SpareBank 1 SMN posted an overall profit of NOK 1,441m after tax in the third
quarter. The gain resulting from the merger between Fremtind and Eika Forsikring
alone accounts for NOK 452m of the net profit. Return on equity was 21 per cent
in the quarter. 

Despite a period of lower credit growth among firms and households, SpareBank 1
SMN's momentum continues, with 2.2 per cent rise in lending in the third
quarter. Market shares are being won above all in the corporate market, with 4.6
per cent growth in the quarter. In the personal market the bank is consolidating
its position with respect to non-profit and interest organisations after its
loyalty programme with LO Norway, whose membership numbers more than one
million, was extended in August. 

"We have steadily strengthened our position in Mid Norway through profitable
growth. And in the third quarter we were well rewarded for our long-term
build-up of insurance in the SpareBank 1 Alliance now that we have merged with
Eika Forsikring", says Group CEO Jan-Frode Janson.

Earnings from SpareBank 1 Regnskapshuset SMN and EiendomsMegler 1 Midt-Norge
declined somewhat in the third quarter, due mainly to seasonal variations.
Expenses edged up in the quarter. Loan losses rose slightly but remain at a
moderate level. 

SpareBank 1 SMN is strengthening its physical presence through acqusitions of
local accounting firms, and in the third quarter established new finance centres
in Sykkylven (in Sunnmøre) and Kristiansund (in Nordmøre). With close to 20
finance centres distributed across towns and local communities throughout the
region, the group is consolidating its undisputed number one position in Mid
Norway and its national position as a regional bank. 

"We deliver effective digital solutions that facilitate the everyday finances of
people and firms, but are also aware that customers appreciate our presence in
the shape of good advice when they need it. Our finance centres assemble
broad-based specialist teams offering improved services and advice to the
customer, and are also attractive places to work that appeal to the best
candidates. We have built our position on this presence for more than 200 years,
and will - as the country's largest regional bank - remain steadfast in this
direction", says Janson. 

Key figures:
(Consolidated figures. Figures in parenthesis refer to the same period of 2023
unless otherwise stated)
Profit after tax: NOK 1,441m (740)
Return on equity: 21% (11.1)
CET1 ratio: 18.2% (19.7)
Growth in lending: 2.2% (1.0) 
Growth in deposits: -1.2% (-1.4)
Losses on loans and guarantees: NOK 75m (35)
Earnings per equity certificate: NOK 6.42 (3.28)


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