SPAREBANK 1 NORDMØRE (SNOR) CMD 2025 summary

Strategic direction and vision

• Focus on being a profitable, locally rooted financial group with a strong regional perspective, serving from Ålesund to Trondheim.

• Vision emphasizes making a difference, delivering excellent customer experiences, and active community engagement.

• Core values include innovation, honesty, and generosity, with a culture of professionalism and strong customer focus.

• Mission centers on creating value and sustainable development for customers, owners, and the local community.

• Ongoing commitment to digital innovation, sustainability, and supporting local businesses.

Financial performance and targets

• Achieved 12.6% return on equity in 2024, surpassing the >11% target.

• Cost/income ratio improved to 35.5% for the parent bank (from 40.8% in 2023), reflecting efficiency gains.

• CET1 capital ratio at 17.01%, above the 16.74% target and regulatory requirements.

• Total lending grew by 7.9% in 2024, with personal market loans up 8.1% and corporate loans up 7.7%.

• Net profit before tax reached NOK 597 million in 2024, up from NOK 409 million in 2023.

Business development and operational highlights

• Maintained strong customer satisfaction and continued to be recognized for Norway's best mobile banking experience.

• Reduced total costs by NOK 6 million year-over-year, driven by process improvements and branch network optimization.

• Loan portfolio remains well-diversified, with 74% in personal market and 26% in corporate, and stable sector distribution.

• Credit losses and impairments increased to NOK 78 million, with total non-performing loans at 1.67% of gross loans.

• Funding structure remains robust, with NOK 6.1 billion in senior bonds and a weighted average maturity of 3.2 years.