Sparebanken Møre continues to grow, with the second quarter seeing lending
growth in the retail market of almost NOK 1.5 billion. This quarterly growth
figure is the highest in the bank's history. 

- "National figures show that lending growth is low, and the competition for
customers is fierce. It is, therefore, pleasing that we have seen such strong
lending growth in both the retail market and the corporate market. It shows that
our investments in more branches and advisers who are close to our customers are
producing results," says CEO Trond Lars Nydal of Sparebanken Møre.

The quarter's strong growth contributed to an 18 per cent increase in profit
after tax compared with the second quarter last year, with the profit for the
quarter amounting to NOK 301 million. This represents a return on equity for the
second quarter of 15.1 per cent compared with 13.6 per cent for the same quarter
in 2023. The costs in the quarter amounted to 41 per cent of income, which is
2.1 percentage points up from last year. Part of the increase was due to
investments in growth, which have contributed to increases in income. 

At the end of the first half-year, the Common Equity Tier 1 capital ratio was
19.1 per cent, up from 17.6 per cent compared with the same point in 2023.

- "The bank's capital situation is strong and we are well equipped for continued
growth, to manage future risk and we have good dividend capacity," says Nydal.

Good activity and low losses
The increase in lending is a result of high levels of activity in our region
Nordvestlandet and Oslo and is good confirmation that the bank is competitive
and attractive to new customers as well. In the bank's experience, more people
now want a permanent adviser and personal advice. 

- "In April, we won the National Customer Service Award for the banking industry
for the sixth consecutive year. Receiving such recognition from our customers is
inspiring. Seeing how well we are growing in the retail market in both
Nordvestlandet and Oslo also gives us motivation. Furthermore, we are seeing
good activity in the region and good growth in the corporate market. Our aim for
the autumn is to grow our market share further," says Nydal. 

Good, close follow-up and advice gives customers and the bank a sense of
security, and also contribute to low losses. In the second quarter, the bank
recognised a net NOK 35 million in recoveries on loan losses. 

Stable outlook for Nordvestlandet
The Norwegian krone weakened again over the summer. This must be seen in the
context of increased concerns about an economic recession in the US and
turbulence in international financial markets. 
A weak NOK exchange rate benefits a number of industries in Nordvestlandet, and
figures from Norges Bank's "Regional Network" report confirm that better
economic growth is expected in Nordvestlandet than in most of the other regions
of the country. 

Advance notice of instructions from the Financial Supervisory Authority of
Norway 
At the beginning of July, the bank received an advance notice of instructions
concerning our current accounting practice of recognising unpaid gifts for
non-profit purposes as other liabilities in the bank's accounts. Sparebanken
Møre disagrees with the Financial Supervisory Authority's assessment, and in the
period up to the deadline of 26 August we will conduct a review and assessment
of the factual and legal basis for the advance notice. 

Please also see our stock exchange report dated 5 July 2024.

Key figures - Q2 2024
o Net interest income: NOK 518 million/2.12 per cent (NOK 462 million/1.94 per
cent)
o Profit before loss: NOK 359 million (NOK 332 million)
o Profit after tax: NOK 301 million (NOK 255 million)
o Return on equity: 15.1 per cent (13.6 per cent)
o Cost income ratio: 41.0 per cent (38.9 per cent)
o Earnings per equity certificate (Group): NOK 2.85 (NOK 2.46)

Comparable figures for Q2 2023 in brackets.

Key figures - H1 2024
o Net interest income: NOK 1 026 million/2.09 per cent (NOK 907 million/1.96 per
cent)
o Profit before loss: NOK 709 million (NOK 634 million)
o Profit after tax: NOK 555 million (NOK 462 million)
o Return on equity: 14.1 per cent (12.2 per cent)
o Cost income ratio: 40.3 per cent (39.3 per cent)
o Earnings per equity certificate (Group): NOK 5.26 (NOK 4.42)
o Common Equity Tier 1 capital ratio: 19.1 per cent (17.6 per cent)
o Lending growth in the past 12 months: 7.7 per cent (9.3 per cent) 
o Deposit growth in the past 12 months: 6.3 per cent (3.1 per cent) 

Comparable figures for the first half of 2023 in brackets.

Contacts
o Trond Lars Nydal, CEO, Mobile: +47 951 79 977
o John Arne Winsnes, CFO, Mobile: +47 462 80 999
o Trine Kvalheim, Chief Information Officer, Mobile: +47 454 65 680

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