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Financial highlights - Group
| Income statement | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Amounts in percentage of average assets) | ||||||||
| Q4 2025 | Q4 2024 | 2025 | 2024 | |||||
| NOK million | % | NOK million | % | NOK million | % | NOK million | % | |
| Net interest income | 511 | 1.90 | 522 | 2.04 | 2 014 | 1.89 | 2 071 | 2.08 |
| Net commission and other operating income | 88 | 0.33 | 83 | 0.32 | 317 | 0.29 | 287 | 0.29 |
| Net result from financial instruments | 14 | 0.05 | -16 | -0.06 | 59 | 0.06 | 43 | 0.04 |
| Total income | 613 | 2.28 | 589 | 2.30 | 2 390 | 2.24 | 2 401 | 2.41 |
| Total operating expenses | 244 | 0.91 | 235 | 0.92 | 993 | 0.94 | 955 | 0.96 |
| Profit before impairment on loans | 369 | 1.37 | 354 | 1.38 | 1 397 | 1.30 | 1 446 | 1.45 |
| Impairment on loans, guarantees etc. | -24 | -0.09 | 21 | 0.08 | 47 | 0.04 | 20 | 0.02 |
| Pre-tax profit | 393 | 1.46 | 333 | 1.30 | 1 350 | 1.26 | 1 426 | 1.43 |
| Taxes | 96 | 0.36 | 82 | 0.32 | 320 | 0.29 | 340 | 0.34 |
| Profit after tax | 297 | 1.10 | 251 | 0.98 | 1 030 | 0.97 | 1 086 | 1.09 |
| Balance sheet | |||
|---|---|---|---|
| (NOK million) | 31.12.2025 | Change last twelve months (%) | 31.12.2024 |
| Total assets 4) | 109 418 | 6.9 | 102 335 |
| Average assets 4) | 106 730 | 7.0 | 99 776 |
| Loans to and receivables from customers | 89 469 | 3.0 | 86 875 |
| Gross loans to retail customers | 59 675 | 3.1 | 57 872 |
| Gross loans to corporate and public entities | 30 046 | 2.7 | 29 255 |
| Deposits from customers | 53 335 | 7.6 | 49 550 |
| Deposits from retail customers | 31 496 | 4.5 | 30 149 |
| Deposits from corporate and public entities | 21 839 | 12.6 | 19 401 |
| Key figures and Alternative Performance Measures (APMs) | ||||
|---|---|---|---|---|
| Q4 2025 | Q4 2024 | 2025 | 2024 | |
| Return on equity (annualised) 3) 4) | 14.1 | 12.2 | 12.5 | 13.7 |
| Cost/income ratio 4) | 39.8 | 40.0 | 41.6 | 39.8 |
| Losses as a percentage of loans and guarantees (annualised) 4) | -0.11 | 0.10 | 0.05 | 0.02 |
| Gross credit-impaired commitments as a percentage of loans/guarantee liabilities | 0.44 | 0.58 | 0.44 | 0.58 |
| Net credit-impaired commitments as a percentage of loans/guarantee liabilities | 0.30 | 0.45 | 0.30 | 0.45 |
| Deposit-to-loan ratio 4) | 59.4 | 56.9 | 59.4 | 56.9 |
| Liquidity Coverage Ratio (LCR) | 177 | 167 | 177 | 167 |
| NSFR (Net Stable Funding Ratio) | 123 | 122 | 123 | 122 |
| Lending growth as a percentage 4) | 0.0 | 6.5 | 3.0 | 6.5 |
| Deposit growth as a percentage 4) | 1.5 | 4.5 | 7.6 | 4.5 |
| Capital adequacy ratio 1) | 21.5 | 21.1 | 21.5 | 21.1 |
| Tier 1 capital ratio 1) | 19.5 | 19.0 | 19.5 | 19.0 |
| Common Equity Tier 1 capital ratio (CET1) 1) | 17.7 | 17.2 | 17.7 | 17.2 |
| Leverage Ratio (LR) 1) | 7.2 | 7.4 | 7.2 | 7.4 |
| Man-years | 393 | 402 | 393 | 402 |
| Equity Certificates (ECs) | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Profit per EC (Group) (NOK) 2) 5) | 9.57 | 9.95 | 10.12 | 7.50 | 31.10 | |
| Profit per EC (parent bank) (NOK) 2) 5) | 9.28 | 9.55 | 10.34 | 8.48 | 30.98 | |
| Number of ECs 5) | 49 795 520 | 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 | 100.00 | |
| EC fraction 1.1 as a percentage (parent bank) | 49.1 | 49.1 | 49.7 | 49.7 | 49.7 | |
| EC capital (NOK million) | 995.90 | 995.90 | 988.70 | 988.70 | 988.70 | |
| Price at Oslo Stock Exchange (NOK) | 117.0 | 97.0 | 84.0 | 84.4 | 444 | |
| Stock market value (NOK million) | 5 826 | 4 830 | 4 153 | 4 173 | 4 390 | |
| Book value per EC (Group) (NOK) 4) 5) | 85.1 | 81.5 | 80.7 | 74.8 | 350 | |
| Dividend per EC (NOK) 5) | 7.00 | 6.25 | 7.50 | 4.00 | 16.00 | |
| Price/Earnings (Group, annualised) | 12.2 | 9.8 | 8.3 | 11.3 | 14.3 | |
| Price/Book value (P/B) (Group) 2) 4) | 1.38 | 1.19 | 1.04 | 1.13 | 1.27 | |
| 1) Incl. proposed allocations | ||||||
| 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 | ||||||