- "The quarterly financial report shows solid return on equity, strong growth,
and a low cost-income ratio. This tells me we are well-positioned to build
Norway's largest savings bank,"

That's what CEO Geir Bergskaug says, who presented the Q3 2024 results this
week. A pre-tax profit of NOK 637 million represents an increase from the same
period in 2023. Together with Sparebanken Vest, which reported strong results
last week, the bank is making solid progress toward establishing Sparebanken
Norge.

- "All conditions are set for success as we pursue our high ambitions to become
one bank by 2025. Two unanimous general assemblies approved the merger in early
October, and we are now actively working on a comprehensive integration program
to secure strategic leadership and operational management toward becoming
Norway's top savings bank. Strong individual performances by both banks in Q3
serve as an important foundation for the merger."

Strong Return on Equity
- "We're currently delivering a return on equity of 11.7 % this quarter and 12.7
% year-to-date. As a standard bank with a leverage ratio of 9.3 %, this
demonstrates that we are a very solid bank with strong profitability," says
Bergskaug. He also notes good cost control at Sparebanken Sør.

- "To become a more efficient bank, we continuously work to keep costs low.
We've increased staffing and invested heavily in technology in recent years,
making us very pleased to report a cost-income ratio of 33.9 % in Q3 2024,"
Bergskaug explains. 

Strong Growth in the Quarter
Bergskaug notes stable development in the bank's margins, along with solid
growth in both lending and deposits.

- "The 12-month lending growth is 4.9 %, and deposit growth is 5.4 %. We're
particularly pleased to report solid lending growth in the retail market, which
reached an annualized 5.6 % in Q3. Net interest income increased in the quarter,
amounting to NOK 838 million. We're seeing results from the lending growth,
although there is pressure on margins." 

Contributions from associated companies were strong this quarter. Frende
remained at the same level as last quarter, while Brage Finans showed very
positive growth and strong results.

Continued Low Loan Losses
In Q3, the bank recorded net loan losses of NOK 23 million, a decrease from the
same quarter in 2023.

- "Sparebanken Sør has a low-risk profile and strong security in its loan
portfolio. Both losses and defaults remain low, although we're seeing some
challenges in parts of the corporate market," Bergskaug says. The bank ended Q3
2024 with a common equity tier 1 capital ratio of 16.7 %, well above current
capital requirements.



Key Figures from Q3 2024 (Q3 2023 in parentheses):
o	Pre-tax profit: NOK 637 million (NOK 605 million)
o	Return on equity: 11.7 percent (11.5 percent)
o	Net interest income: NOK 838 million (NOK 783 million)
o	Net income from financial instruments: NOK 10 million (NOK 20 million)
o	Income from associated companies: NOK 42 million (NOK 6 million)
o	Operating costs: NOK 338 million (NOK 298 million)
o	Net loan losses: NOK 23 million (NOK 32 million)

The full quarterly report can be read at www.sor.no

Contact Persons:
Geir Bergskaug, CEO, tel. +47 901 27 206
Steinar Vigsnes, CFO, tel. +47 906 13 135

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