SpareBank 1 Østlandet (SPOL): Strong commission income and good cost control
SpareBank 1 Østlandet reported a consolidated profit after tax of NOK 756 million for the third quarter of 2026. Return on equity was 11.2 per cent.
Net interest income, including commissions from covered bond companies, totalled NOK 1,211 million, an increase of 4.5 per cent from the previous quarter.
"Competition is fierce in both the residential mortgage and corporate lending markets, but our growth shows that we are attractive to customers and competing effectively. We will continue working hard both to attract new customers and to retain our existing ones," says Klara-Lise Aasen, Group CEO of SpareBank 1 Østlandet.
It is encouraging to see lending growth in the corporate market portfolio picking up after an extended period of stable development, even as many businesses continue to face uncertainty and challenging operating conditions. Growth in the retail market was also good, particularly in the Greater Oslo region. The region is an important part of the bank's home market and a key strategic priority.
"As part of our investment in the region, we will open new offices in both Vika and Majorstuen in the run-up to Christmas. We will also upgrade our presence in Grorud. These will be important steps towards achieving our ambitions for the Oslo area," says Aasen.
The financial services group maintains a strong focus on introducing customers to its full range of products. The strong performance in commission income continued in the third quarter, with growth of 9.4 per cent compared with the same period last year (excluding commissions from covered bond companies).
"In insurance, we are seeing the results of a long-term commitment, close collaboration and targeted efforts to improve portfolio quality. We are also seeing high activity in savings and good growth in the number of mutual fund customers, both through our advisers and through self-service channels," says Aasen.
The bank has set clear cost targets. The ambition is to become more cost-efficient while creating room for investments that strengthen customer experiences and competitiveness. Underlying cost growth is low, and the bank is working towards keeping the Group's costs in 2027 at or below the 2025 level, adjusted for merger-related costs. This requires tight cost control and clear priorities. As part of these efforts, we are making organisational adjustments, limiting the use of external services and implementing various operational adjustments. The voluntary severance programme initiated this spring is expected to have a visible impact on personnel expenses during 2027.
At the same time, the bank is implementing several changes that together will lay the foundations for the SpareBank 1 Østlandet of the future. The process of adapting and modernising the organisation began this autumn. The aim is an efficient organisation with greater execution capacity, simpler processes, clearer responsibilities and the right expertise. A new technology operating model has been introduced to improve prioritisation, strengthen delivery capacity and enhance cost control. Together with SpareBank 1 Utvikling and Tieto Banktech, the bank is also developing a new mortgage solution to deliver more efficient and simpler customer processes and more personalised advice throughout the home-buying journey.
"As a local savings bank, we are committed to supporting development throughout our market area. This is underpinned by the bank's financial strength. Strong capitalisation enables the bank to continue financing sound projects in our local communities," says Aasen.
"We also share our profits with those who make the bank possible - our owners, customers and local communities. Through community funding and sponsorships, we support local initiatives, activities and meeting places throughout Eastern Norway. Our owner foundations do the same, using the dividends they receive from their ownership in the bank to support a wide range of worthy causes. This is an important part of the savings bank model, and the bank's development is closely linked to the communities we are part of," concludes Aasen.
3Q 2026 (Consolidated figures. Figures in brackets concern the corresponding period in 2025) - Profit after tax: NOK 756 (876) million - Return on equity: 11.2 (13.5) per cent - Earnings per equity capital certificate: NOK 3.85 (4.48) - Net interest income: NOK 1,156 (1,193) million - Net commissions and other operating income: NOK 481 (508) million - Net income from financial assets and liabilities: NOK 135 (252) million - Total operating expenses: NOK 725 (727) million - Net loan loss provisions: NOK 92 (121) million - Lending growth in the last quarter, including mortgages transferred to the covered bond companies: 1.6 (1.1) per cent - Deposit growth in the last quarter: -2.2 (-2.0) per cent - Common Equity Tier 1 capital ratio: 17.9 (17.3) per cent
Contact information: Klara-Lise Aasen, Group CEO, Tel.: +47 476 35 583 Geir-Egil Bolstad, CFO, Tel.: +47 918 82 071 Bjørn-Erik R. Orskaug, Head of Investor Relations, Tel.: +47 922 39 185
This information must be disclosed pursuant to section 5-12 of the Securities Trading Act.