With a result of NOK 1.737 million and a return on equity of 13.5 percent after
tax, SpareBank 1 Sør-Norge ASA delivered a good result in the first quarter of
2025.

The result was NOK 157 million higher than the same quarter in 2024, driven by
an increase in net interest income, low losses, and higher income from financial
investments.

The group's total assets under management, including credit institutions,
amounted to NOK 518 billion, with gross loans totaling NOK 408 billion at the
end of the quarter.

Loan growth over the past twelve months was 6.5 percent, corresponding to a
growth in loans of NOK 25 billion. The retail market accounted for NOK 18
billion of this, corresponding to a growth in the division of 7.3 percent over
the past twelve months.

"In times of global turmoil and high activity in businesses and households, we
need to provide our advisory services and stay close to our customers. We have
managed this so far in 2025. In the first quarter, we saw a significant increase
in applications for financing certificates and mortgages, partly due to changes
in the equity requirements. Together with low losses, this contributed to a good
quarter with further growth and increased revenues", says CEO Inge Reinertsen.

Net interest income was NOK 2.310 million in the first quarter, up by NOK 54
million from the same quarter in 2024. The improvement is mainly due to the loan
growth in the group.

In February, the board of SpareBank 1 Sør-Norge decided to raise the long-term
target for return on equity to 14 percent. The group is on track with the
extraction of funding, operational, and cost synergies according to plan.

"We are now creating one of the country's best financial groups, where there
will be great opportunities for our employees to develop. At the same time, we
are taking proactive steps to strengthen our market competitiveness. We will
spend more time on advisory services and what adds value for our customers, so
that we build even stronger relationships with them and achieve our financial
goals", says CEO Reinertsen.

SpareBank 1 Sør-Norge has a good foundation for successful efficiency
improvements. The cost ratio for the group was 36.1 percent in the first
quarter, adjusted for merger costs.

Net income from financial investments was NOK 394 million, which was NOK 128
million higher than the same quarter last year. The ordinary profit contribution
from associated companies, including SpareBank 1 Gruppen, amounted to NOK 193
million in the quarter.

The quality of the group's loan portfolio is good. In the first quarter,
impairments on loans and financial liabilities were NOK 23 million. This
corresponded to 0.03 percent of the group's gross loans.

Key figures for first quarter 2025
o Profit before tax: NOK 2.186 million (NOK 1.977 million) 
o Profit after tax: NOK 1.737 million (NOK 1.580 million) 
o Return on equity after tax: 13.5 percent (13.8 percent)  
o Return on equity, adjusted for goodwill after merger and merger costs: 14.7
percent 
o Earnings per share: NOK 4.37 (NOK 4.01) 
o Net interest income: NOK 2.310 million (NOK 2.256 million) 
o Net commission and other income: NOK 787 million (NOK 676 million) 
o Net income from financial investments: NOK 394 million (NOK 266 million) 
o Operating costs: NOK 1.282 million (NOK 1.161 million) 
o Impairments provisions on loans and financial liabilities: NOK 23 million (NOK
59 million) 
o Lending growth last 12 months: 6.5 percent (5.8 percent) 
o Deposit growth last 12 months: 2.4 percent (-0.7 percent) 
o Common Equity Tier 1 ratio: 18.3 percent 
o Capital ratio: 22.9 percent
(Proforma Q1 2024 in parentheses) 
 
Stavanger, May 8, 2025

Contacts:
Inge Reinertsen, CEO, tel. +47 909 95 033  
Eirik Børve Monsen, CFO, tel.+47 916 39 831 
Morten Forgaard, Finance Director, tel. +47 916 21 425 
Øyvind Knoph Askeland, Communications Director, tel. +47 922 32 639

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.