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Financial highlights - Group
| Income statement | ||||||
|---|---|---|---|---|---|---|
| (Amounts in percentage of average assets) | ||||||
| Q1 2026 | Q1 2025 | 2025 | ||||
| NOK million | % | NOK million | % | NOK million | % | |
| Net interest income | 469 | 1.75 | 485 | 1.87 | 2 014 | 1.89 |
| Net commission and other operating income | 71 | 0.26 | 66 | 0.25 | 317 | 0.29 |
| Net result from financial instruments | 13 | 0.05 | 15 | 0.06 | 59 | 0.06 |
| Total income | 553 | 2.06 | 566 | 2.18 | 2 390 | 2.24 |
| Total operating expenses | 253 | 0.94 | 251 | 0.97 | 993 | 0.94 |
| Profit before impairment on loans | 300 | 1.12 | 315 | 1.21 | 1 397 | 1.30 |
| Impairment on loans, guarantees etc. | 25 | 0.09 | 13 | 0.05 | 47 | 0.04 |
| Pre-tax profit | 275 | 1.03 | 302 | 1.16 | 1 350 | 1.26 |
| Taxes | 64 | 0.24 | 70 | 0.27 | 320 | 0.29 |
| Profit after tax | 211 | 0.79 | 232 | 0.89 | 1 030 | 0.97 |
| Balance sheet | |||||
|---|---|---|---|---|---|
| (NOK million) | 31.03.2026 | Change last three months (%) | 31.12.2025 | Change last twelve months (%) | 31.03.2025 |
| Total assets 4) | 108 873 | -0.5 | 109 418 | 4.3 | 104 345 |
| Average assets 4) | 107 407 | 0.6 | 106 730 | 3.4 | 103 863 |
| Loans to and receivables from customers | 91 701 | 2.5 | 89 469 | 3.3 | 88 770 |
| Gross loans to retail customers | 60 381 | 1.2 | 59 675 | 3.3 | 58 440 |
| Gross loans to corporate and public entities | 31 583 | 5.1 | 30 046 | 3.3 | 30 586 |
| Deposits from customers | 52 665 | -1.3 | 53 335 | 2.7 | 51 262 |
| Deposits from retail customers | 32 195 | 2.2 | 31 496 | 4.6 | 30 790 |
| Deposits from corporate and public entities | 20 470 | -6.3 | 21 839 | 0.0 | 20 472 |
| Key figures and Alternative Performance Measures (APMs) | |||
|---|---|---|---|
| Q1 2026 | Q1 2025 | 2025 | |
| Return on equity (annualised) 3) 4) | 9.9 | 11.2 | 12.5 |
| Cost/income ratio 4) | 45.7 | 44.3 | 41.6 |
| Losses as a percentage of loans and guarantees (annualised) 4) | 0.11 | 0.06 | 0.05 |
| Gross credit-impaired commitments as a percentage of loans/guarantee liabilities | 1.33 | 0.43 | 0.44 |
| Net credit-impaired commitments as a percentage of loans/guarantee liabilities | 1.15 | 0.32 | 0.30 |
| Deposit-to-loan ratio 4) | 57.3 | 57.6 | 59.4 |
| Liquidity Coverage Ratio (LCR) | 140 | 141 | 177 |
| NSFR (Net Stable Funding Ratio) | 117 | 119 | 123 |
| Lending growth as a percentage 4) | 3.3 | 6.6 | 3.0 |
| Deposit growth as a percentage 4) | 2.7 | 6.4 | 7.6 |
| Capital adequacy ratio 1) | 21.1 | 20.7 | 21.5 |
| Tier 1 capital ratio 1) | 19.1 | 18.7 | 19.5 |
| Common Equity Tier 1 capital ratio (CET1) 1) | 17.3 | 17.0 | 17.7 |
| Leverage Ratio (LR) 1) | 7.1 | 7.3 | 7.2 |
| Man-years | 394 | 399 | 393 |
| Equity Certificates (ECs) | |||||||
|---|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 2025 | 2024 | 2023 | 2022 | ||
| Profit per EC (Group) (NOK) 2) 5) | 1.94 | 2.13 | 9.57 | 9.95 | 10.12 | 7.50 | |
| Profit per EC (parent bank) (NOK) 2) 5) | 3.44 | 3.38 | 9.28 | 9.55 | 10.34 | 8.48 | |
| Number of ECs 5) | 49 795 520 | 49 795 520 | 49 795 520 | 49 795 520 | 49 434 770 | 49 434 770 | |
| Nominal value per EC (NOK) 5) | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | |
| EC fraction 1.1 as a percentage (parent bank) | 49.1 | 49.1 | 49.1 | 49.1 | 49.7 | 49.7 | |
| EC capital (NOK million) | 995.90 | 995.90 | 995.90 | 995.90 | 988.70 | 988.70 | |
| Price at Oslo Stock Exchange (NOK) | 117.4 | 102.8 | 117.0 | 97.0 | 84.0 | 84.4 | |
| Stock market value (NOK million) | 5 848 | 5 117 | 5 826 | 4 830 | 4 153 | 4 173 | |
| Book value per EC (Group) (NOK) 4) 5) | 87.2 | 83.8 | 85.1 | 81.5 | 80.7 | 74.8 | |
| Dividend per EC (NOK) 5) | 0.00 | 0.00 | 7.00 | 6.25 | 7.50 | 4.00 | |
| Price/Earnings (Group, annualised) | 15.1 | 12.0 | 12.2 | 9.8 | 8.3 | 11.3 | |
| Price/Book value (P/B) (Group) 2) 4) | 1.35 | 1.23 | 1.38 | 1.19 | 1.04 | 1.13 | |
| 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 | |||||||