Sparebanken Norge reported a pre-tax profit of NOK 2,255 million in the fourth quarter of 2025. The Bank’s reported return on equity (ROE) was 13.5 per cent, while ROE adjusted for merger effects amounted to 15.4 per cent for the quarter. For the full year 2025, profit before tax totalled NOK 8,110 million, corresponding to a reported ROE of 15.9 per cent. Adjusted for merger effects, ROE for 2025 was 17.6 per cent.
The Board of Directors of Sparebanken Norge has resolved to propose to the General Meeting a cash dividend of NOK 12.0 (8.5) per equity certificate. From this, the foundations that own the bank will collectively receive NOK 520 million, which can be distributed to purposes that benefit society. In addition, the Board proposes allocations of NOK 1,528 (434) million for community donations and NOK 1,470 (927) million in customer dividends.
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“All our financial targets were achieved in 2025. Strong results enable us to distribute substantial dividends to society, customers and equity certificate holders – which lies at the very core of what it means to be a savings bank,” says Jan Erik Kjerpeseth, Group CEO of Sparebanken Norge.
Merger with Oslofjord Sparebank completed and new Oslo office opened
The merger with Oslofjord Sparebank was completed on 1 December 2025. In December, employees from the former Oslofjord Sparebank moved into new premises together with colleagues from Sparebanken Norge, Brage Finans, Eiendomsmegler Norge, Frende Forsikring and Norne Securities at Inkognitogata 35 in Oslo.
“This must be close to a Norwegian record in bank mergers. Shortly after the merger between Sør and Vest, we announced the merger with Oslofjord Sparebank and have since developed a ‘merger engine’ that allows us to execute integrations efficiently,” says Kjerpeseth.
Strong lending growth in both retail and corporate segments
Gross lending amounted to NOK 487.5 (283.2) billion at the end of the fourth quarter of 2025.
Gross lending to retail customers totalled NOK 341.2 (216.4) billion. Underlying lending growth in the retail segment remains strong, supported by increased sales capacity, improved performance, and higher market growth.
Lending through the Bulder concept amounted to NOK 75.7 (60.9) billion at quarter-end. Lending growth in Bulder over the last twelve months was NOK 14.7 (14.1) billion, and NOK 3.6 (3.3) billion in the fourth quarter. Lending growth in Bulder remained strong during the quarter. Interest rate changes by Norges Bank, combined with increased customer focus on bank and lending rates, contributed positively.
Gross lending to corporate customers amounted to NOK 146.3 (66.8) billion. The Bank observes solid activity across industries and strong underlying credit demand from corporate customers.
“Underlying lending growth across the Group is strong. At the end of the third quarter, our lending growth to both retail and corporate customers was the highest among comparable banks, which we are very pleased with – particularly in a year where we have merged two large banks,” says Kjerpeseth.
Solid growth in deposits
Customer deposits totalled NOK 225.6 (135.1) billion at the end of the fourth quarter of 2025, comprising NOK 126.7 (79.0) billion from retail customers and NOK 98.9 (56.1) billion from corporate customers.
Underlying deposit growth from retail customers, excluding Bulder, was higher in 2025 than in the previous year. Within the Bulder concept, deposits increased by NOK 4.9 (7.2) billion during 2025 and by NOK 0.3 (1.1) billion in the fourth quarter. An increasing number of customers are using Bulder as their primary banking relationship. Deposit coverage in the Bulder concept stood at 26.8 (25.2) per cent at quarter-end.
Underlying deposit growth from corporate customers was affected by pricing competition, particularly for larger deposits. In addition, capital market funding has become relatively more attractive in recent quarters due to declining credit spreads in the financial markets.
Low cost-to-income ratio despite merger-related costs
Operating expenses amounted to NOK 1,156 (553) million in the fourth quarter of 2025. The cost-to-income ratio for the quarter was 33.4 (28.2) per cent. Merger-related costs amounted to NOK 60 million in the quarter, and wealth tax expenses of approximately NOK 70 million were recognised. Adjusted for merger costs, the cost-to-income ratio would have been 31.7 per cent.
For the full year 2025, total operating expenses were NOK 3,582 (1,890) million. The cost-to-income ratio for the year was 29.8 (24.8) per cent. Merger-related costs amounted to approximately NOK 184 million. Adjusted for merger costs, the cost-to-income ratio would have been approximately 28.3 per cent.
“We are maintaining a low cost-to-income ratio despite merger-related costs. In 2026 and 2027, we expect to realise significant synergies from the two bank mergers we have completed, which will be important in financing the build-out of a new national distribution platform,” says Kjerpeseth.
Continued low risk in the loan portfolio
At quarter-end, retail customers accounted for approximately 70 (76) per cent of the Group’s credit portfolio. Loans secured by residential property represented 97.6 per cent of this portfolio.
Non-performing and impaired loans to retail customers totalled NOK 738 (406) million, corresponding to 0.22 (0.19) per cent of gross retail lending, confirming continued low risk in the portfolio.
Non-performing and impaired loans to corporate customers totalled NOK 2,534 (1,009) million, corresponding to 1.73 (1.51) per cent of gross corporate lending. Sound portfolio management, close customer follow-up and moderate exposure to cyclical industries contribute to mitigating credit risk.
Combined non-performing and impaired loans for retail and corporate customers amounted to 0.67 (0.50) per cent, showing positive development during the quarter.
Solid dividend and capital position
The bank’s consolidated Common Equity Tier 1 (CET1) ratio was 17.5 (17.7) per cent at the end of the quarter. As of the third quarter, when the CET1 ratio was 18.1 per cent, 50 per cent of accounting profit was recognised in line with the bank’s dividend policy. The CET1 ratio excluding profit accumulation was 17.0 per cent at the end of the third quarter. In the fourth quarter, the CET1 ratio declined by 0.6 percentage points from 18.1 per cent to 17.5 per cent. Profit accumulation had a positive impact on the CET1 ratio, but this was offset by the proposed dividend corresponding to approximately 82 per cent of the Group’s accounting profit, which overall reduced the CET1 ratio. Strong lending growth to retail customers, particularly within Bulder, and an updated calculation basis for operational risk also contributed to the decline.
The bank’s regulatory CET1 requirement is 14.9 per cent, comprising a combined minimum and buffer requirement of 14.0 per cent and a bank-specific Pillar 2 requirement of 0.9 per cent. With a CET1 ratio of 17.5 per cent, the bank had a margin of 2.6 percentage points to the requirement at quarter-end.
“We deliver strong underlying return on equity while maintaining a solid margin to regulatory capital requirements. Going forward, we intend to utilise excess capital for both growth and competitive dividends. Capital efficiency remains a key priority, and significant capital synergies from the merger are reflected in the proposed dividend for the 2025 financial year,” concludes Kjerpeseth.
Highlights – Fourth Quarter 2025
• Strong return on equity of 13.5 (17.6) % for the quarter
• Solid net interest income of NOK 2,743 million (1,586 million) in the quarter
• Positive underlying development resulted in net fee and commission income of NOK 556 million (314 million)
• Low cost-to-income ratio of 33.4 (28.2) %, despite merger-related costs of approximately NOK 60 million in the quarter
• Continued low impairment losses on loans and guarantees of NOK 49 million (16 million)
• Earnings per equity certificate of NOK 3.90 (3.87)
• Common Equity Tier 1 (CET1) ratio of 17.5 (17.7) %, well above the capital target of 16.0 %
Highlights – Full Year 2025
• Strong return on equity of 15.9 (20.1) %
• Solid net interest income of NOK 9,400 million (6,159 million)
• Customer growth delivered strong net fee and commission income of NOK 1,743 million (1,065 million)
• Low cost-to-income ratio of 29.8 (24.8) %, despite merger-related costs of approximately NOK 184 million
• Low impairment losses on loans and guarantees of NOK 312 million (97 million), including a total of NOK 102 million recognised as one-off accounting effects related to the mergers between Sparebanken Vest and Sparebanken Sør in May, and between Sparebanken Norge and Oslofjord Sparebank in December
• Earnings per equity certificate of NOK 16.78 (16.66)
• Proposed dividend for 2025 of NOK 12.0 (8.5) per equity certificate, NOK 1,470 million in customer dividends and NOK 1,528 million in community donations
Sparebanken Norge will present its results for the fourth quarter of 2025 and preliminary full-year results for 2025 at 08:30 CET on Friday, 30 January 2026. The presentation will be held at Hotel Continental, Stortingsgata 24/26, Oslo. Breakfast will be served from 08:00 CET.
The presentation can also be followed online via a link published at:Investor Relations | Sparebanken Norge
Questions may be submitted to investorrelations@sbnorge.no before or during the presentation and will be addressed following the presentation. A recording of the presentation will be made available at the same link later the same day including English subtitles.
For further information, please contact:
• Jan Erik Kjerpeseth, CEO, tel.: +47 951 98 430
• Hans Olav Ingdal, CFO, tel.: +47 948 09 328
• Brede Borgen Kristiansen, Director of Finance and Investor Relations, tel.: +47 479 06 402
• Hanne Dankertsen, Director of Communications, tel.: +47 994 49 173
Sparebanken Norge is the largest savings bank in Norway, serving more than 800,000 retail and corporate customers, with gross lending of NOK 487 billion, Norway’s best mobile banking app, more than 1,600 full-time equivalents, and 68 branches across the country. Since 1823, we have built a strong position of trust with our customers, giving us a solid market position.
Through our affiliated product companies, we offer a complete range of financial services for all our retail and corporate customers. We take pride in being an independent financial group with headquarters in Bergen and Kristiansand, playing a central role in much of the value creation taking place in Norway.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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