Voss Veksel- og Landmandsbank (VVL) Q3 2025 earnings summary

Executive summary

• Solid underlying operations continue despite increased pressure on net interest income and higher IT and personnel costs.

• Net profit after tax for Q3 2025 was NOK 19.6 million, down from NOK 24.5 million in Q3 2024.

• Result before losses for Q3 2025 was NOK 87.4 million, down NOK 4.2 million year-over-year.

• Total assets increased to NOK 6.79 billion as of Q3 2025, up from NOK 6.36 billion a year earlier.

• Total comprehensive income for Q3 2025 was NOK 76.1 million, up from NOK 64.9 million last year.

Financial highlights

• Net interest and credit commission income for Q3 2025 was NOK 34.9 million, nearly flat year-over-year.

• Net interest and credit commission income for Q3 was NOK 102.6 million, up NOK 0.6 million year-over-year.

• Net profit after tax for the first nine months was NOK 66.0 million, compared to NOK 68.8 million in the same period last year.

• Operating expenses increased to NOK 59.6 million from NOK 50.9 million, mainly due to higher personnel and IT costs.

• Customer deposits at NOK 4,938 million (+8.3% year-over-year); deposit coverage ratio at 83.2%.

Outlook and guidance

• Continued good development in underlying operations is expected, though net interest margin remains under pressure.

• Management expects continued satisfactory results, supported by strong core operations and a stable local market.

• Ongoing focus on quality growth, increased other income, and cost reductions.

• Uncertainty remains due to geopolitical tensions, high inflation, and interest rates, but inflation is trending down.