SPAREBANKEN MØRE (MORG) Q2 2026 earnings summary

Executive summary

• Profit after tax for H1 2026 was NOK 486 million, up from NOK 475 million in H1 2025, with ROE at 11.4% year-over-year; profit before tax was NOK 631 million, up 1.9% year-over-year.

• Q2 2026 after-tax profit was NOK 275 million, up from NOK 243 million in Q2 2025; Q2 2026 pre-tax profit was NOK 356 million, up from NOK 317 million.

• Lending grew by 4.0% and deposits by 2.4% over the last 12 months, reflecting robust business activity in the region.

• Maintained strong liquidity and capital positions, with CET1 at 17.0% and leverage ratio at 6.9%.

• Earnings per equity certificate (EC) for H1 2026 were NOK 4.51, up from NOK 4.39 in H1 2025; Q2 2026 EPS was NOK 2.57 (NOK 2.26 in Q2 2025).

Financial highlights

• Net interest income for H1 2026 was NOK 952 million (1.74%), down 3.6% year-over-year; Q2 2026 net interest income was NOK 483 million, down NOK 20 million year-over-year.

• Total income reached NOK 1,159 million, with other income increasing to NOK 207 million; Q2 2026 other income was NOK 123 million, up NOK 26 million year-over-year.

• Cost/income ratio for H1 2026 was 43.2% (42.9% in H1 2025); Q2 2026 ratio was 40.9% (41.6% in Q2 2025).

• Loan losses for H1 2026 were NOK 27 million, down NOK 20 million year-over-year; Q2 2026 loan losses were NOK 2 million.

• Profit per equity certificate (EC) was NOK 4.51, up from NOK 4.39.

Outlook and guidance

• Regional business sentiment remains optimistic, with robust export-oriented industries and a resilient local economy; economic activity in Norway remains strong, but inflation is above target and interest rates are expected to rise.

• The bank targets a long-term ROE above 13% and a cost/income ratio below 40%.

• Housing market momentum continues, with 6.6% price growth in Ålesund and 4.8% in Møre og Romsdal over the past year.

• Monitoring macroeconomic and regulatory developments, with a focus on maintaining strong market position and adapting to changing conditions.

• Uncertainty persists due to geopolitical tensions and energy prices, but regional economic activity is expected to remain strong.