratio | 56.9 | 145.6 | 79.5 | 58.7 | 55.6 | 0.0 |
| Man-years | 402 | 0 | 155 | 59 | 166 | 22 |
1) The subsidiary, Møre Boligkreditt AS, is part of the bank's retail segment. The mortgage company's main objective is to issue covered bonds for both national and international investors, and the company is part of Sparebanken Møre's long-term financing strategy. Key figures for Møre Boligkreditt AS are displayed in a separate table.
2) Consists of head office activities not allocated to reporting segments, customer commitments towards employees as well as the subsidiaries Sparebankeiendom AS and Storgata 41-45 Molde AS, managing the buildings owned by the Group.
| MØRE BOLIGKREDITT AS | |||||||
|---|---|---|---|---|---|---|---|
| Statement of income | Q1 2025 | Q1 2024 | 31.12.2024 | ||||
| Net interest income | 72 | 70 | 283 | ||||
| Other operating income | 1 | -4 | -12 | ||||
| Total income | 73 | 66 | 271 | ||||
| Operating expenses | 17 | 15 | 60 | ||||
| Profit before impairment on loans | 56 | 51 | 211 | ||||
| Impairment on loans, guarantees etc. | 1 | -2 | -6 | ||||
| Pre-tax profit | 55 | 53 | 217 | ||||
| Taxes | 12 | 12 | 48 | ||||
| Profit after tax | 43 | 41 | 169 |
MØRE BOLIGKREDITT AS
| Balance sheet | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Loans to and receivables from customers | 35 092 | 31 960 | 35 746 |
| Total equity | 2 157 | 1 674 | 1 776 |
Loans and deposits broken down according to sectors
The loan portfolio with agreed floating interest is measured at amortised cost, while the loan portfolio with fixed interest rates is measured at fair value.
| 31.03.2025 | GROUP | ||||||
|---|---|---|---|---|---|---|---|
| Sector/industry | Gross loans at amortised cost |
ECL Stage 1 |
ECL Stage 2 |
ECL Stage 3 |
Loans at fair value |
Net loans |
|
| Agriculture and forestry | 739 | - | 0 | -12 | 42 | 769 | |
| Fisheries | 5 598 | -6 | -39 | 0 | 3 | 5 556 | |
| Manufacturing | 4 192 | -6 | -13 | -10 | 6 | 4 169 | |
| Building and construction | 1 487 | -4 | -3 | -9 | 3 | 1 474 | |
| Wholesale and retail trade, hotels | 1 191 | -1 | -5 | 0 | 24 | 1 209 | |
| Supply/Oil services | 1 091 | -3 | -1 | 0 | 0 | 1 087 | |
| Property management | 9 686 | -8 | -4 | -5 | 105 | 9 774 | |
| Professional/financial services | 1 577 | -1 | -6 | -3 | 35 | 1 602 | |
| Transport and private/public services/abroad | 4 751 | -3 | -18 | -8 | 56 | 4 778 | |
| Total corporate/public entities | 30 312 | -32 | -89 | -47 | 274 | 30 418 | |
| Retail customers | 54 355 | -7 | -19 | -62 | 4 085 | 58 352 | |
| Total loans to and receivables from customers | 84 667 | -39 | -108 | -109 | 4 359 | 88 770 |
| 31.03.2024 | GROUP | |||||
|---|---|---|---|---|---|---|
| Sector/industry | Gross loans at amortised cost |
ECL Stage 1 |
ECL Stage 2 |
ECL Stage 3 |
Loans at fair value |
Net loans |
| Agriculture and forestry | 702 | 0 | -1 | -8 | 37 | 730 |
| Fisheries | 5 475 | -2 | -38 | 0 | 2 | 5 437 |
| Manufacturing | 3 916 | -6 | -7 | -22 | 6 | 3 887 |
| Building and construction | 1 220 | -2 | -6 | -21 | 4 | 1 195 |
| Wholesale and retail trade, hotels | 1 284 | -2 | -5 | -2 | 9 | 1 284 |
| Supply/Oil services | 1 689 | -5 | 0 | 0 | 0 | 1 684 |
| Property management | 8 889 | -11 | -8 | -8 | 101 | 8 963 |
| Professional/financial services | 934 | -1 | -1 | -2 | 23 | 953 |
| Transport and private/public services/abroad | 4 698 | -7 | -6 | -5 | 39 | 4 719 |
| Total corporate/public entities | 28 807 | -36 | -72 | -68 | 221 | 28 852 |
| Retail customers | 51 407 | -10 | -46 | -49 | 3 106 | 54 408 |
| Total loans to and receivables from customers | 80 214 | -46 | -118 | -117 | 3 327 | 83 260 |
| 31.12.2024 | GROUP | |||||||
|---|---|---|---|---|---|---|---|---|
| Sector/industry | Gross loans at amortised cost |
ECL Stage 1 |
ECL Stage 2 |
ECL Stage 3 |
Loans at fair value |
Net loans |
||
| Agriculture and forestry | 769 | 0 | 0 | -12 | 49 | 806 | ||
| Fisheries | 4 993 | -6 | -39 | 0 | 2 | 4 950 | ||
| Manufacturing | 3 650 | -4 | -17 | -11 | 6 | 3 624 | ||
| Building and construction | 1 371 | -2 | -3 | -9 | 4 | 1 361 | ||
| Wholesale and retail trade, hotels | 1 458 | -1 | -5 | -5 | 18 | 1 465 | ||
| Supply/Oil services | 1 277 | -2 | -8 | 0 | 0 | 1 267 | ||
| Property management | 9 588 | -8 | -5 | -5 | 106 | 9 676 | ||
| Professional/financial services | 1 241 | -1 | -7 | -3 | 35 | 1 265 | ||
| Transport and private/public services/abroad | 4 627 | -3 | -14 | -6 | 61 | 4 665 | ||
| Total corporate/public entities | 28 974 | -27 | -98 | -51 | 281 | 29 079 | ||
| Retail customers | 53 602 | -6 | -16 | -54 | 4 270 | 57 796 | ||
| Total loans to and receivables from customers | 82 576 | -33 | -114 | -105 | 4 551 | 86 875 |
Deposits with agreed floating interest rates are measured at amortised cost, fixed-interest rate deposits with maturities less than one year are measured at amortised cost and fixed-interest rate deposits with maturities in excess of one year are classified at fair value and secured by interest rate swaps.
| DEPOSITS FROM CUSTOMERS | GROUP | ||
|---|---|---|---|
| Sector/industry | 31.03.2025 | 31.03.2024 | 31.12.2024 |
| Agriculture and forestry | 438 | 380 | 332 |
| Fisheries | 1 826 | 1 577 | 1 727 |
| Manufacturing | 3 607 | 3 660 | 3 820 |
| Building and construction | 823 | 812 | 861 |
| Wholesale and retail trade, hotels | 1 055 | 1 042 | 1 196 |
| Property management | 2 810 | 2 594 | 2 690 |
| Transport and private/public services | 7 027 | 5 767 | 6 111 |
| Public administration | 259 | 288 | 251 |
| Others | 2 627 | 2 342 | 2 413 |
| Total corporate/public entities | 20 472 | 18 462 | 19 401 |
| Retail customers | 30 790 | 29 729 | 30 149 |
| Total | 51 262 | 48 191 | 49 550 |
Losses and impairment on loans and guarantees Methodology for measuring expected credit losses (ECL) according to IFRS 9 For a detailed description of the bank's loss model, please see note 9 in the annual report for 2024.
Sparebanken Møre has developed an ECL model based on the Group's IRB parameters and applies a threestage approach when assessing ECL on loans to customers and financial guarantees in accordance with IFRS 9.
Stage 1: At initial recognition and if there's no significant increase in credit risk, the commitment is classified in stage 1 with 12-months ECL.
Stage 2: If a significant increase in credit risk since initial recognition is identified, but without evidence of loss, the commitment is transferred to stage 2 with lifetime ECL measurement.
Stage 3: If the credit risk increases further, including evidence of loss, the commitment is transferred to stage 3 with lifetime ECL measurement. The commitment is considered to be credit-impaired. As opposed to stage 1 and 2, the effective interest rate in stage 3 is calculated on net impaired commitment (total commitment less expected credit loss) instead of gross commitment.
Staging is performed at account level and implies that two or more accounts held by the same customer can be placed in different stages. If a customer has one account in stage 3 (risk classes K, M or N), all of the customer's accounts will migrate to stage 3.
Customers in risk class N have been subject to individual loss assessment with impairment. In connection with individual loss assessment, 3 scenarios based on calculation of the weighted present value of future cash flow after realisation of collateral are prepared. If the weighted present value of cash flow after realisation of collateral is positive, model-based loss provisions according to the ECL model is used.
An increase in credit risk reflects both customer-specific circumstances and development in relevant macro factors for the particular customer segment. The assessment of what is considered to be a significant increase in credit risk is based on a combination of quantitative and qualitative indicators.
Significant increase in credit risk
The assessment of whtether a significant increase in credit risk has occured is based on a combination of quantitative and qualitative indicators. A significant increase in credit risk has occured when one or more of the critearia below are present:
Quantitative criteria
A significant increase in credit risk is determined by comparing the PD at the reporting date with PD at initial recognition. If the actual PD is higher than initial PD, an assessment is made of whether the increase is significant.
Significant increase in credit risk since initial recognition is considered to have occurred when either
- PD has increased by 100 per cent or more and the increase in PD is more than 0.5 percentage points, or
- PD has increased by more than 2,0 percentage points
- The customer's agreed payments are overdue by more than 30 days
The weighted, macro adjusted PD in year 1 is used for comparison with PD on initial recognition to determine whether the credit risk has increased significantly.
Qualitative criteria
In addition to the quantitative assessment of changes in the PD, a qualitative assessment is made to determine whether there has been a significant increase in credit risk, for example, if the commitment is subject to special monitoring.
Credit risk is always considered to have increased significantly if the customer has been granted forbearance measures, though it is not severe enough to be individually assessed in stage 3.
Positive migration in credit risk
A customer migrates from stage 2 to stage 1 if:
- The criteria for migration from stage 1 to stage 2 is no longer present, and
- this is satisfied for at least one subsequent month (total 2 months)
A customer migrates from stage 3 to stage 1 or stage 2 if the customer no longer meets the conditions for migration to stage 3.
Accounts that are not subject to the migration rules above are not expected to have significant change in credit risk and retain the stage from the previous month.
Scenarios
Three scenarios are developed: Best, Basis and Worst. For each of the scenarios, expected values of different parameters are given, for each of the next five years. The possibility for each of the scenarios to occur is also estimated. After five years, the scenarios are expected to converge to a long-term stable level.
Changes to PD as a result of scenarios, may also affect the staging.
Definition of default, credit-impaired and forbearance
The definition of default is similar to that used in the capital adequacy regulation.
A commitment is defined to be subject to forbearance (payment relief due to payment difficulties) if the bank agrees to changes in the terms and conditions as a result of the debtor having problems meeting payment obligations. Performing forbearance (not in default) is placed in stage 2 whereas non-performing (defaulted) forbearance is placed in stage 3.
Management override
Quarterly review meetings evaluate the basis for the accounting of ECL losses. If there are significant events that will affect an estimated loss which the model has not taken into account, relevant factors in the ECL model will be overridden. An assessment is made of the level of long-term PD and LGD in stage 2 and stage 3 under different scenarios, as well as an assessment of macro factors and weighting of scenarios.
Consequences of increased macroeconomic uncertainty and measurement of expected credit loss (ECL) for loans and guarantees
The bank's loss provisions reflect expected credit loss (ECL) pursuant to IFRS 9. When assessing ECL, the relevant conditions at the time of reporting and expected economic developments are taken into account.
The policies of the new US government have caused greater uncertainty in financial markets recently. There is a clear prospect that the protectionist initiatives implemented by the US will be escalated, although what the actual formulation of trade policy will look like remains unclear. Not least, it is too early to say how its trading partners will respond, which is crucial to whether the situation will in the worst case scenario escalate into a full-scale trade war. Besides this, the US president is also taking an untraditional approach to security policy issues, which is creating uncertainty. Overall, it must be said that the current situation is somewhat complex and the uncertainty surrounding how the global economy will perform going forward is unclear. It must be stressed that the impact on the financial markets has been relatively limited so far.
Global inflation continues to trend downwards, although this decline has slowed slightly in recent months. The fear that inflation will level off at levels well above target has increased in both the US and Europe. US trade policy is contributing to increased concern about how inflation will develop going forward.
At its meeting on 26 March 2025, Norges Bank decided to keep its policy rate unchanged at 4.50 per cent.
Price inflation has risen and was clearly higher than expected.
To sum up, there remains great uncertainty about how the economy will perform going forward, both in Norway and globally, and the weighting from the fourth quarter of 2024 will be continued.
The ECL as of 31.03.2025 is based on a scenario weighting with 70 per cent weight on the baseline scenario (normal development), 20 per cent weight on the worst-case scenario and 10 per cent weight on the bestcase scenario.
Climate-related risk and calculating ECL
The bank is in the process of enhancing the ECL model to simulate ECL resulting from climate-related risk in various scenarios.
In 2024, the ECL model was used to simulate the financial consequences of climate-related risk for commercial property. Commitments in excess of a certain size related to the rental of commercial property were stress tested. In the stress tests, PD (capacity to service debt) and LGD (collateral) were stressed in the various scenarios.
The bank has continued to identify and map climate-related risk in the loan portfolio and various industries. In 2025, transition plans will be established that ensure the bank's loan portfolios are emission-free by 2050. Climate-related risk has been integrated into the Sustainability Report/CSRD reporting.
The ECL model must be based on expectations and the bank is of the opinion that qualitative climaterelated risk analyses currently involve a high degree of uncertainty, and these are thus not taken account of when assessing ECL, although the model is used for stress testing climate-related risk. The bank will strive to find good methods for implementing climate-related risk in the ECL model for the corporate portfolio.
| GROUP | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Changes in ECL - stage 1 (model-based) | 6 | -2 | -14 |
| Changes in ECL - stage 2 (model-based) | 0 | -1 | 3 |
| Changes in ECL - stage 3 (model-based) | -2 | 3 | 7 |
| Changes in individually assessed losses | 4 | 18 | 3 |
| Confirmed losses covered by previous individual impairment | 11 | 0 | 30 |
| Confirmed losses, not previously impaired | 3 | 0 | 4 |
| Recoveries | -9 | -2 | -13 |
| Total impairments on loans and guarantees | 13 | 17 | 20 |
Specification of credit loss in the income statement
Changes in the loss provisions/ECL recognised in the balance sheet in the period
| GROUP - 31.03.2025 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| ECL 31.12.2024 | 34 | 123 | 106 | 263 |
| New commitments | 6 | 29 | 0 | 35 |
| Disposal of commitments and transfer to stage 3 (individually assessed) | -1 | -4 | -2 | -7 |
| Changes in ECL in the period for commitments which have not migrated | 1 | -16 | -1 | -16 |
| Migration to stage 1 | 2 | -16 | -2 | -16 |
| Migration to stage 2 | -2 | 7 | 0 | 5 |
| Migration to stage 3 | 0 | 0 | 4 | 4 |
| Changes stage 3 (individually assessed) | - | - | 4 | 4 |
| ECL 31.03.2025 | 40 | 123 | 109 | 272 |
| - of which expected losses on loans to retail customers | 7 | 19 | 62 | 88 |
| - of which expected losses on loans to corporate customers | 32 | 89 | 47 | 168 |
| - of which expected losses on guarantee liabilities | 1 | 15 | 0 | 16 |
| GROUP - 31.03.2024 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| ECL 31.12.2023 | 48 | 120 | 98 | 266 |
| New commitments | 10 | 12 | 2 | 24 |
| Disposal of commitments and transfer to stage 3 (individually assessed) | -9 | -6 | -2 | -17 |
| Changes in ECL in the period for commitments which have not migrated | -4 | 1 | 0 | -3 |
| Migration to stage 1 | 4 | -13 | -2 | -11 |
| Migration to stage 2 | -2 | 10 | -6 | 2 |
| Migration to stage 3 | 0 | -5 | 11 | 6 |
| Changes stage 3 (individually assessed) | - | - | 17 | 17 |
| ECL 31.03.2024 | 47 | 119 | 118 | 284 |
| - of which expected losses on loans to retail customers | 10 | 46 | 49 | 105 |
| - of which expected losses on loans to corporate customers | 36 | 72 | 68 | 176 |
| - of which expected losses on guarantee liabilities | 1 | 1 | 1 | 3 |
| GROUP - 31.12.2024 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| ECL 31.12.2023 | 48 | 120 | 98 | 266 |
| New commitments | 14 | 32 | 11 | 57 |
| Disposal of commitments and transfer to stage 3 (individually assessed) | -15 | -28 | -10 | -53 |
| Changes in ECL in the period for commitments which have not migrated | -14 | 20 | 1 | 7 |
| Migration to stage 1 | 4 | -47 | -6 | -49 |
| Migration to stage 2 | -3 | 30 | -21 | 6 |
| Migration to stage 3 | 0 | -4 | 31 | 27 |
| Changes stage 3 (individually assessed) | - | - | 2 | 2 |
| ECL 31.12.2024 | 34 | 123 | 106 | 263 |
| - of which expected losses on loans to retail customers | 6 | 16 | 54 | 76 |
| - of which expected losses on loans to corporate customers | 27 | 98 | 51 | 176 |
| - of which expected losses on guarantee liabilities | 1 | 9 | 1 | 11 |
Commitments (exposure) divided into risk groups based on probability of default
| GROUP - 31.03.2025 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Low risk (0 % - < 0.5 %) | 67 925 | 337 | - | 68 262 |
| Medium risk (0.5 % - < 3 %) | 14 598 | 6 059 | - | 20 657 |
| High risk (3 % - <100 %) | 1 732 | 2 740 | - | 4 472 |
| PD = 100 % | - | - | 384 | 384 |
| Total commitments before ECL | 84 255 | 9 136 | 384 | 93 775 |
| - ECL | -40 | -123 | -109 | -272 |
| Total net commitments *) | 84 215 | 9 013 | 275 | 93 503 |
| Gross commitments with overridden migration | -899 | 1 034 | -135 | 0 |
| GROUP - 31.03.2024 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Low risk (0 % - < 0.5 %) | 62 169 | 1 473 | - | 63 642 |
| Medium risk (0.5 % - < 3 %) | 11 173 | 7 569 | - | 18 742 |
| High risk (3 % - <100 %) | 935 | 3 272 | - | 4 207 |
| PD = 100 % | - | - | 494 | 494 |
| Total commitments before ECL | 74 277 | 12 314 | 494 | 87 085 |
| - ECL | -47 | -119 | -118 | -284 |
| Total net commitments *) | 74 230 | 12 195 | 376 | 86 801 |
| Gross commitments with overridden migration | 203 | -203 | - | 0 |
| GROUP - 31.12.2024 | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| Low risk (0 % - < 0.5 %) | 66 507 | 379 | - | 66 886 |
| Medium risk (0.5 % - < 3 %) | 13 886 | 5 597 | - | 19 483 |
| High risk (3 % - <100 %) | 1 262 | 3 447 | - | 4 709 |
| PD = 100 % | - | 91 | 420 | 511 |
| Total commitments before ECL | 81 655 | 9 514 | 420 | 91 589 |
| - ECL | -34 | -123 | -106 | -263 |
| Total net commitments *) | 81 621 | 9 391 | 314 | 91 326 |
| Gross commitments with overridden migration | 0 | 91 | -91 | 0 |
*) The tables above are based on exposure (incl. undrawn credit facilities and guarantee liabilities) and are not including fixed rate loans assessed at fair value. The figures are thus not reconcilable against the balance sheet.
Credit-impaired commitments
The table shows total commitments in default for more than 90 days and other credit-impaired commitments (less than 90 days). Customers who have been in default must go through a probation period with 100 per cent PD for at least three months before they are scored as non-defaulted. These customers are included in gross credit-impaired commitments.
| 31.03.2025 | 31.03.2024 | 31.12.2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| GROUP | Total | Retail | Corporate | Total | Retail | Corporate | Total | Retail | Corporate |
| Gross commitments in default for more than 90 days |
141 | 107 | 34 | 85 | 46 | 39 | 159 | 81 | 78 |
| Gross other credit impaired commitments |
256 | 122 | 134 | 409 | 158 | 251 | 352 | 129 | 223 |
| Gross credit-impaired commitments |
397 | 229 | 168 | 494 | 204 | 290 | 511 | 210 | 301 |
| ECL on commitments in default for more than 90 days |
33 | 22 | 11 | 26 | 12 | 14 | 40 | 20 | 20 |
| ECL on other credit impaired commitments |
75 | 39 | 36 | 92 | 37 | 55 | 76 | 31 | 45 |
| ECL on credit-impaired commitments |
108 | 61 | 47 | 118 | 49 | 69 | 116 | 51 | 65 |
| Net commitments in default for more than 90 days |
108 | 85 | 23 | 59 | 34 | 25 | 119 | 61 | 58 |
| Net other credit impaired commitments |
181 | 83 | 98 | 317 | 121 | 196 | 276 | 98 | 178 |
| Net credit-impaired commitments |
289 | 168 | 121 | 376 | 155 | 221 | 395 | 159 | 236 |
| Total gross loans to customers - Group |
88 195 | 58 248 | 29 947 | 83 541 | 54 513 | 29 028 | 87 128 | 57 872 | 29 256 |
| Guarantees - Group | 2 423 | 1 | 2 422 | 1 648 | 2 | 1 646 | 2 208 | 1 | 2 207 |
| Gross credit-impaired commitments in % of loans/guarantee liabilities |
0.44% | 0.39% | 0.52% | 0.57% | 0.36% | 0.95% | 0.58% | 0.36% | 0.97% |
| Net credit-impaired commitments in % loans/guarantee liabilities |
0.32% | 0.29% | 0.37% | 0.44% | 0.27% | 0.72% | 0.45% | 0.27% | 0.77% |
| Commitments with probation period |
31.03.2025 | 31.03.2024 | 31.12.2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| GROUP | Total | Retail | Corporate | Total | Retail | Corporate | Total | Retail | Corporate |
| Gross commitments with probation period |
91 | 44 | 47 | 88 | 62 | 26 | 147 | 44 | 103 |
| Gross commitments with probation period in % of gross credit impaired commitments |
23% | 19% | 28% | 18% | 30% | 9% | 29% | 21% | 34% |
Other income
| (NOK million) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Guarantee commission | 7 | 7 | 27 |
| Income from the sale of insurance services (non-life/personal) | 8 | 7 | 33 |
| Income from the sale of shares in unit trusts/securities | 5 | 2 | 15 |
| Income from Discretionary Portfolio Management | 16 | 13 | 55 |
| Income from payment transfers | 23 | 21 | 99 |
| Other fees and commission income | 9 | 6 | 42 |
| Commission income and income from banking services | 68 | 56 | 271 |
| Commission expenses and expenses from banking services | -12 | -10 | -40 |
| Income from real estate brokerage | 11 | 8 | 47 |
| Other operating income | 0 | 0 | 9 |
| Total other operating income | 11 | 8 | 56 |
| Net commission and other operating income | 67 | 54 | 287 |
| Interest hedging (for customers) | 1 | 2 | 17 |
| Currency hedging (for customers) | 5 | 10 | 31 |
| Dividend received | 0 | 4 | 14 |
| Net gains/losses on shares | 1 | -4 | -9 |
| Net gains/losses on bonds | 5 | 5 | -8 |
| Change in value of fixed-rate loans | 6 | -18 | -6 |
| Derivates related to fixed-rate lending | -8 | 18 | -1 |
| Change in value of issued bonds | 383 | -254 | -252 |
| Derivates related to issued bonds | -378 | 254 | 259 |
| Net gains/losses related to buy back of outstanding bonds | 0 | -1 | -2 |
| Net result from financial instruments | 15 | 16 | 43 |
| Total other income | 82 | 70 | 330 |
| Net commission and other operating income - Q1- 2025 |
Group | Other | Corporate | Retail | Real estate brokerage |
|---|---|---|---|---|---|
| Guarantee commission | 7 | -1 | 8 | 0 | 0 |
| Income from the sale of insurance services | 8 | -3 | 1 | 10 | 0 |
| Income from the sale of shares in unit trusts/securities |
5 | 1 | 0 | 4 | 0 |
| Income from Discretionary Portfolio Management | 16 | 1 | 8 | 7 | 0 |
| Income from payment transfers | 23 | 2 | 7 | 14 | 0 |
| Other fees and commission income | 9 | 3 | 3 | 3 | 0 |
| Commission income and income from banking services |
68 | 3 | 27 | 38 | 0 |
| Commission expenses and expenses from banking services |
-12 | -4 | -1 | -7 | 0 |
| Income from real estate brokerage | 11 | 0 | 0 | 0 | 11 |
| Other operating income | 0 | 0 | 0 | 0 | 0 |
| Total other operating income | 11 | 0 | 0 | 0 | 11 |
| Net commision and other operating income | 67 | -1 | 26 | 31 | 11 |
The following table lists commission income and expenses covered by IFRS 15 broken down by the largest main items and allocated per segment.
| Net commission and other operating income - Q1- 2024 |
Group | Other | Corporate | Retail | Real estate brokerage |
|---|---|---|---|---|---|
| Guarantee commission | 7 | 0 | 7 | 0 | 0 |
| Income from the sale of insurance services | 7 | -3 | 2 | 8 | 0 |
| Income from the sale of shares in unit trusts/securities |
2 | 1 | 0 | 1 | 0 |
| Income from Discretionary Portfolio Management | 13 | 0 | 7 | 6 | 0 |
| Income from payment transfers | 21 | 2 | 5 | 14 | 0 |
| Other fees and commission income | 6 | 2 | 1 | 3 | 0 |
| Commission income and income from banking services |
56 | 2 | 22 | 32 | 0 |
| Commission expenses and expenses from banking services |
-10 | -3 | -1 | -6 | 0 |
| Income from real estate brokerage | 8 | 0 | 0 | 0 | 8 |
| Other operating income | 0 | 0 | 0 | 0 | 0 |
| Total other operating income | 8 | 0 | 0 | 0 | 8 |
| Net commision and other operating income | 54 | -1 | 21 | 26 | 8 |
| Net commission and other operating income - 2024 |
Group | Other | Corporate | Retail | Real estate brokerage |
|---|---|---|---|---|---|
| Guarantee commission | 27 | 1 | 26 | 0 | 0 |
| Income from the sale of insurance services | 33 | 3 | 3 | 27 | 0 |
| Income from the sale of shares in unit trusts/securities |
15 | 2 | 1 | 12 | 0 |
| Income from Discretionary Portfolio Management | 55 | 3 | 27 | 25 | 0 |
| Income from payment transfers | 99 | 7 | 23 | 68 | 0 |
| Other fees and commission income | 42 | 3 | 21 | 18 | 0 |
| Commission income and income from banking services |
271 | 19 | 101 | 151 | 0 |
| Commission expenses and expenses from banking services |
-40 | -16 | -2 | -22 | 0 |
| Income from real estate brokerage | 47 | 0 | 0 | 0 | 47 |
| Other operating income | 9 | 5 | 0 | 4 | 0 |
| Total other operating income | 56 | 5 | 0 | 4 | 47 |
| Net commision and other operating income | 287 | 8 | 99 | 133 | 47 |
Operating expenses
| (NOK million) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Wages | 96 | 91 | 379 |
| Pension expenses | 9 | 8 | 24 |
| Employers' social security contribution and Financial activity tax | 21 | 19 | 88 |
| Other personnel expenses | 11 | 6 | 34 |
| Wages, salaries, etc. | 137 | 124 | 525 |
| Depreciations | 15 | 13 | 55 |
| Operating expenses own and rented premises | 5 | 5 | 17 |
| Maintenance of fixed assets | 2 | 2 | 7 |
| IT-expenses | 57 | 54 | 209 |
| Marketing expenses | 10 | 10 | 44 |
| Purchase of external services | 10 | 8 | 37 |
| Expenses related to postage, telephone and newspapers etc. | 3 | 2 | 9 |
| Travel expenses | 1 | 1 | 6 |
| Capital tax | 3 | 3 | 13 |
| Other operating expenses | 9 | 6 | 32 |
| Total other operating expenses | 100 | 91 | 375 |
| Total operating expenses | 252 | 228 | 955 |
Classification of financial instruments
Financial assets and financial liabilities are recognised in the balance sheet at the date when the Group becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or the company transfers the financial asset in such a way that risk and profit potential of the financial asset is substantially transferred. Financial liabilities are derecognised from the date when the rights to the contractual provisions have been extinguished, cancelled or expired.
CLASSIFICATION AND MEASUREMENT
The Group's portfolio of financial instruments is at initial recognition classified in accordance with IFRS 9. Financial assets are classified in one of the following categories:
- Amortised cost
- Fair value with value changes through the income statement
The classification of the financial assets depends on two factors:
- The purpose of the acquisition of the financial instrument
- The contractual cash flows from the financial assets
Financial assets measured at amortised cost
The classification of the financial assets assumes that the following requirements are met:
- The asset is acquired to receive contractual cash flows
- The contractual cash flows consist solely of principal and interest
All lending and receivables, except fixed interest rate loans, are recorded in the group accounts at amortised cost, based on expected cash flows. The difference between the issue cost and the settlement amount at maturity, is amortised over the lifetime of the loan.
Financial liabilities measured at amortised cost
Debt securities, including debt securities included in fair value hedging, loans and deposits from credit institutions and deposits from customers, are valued at amortised cost based on expected cash flows. The portfolio of own bonds is shown in the accounts as a reduction of the debt.
Financial instruments measured at fair value, any changes in value recognised through the income statement
The Group's portfolio of bonds in the liquidity portfolio is classified at fair value through the income statement. The portfolio is held solely for liquidity management and is traded to optimize returns within current quality requirements for the liquidity portfolio.
The Group's portfolio of fixed interest rate loans is measured at fair value to avoid accounting mismatch in relation to the underlying interest rate swaps.
Fixed interest rate deposits from customers with maturities in excess of one year are classified at fair value and secured by interest rate swaps.
Financial derivatives are contracts signed to mitigate an existing interest rate or currency risk incurred by the Group. Financial derivatives are recognised at fair value through the income statement and recognised gross per contract as an asset or a liability.
The Group's portfolio of shares is measured at fair value with any value changes through the income statement.
Losses and gains as a result of value changes on assets and liabilities measured at fair value, with any value changes being recognised in the income statement, are included in the accounts during the period in which they occur.
LEVELS IN THE VALUATION HIERARCHY
Financial instruments are classified into different levels based on the quality of market data for each type of instrument.
Level 1 – Valuation based on prices in an active market
Level 1 comprises financial instruments valued by using quoted prices in active markets for identical assets or liabilities. This category includes listed shares, as well as bonds and certificates in LCR-level 1, traded in active markets.
Level 2 – Valuation based on observable market data
Level 2 comprises financial instruments valued by using information which is not quoted prices, but where prices are directly or indirectly observable for assets or liabilities, including quoted prices in inactive markets for identical assets or liabilities. This category includes derivatives, as well as bonds which are not included in level 1.
Level 3 – Valuation based on other than observable market data
Level 3 comprises financial instruments which cannot be valued based on directly or indirectly observable prices. This category includes loans to customers, as well as shares.
| GROUP - 31.03.2025 | Financial instruments at fair value through profit and loss |
Financial instruments measured at amortised cost |
Total book value |
|---|---|---|---|
| Cash and receivables from Norges Bank | 299 | 299 | |
| Loans to and receivables from credit institutions | 496 | 496 | |
| Loans to and receivables from customers | 4 359 | 84 411 | 88 770 |
| Certificates and bonds | 12 412 | 12 412 | |
| Shares and other securities | 206 | 206 | |
| Financial derivatives | 1 426 | 1 426 | |
| Total financial assets | 18 403 | 85 206 | 103 609 |
| Loans and deposits from credit institutions | 2 021 | 2 021 | |
| Deposits from and liabilities to customers | 127 | 51 135 | 51 262 |
| Financial derivatives | 645 | 645 | |
| Debt securities | 39 084 | 39 084 | |
| Subordinated loan capital | 857 | 857 | |
| Total financial liabilities | 772 | 93 097 | 93 869 |
| GROUP - 31.03.2024 | Financial instruments at fair value through profit and loss |
Financial instruments measured at amortised cost |
Total book value |
|---|---|---|---|
| Cash and receivables from Norges Bank | 599 | 599 | |
| Loans to and receivables from credit institutions | 1 030 | 1 030 | |
| Loans to and receivables from customers | 3 327 | 79 933 | 83 260 |
| Certificates and bonds | 12 094 | 12 094 | |
| Shares and other securities | 200 | 200 | |
| Financial derivatives | 1 595 | 1 595 | |
| Total financial assets | 17 216 | 81 562 | 98 778 |
| Loans and deposits from credit institutions | 2 065 | 2 065 | |
| Deposits from and liabilities to customers | 145 | 48 046 | 48 191 |
| Financial derivatives | 628 | 628 | |
| Debt securities | 37 227 | 37 227 | |
| Subordinated loan capital | 857 | 857 | |
| Total financial liabilities | 773 | 88 195 | 88 968 |
| GROUP - 31.12.2024 | Financial instruments at fair value through profit and loss |
Financial instruments measured at amortised cost |
Total book value |
|---|---|---|---|
| Cash and receivables from Norges Bank | 447 | 447 | |
| Loans to and receivables from credit institutions | 702 | 702 | |
| Loans to and receivables from customers | 4 551 | 82 324 | 86 875 |
| Certificates and bonds | 12 144 | 12 144 | |
| Shares and other securities | 199 | 199 | |
| Financial derivatives | 1 393 | 1 393 | |
| Total financial assets | 18 287 | 83 473 | 101 760 |
| Loans and deposits from credit institutions | 1 994 | 1 994 | |
| Deposits from and liabilities to customers | 131 | 49 419 | 49 550 |
| Financial derivatives | 719 | 719 | |
| Debt securities | 38 906 | 38 906 | |
| Subordinated loan capital | 857 | 857 | |
| Total financial liabilities | 850 | 91 176 | 92 026 |
Financial instruments at amortised cost
| GROUP | 31.03.2025 | 31.03.2024 | 31.12.2024 | |||
|---|---|---|---|---|---|---|
| Fair value | Book value |
Fair value |
Book value |
Fair value | Book value |
|
| Cash and receivebles from Norges Bank | 299 | 299 | 599 | 599 | 447 | 447 |
| Loans to and receivables from credit institutions | 496 | 496 | 1 030 | 1 030 | 702 | 702 |
| Loans to and receivables from customers | 84 411 | 84 411 | 79 933 | 79 933 | 82 324 | 82 324 |
| Total financial assets | 85 206 | 85 206 | 81 562 | 81 562 | 83 473 | 83 473 |
| Loans and deposits from credit institutions | 2 021 | 2 021 | 2 065 | 2 065 | 1 994 | 1 994 |
| Deposits from and liabilities to customers | 51 135 | 51 135 | 48 046 | 48 046 | 49 419 | 49 419 |
| Debt securities issued | 39 187 | 39 084 | 37 313 | 37 227 | 39 197 | 38 906 |
| Subordinated loan capital | 866 | 857 | 854 | 857 | 866 | 857 |
| Total financial liabilities | 93 209 | 93 097 | 88 278 | 88 195 | 91 476 | 91 176 |
Financial instruments at fair value
A change in the discount rate of 10 basis points will have an impact of approximately NOK 9.4 million on loans with fixed interest rate.
| Based on prices in an active market |
Observable market information |
Other than observable market information |
|
|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total |
| - | |||
| - | |||
| 4 359 | 4 359 | ||
| 9 260 | 3 152 | 12 412 | |
| 6 | 199 | 205 | |
| 1 426 | 1 426 | ||
| 9 266 | 4 578 | 4 558 | 18 402 |
| - | |||
| 127 | 127 | ||
| - | |||
| - | |||
| 645 | 645 | ||
| - | 645 | 127 | 772 |
| GROUP - 31.03.2024 | Based on prices in an active market |
Observable market information |
Other than observable market information |
|
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total | |
| Cash and receivables from Norges Bank | - | |||
| Loans to and receivables from credit institutions | - | |||
| Loans to and receivables from customers | 3 327 | 3 327 | ||
| Certificates and bonds | 8 499 | 3 595 | 12 094 | |
| Shares and other securities | 5 | 195 | 200 | |
| Financial derivatives | 1 595 | 1 595 | ||
| Total financial assets | 8 504 | 5 190 | 3 522 | 17 216 |
| Loans and deposits from credit institutions | - | |||
| Deposits from and liabilities to customers | 145 | 145 | ||
| Debt securities | - | |||
| Subordinated loan capital | - | |||
| Financial derivatives | 628 | 628 | ||
| Total financial liabilities | - | 628 | 145 | 773 |
| GROUP - 31.12.2024 | Based on prices in an active market |
Observable market information |
Other than observable market information |
|
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total | |
| Cash and receivables from Norges Bank | - | |||
| Loans to and receivables from credit institutions | - | |||
| Loans to and receivables from customers | 4 551 | 4 551 | ||
| Certificates and bonds | 9 096 | 3 048 | 12 144 | |
| Shares and other securities | 6 | 193 | 199 | |
| Financial derivatives | 1 393 | 1 393 | ||
| Total financial assets | 9 102 | 4 441 | 4 744 | 18 287 |
| Loans and deposits from credit institutions | - | |||
| Deposits from and liabilities to customers | 131 | 131 | ||
| Debt securities | - | |||
| Subordinated loan capital | - | |||
| Financial derivatives | 719 | 719 | ||
| Total financial liabilities | - | 719 | 131 | 850 |
Reconciliation of movements in level 3 during the period
| GROUP | Loans to and receivables from customers |
Shares | Deposits from customers |
|---|---|---|---|
| Book value as at 31.12.2024 | 4 551 | 193 | 131 |
| Purchases/additions | 98 | 6 | 515 |
| Sales/reduction | -296 | 0 | -519 |
| Transferred to Level 3 | 0 | 0 | 0 |
| Transferred from Level 3 | 0 | 0 | 0 |
| Net gains/losses in the period | 6 | 0 | 0 |
| Book value as at 31.03.2025 | 4 359 | 199 | 127 |
| GROUP | Loans to and receivables from customers |
Shares | Deposits from customers |
|---|---|---|---|
| Book value as at 31.12.2023 | 3 283 | 212 | 138 |
| Purchases/additions | 161 | 0 | 8 |
| Sales/reduction | -99 | -13 | 0 |
| Transferred to Level 3 | 0 | 0 | 0 |
| Transferred from Level 3 | 0 | 0 | 0 |
| Net gains/losses in the period | -18 | -4 | -1 |
| Book value as at 31.03.2024 | 3 327 | 195 | 145 |
| GROUP | Loans to and receivables from customers |
Shares | Deposits from customers |
|---|---|---|---|
| Book value as at 31.12.2023 | 3 283 | 212 | 138 |
| Purchases/additions | 1 869 | 4 | 0 |
| Sales/reduction | -595 | -13 | -6 |
| Transferred to Level 3 | 0 | 0 | 0 |
| Transferred from Level 3 | 0 | 0 | 0 |
| Net gains/losses in the period | -6 | -10 | -1 |
| Book value as at 31.12.2024 | 4 551 | 193 | 131 |
Issued covered bonds
The debt securities of the Group consist of covered bonds quoted in Norwegian kroner (NOK) and Euro (EUR) issued by Møre Boligkreditt AS, in addition to certificates and bonds quoted in NOK issued by Sparebanken Møre. The table below provides an overview of the Group's issued covered bonds.
| Issued covered bonds in the Group (NOK million) | ||||||||
|---|---|---|---|---|---|---|---|---|
| ISIN code | Curr. | Nominal value in currency 31.03.2025 |
Interest | Issued | Maturity | Book value 31.03.2025 |
Book value 31.03.2024 |
Book value 31.12.2023 |
| NO0010588072 | NOK | 1 050 | fixed NOK 4.75 % | 2010 | 2025 | 1 072 | 1 071 | 1 060 |
| XS0968459361 | EUR | 25 | fixed EUR 2.81 % | 2013 | 2028 | 296 | 298 | 299 |
| NO0010836489 | NOK | 1 000 | fixed NOK 2.75 % | 2018 | 2028 | 949 | 946 | 940 |
| NO0010853096 | NOK | - | 3M Nibor + 0.37 % | 2019 | 2025 | - | 3 014 | 2 010 |
| XS2063496546 | EUR | - | fixed EUR 0.01 % | 2019 | 2024 | - | 2 859 | - |
| NO0010884950 | NOK | 3 000 | 3M Nibor + 0.42 % | 2020 | 2025 | 3 006 | 3 006 | 3 006 |
| XS2233150890 | EUR | 30 | 3M Euribor + 0.75 % | 2020 | 2027 | 348 | 358 | 359 |
| NO0010951544 | NOK | 6 000 | 3M Nibor + 0.75 % | 2021 | 2026 | 6 056 | 6 079 | 6 063 |
| XS2389402905 | EUR | 250 | fixed EUR 0.01 % | 2021 | 2026 | 2 767 | 2 714 | 2 826 |
| XS2556223233 | EUR | 250 | fixed EUR 3.125 % | 2022 | 2027 | 2 959 | 2 987 | 2 965 |
| NO0012908617 | NOK | 6 000 | 3M Nibor + 0.54 % | 2023 | 2028 | 6 040 | 6 043 | 6 043 |
| XS2907263284 | EUR | 500 | fixed EUR 2,63 % | 2024 | 2029 | 5 872 | - | 5 932 |
| Total covered bonds issued by Møre Boligkreditt AS (incl. accrued interests) | 29 365 | 29 375 | 31 503 |
As at 31.03.2025, Sparebanken Møre held NOK 0 million in covered bonds issued by Møre Boligkreditt AS (NOK 0 million). Møre Boligkreditt AS held no own covered bonds as at 31.03.2025 (NOK 0 million).
Transactions with related parties
These are transactions between the parent bank and wholly-owned subsidiaries based on arm's length principles.
The most important transactions eliminated in the Group accounts:
| PARENT BANK | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Statement of income | |||
| Net interest and credit commission income from subsidiaries | 51 | 37 | 131 |
| Received dividend from subsidiaries | 169 | 132 | 132 |
| Administration fee received from Møre Boligkreditt AS | 13 | 12 | 50 |
| Rent paid to Sparebankeiendom AS and Storgata 41-45 Molde AS | 4 | 4 | 15 |
| Balance sheet | |||
| Claims on subsidiaries | 4 903 | 3 484 | 4 513 |
| Covered bonds | 0 | 0 | 281 |
| Liabilities to subsidiaries | 1 089 | 2 333 | 2 061 |
| Intragroup right-of-use of properties in Sparebankeiendom AS and Storgata 41-45 Molde AS |
56 | 70 | 59 |
| Intragroup hedging | 422 | 483 | 465 |
| Accumulated loan portfolio transferred to Møre Boligkreditt AS | 35 098 | 31 970 | 35 751 |
EC capital
| The 20 largest EC holders in Sparebanken Møre as at 31.03.2025 (grouped) | Number of ECs | Percentage share of EC capital |
|---|---|---|
| Sparebankstiftelsen Tingvoll | 4 839 094 | 9.72 |
| Verdipapirfondet Eika egenkapital | 2 476 424 | 4.97 |
| Spesialfondet Borea utbytte | 2 451 891 | 4.92 |
| Wenaasgruppen AS | 2 200 000 | 4.42 |
| MP Pensjon | 1 792 861 | 3.60 |
| Kommunal Landspensjonskasse | 1 692 107 | 3.40 |
| Verdipapirfond Pareto Aksje Norge | 1 602 314 | 3.22 |
| Wenaas EFTF AS | 1 100 000 | 2.21 |
| VPF Fondsfinans utbytte | 800 000 | 1.61 |
| Beka Holding AS | 750 500 | 1.51 |
| J.P. Morgan SE (nominee) | 659 187 | 1.32 |
| Lapas AS | 634 384 | 1.27 |
| BKK Pensjonskasse | 470 888 | 0.95 |
| Forsvarets personellservice | 461 000 | 0.93 |
| Sparebankstiftelsen Sparebanken Møre | 360 750 | 0.72 |
| Hjellegjerde Invest AS | 300 000 | 0.60 |
| U Aandahls Eftf AS | 250 000 | 0.50 |
| PIBCO AS | 229 500 | 0.46 |
| Borghild Hanna Møller | 201 438 | 0.40 |
| Kveval AS | 197 385 | 0.40 |
| Total 20 largest EC holders | 23 469 723 | 47.13 |
| Total number of ECs | 49 795 520 | 100.00 |
The proportion of equity certificates held by foreign nationals was 3.7 per cent at the end of the 1st quarter of 2025.
During the 1st quarter of 2025, Sparebanken Møre has not acquired own ECs.
Events after the reporting date
No events have occurred after the reporting period that will materially affect the figures presented as at 31 March 2025.
Statement of income - Parent bank
STATEMENT OF INCOME - PARENT BANK (COMPRESSED)
| (NOK million) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Interest income from assets at amortised cost | 864 | 867 | 3 524 |
| Interest income from assets at fair value | 181 | 168 | 702 |
| Interest expenses | 631 | 598 | 2 434 |
| Net interest income | 414 | 437 | 1 792 |
| Commission income and revenues from banking services | 68 | 56 | 271 |
| Commission expenses and expenditure from banking services | 12 | 10 | 39 |
| Other operating income | 14 | 13 | 58 |
| Net commission and other operating income | 70 | 59 | 290 |
| Dividends | 169 | 136 | 146 |
| Net change in value of financial instruments | 12 | 17 | 52 |
| Net result from financial instruments | 181 | 153 | 198 |
| Total other income | 251 | 212 | 488 |
| Total income | 665 | 649 | 2 280 |
| Salaries, wages etc. | 130 | 118 | 494 |
| Depreciation and impairment of non-financial assets | 18 | 15 | 65 |
| Other operating expenses | 91 | 85 | 347 |
| Total operating expenses | 239 | 218 | 906 |
| Profit before impairment on loans | 426 | 431 | 1 374 |
| Impairment on loans, guarantees etc. | 10 | 20 | 37 |
| Pre-tax profit | 416 | 411 | 1 337 |
| Taxes | 58 | 67 | 292 |
| Profit after tax | 358 | 344 | 1 045 |
| Allocated to equity owners | 343 | 331 | 982 |
| Allocated to owners of Additional Tier 1 capital | 15 | 13 | 63 |
| Profit per EC (NOK) 1) | 3.38 | 3.32 | 9.55 |
| Diluted earnings per EC (NOK) 1) | 3.38 | 3.32 | 9.55 |
| Distributed dividend per EC (NOK) | 0.00 | 0.00 | 7.50 |
STATEMENT OF COMPREHENSIVE INCOME - PARENT BANK (COMPRESSED)
| (NOK million) | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Profit after tax | 358 | 344 | 1 045 |
| Items that may subsequently be reclassified to the income statement: | |||
| Basisswap spreads - changes in value | 0 | 0 | 0 |
| Tax effect of changes in value on basisswap spreads | 0 | 0 | 0 |
| Items that will not be reclassified to the income statement: | |||
| Pension estimate deviations | 0 | 0 | 9 |
| Tax effect of pension estimate deviations | 0 | 0 | -2 |
| Total comprehensive income after tax | 358 | 344 | 1 052 |
| Allocated to equity owners | 343 | 331 | 989 |
| Allocated to owners of Additional Tier 1 capital | 15 | 13 | 63 |
1) Calculated using the EC-holders' share (49.1 %) of the period's profit to be allocated to equity owners.
Balance sheet - Parent bank
ASSETS (COMPRESSED)
| (NOK million) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Cash and receivables from Norges Bank | 299 | 599 | 447 |
| Loans to and receivables from credit institutions | 5 324 | 4 409 | 5 111 |
| Loans to and receivables from customers | 53 752 | 51 406 | 51 232 |
| Certificates, bonds and other interest-bearing securities | 12 151 | 11 937 | 12 217 |
| Financial derivatives | 1 087 | 956 | 985 |
| Shares and other securities | 206 | 200 | 199 |
| Equity stakes in Group companies | 2 203 | 1 671 | 1 671 |
| Deferred tax asset | 8 | 0 | 8 |
| Intangible assets | 59 | 62 | 59 |
| Fixed assets | 163 | 155 | 158 |
| Overfunded pension liability | 83 | 68 | 80 |
| Other assets | 349 | 248 | 205 |
| Total assets | 75 684 | 71 711 | 72 372 |
LIABILITIES AND EQUITY (COMPRESSED)
| (NOK million) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Loans and deposits from credit institutions | 2 531 | 3 461 | 3 116 |
| Deposits from customers | 51 373 | 48 281 | 49 699 |
| Debt securities issued | 9 719 | 7 852 | 7 683 |
| Financial derivatives | 963 | 1 026 | 1 080 |
| Incurred costs and prepaid income | 85 | 97 | 96 |
| Pension liabilities | 23 | 28 | 23 |
| Tax payable | 265 | 240 | 347 |
| Provisions for guarantee liabilities | 16 | 3 | 11 |
| Deferred tax liabilities | 0 | 45 | 0 |
| Other liabilites | 621 | 688 | 579 |
| Subordinated loan capital | 857 | 857 | 857 |
| Total liabilities | 66 453 | 62 578 | 63 491 |
| EC capital | 996 | 989 | 996 |
| ECs owned by the bank | -4 | -3 | -5 |
| Share premium | 380 | 360 | 379 |
|---|---|---|---|
| Additional Tier 1 capital | 750 | 903 | 750 |
| Paid-in equity | 2 122 | 2 249 | 2 120 |
| Primary capital fund | 3 690 | 3 476 | 3 687 |
| Gift fund | 125 | 125 | 125 |
| Dividend equalisation fund | 2 309 | 2 206 | 2 306 |
| Other equity | 627 | 733 | 643 |
| Comprehensive income for the period | 358 | 344 | - |
| Retained earnings | 7 109 | 6 884 | 6 761 |
| Total equity | 9 231 | 9 133 | 8 881 |
| Total liabilities and equity | 75 684 | 71 711 | 72 372 |
Profit performance - Group
QUARTERLY PROFIT
| (NOK million) | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|
| Net interest income | 485 | 522 | 523 | 518 | 508 |
| Other operating income | 82 | 67 | 103 | 90 | 70 |
| Total operating costs | 252 | 235 | 243 | 249 | 228 |
| Profit before impairment on loans | 315 | 354 | 383 | 359 | 350 |
| Impairment on loans, guarantees etc. | 13 | 21 | 17 | -35 | 17 |
| Pre-tax profit | 302 | 333 | 366 | 394 | 333 |
| Taxes | 70 | 82 | 86 | 93 | 79 |
| Profit after tax | 232 | 251 | 280 | 301 | 254 |
As a percentage of average assets
| Net interest income | 1.87 | 2.04 | 2.08 | 2.12 | 2.07 |
|---|---|---|---|---|---|
| Other operating income | 0.32 | 0.26 | 0.41 | 0.36 | 0.28 |
| Total operating costs | 0.98 | 0.92 | 0.96 | 1.02 | 0.93 |
| Profit before impairment on loans | 1.21 | 1.38 | 1.53 | 1.46 | 1.42 |
| Impairment on loans, guarantees etc. | 0.05 | 0.08 | 0.07 | -0.14 | 0.07 |
| Pre-tax profit | 1.16 | 1.30 | 1.46 | 1.60 | 1.35 |
| Taxes | 0.27 | 0.32 | 0.35 | 0.38 | 0.32 |
| Profit after tax | 0.89 | 0.98 | 1.11 | 1.22 | 1.03 |
