Tinde Sparebank (TINDE) Q3 2025 earnings summary

Executive summary

• Result after tax for Q3 2025 was NOK 65.7 million, nearly unchanged from NOK 65.6 million in Q3 2024, despite significant merger costs and higher credit losses.

• The merger between Sunndal Sparebank and Romsdal Sparebank was completed on June 2, 2025, creating a larger, more competitive regional bank.

• The bank is focused on realizing merger synergies from 2026 and plans to list on the main Oslo Børs in Q2 2026.

Financial highlights

• Pre-tax profit was NOK 83.7 million, down NOK 1.7 million year-over-year due to NOK 17 million in merger costs and higher credit losses.

• Net interest income rose 40.9% to NOK 197.2 million, driven by the merger and volume growth.

• Net commission income increased 77.2% to NOK 49.2 million, with strong growth in mortgage, insurance, and payment services.

• Operating expenses rose 77.2% to NOK 147.0 million, mainly due to merger-related costs and increased staffing.

• Credit losses on loans and guarantees were NOK 32.9 million, up NOK 24.1 million year-over-year, mainly from the business portfolio.

• Cost/income ratio increased to 55.8% (from 46.8%), or 49.3% excluding one-off merger costs.

• Loans including Eika Boligkreditt grew 87.5% to NOK 16.6 billion; deposits grew 77.4% to NOK 9.5 billion.

Outlook and guidance

• Merger synergies are expected to be realized from 2026, with a target cost/income ratio below 40% and return on equity above 10% by 2030.

• The bank plans to apply for a main listing on Oslo Børs in Q2 2026, aiming for increased liquidity and investor base.

• The board expects moderate credit losses and a solid financial position going forward.