In 2024, Sparebanken Vest achieved a profit before tax of NOK 5,641 (4,418)
million and a return on equity of 20.1 per cent (16.5 per cent). The board of
directors proposes a dividend to equity certificate holders of NOK 8,50 (7,50)
per equity certificate, NOK 927 (1,050) million in customer dividend and NOK 434
(150) million in donations.

- We have achieved all our financial targets in 2024. Solid results allow us to
distribute significant dividends to customers, society and equity certificate
holders, which is the very core of being a savings bank, says CEO Jan Erik
Kjerpeseth. 

Kjerpeseth points out that the government-appointed committee
"Sparebankutvalget" (The Savings Bank Committee) in its report NOU 2024:22 puts
both the savings bank model itself, the equity certificate and the possibility
of paying out customer dividends at stake:

- The result of the Savings Bank Committee's recommendation will be a stronger
concentration of power in the banking sector, less local ownership and less
value creation in the districts. It will be a loss for both customers and the
diversity in the Norwegian banking sector. The Savings Bank Committee's work
should therefore be put aside for good, says Kjerpeseth.

Good growth in lending to both corporate and retail customers in 2024 
Gross lending increased by NOK 26.5 (31.3) billion to NOK 283.2 (256.6) billion
from the fourth quarter of 2023, corresponding to a 12-month growth of 10.3 per
cent (13,9 per cent). Growth in lending in the fourth quarter is 2.2 per cent
(3.3 per cent).
 
Gross lending to retail customers is NOK 216.4 (194.6) billion, corresponding to
a lending growth in the last 12 months of 11.2 per cent (15.0 per cent) and the
last quarter of 2.5 per cent (2.8 per cent). 
For the retail customer portfolio excluding Bulder, the growth is about 5.1 per
cent (1.9 per cent) in the last 12 months and 1.3 per cent (0.4 per cent) in the
last quarter. In the quarter, lending growth in the retail customer portfolio
excluding Bulder has continued to show positive development compared to 2023.

Gross lending to corporate customers amounts to NOK 66.8 (62.0) billion,
corresponding to lending growth over the last 12 months of 7.7 per cent (10.5
per cent) and the last quarter of 1.0 per cent (5.0 per cent). Lending growth to
corporate customers is somewhat more uneven due to larger individual exposures.
The bank continues to observe demand from corporate customers, despite
relatively low market growth. 

Good deposit growth in 2024 
Deposits from customers are NOK 135.1 (123.6) billion, corresponding to a
12-month growth of 9.3 per cent (10.1 per cent). Growth in deposits in the
quarter is 1.1 per cent (0.1 per cent). The deposits are distributed with NOK
79.0 (68.6) billion from retail customers and NOK 56.1 (55.0) billion from
corporate customers. 

Deposit growth from retail customers excl. Bulder in the last 12 months is 5.3
per cent (3.8 per cent) and in the quarter 0.7 per cent (0.4 per cent). The
fourth quarter is normally a quarter with moderate deposit growth. The effect of
accrued interest has been greater throughout 2024 than in the previous year, as
a result of higher interest rates. 

Deposit growth from corporate customers is 2.1 per cent (10.7 per cent) in the
last 12 months and minus 0.1 per cent (minus 2.3 per cent) in the quarter.
Deposit growth from corporate customers is characterized by price competition,
especially on larger deposits. In addition, capital market financing has become
relatively more attractive in recent quarters on the basis of falling credit
spreads in the financial markets.

Good growth in lending and deposits for Bulder
Lending through the Bulder concept alone amounted to NOK 60.9 (46.8) billion at
the end of the quarter. Lending growth in the Bulder concept over the past 12
months is NOK 14.1 (22.7) billion, and in the last quarter NOK 3.3 (4.7)
billion.

Within the Bulder concept, deposit volume has increased by NOK 7.2 (3.8) billion
in the last 12 months and NOK 1.1 (1.1) billion in the last quarter. The deposit
coverage ratio in the Bulder concept stand-alone is 25.2 per cent (17.5 per
cent) at the end of the quarter.

 - We are pleased to see that more and more customers are using Bulder as their
daily bank, says Kjerpeseth.

Improved net interest income driven by growth and repricings
Net interest income ended at NOK 6,159 (5,242) million in 2024 and NOK 1,586
(1,442) million for the quarter. Net interest income as a percentage of average
assets under management was 1.85 per cent (1.79 per cent) percent in 2024 and
1.84 per cent (1.85 per cent) for the quarter. Improved nominal net interest
income is driven by good growth in customer segments and increased effect of
implemented repricings as a result of higher interest rates.

Good cost development
Adjusted for a new business area (Frende Kapitalforvaltning), wealth tax and
merger costs, the underlying cost growth in 2024 was 2.1 per cent. Frende
Kapitalforvaltning charges costs from the fourth quarter of 2024 with
approximately NOK 36 million. A provision of NOK 48 (20) million in wealth tax
has been made as a result of the development in the wealth position throughout
the year. Merger costs with Sparebanken Sør amount to NOK 16 million. 

The bank's efforts to reduce cost growth in the IT area have had an effect in
the second half of 2024, and external fees have been significantly reduced
compared to 2023 as a result of the withdrawal of external consultants. In 2024,
total operating expenses were NOK 1,890 (1,772) million, corresponding to an
annual growth of 6.7 per cent. In the quarter, operating expenses were NOK 553
(439) million. Operating expenses as a percentage of net operating income were
24.8 per cent (28.7 per cent) in 2024, and 28.2 per cent (25.7 per cent) in the
quarter.

Good customer growth drives growth in net other income 
Net commission income was NOK 252 (188) million in the quarter and NOK 777 (654)
million in 2024. Net income from cards and payment processing has increased to
NOK 334 (267) million in 2024, which is due to good customer growth, especially
within the Bulder concept. Commissions from insurance have increased to NOK 153
(111) million in 2024, partly due to increased profitability and portfolio
commission from Frende Holding of NOK 30 million. In addition, income in the
quarter and for the year as a whole increases by NOK 26 million related to
Frende Kapitalforvaltning.

Low risk in lending portfolio with the main share of lending to the retail
market 
At the end of the quarter, retail customers accounted for approximately 76 per
cent (76 per cent) of the bank's credit portfolio. Mortgage-backed loans
accounted for 99.6 per cent (99.6 per cent) of this portfolio. Total defaults
and potential bad debt for retail and corporate customers amounted to 0.50 per
cent (0.57 per cent).

Defaults and potential bad debt to retail customers total NOK 406 (322) million.
The increase is mainly due to increased payment defaults over 90 days. As a
percentage of gross loans to retail customers, this corresponds to 0.19 per cent
(0.16 per cent) and supports the continued low risk in the portfolio.

Defaults and potential bad debt to corporate customers total NOK 1,009 (1,139)
million. As a percentage of gross loans to corporate customers, this amounts to
1.51 per cent (1.87 per cent). The reduction is due to completed restructurings,
write-downs and repayments of non-performing commitments. The risk profile is
assessed as moderate. Good portfolio management, close monitoring and moderate
exposure in cyclically exposed industries contribute to mitigating loss risk. 

A robust lending portfolio and good credit risk management result in low losses
of NOK 16 (13) million in the quarter and NOK 97 (95) million for the year as a
whole.

Ready for Sparebanken Norge 
- The fourth quarter concludes a good year - and in fact the last year - for
Sparebanken Vest. 2024 was a year of good growth in customers, lending and
income, which resulted in a return on equity for the year of 20.1 per cent. We
are well prepared for a historic 2025. This year we will, together with
Sparebanken Sør, create Sparebanken Norge, with the legal merger in May 2025 as
the first major milestone, says Kjerpeseth.

Fourth quarter 2024 
o	Strong return on equity: 17.6 per cent (17.8 per cent) 
o	Good growth and increased effect of implemented repricing increased nominal
net interest income: NOK 1,586 (1,442) million 
o	Strong development in net commission income resulted in NOK 252 (188) million
for the quarter, with NOK 30 million in profitability and premium growth
commission from Frende Holding making a positive contribution 
o	Robust lending portfolio and good credit risk management resulted in low
losses: NOK 16 (13) million 
o	Low cost-to-income ratio: 28.2 per cent (25.7 per cent) 
o	Sound CET1 ratio: 17.7 per cent (16.8 per cent), well above the capital
adequacy target of 16.05 per cent 

Full year 2024 
o	Very good pre-tax profit: NOK 5,641 (4,418) million 
o	Good growth in lending and deposits over the past 12 months: 10.3 per cent
(13.9 per cent) and 9.3 per cent (10.1 per cent), respectively 
o	Excellent return on equity: 20.1 per cent (16.5 per cent) 
o	Higher net interest as a percentage of average assets under management: 1.85
per cent (1.79 per cent) 
o	Lower cost-to-income ratio: 24.8 per cent (28.7 per cent) 
o	Low write-downs on loans and guarantees: NOK 97 (95) million, corresponding to
0.03 per cent (0.04 per cent) of gross lending 
o	Profit per equity certificate: NOK 16.66 (12.76) 
o	Proposed dividend: NOK 8.50 (7.50) per equity certificate, NOK 927 million in
customer dividend and NOK 434 million in donations 

Sparebanken Vests will present its financial figures for the fourth quarter of
2024 at 09.00 CET on 7 February 2025.
  
The presentation will be available here:
https://www.spv.no/om-oss/investor-relations/webcast    
   
Questions for the quarterly presentation may be sent to:
investorrelations@spv.no
 
An English texted recording of the presentation will be made available the
following week on this link:
https://www.spv.no/english/investor-relations/webcast
 
For more information, please contact:     
Jan Erik Kjerpeseth, CEO: +47 951 98 430  
Frank Johannesen, CFO: +47 952 65 971     
Brede Borgen Kristiansen, Director of Finance, Operations and Investor
Relations: +47 479 06 402
Hanne Dankertsen, Director of Communications: +47 994 49 173     
    
Sparebanken Vest is Norway's second largest savings bank with more than 800
dedicated and skilled employees. Since 1823, we have built up the trust of
Western Norwegians, which means that we have a solid market position. We are
present in 36 locations in Vestland, Rogaland and Møre og Romsdal. Through our
affiliated product companies, we are a complete financial house for all our
personal and corporate customers. We are proud to be an independent financial
group headquartered in Bergen with a central role in much of the value creation
that takes place in Western Norway.     
   
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.