SPAREBANKEN MØRE (MORG) Q3 2025 earnings summary

Executive summary

• Net profit after tax for the first nine months of 2025 was NOK 733 million, down from NOK 835 million year-over-year.

• Profit before tax for the first three quarters of 2025 was NOK 957 million, down 12.4% year-over-year from NOK 1,093 million.

• Return on equity (ROE) for the period was 11.7%, compared to 14.0% in the same period last year.

• Earnings per equity certificate (EKB) for the group was NOK 6.79, down from NOK 7.92 year-over-year.

• Cost/income ratio increased to 42.3% for the first three quarters, up from 39.7% year-over-year.

Financial highlights

• Net interest income for the first nine months was NOK 1,503 million, a decrease from NOK 1,549 million year-over-year.

• Total income was NOK 1,783 million, slightly down from NOK 1,812 million year-over-year.

• Operating expenses increased to NOK 755 million from NOK 720 million year-over-year.

• Loan losses amounted to NOK 71 million, up from a net recovery of NOK 1 million in the same period last year.

• Profit per equity certificate (EC) for Q3 2025 was NOK 2.40, compared to NOK 2.66 in Q3 2024.

Outlook and guidance

• The Norwegian economy continues to improve, with low unemployment and strong household finances.

• International financial market sentiment improved in Q3, with lower interest rates and falling inflation supporting optimism.

• Uncertainty remains high due to global trade policies and geopolitical risks.

• Lending growth for the past 12 months was 3.7%, deposit growth 6.8%.

• Dividend policy aims for a payout of about 50% of annual profit, provided capital adequacy is sufficient.