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Investor
presentation
Q3 2025
Solid growth in loans: 6,3 % last 12 months
Transferred loans to SB1 Boligkreditt reduces net interest
income: NOK 394 mill (NOK 405 mill.)
Result from financial instruments: NOK 106 mill. (NOK 222 mill.)
Impairment loss: NOK 8 mill. (gain of NOK 5 mill.)
Strong liquidity and solidity:
•
LCR 180 % (152 %)
•
Core Tier 1 Capital adequacy ratio: 18,4 % (17,5 %)
Return on equity: 15,8% p.a. (24,1 % p.a.)
(Figures in brackets are for the same period last year)
Profit per equity certificate (consolidated): NOK 12,59 (NOK 19,05)
Headlines Q3 2025
Financial target figures 2025
Return on equity
Cost/income ratio (ex financial income)
Core Tier 1 capital adequacy ratio*
Dividend payout ratio
> 11 %
< 40 %
> 16,5%
≥ 50 %
15,8 %
39,4 %
18,4 %
98,3 %
Target figures
Q3 2025
*Dividend payout ratio is calculated as total dividend allocated to ECC owners divided by the share of net profit allocated to ECC
owners. The stated dividend payout ratio is the divdidend distrubuted in 2025 as a percentage of the available profit for 2024
12,5 %
38,7 %
18,4 %
98,3 %
Status pr.
30.09.2025
Development important key figures
Cost/income ratio
Impairment loss
Core Tier 1 capital adequacy ratio
Return on equity after tax
27,1 %
58,2 %
39,4 %
36,3 %
31,9 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
-0,01 %
0,02 %
0,04 %
0,02 %
0,01 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
24,1 %
5,4 %
9,9 %
11,8 %
15,8 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
17,5 %
17,1 %
17,3 %
19,3 %
18,4 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Net interest income affected by loans transferred to
SpareBank 1 Boligkreditt
Net interest income in NOK million
Net interest income as a percentage of
average total assets
The change in net interest income is affected by the fact that since December 2024 the bank has transferred
NOK 9,2 billion in loans to SpareBank 1 Boligkreditt. A new interest rate change was announced in September
2025. The interest rate change will take effect during the fourth quarter of 2025
Net interest income in NOK million and as a precentage of average total assets
405
401
388
380
394
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
2,11
2,07
2,04
2,03
2,10
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Good lending and deposit growth to the Retail
Market
Loans Retail Market
Deposits Retail Market
* The figures for loans includes loans transferred to SpareBank 1 Boligkreditt.
Lower interest rates and increased purchasing power have led to higher activity and credit
growth in the retail market
50,5
50,9
51,5
52,7
53,5
4,6 %
4,5 %
5,0 %
6,0 %
6,0 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
NOK billion
12 months growth in %
22,6
22,8
23,4
24,5
24,2
5,1 %
5,3 %
5,7 %
6,1 %
7,0 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
NOK billion
12 months growth in %
Strong deposit growth, but redueced demand for
loans
Loans Corporate Market
Deposits Corporate Market
15,6
16,3
16,3
16,7
16,7
2,5 %
4,2 %
7,4 %
9,0 %
7,1 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
NOK billion
12 months growth in %
15,4
15,7
15,6
16,3
16,7
3,8 %
11,7 %
3,4 %
10,2 %
8,6 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
NOK billion
12 months growth in %
Customer margin
Lending margins
Deposit margins
Shows deposit and lending rates for deposits and loans from customers measured against 3 months Nibor. The graph includes both deposits
and loans with floating and fixed interest rates. Deposits and loans in foreign currency are not included.
2,61
2,45
2,64
2,54
2,66
0,91
0,89
1,03
0,95
1,14
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Corporate Market
Retail Market
1,38
1,27
1,08
0,90
0,84
1,67
1,61
1,35
1,41
1,20
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Corporate Market
Retail Market
15
9
12
16
19
5
7
7
5
6
5
5
7
7
7
3
8
8
8
8
8
12
7
9
9
8
6
7
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Payment services
Security trading
Insurance services
Commission SB1 Boligkreditt AS
Estate agency
Other income
Other income
Figures for the quarter in NOK mill.
The increase in income is due to commission from loans transferred to
SpareBank 1 Boligkreditt. Positive development in income from the sale of
insurance products and payment services.
54
42
38
45
55
157
2
5
20
21
-4
-27
-26
-37
58
5
4
4
4
5
64
6
14
27
22
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Net gains/losses on shares
Net gains/losses interest prod.
Net gains/losses foreign currency
Net result from ownership interests in joint venture
Financial investments
Good results from long-term investments in shares and ownership interest in jointly controlled entities. The result for the
third quarter last year was particularly strong due to the realization of shares in Frende Holding and the revaluation of
Samarbeidende Sparebanker
Figures for the quarter in NOK mill.
14
3
106
-15
222
High operating expenses
Operating expenses
Operating expenses as a percentage of
total income
Cost reduction of 2,5% compared to the same quarter last year. A cost-reduction program has been established
in order to ensure that our operations remain cost-efficient in the future, and in the fourth quarter, a voluntary
redundancy package round will be conducted, aiming to reduce staffing by at least 20 full-time equivalents.
Figures for the quarter in NOK mill.
181
247
169
163
177
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
27,1 %
58,2 %
39,4 %
36,3 %
31,9 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
50
40
49
46
44
124
113
105
109
111
115
128
111
117
176
6
6
0,44%
0,43%
0,44%
0,45%
0,56%
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Step 1
Step 2
Step 3
Impairment provisions fixed-rate
I % av brutto utlån
Loan losses
Impairments
Impairment provisions, per step
Net losses on individually assessed commitments amount to NOK 17 million, and the model-
based loss provisions have been reduced by NOK 9 million.
Figures for the quarter in NOK mill.
289
281
271
279
339
-5
16
26
10
8
-0,01 %
0,02 %
0,04 %
0,02 %
0,01 %
-60
-40
-20
0
20
40
60
80
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Tap resultatført
As a % of gross lending
Good result
Profit after taxation
Return on equity after tax
Good growth and solid development in financial items result in a good outcome for the
quarter. The third quarter of 2024 was particularly strong, partly due to the sale of shares in
Frende Holding
Figures for the quarter in NOK mill.
Return on equity is calculated based on average equity. excl. hybrid capital.
431
107
183
219
290
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
24,1 %
5,4 %
9,9 %
11,8 %
15,8 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
The credit risk in the Retail Market is assessed as low
Gross lending RM in % distributed per step
Loans to the RM in default
>90 days **
Most of our personal customers have good control of their finances, and we consider the
Bank’s credit risk in the Retail Market to be low.
*From the first quarter of 2025, the bank has adopted SpareBank 1’s model for IFRS9 and SpareBank 1’s models for PD, LGD and EAD that are included in IFRS 9 models.
This has led to a reduction in commitments defined as significantly cedit-impaired and this leads to an increases in stage 1 and a reduction in stage 2 compared to last
year.
** The transfer of loans to SpareBank 1 Boligkreditt explains part of the increase in the share of non-preforming loans. If we had included the transferred loans, the share
of non-preforming loans would have been 0,29 %.
*
88,3 %
88,2 %
93,3 %
94,0 %
94,1 %
10,9 %
11,0 %
6,0 %
5,2 %
5,1 %
0,8 %
0,8 %
0,7 %
0,8 %
0,8 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Step 1
Step 2
Step 3
0,22 %
0,27 %
0,27 %
0,38 %
0,35 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
The credit risk in the Corporate Market is moderate
Gross lending CM in % distributed
per step
Loans to the CM in default
> 90 days
*
* From the first quarter of 2025, the bank has adopted SpareBank 1’s model for IFRS9 and SpareBank 1’s models for PD, LGD and EAD that are included in IFRS 9 models.
This has led to a reduction in commitments defined as significantly cedit-impaired and this leads to an increases in stage 1 and a reduction in stage 2 compared to last
year.
75,0 %
75,1 %
81,7 %
81,3 %
80,9 %
23,4 %
23,0 %
16,3 %
15,8 %
16,7 %
1,6 %
1,9 %
2,0 %
2,9 %
2,4 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Step 1
Step 2
Step 3
0,71 %
0,61 %
0,58 %
0,56 %
1,62 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
The increase in payment default is related to an exposure under termination
Segments and industries
Lending segments
Lendings to the Corporate Market in NOK mill.
27 %
73 %
Corporate market
Retail market
The share of Corporate Market loans has increased as a consequence of the transfer of mortgage loans to SpareBank 1 Boligkredit
537
590
579
715
756
819
1.601
1.688
2.639
5.654
549
594
622
699
918
1.619
1.647
1.835
2.597
5.512
Hotels/tourism
Transport
Electrical power
Industry and mining
Services
Commerce
Building and construction
Farming and forestry
Fishing and fish farming
Property managment
Q3 2025
Q3 2024
Solid capital adequacy ratio
Capital adequacy ratio
Leverage ratio
As of 2024, April 30, SSF has been given a new pillar 2 requirement of 1,8 %. As a result, the regulatory requirement for Core Tier 1 capital adequacy ratio is 15 %. In addition,
the bank is expected to maintain a capital requirement buffer of at least 1,0 %, so the total requirement for Core Tier 1 capital adequacy ratio, including the capital
requirement buffer, is 16,0 %. The bank has a target of a Core Tier 1 capital adequacy ratio above 16,5%
CRR3 was implemented 2025 Q2 and this have increased the capital adequacy ratio by approximately 2 percentage points. In Q3 2025 the bank has paid an additional
dividend of MNOK 351 and isolated this have led to a reduction in the capital adequacy ratio by approximately 1 percentage point.
17,5 %
17,1 %
17,3 %
19,3 %
18,4 %
16,0 %
1,5 %
1,4 %
1,6 %
1,8 %
1,7 %
1,8 %
2,2 %
2,2 %
2,8 %
2,6 %
2,6 %
2,5 %
21,2 %
20,6 %
21,8 %
23,7 %
22,7 %
20,3 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Capital
requirement
Tier 1 capital adequacy ratio
Hybrid capital
Suplementary capital
8,2 %
8,4 %
8,8 %
9,1 %
8,2 %
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Maturity distribution of funding
500
1.100
1.350
150
100
400
450
350
4.000
4.497
1.000
4.000
525
1.000
1.000
500
1.454
1.800
600
200
2026
2027
2028
2029
2030
2031
2032
2033
2034
2037
Senior bonds and commercial papers
Covered bonds
SNP/MREL
Subordinated debt and hybrid capital (call date)
150
100
The bank in the community
Q3-2025
Foto: Ingeborg Sol Fure/Førde 2025
20
Market shares in
Sogn og Fjordane
Retail Market*
Corporate Market*
Estate Agency**
48,2 %
37,9 %
40,0 %
* Market share SSF, figures as of Q2 2025 ** Market share Estate Agency, figures as of Q3 2025
Source: *SSF,Early Warning,** Eiendomsverdi
The bank is
back “home”
On 25 August, 180 employees at SpareBank 1 Sogn og
Fjordane’s head office in Førde could move back to the
bank’s building at Langebruvegen. This was after spending
14 months in temporary premises at Alti Førde and
Nynorskhuset.
The building, which was completed in 1991, has undergone
major refurbishment, turning it into an ultramodern bank
for both employees and customers.
The bank’s foyer, where customers come for advice on banking services,
has a new look.
Lars Monsen drew full
houses
This autumn, the adventurer Lars Monsen and SpareBank
1’s pension expert Åse Blomkvist have been on tour in
Åsane, Dale and Florø with a talk called “A lifelong
adventure”.
Over 1,000 people filled the venues at the three locations,
with a total of NOK 3.5 million being donated to clubs and
associations. In the spring, the same tour went to Sogndal,
Førde and Nordfjordeid. Once again to packed houses.
The talk, which was organised by SpareBank 1 Sogn og
Fjordane to mark the Year of Outdoor Recreation, was a
collaboration with the Norwegian Trekking Association in
Sogn og Fjordane and in Bergen and Hordaland.
The Fargespill foundation was one of five gift recipients in Åsane, and
one of 18 clubs and associations to receive donations during the tour.
Volunteering at the
hospital
Wife and husband Hildegunn Aamot Dahl and Alf Kåre
Dahl are two of 25 volunteers at the hospital in Førde. As
a volunteer, you meet patients who arrive at the hospital
and often need help with practicalities. That may include
showing them the way, helping them to find a wheelchair,
answering their questions or just being someone friendly
to talk to.
In the autumn, Førde’s volunteer programme was given
NOK 450,000 of our profit through Sparebankstiftinga
Sogn og Fjordane.
“I've received a lot of help from the hospital myself, so this is my way of
giving something back”, says Hildegunn Aamot Dahl, pictured with her
husband Alf Kåre Dahl.
A surprise present
for Louise
The stage performer Louise Tveito had no idea what was
going on when she was called up on stage after the cast of
the musical “Soga om Sol” had done their curtain call at the
Nordfjord Opera House. What was it all about? A Furore
grant worth NOK 100,000, it turned out.
“I wasn’t expecting this! I don’t understand”, was Louise’s
reaction to being surprised with the gift in front of 400
people at Nordfjordeid.
The 22-year-old from Kaupanger is one of eight talented
young people from Sogn og Fjordane who will receive a
Furore grant over the course of the autumn. These grants
are awarded by Sparebankstiftinga Sogn og Fjordane, and
the money comes from SpareBank 1 Sogn og Fjordane’s
profit.
Odd Kjetil Tonning and Helge Høvig from SpareBank 1 Sogn og
Fjordane had the pleasure of presenting a Furore grant worth
NOK 100,000 to Louise Tveito from Kaupanger.
The World
Weightlifting
Championships
At SpareBank 1 Sogn og Fjordane, we are proud to have
been the main sponsor of the World Weightlifting
Championships, which were held in Førde. The event
brought together not just the whole world, but also local
people in a celebration of community spirit.
Almost 1,000 people volunteered during the
championships, and several competitions drew capacity
crowds to the Førdehuset cultural centre. We would like to
congratulate the organisers and everyone who helped to
make it a resounding success!
Førdehuset was packed to the rafters when it was the Norwegian
weightlifter Solfrid Koanda’s turn to compete. She delivered the goods and
was crowned world champion!
Photo: Ingeborg Sol Fure/Førde 2025
•
SpareBank 1 Sogn og Fjordane
Visiting adresse:
Langebruvegen 12
6801 Førde
Website:
www.ssf.no
E-mailadress:
kundesenter@ssf.no
Organisation no:
946 670 081
Tel no:
57 82 97 00
Contact:
Trond Teigene
Frode Vasseth
CEO
CFO
Tlf. no.+ 908 25 086
Tlf.no. + 951 98 452
Contact information
Attachment
Equity certificate
Book value per equity certificate
Profit per equity certificate per quarter
318,9
309,8
300,0
310,2
304,5
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
19,0
4,7
8,0
9,5
12,6
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Bustadkreditt Sogn og Fjordane AS
Bankeigedom Sogn og Fjordane AS
EiendomsMegler 1 Sogn og Fjordane AS
Subsidiaries - fully consolidated
Samarbeidende Sparebanker AS
(21,2 % and indirect ownership in the SpareBank 1 Gruppen of 4,1 %)
Samarbeidende Sparebanker Utvikling DA
(25,4 % and indirect ownership in Sarebank 1 Utvikling DA of 4,6 %)
SpareBank 1 Samspar AS (20,9 %)
Associates and joint ventures - equity method
SpareBank 1 Boligkreditt AS (0,86 %)
Kredittbanken ASA (1.13 %)
SpareBank 1 Finans Midt-Norge AS (10,79 %)
SpareBank 1 Betaling AS (4,6 %)
Directly owned companies – fair value
Key Figures
