Has passed milestone of DKK 100 billion in total assets

The bank's total lending growth of 8.2% over the past twelve months is more than double the market growth. Sparebanken Møre enters the autumn with good results, and the third quarter in isolation shows a total increase in lending of more than NOK 1.2 billion.

"We have a strong influx of new mortgage customers and a good increase in lending volume to the business sector. In Norges Bank's reports, the market outlook for Northwest Norway in particular is highlighted as positive, and our advisers are forward-looking and close to our customers," says Trond Lars Nydal, CEO of Sparebanken Møre.

Profit after tax for the third quarter ended at NOK 280 million, which is NOK 27 million higher than the same quarter last year. This gives a return on equity for Q3 of 13.8 per cent, compared with 13.1 per cent for the third quarter of 2023. Costs for the quarter are 38.7 percent of revenues, which is 2.5 p.e. up from last year. The bank's losses are still low.

At the end of the third quarter, the CET1 capital ratio ended at 17.3 percent, down from 18.1 percent compared to the same time in 2023.

Sustainability award for the fourth year in a row
In this year's EPSI survey, customers named Sparebanken Møre Norway's most sustainable bank. According to EPSI, the bank retains its position because it is able to adapt its sustainability work to different customer segments.

"For the fourth year in a row, customers are giving us this recognition. We know that this is an area that many people find challenging to work with, and therefore it is motivating to know that our knowledge and commitment hit the mark," says Nydal.

Positive outlook for Northwest Norway
A weak krone exchange rate will probably contribute to Norges Bank's message that there will be three to four interest rate cuts next year. Although the growth outlook for the Norwegian economy is still subdued, the weak Norwegian krone is supporting the level of activity in export-intensive regions such as Møre og Romsdal. There are prospects that activity in Northwest Norway will remain solid, with unemployment at low levels going forward.

Status of advance notification of orders from Finanstilsynet
At the beginning of July, the bank received a preliminary notice of an order related to the current practice of recording unpaid gifts for non-profit purposes as other liabilities in the bank's accounts. Sparebanken Møre submitted its response by the deadline of 26 August, and the case is being processed by the Financial Supervisory Authority of Norway. Reference is also made to the stock exchange announcement dated 5 July 2024.

Key figures – Q3 2024

• Net interest income: NOK 523 million/2.08 per cent (NOK 487 million/2.05 per cent)
• Profit before loss: NOK 383 million (NOK 367 million)
• Profit after tax: NOK 280 million (NOK 253 million)
• Return on equity: 13.8 per cent (13.1 per cent)
• Cost-to-income ratio: 38.7 per cent (36.2 per cent)
• Profit per equity certificate (Group): NOK 2.66 (NOK 2.42)

Comparable figures for Q3 2023 in brackets.

Key figures – as of Q3 2024

• Net interest income: NOK 1,549 million/2.09 per cent (NOK 1,394 million/1.99 per cent)
• Profit before loss: NOK 1,092 million (NOK 1,001 million)
• Profit after tax: NOK 835 million (NOK 715 million)
• Return on equity: 14.0 per cent (12.5 per cent)
• Cost-to-income ratio: 39.7 per cent (38.1 per cent)
• Profit per equity certificate (group): NOK 7.92 (NOK 6.84)
• Common equity tier 1 capital: 17.3 per cent (18.1 per cent)
• Growth in lending over the past 12 months: 8.2 per cent (8.2 per cent)
• Growth in deposits over the past 12 months: 5.5 per cent (4.4 per cent)

Comparable figures as of Q3 2023 in brackets.

Contact persons

Trond Lars Nydal, CEO, tel. 951 79 977
John Arne Winsnes, CFO, tel. 462 80 999
Trine Kvalheim, Head of Communications, tel. 454 65 680