Hopp til innhold
Logg inn
Hvor ønsker du å logge inn?

Cost effective operations for Sparebanken Møre

Sparebanken Møre's second quarter was characterised by increased income, lower costs and low losses. Profit after tax amounted to NOK 186 million, which is NOK 47 million higher than for the corresponding period last year. The half-year profit increased by NOK 45 million to NOK 306 million.

"We are very pleased having improved our performance in a period of lower interest margins, lower growth and tougher competition than ever before," says Sparebanken Møre's CEO, Olav Arne Fiskerstrand.

At the end of June, Sparebanken Møre had total assets of NOK 61.7 billion.

Lending growth in the retail market
The last 12 months the Bank has seen lending growth of 1.5 %, which represents a decrease compared with the last years. Nonetheless, the retail market experienced good growth with an increase of 6.5 % the last 12 months.

"Gaining market shares in the retail market when the competition for customers is very tough is very satisfying. It confirms that our customers value our capable advisers with local knowledge, local presence and local commitment, as well as our competitive terms," says Fiskerstrand.

He expects lending growth in the retail market to remain relatively high for the rest of the year, at the same time as growth in the corporate market is expected to increase. "Our focus is on generating growth through good commitments with an acceptable level of risk," he says, adding that the Bank has also seen good growth in deposits of 5.5 % in the last 12 months.

Efficient operations and low losses
Total income in the second quarter was NOK 41 million up on the corresponding period in 2015. The level of net interest income is on a par with last year, while there has been a good increase in other operating income.

This growth was in part due to income from the sales contract between Visa Europe Ltd and Visa Inc. In June, Visa Norge confirmed Sparebanken Møre's share of the cash payment amounting to EUR 4.4 million and the effect this first part of the cash payment had on the pre-tax profit was NOK 38 million in the second quarter. In addition the Bank had capital gains on bonds in Q2 amounting to NOK 8 million, compared with capital losses of NOK 2 million in the second quarter of 2015.

At the same time, the Bank is continuing to reduce its cost levels. The cost/income ratio was 38.5 % for the second quarter. "This is very satisfactory and represents a reduction of 3.9 percentage points compared with the same period last year. We also have a robust customer portfolio and are enjoying a record low level of losses, which is expected to remain low going forward as well," says Fiskerstrand.

At the end of the first half of the year, problem loans amount to 0.25 % of gross lending and the amount has been reduced by NOK 131 million in the last 12 months.

Digital solutions
Sparebanken Møre continues to focus on digital solutions. While the friend-to-friend payment service SKULS was launched earlier this year, the SPING payment service for clubs and associations was launched in June. This is a mobile payment solution for clubs and associations that will simplify payments when buying from stands and paying membership fees, both for the payer and the payee.

"Our ambition is to be a modern bank with good digital solutions and we think our customers deserve high-quality, local alternatives. At the same time, we have around 380 professionals in 30 branches who can offer personal advice. We believe that this combination provides us with a very good starting point for the road ahead," concludes Sparebanken Møre's CEO, Olav Arne Fiskerstrand.

Key figures for Q2 2016

  • Net interest income: NOK 275 million/1.86% (NOK 275 million/1.91%)
  • Profit before impairment and tax: NOK 234 million (NOK 196 million)
  • Profit after tax: NOK 186 million (NOK 139 million)
  • Return on equity: 15.2% (11.9%)
  • Cost income ratio: 38.5% (42.4%)
  • Earnings per equity certificate (Group): NOK 9.30 (NOK 7.00)

Comparable figures for the second quarter of 2015 in brackets.

Key figures for H1 2016

  • Net interest income: NOK 525 million/1.75% (NOK 530 million/1.86%)
  • Profit before impairment and tax: NOK 392 million (NOK 371 million)
  • Profit after tax: NOK 306 million (NOK 261 million)
  • Return on equity: 12.6% (11.2%)
  • Cost income ratio: 42.9% (44.0%)
  • Earnings per equity certificate year-to-date (Group): NOK 15.40 (NOK 13.10)
  • Core tier 1 capital ratio: 14.5% (13.5%)
  • Lending growth in the last 12 months: 1.5% (7.9%)
  • Deposit growth in the last 12 months: 5.5% (3.0%)

Comparable figures for H1 2015 in brackets.


  • Olav Arne Fiskerstrand, CEO, Mobile +47 900 18 299
  • Runar Sandanger, EVP, Mobile. +47 950 43 660
  • Tone S. Gjerdsbakk, Chief Information Officer, Mobile: +47 990 44 346

Interim report 2. quarter 2016 - Sparebanken Møre (PDF)
Interim report 2. quarter 2016 - Sparebanken Møre (digital)
Interim report 2. quarter 2016 - Møre Boligkreditt (PDF)
Interim report 2. quarter 2016 - Møre Boligkreditt (digital)
Presentation 2. quarter 2016 (PDF)