Profit for the first quarter came to NOK 1,084m after tax for the whole
SpareBank 1 SMN Group. All business lines show good profitability, and
contribute to a return on equity of 16 per cent. Together with other investors,
SpareBank 1 SMN is now establishing a new mutual fund, "Såkorn 1 Midt", with NOK
200m at its disposal for green early-stage investments in Mid Norway. 

The bank is in an excellent financial position, with CET1 ratio of 18.5 per
cent, which is well above both its own target and regulatory requirements. Group
expenses are NOK 54m higher than in last year's first quarter, but lower than in
the fourth quarter. The decline is primarily attributable to capital tax, lower
IT expenses and loss recovered as a result of the insurance settlement following
the embezzlement.

Overall lending growth in the quarter is 0.8 per cent, bringing an annual growth
somewhat above credit growth in the market. In the last 12 months lending has
risen by a total of NOK 24.3bn, corresponding to 11.4 per cent. 
"Norges Bank's interest rate hikes are starting to have an effect, but people
and businesses fortunately appear to have robust finances that tolerate
increased costs. We have not noted any significant increase in payment deferrals
or defaults thus far", says Group CEO Jan-Frode Janson.

Deposit growth was 1.1 per cent in the first quarter, with overall deposit
growth of 10.9bn in the last 12 months, corresponding to 8.8 per cent.
 
Loan losses remain moderate. The group recorded losses of NOK 24m on loans and
guarantees in the first quarter, corresponding to 0.04 per cent of overall
outstanding loans.

An increased focus on savings and private banking over the past year has
achieved good results. In the first quarter a total of NOK 1.7bn was brought in
to SpareBank 1 Forvaltning, which is six times more than in the same period of
last year.

EiendomsMegler 1 Midt-Norge reports both an increased volume of assignments and
increased sales despite a calmer housing market. The company has increased its
market share by one percentage point compared with the same quarter of last
year. SpareBank 1 Regnskapshuset SMN continues to gain market shares both in
traditional accounting and advisory services, and has invested substantially in
competencies, digital cloud-based solutions and acquisitions in order to ramp up
competitiveness. SpareBank 1 Finans Midt-Norge increased its pre-tax profit by
NOK 13m to NOK 66m compared with the same quarter last year.

Good results at SpareBank 1 SMN also benefit the regional community through
community dividend which supports projects large and small in local communities
across Mid Norway. In June last year the bank announced its intention to launch
a seedcorn fund to invest in green early-stage investments in the region,
promising to match other investors krone for krone. The NOK 200m target was
achieved in the first round of subscription, and the fund will duly be
established. 

"We have a firm belief in translating the region's creative power into jobs and
future value creation. The fact that we, together with a large number of other
investors who share the same philosophy, have successfully established Såkorn 1
Midt with NOK 200m at its disposal is an important milestone. Sixty-seven
attractive investment opportunities have already materialised, and we believe
the first investment will be completed before summer", says Group CEO Jan-Frode
Janson.

Results for the first quarter 2024:
(Consolidated figures. Figures in parenthesis refer to the same period of 2023
unless otherwise specified)
Profit after tax: NOK 1,084m (778m)
Return on equity: 16.0% (13.0%)
CET1 ratio: 18.5% (18.2%)
Growth in lending: 0.8% (1.3%) 
Growth in deposits: (1.1% (1.2%)
Losses on loans and guarantees: NOK 24m (minus 71m)
Earnings per equity certificate: NOK 4.68 (3.51)


Contact:
CFO Trond Søraas on +47 922 36 803
Executive vice president Rolf Jarle Brøske on +47 911 12 475

quarterlyreport.smn.no

The above information is subject to public disclosure pursuant to Section 5-12
of the Norwegian Securities Trading Act