Voss Veksel- og Landmandsbank (VVL) investor relations material

Executive summary

• Result before losses for H1 2026 was NOK 51.8 million, down NOK 9.2 million year-over-year.

• Profit before tax was NOK 53.5 million (NOK 61.9 million in 2025); profit after tax was NOK 40.1 million (NOK 46.4 million in 2025).

• Total comprehensive income was NOK 38.3 million, compared to NOK 52.8 million last year.

• Return on equity after tax (adjusted for hybrid capital) was 9.67%, down from 12.10% year-over-year.

• Growth in lending and investments in customer-facing staff impacted costs, with full cost effect in 2026.

Financial highlights

• Net interest and credit commission income at H1 was NOK 72.3 million (NOK 64.5 million excluding reclassification), up NOK 4.6 million year-over-year.

• Net other operating income was NOK 21.1 million, down NOK 10.2 million year-over-year.

• Operating expenses increased to NOK 41.7 million from NOK 38.1 million, mainly due to higher personnel costs.

• Net reversals of loan losses and impairments amounted to NOK 1.7 million.

• Customer deposits at quarter-end were NOK 5,153 million, up 5.98% year-over-year.

• Gross loans (including transferred to Eika Boligkreditt) were NOK 7,526 million, up 13.23% year-over-year.

Outlook and guidance

• Management expects results to strengthen through the year, with full effect of interest rate increases from July.

• Continued focus on quality growth and expansion in insurance and savings products to support income.

• New partnership and ownership in Aktiv Bergen offices provide access to the Bergen market, supporting further growth, especially in the retail segment.