Interim report
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QUARTERLY REPORT Q2 2025 START PAGE 1 BROWSE SEARCH
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Key figures from the Group Summary of the income statement 2Q 1Q 2Q YTD YTD Year NOK millions 2025 2025 2024 2025 2024 2024 Net interest income 1 159 1 173 1 008 2 332 2 013 4 213 Net commission and other operating income 519 457 446 976 815 1 690 Net income from financial assets and liabilities 248 100 142 348 372 1 042 Total income 1 927 1 729 1 596 3 656 3 200 6 946 Total operating expenses 785 720 636 1 505 1 235 2 595 Operating profit before losses on loans and guarantees 1 141 1 010 960 2 151 1 965 4 351 Impairment losses on loans and guarantees 1 51 39 52 72 299 Pre-tax operating profit 1 140 958 921 2 099 1 893 4 052 Tax expense 224 91 205 315 317 696 Profit after tax 917 867 716 1 784 1 576 3 356 Interest expenses on hybrid capital 34 35 30 69 50 120 Profit after tax excl. interest hybrid capital 1) 883 832 686 1 715 1 526 3 236 Profitability 2Q 1Q 2Q YTD YTD Year Per cent 2025 2025 2024 2025 2024 2024 Return on equity capital 1) 14.9% 14.1% 14.2% 14.4% 15.7% 15.8% Cost income ratio 1) 40.8% 41.6% 39.9% 41.2% 38.6% 37.4% Net interest income calculated as a percentage of average total assets 2.17% 2.25% 2.18% 2.20% 2.21% 2.22% Profit after tax calculated as a percentage of average total assets 1.71% 1.67% 1.55% 1.69% 1.73% 1.77% 1) See attachment in Factbook regarding Alternative performance measures. PAGE 2 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Balance sheet and ratios 2Q 1Q 2Q YTD YTD Year NOK millions/per cent 2025 2025 2024 2025 2024 2024 Gross loans to customers 158 259 158 954 138 509 158 259 138 509 159 358 Gross loans to customers including loans transferred to covered bond companies 1) 235 725 232 498 203 649 235 725 203 649 231 168 Growth in loans during the last 12 months 1) 14.3% 18.2% 5.9% 14.3% 5.9% 19.2% Growth in loans including loans transferred to covered bond companies in the last 12 months 1) 15.8% 16.6% 4.9% 15.8% 4.9% 16.4% Deposits from customers 138 413 131 267 115 359 138 413 115 359 128 270 Growth in deposits in the last 12 months 1) 20.0% 21.3% 9.0% 20.0% 9.0% 20.4% Deposit to loan ratio 1) 87.5% 82.6% 83.3% 87.5% 83.3% 80.5% Deposit to loan ratio incl. loans transferred to covered bond companies1) 58.7% 56.5% 56.6% 58.7% 56.6% 55.5% Average total assets 214 785 211 112 186 047 213 379 182 809 189 587 Total assets 217 913 211 657 191 818 217 913 191 818 210 567 Total assets including loans transferred to covered bond companies 1) 295 379 285 201 256 959 295 379 256 959 282 377 Losses and commitments in default 2Q 1Q 2Q YTD YTD Year Per cent 2025 2025 2024 2025 2024 2024 Impairment on loans as a percentage of gross loans 1) 0.00% 0.13% 0.11% 0.07% 0.10% 0.19% Gross loans to customers in stage 2, percentage of total gross loans 1) 9.08% 9.28% 10.36% 9.08% 10.36% 9.95% Gross loans to customers in stage 3, percentage of total gross loans 1) 1.79% 1.51% 1.57% 1.79% 1.57% 1.60% Staff 2Q 1Q 2Q YTD YTD Year Numbers 2025 2025 2024 2025 2024 2024 Number of fulltime equivalents 1 342 1 337 1 227 1 342 1 227 1 332 1) See attachment in Factbook regarding Alternative performance measures. PAGE 3 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Solidity and liquidity 2Q 1Q 2Q Year NOK millions/per cent 2025 2025 2024 2024 CET 1 capital ratio 18.3% 17.1% 16.8% 16.8% Tier 1 capital ratio 20.2% 19.0% 18.8% 18.5% Capital adequacy ratio 22.7% 21.3% 21.2% 20.7% Total eligible capital 25 547 25 151 22 195 24 521 Equity ratio 1) 12.0% 11.9% 11.3% 12.4% Leverage Ratio 7.2% 7.5% 7.1% 7.3% MREL 2) 58.4% 55.6% 57.1% 55.8% Of which subordinated 3) 32.8% 31.6% 31.8% 30.9% Required capital MREL 2) 36.3% 36.3% 36.3% 36.3% Of which subordinated 3) 29.3% 29.3% 29.3% 29.3% LCR 4) 172.4% 152.3% 217.8% 172.2% LCR in NOK 4) 143.2% 125.4% 175.2% 131.9% LCR in EUR 4) 1 484.5% 1 389.9% 1 477.6% 1 575.7% NSFR 5) 129.5% 125.2% 131.1% 123.1% NSFR in NOK 5) 115.9% 111.5% 115.9% 108.5% NSFR in EUR 5) 967.8% 941.1% 1 206.0% 1 091.3% 1) See attachment in Factbook regarding Alternative performance measures. 2) MREL: Minimum requirement for own funds and eligible liabilities compared to risk-weighted exposures for the resolution entity. 3) Subordination: Minimum requirement for own funds and subordinated liabilities compared to risk-weighted exposures for the resolution entity. 4) Liquidity Coverage Ratio: Measures the size of banks' liquid assets relative to net liquidity outflow 30 days ahead of time given a stress situation. 5) Net Stable Funding Ratio: Measures the bank’s available stable funding in relation to the bank’s need for stable funding for the following year. Equity capital certificates (ECC) 1) 30 Jun. 2025 30 June 2024 2024 2023 2022 2021 2020 2019 2018 2017 ECC ratio 73.2% 70.0% 73.2% 69.9% 70.0% 70.0% 70.0% 70.1% 69.3% 67.6% Average ECC ratio 73.2% 69.9% 70.4% 70.0% 70.0% 69.8% 70.1% 69.3% 67.7% 67.5% ECC issued 135 860 724 115 829 789 135 860 724 115 829 789 115 829 789 115 829 789 115 829 789 115 829 789 115 319 521 107 179 987 Market price (NOK) 194.64 135.74 157.66 132.60 121.20 145.60 97.80 92.50 83.00 90.50 Market capitalisation (NOK million) 26 444 15 723 21 420 15 359 14 039 16 865 11 328 10 714 9 572 9 700 Book equity per ECC 2) 128.95 117.88 129.85 117.11 112.71 106.31 98.76 93.67 85.83 80.96 Earnings per ECC, NOK 3) 9.14 9.13 19.07 12.99 11.37 11.96 9.57 11.55 8.46 7.81 Dividend per ECC 4) 10.30 7.80 6.80 6.00 4.79 4.58 4) 4.12 3.96 Price/Earnings per ECC 2) 10.56 7.40 8.27 10.21 10.66 12.18 10.22 8.01 9.81 11.59 Price/book equity 2) 1.51 1.15 1.21 1.13 1.08 1.37 0.99 0.99 0.97 1.12 1) SpareBank 1 Østlandet was listed on the stock exchange on 13 June 2017. 2) See attachment in Factbook regarding Alternative performance measures. 3) Profit after tax and interest on hybrid capital for controlling interests * Average ECC ratio / number of ECC's. 4) The payout ratio for the dividend for 2019 was, in accordance with the Board’s revised recommendation and as communicated in a market announcement dated 19 March 2020, reduced from 50 per cent to 40 per cent. The dividend per ECC was changed from NOK 5.72 to NOK 4.58. PAGE 4 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Summary of the income statement 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q Isolated numbers, NOK millions 2025 2025 2024 2024 2024 2024 2023 2023 2023 Interest income 3 035 3 026 3 004 2 777 2 669 2 587 2 518 2 313 1 987 Interest expense 1 876 1 853 1 824 1 756 1 661 1 583 1 513 1 372 1 134 Net interest income 1 159 1 173 1 179 1 021 1 008 1 004 1 005 941 852 Commission income 500 434 426 422 418 347 316 349 378 Commission expenses 40 36 33 31 30 30 40 30 15 Other operating income 59 60 48 42 57 53 43 40 49 Net commission and other operating income 519 457 442 433 446 370 319 358 412 Dividends from shares and other equity instruments 49 1 14 0 19 27 1 0 10 Net income from associates and joint ventures 121 90 107 411 67 75 0 -46 22 Net profit from other financial assets and liabilities 78 9 19 118 55 128 76 -17 84 Net profit from financial assets and liabilities 248 100 140 530 142 230 77 -63 117 Total net income 1 927 1 729 1 761 1 985 1 596 1 604 1 401 1 236 1 381 Personnel expenses 400 395 394 343 341 327 315 305 297 Depreciation 39 40 65 30 29 30 37 30 29 Other operating expenses 346 286 305 224 266 242 241 198 208 Total operating expenses 785 720 764 596 636 599 594 533 534 Operating profit before losses on loans and guarantees 1 141 1 010 998 1 388 960 1 005 807 703 846 Impairment on loans and guarantees 1 51 122 106 39 33 39 134 86 Pre-tax operating profit 1 140 958 876 1 283 921 972 768 570 760 Tax expense 224 91 175 203 205 112 194 152 181 Profit after tax 917 867 701 1 080 716 860 574 417 579 Profitability 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 2025 2025 2024 2024 2024 2024 2023 2023 2023 Return on equity capital 1) 14.9% 14.1% 11.5% 20.4% 14.2% 17.4% 11.3% 8.3% 12.2% Net interest income 2) 2.17% 2.25% 2.31% 2.15% 2.18% 2.27% 2.27% 2.13% 1.98% Cost income ratio 3) 40.8% 41.6% 43.4% 30.0% 39.9% 37.3% 42.4% 43.1% 38.7% 1) See attachment in Factbook regarding Alternative performance measures. 2) Net interest income as a percentage of average total assets for the period. 3) Total operating costs as a percentage of total operating income (isolated for the quarter). Profit/loss from the quarterly accounts Group PAGE 5 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Balance sheet and ratios 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q NOK milliions/per cent 2025 2025 2024 2024 2024 2024 2023 2023 2023 Gross loans to customers 158 259 158 954 159 358 138 558 138 509 134 465 133 681 132 726 130 814 Gross loans to customers including loans transferred to covered bond companies 1) 235 725 232 498 231 168 205 820 203 649 199 408 198 645 196 858 194 110 Growth in loans during the last 12 months 1) 14.3% 18.2% 19.2% 4.4% 5.9% 5.1% 2.2% 1.8% 1.5% Growth in loans including loans transferred to covered bond companies in the last 12 months 1) 15.8% 16.6% 16.4% 4.6% 4.9% 4.8% 5.3% 5.4% 5.9% Growth in loans during the last quarter 1) -0.4% -0.3% 15.0% 0.0% 3.0% 0.6% 0.7% 1.5% 2.3% Growth in loans including loans transferred to covered bond companies in the last quarter 1) 1.4% 0.6% 12.3% 1.1% 2.1% 0.4% 0.9% 1.4% 2.0% Deposits from customers 138 413 131 267 128 270 114 161 115 359 108 193 106 535 103 880 105 881 Deposit to loan ratio 1) 87.5% 82.6% 80.5% 82.4% 83.3% 80.5% 79.7% 78.3% 80.9% Deposit to loan ratio including loans transferred to covered bond companies 1) 58.7% 56.5% 55.5% 55.5% 56.6% 54.3% 53.6% 52.8% 54.5% Growth in deposits in the last 12 months 20.0% 21.3% 20.4% 9.9% 9.0% 7.8% 7.8% 5.0% 5.9% Growth in deposits in the last quarter 5.4% 2.3% 12.4% -1.0% 6.6% 1.6% 2.6% -1.9% 5.5% Average total assets 214 785 211 112 203 464 188 925 186 047 178 304 175 474 175 032 172 612 Total assets 217 913 211 657 210 567 186 033 191 818 180 275 176 333 174 614 175 449 Total assets including loans transferred to covered bond companies 1) 295 379 285 201 282 377 253 294 256 959 245 219 241 298 238 746 238 744 Losses and commitments in default 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 2025 2025 2024 2024 2024 2024 2023 2023 2023 Losses on loans as a percentage of gross loans 1) 0.00% 0.13% 0.30% 0.30% 0.11% 0.10% 0.12% 0.40% 0.26% Gross loans to customers in stage 2, percentage of total gross loans 1) 9.08% 9.28% 9.95% 10.45% 10.36% 10.56% 10.15% 10.05% 8.98% Gross loans to customers in stage 3, percentage of total gross loans 1) 1.79% 1.51% 1.60% 1.50% 1.57% 1.45% 1.45% 1.53% 1.12% Financial strength 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q NOK milliions/per cent 2025 2025 2024 2024 2024 2024 2023 2023 2023 Common equity Tier 1 capital ratio 18.3% 17.1% 16.8% 16.9% 16.8% 17.0% 17.0% 17.7% 17.9% Tier 1 capital ratio 20.2% 19.0% 18.5% 18.8% 18.8% 18.7% 18.2% 18.9% 19.2% Capital ratio 22.7% 21.3% 20.7% 21.0% 21.2% 20.9% 19.9% 20.6% 20.9% Net subordinated capital 25 547 25 151 24 521 22 077 22 195 21 287 19 987 19 983 19 907 1) See attachment in Factbook regarding Alternative performance measures. PAGE 6 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Comment from the CEO SpareBank 1 Østlandet has again delivered good numbers for the second quarter, and at the end of the first 6 months we had achieved a return on equity that was well above target. The good results were due to sound underlying operations, with strong contributions from all parts of the Group. In April, the Bank paid out a record high dividend to both owners and customers. High profitability and solid dividends have contributed to the very good price performance of SpareBank 1 Østlandet’s equity capital certificate (SPOL) over the past year. We have also delivered yet another of our best quarters in the retail market. We are seeing good underlying growth in lending and deposits, as well as an increase in general income, especially with insurance and real estate brokering. The merger of the three real estate broker companies was completed as planned on 1 May, and the merged real estate broker achieved a new earnings record in the second quarter. We need to deliver the best digital financial services in combination with knowledgeable advisers, who customers can meet with digitally or in-person at one of our many branches. I am very pleased with the trust in us that our customers demonstrate every day, and for the second year in a row we achieved a podium placing in the ranking of the banks with the best customer services for retail customers. The opening of our new premises in Drammen was a major event in May, and we have received a warm welcome from both new and existing customers. The Private Banking venture started towards the end of the previous quarter is also well underway, with a skilled corps of advisers who have ambitious plans for the coming year. Customers tell us that our role as advisers is important, irrespective of whether they are a retail or corporate customer, large or small. The corporate market in Eastern Norway has seen less activity in the last 6 months. Many corporate customers are putting larger projects on hold and using surplus funds to pay down debt. The second quarter was marked by major geopolitical turmoil and uncertainty, which is affecting the financial markets and the real economy around the world. There is considerable uncertainty about how higher tariffs in the US will affect the Norwegian economy, especially in the long term. On the other hand, interest rate cuts from Norges Bank could help increase activity at our customers. At the end of June, 9 months had passed since the merger with Totens Sparebank. In line with the merger agreement, the Bank established the customer service centre in Gjøvik in May. The customer service centre is fully operational, which helped ensure that summer holidays could safely be taken with good coverage. Important milestones in the integration project were achieved during the quarter, with the conclusion of an exit agreement with Eika Gruppen and agreement on a technical merger plan with Tietoevry. We are constantly striving to improve SpareBank 1 Østlandet. We spent the spring working on an overarching strategy for the Group. The overall vision and mission of our finance group has in the spirit of simplification been distilled down to Together we develop Eastern Norway. This will be our guiding star going forward. In the autumn, we will develop operational strategic plans and specific goals, to ensure that these are not just nice words but are translated into action. Everything we do should help to develop our region by creating the financial group of the future. We have set ourselves the ambition of ensuring that everyone is happy with us, whether that be employees, customers, owners, partners or the local communities in where we work. We want to be the financial group where employees feel satisfied thanks to meaningful work and everyday development in a good, safe working environment because we believe that when employees thrive, they deliver even better for customers. Our customers should be met with knowledge, respect and dignity, good, fast services and competitive terms and conditions. Happy customers contribute to good, long-term relationships, and we must be a safe, reliable financial partner. Our owners should experience good profitability and solid dividends on their investment in SPOL. This means that we need to operate very efficiently and continuously focus on simplification, redesigning services and modernisation. We need to maintain tight control over costs and invest in order to solve the challenges of the future for the benefit of our customers. We plan to announce our cost targets for the upcoming strategy period at the beginning of 2026. Eastern Norway is home to a diverse range of local communities. Our local communities should experience that we contribute to increased well-being, whether through supporting or participating in events, sponsoring local teams and associations or donations to volunteers and good causes, including through customer dividends. Together we develop Eastern Norway. Thank you to all of our employees, in every part of the Group, who make this possible. Klara-Lise Aasen PAGE 7 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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IMPORTANT EVENTS IN THE SECOND QUARTER OF 2025 Payment of dividends and customer dividends for 2024 On 4 April 2025, SpareBank 1 Østlandet paid out NOK 1 399 (903) million to its equity capital certificate holders in ordinary dividends for 2024. The dividend amounted to NOK 10.30 (7.80) per equity capital certificate. SpareBank 1 Østlandet has distributed customer dividends for the eighth consecutive year. A total of NOK 470 (381) million was distributed to customers on 9 April 2025. Policy rate On 18 June, Norges Bank decided to cut its policy rate from 4.5 per cent to 4.25 per cent. Interest rate changes On 19 June, SpareBank 1 Østlandet decided to cut its lending and deposits rates for retail and corporate customers by up to 0.25 percentage points. The new interest rate terms came into effect on 23 June for new loans, while the rates for existing loans and deposits came into effect on 11 July for corporate customers and will be effective from 28 August for retail customers. Court of Appeal judgment in Tietoevry Norway AS versus SpareBank 1 Utvikling DA On 3 June 2025, the Court of Appeal handed down its judgment in SpareBank 1 Utvikling DA versus Tietoevry Norway AS. The judgment entails adjusting the fixed price paid by the banks in the SpareBank 1 Alliance by around NOK 100 million a year. In the second quarter of 2025, SpareBank 1 Østlandet set aside a provision for accrued costs for the period 2023 to the second quarter of 2025 of NOK 40 million Exit from the Eika Alliance In the second quarter, SpareBank 1 Østlandet signed an agreement with Eika Gruppen AS on the terms for Totens Sparebank’s exit from the Eika Alliance. The agreement included early exit remuneration for Eika Gruppen, as well as the sale of shares in the group. The holding of 1 458 151 shares was sold at a price of NOK 322.50 per share. This resulted in a booked gain for SpareBank 1 Østlandet of NOK 24 million, in addition to the dividend of NOK 25 per share received for the 2024 financial year. In the second quarter, SpareBank 1 Østlandet also repurchased all outstanding loans from Eika Boligkreditt. All items were recognised in the second quarter of 2025. Regulatory changes In December 2024, the Ministry of Finance announced changes to the capital requirements for Norwegian banks and announced how the national options in the amended Capital Requirements Regulation (CRR3) would be applied when it was implemented in Norway. CRR3 entered into force on 1 April 2025. The changes to the capital requirements regulation have a positive effect on the Group’s capital adequacy levels. Updated sustainability rating SpareBank 1 Østlandet's ESG Risk Rating from Sustainalytics has been adjusted from 12.0 to 11.9. This is still low risk. Highlights from the Group 2Q 1Q 2Q YTD YTD NOK millions/per cent 2025 2025 2024 2025 2024 Net interest income 1 159 1 173 1 008 2 332 2 013 Net commissions and other operating income 519 457 446 976 815 Net income from financial assets and liabilities 248 100 142 348 372 Operating expenses 785 720 636 1 505 1 235 Impairment losses on loans and guarantees 1 51 39 52 72 Tax expense 224 91 205 315 317 Profit after tax 917 867 716 1 784 1 576 Return on equity 14.9% 14.1% 14.2% 14.4% 15.7% Earnings per equity capital certificate (NOK) 4.71 4.44 4.09 9.14 9.13 Growth in loans in the last quarter/last 12 months, including moargages transferred to the covered bond companies 1.4% 0.6% 2.1% 15.8% 4.9% Deposit growth in the last quarter/last 12 months 5.4% 2.3% 6.6% 20.0% 9.0% CET1 capital ratio 18.3% 17.1% 16.8% 18.3% 16.8% The Bank's green loans (including mortgages transferred to the covered bond companies) (NOK billion) 45 45 43 45 43 Report of the Board of Directors PAGE 8 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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CONSOLIDATED FINANCIAL STATEMENTS FOR THE SECOND QUARTER OF 2025 Consolidated figures unless otherwise stated. The figures for the former Totens Sparebank are included from and including 1 November 2024. Figures in brackets concern the corresponding period last year. A separate section has been prepared that shows pro forma figures. Consolidated profit The SpareBank 1 Østlandet Group’s profit after tax for the second quarter was NOK 917 (716) million and the return on equity was 14.9 (14.2) per cent. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Parent Bank's profit after tax 901 954 596 1 855 1 453 Elimination of dividends from subsidiaries/ associates -186 -245 -17 -431 -140 Elimination of gains from realisation of subs./ associat. 0 0 0 0 0 Profit from subsidiaries SpareBank 1 Finans Østlandet AS 58 58 50 116 100 Totens Sparebank Boligkreditt AS 3 4 0 7 0 EiendomsMegler 1 Østlandet AS 2) 12 5 13 16 9 SpareBank 1 Forretningspartner Østlandet AS 1) 6 3 5 9 7 Youngstorget 5 AS 3 3 3 6 5 AS Vato 0 0 0 1 1 Vallehaven AS 1 0 0 1 0 SpareBank 1 Østlandet Verdigjenvinning AS 0 0 0 0 0 Share of profit from associates/joint ventures SpareBank 1 Gruppen AS 1) 73 37 0 110 25 SpareBank 1 Boligkreditt AS 17 24 35 41 68 SpareBank 1 Næringskreditt AS 2 2 3 5 6 Kredittbanken ASA 3 -1 1 2 -3 SpareBank 1 Betaling AS -4 -3 0 -7 -10 SpareBank 1 Forvaltning AS 1) 4 4 4 9 7 SpareBank 1 Gjeldsinformasjon AS 0 0 0 0 0 SpareBank 1 Bank og Regnskap AS 1 5 3 5 4 BN Bank ASA 24 21 21 45 45 Other group items -2 -4 -3 -6 -3 Consolidated profit after tax 917 867 716 1 784 1 576 1) Consolidated figures 2) EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS and EiendomsMegler 1 Innlandet AS merged on 1 May 2025 and changed their name to EiendomsMegler 1 Østlandet AS. Combined comparable figures are shown for the three companies. The improvement in profit compared with the same quarter last year was mainly due to the merger, higher net interest income and commission income, lower loss costs, a higher profit contribution from financial assets and liabilities, and an increased profit contribution from SpareBank 1 Gruppen. Higher costs and a reduced profit contribution from SpareBank 1 Boligkreditt pulled in the opposite direction. Net interest income Net interest income amounted to NOK 1 159 (1 008) million in the second quarter. Net interest income ought to be viewed in conjunction with commission income from loans transferred to the part-owned covered bond companies totalling NOK 124 (90) million. Total net interest income and commissions from the covered bond companies totalled NOK 1 283 (1 098) million. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Interest income 3 035 3 026 2 669 6 061 5 257 Interest expense 1 876 1 853 1 661 3 729 3 244 Net interest income 1 159 1 173 1 008 2 332 2 013 Commission income from mortgages transferred to covered bond companies 124 106 90 220 165 Combined net interest income and commission income from the covered bond companies 1 283 1 278 1 098 2 552 2 177 The increase in the total net interest income and commission income from the covered bond companies from the same period last year was mainly due to the merger, growth in lending and deposit volumes and a new model for commissions from the covered bond companies. The changed commission model for SpareBank 1 Boligkreditt AS and SpareBank 1 Næringskreditt AS resulted in a total increase in commission income of NOK 19 million for the second quarter of 2025. Weaker deposit margins pulled in the opposite direction. Net interest income as a percentage of average total assets was 2.17 (2.18) per cent. For more detailed information, see Note 3 “Segment information” and Note 5 “Net interest income”. FIG. 1 Profit after tax NOK million FIG. 2 Net interest income including commission fees from covered bond companies and Net interest income in percent of average total assets NOK million 701 867 1 080 716 917 0 200 400 600 800 1000 1200 2Q251Q254Q243Q242Q24 2.17 %2.18% 2.15% 2.31% 2.25% 0 300 600 900 1200 1500 2Q251Q254Q243Q242Q24 1 004 1 008 1 021 1 179 1 159 124 84 86 1 283 1 105 1 265 106 1 278 90 1 098 Net interest income in percent of average total assets Commission fees from covered bond companies Net interest income PAGE 9 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Net commissions and other operating income Net commissions and other operating income amounted to NOK 519 (446) million in the second quarter. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Net money transfer fees 79 63 73 141 131 Commissions from insurance 90 83 66 174 130 Commissions from savings 13 12 10 25 20 Commissions from covered bonds comp. 124 106 90 229 165 Commission from credit cards 10 10 17 20 35 Real estate brokerage commissions 128 108 116 236 194 Accounting services 54 52 52 106 100 Other operating income 22 24 21 46 41 Net commissions and other operating income 519 457 446 976 815 The increase in net commissions and other income compared with the same period last year was mainly due to increased income from the covered bond companies, money transfer services, real estate brokering and insurance. Insurance commissions increased as a result of increased sales, repricing and higher profitability commissions. A reduction in commissions from credit cards, mainly due to changes to the new commission model in Kredittbanken ASA, pulled in the opposite direction. The difference between the old and new commission levels is expected to be offset over time by dividend payments from the company. The increase in net commissions and other income compared with the previous quarter was mainly due to increased income from real estate brokering, commissions from the covered bond companies and income from money transfer services. The increase in income from money transfer services was due to increased withdrawal fees, which vary from season to season. Commissions from real estate brokering increased due to very high activity levels in the housing market, especially within used homes. The increase in commissions from covered bond companies was mainly due to an increase in the volume of loans transferred to the covered bond companies, as well as one interest day more than in the last quarter. For more detailed information please see Note 3 “Segment information” and Note 6 “Net commissions and other operating income”. Net income from financial assets and liabilities The net investment result from other financial assets and liabilities was NOK 248 (142) million in the second quarter. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Dividends from shares and other equity instruments 49 1 19 50 47 Net income from subsidiarier, associates and joint ventures 121 90 67 211 142 Net profit from other financial assets and liabilities 78 9 55 87 183 Net profit from financial assets and liabilities 248 100 142 348 372 Dividends from shares and other equity instruments amounted to NOK 49 (19) million, of which dividends from Eika Gruppen AS totalled NOK 36.5 million. Net income from associated companies and joint ventures amounted to NOK 121 (67) million. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 SpareBank 1 Gruppen AS 1) 73 37 0 110 25 SpareBank 1 Boligkreditt AS 17 24 35 41 68 SpareBank 1 Næringskreditt AS 2 2 3 5 6 Kredittbanken ASA 3 -1 1 2 -3 SpareBank 1 Betaling AS -4 -3 0 -7 -10 SpareBank 1 Forvaltning AS 1) 4 4 4 9 7 SpareBank 1 Gjeldsinformasjon AS 0 0 0 0 0 SpareBank 1 Bank og Regnskap AS 1 5 3 5 4 BN Bank ASA 24 21 21 45 45 Gains or losses on realisation of associates and joint ventures 0 0 0 0 0 Impairment on associates and joint ven- tures 0 0 0 0 0 Net income from associates and joint ventures 121 90 67 211 142 1) Consolidated figures The NOK 54 million increase compared with the same quarter last year was primarily due to a higher profit contribution from SpareBank 1 Gruppen AS. The reduced profit contribution from SpareBank 1 Boligkreditt AS, due in part to changes to the commission model, pulled in the opposite direction. Net income from other financial assets and liabilities was NOK 78 (55) million in the second quarter. The change in value and realisation of fixed income securities in the liquidity portfolio, as well as equity instruments, amounted to NOK 47 (41) million and NOK 35 (-1) million, respectively. During the quarter, the shares in Eika Gruppen AS were sold with a gain of NOK 24 million. The net profit from currency trading and hedging contributed NOK 24 (15) million. The change in value for fixed-rate loans to customers, including interest rate hedging, was NOK -21 (-3) million, and the remaining NOK -6 (2) million was due to the revaluation of debt securities issued and associated hedging instruments. For more detailed information please see Note 7 “Net income from financial assets and liabilities”. Operating expenses Total operating expenses amounted to NOK 785 (636) million in the second quarter. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Personnel expenses 400 395 341 795 668 Depreciation and amortisation 39 40 29 79 59 ICT expenses 171 122 106 293 205 Marketing expenses 29 28 30 57 53 Operating expenses from real estate 20 26 18 46 38 Merger costs 25 2 2 27 27 Other expenses 102 108 111 210 185 Total operating expenses 785 720 636 1 505 1 235 The NOK 149 million increase in operating expenses compared with the same quarter last year was mainly due to inclusion of the former Totens Sparebank’s cost base. Other personnel costs also increased, as did depreciation, merger costs and ICT costs. Operating expenses in the parent bank increased by NOK 134 million from NOK 468 million for the same quarter last year. The growth in costs was mainly due to the inclusion of the former Totens Sparebank’s cost base, as well as a NOK 40 million provision for accrued ICT costs due to the judgment in SpareBank 1 Utvikling DA versus Tietoevry Norway AS. Personnel costs also increased as a result of wage growth and the increase in employee numbers. Costs linked to depreciation, ICT and losses on receivables also increased. The merger costs increased as a result of an exit agreement with Eika Gruppen. Other costs decreased due to the inclusion in the second quarter of 2024 of a NOK 30 million provision for an infringement penalty from the Financial Supervisory Authority of Norway. Operating expenses elsewhere in the Group increased by NOK 15 million from NOK 168 million for the same quarter last year. The growth in costs was mainly due to increased personnel costs, as well as NOK 5 million in merger costs linked to the merger of the real estate broker companies. For more detailed information please see Note 8 “Operating expenses” and Note 3 “Segment information”. As at 30 June, the Group employed 1 342 (1 227) FTEs. The 115-FTE increase in staffing compared with the same quarter last year occurred in the parent bank. Besides the merger with Totens Sparebank, which resulted in 82 new FTEs, the increase was due to the establishment of a presence in Drammen, strengthening the Direct Bank, strengthening the work on business development, regulatory compliance and quality, and other factors. PAGE 10 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Impairment losses on loans and guarantees In the second quarter, the Group saw Impairment losses on loans and guarantees of NOK 1 (39) million. 2Q 1Q 2Q YTD YTD Isolated loss effects, NOK millions 2025 2025 2024 2025 2024 Change ECL due to growth and migration -13 -6 -12 -19 -11 Change ECL due to adjusted key assumptions -13 -27 -19 -40 -20 Change ECL due to changed scenario weigh- ting 0 0 0 0 0 Change in model-based loss provisions -26 -33 -32 -59 -31 Change individual loss provisions -40 -101 44 -141 54 Net write-offs 67 185 26 252 49 Total losses 1 51 39 52 72 Model-generated provisions for credit losses (Stage 1 and Stage 2) were reduced by NOK 26 million due to the period’s growth and migration in the portfolio, as well as adjusted key assumptions. Individual provisions for credit losses (Stage 3) were reduced by NOK 40 million, while the period’s net realised loss was NOK 67 million. For more detailed information about provisions for credit losses, see Note 2 “Accounting policies”, Note 9 “Impairment losses on loans and liabilities”, Note 11 “Loans to and receivables from customers”, and Note 12 “Provisions for credit losses on loans and liabilities”. Some 72 (71) per cent of the SpareBank 1 Østlandet Group’s total lending, inclusive of mortgages transferred to the covered bond companies, was to retail customers, mainly consisting of housing mortgages. Credit risk As at 30 June, the Group’s capitalised provisions for credit losses and liabilities amounted to NOK 1 027 (767) million. Balance sheet values in NOK million / per cent of gross lending 30. Jun. 2025 31. Mar. 2025 30. Jun. 2024 Gross loans in stage 1 129 925 130 646 115 193 Gross loans in stage 2 14 377 14 756 14 356 Gross loans in stage 3 2 826 2 393 2 174 Loan and advances to customers at fair value 11 131 11 158 6 786 Total gross loans 158 259 158 953 138 509 Provisions for credit losses in stage 1 161 170 168 Provisions for credit losses in stage 2 326 344 277 Provisions for credit losses in stage 3 540 579 322 Total provisions for credit losses 1 027 1 093 767 Loan loss impairment ratio for stage 1 0.13% 0.13% 0.15% Loan loss impairment ratio for stage 2 2.26% 2.33% 1.93% Loan loss impairment ratio for stage 3 19.13% 24.20% 14.81% Total loan loss impairment ratio in per cent of gross loans 0.65% 0.69% 0.55% The Group’s loans and liabilities are categorised into three groups: Stage 1, Stage 2, and Stage 3. Stage 1 is used for lending that does not have a substantially higher credit risk than it did upon initial recognition. A provision is made for 12 months’ expected loss. Stage 2 is used for lending that has a substantially higher credit risk than it did upon being granted, but where no credit loss has occurred on the balance sheet date. A provision is made for expected loss over the entire lifetime. Stage 3 is used for lending that has a substantially higher credit risk than it did upon being granted and where there is, on the balance sheet date, deemed to exist a default or an objective event that entails reduced future cash flows to service the commitment. For these exposures, the loss provision must cover expected loss over their lifetime. The Bank’s credit risk is affected by macroeconomic conditions. The activity in the Norwegian economy has been somewhat weaker than normal in the past year, although there are signs of improvement. The economic situation in Eastern Norway has been weaker than in several other parts of the country, partly due to the composition of the business sector. However, lower inflation and expected rate cuts from Norges Bank could have a positive impact on the region. The Bank continuously assesses how the situation is affecting its customers and the provisions required in relation to IFRS 9. Credit risk as measured by the Bank’s credit models was stable for both the corporate market and the retail market during the second quarter. However, the risk weights were affected by the implementation of CRR3 and have been decreased as a result. Payment defaults and individual provisions for credit losses were also stable for the retail market. Payment defaults in the corporate market have increased, while individual provisions for credit losses have decreased somewhat. At the end of the second quarter of 2025, the Bank’s measured credit risk was within the limits of the Board’s approved risk appetite, with the exception of the proportion of defaulted and impaired commitments in the corporate market portfolio. This was mainly due to payment defaults linked to a single commitment. The Board’s assessment is that the Group’s credit risk is moderate to low. For more detailed information, see Note 2 “Accounting policies”, Note 9 “Impairment losses on loans and liabilities”, Note 11 “Loans to and receivables from customers”, and Note 12 “Provisions for credit losses on loans and liabilities”. Q424 Q125 Q225Q224 Q324 82.2 82.183.2 82.2 81.4 1.5 1.6 1.5 1.81.6 10.4 10.0 9.3 9.1 10.4 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value constitutes residual up to 100% (primarily fixed-rate mortgage loans for housing) 1) Gross exposure in the different stages was as follows PAGE 11 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Lending to customers Gross loans to customers, inclusive of mortgages transferred to the covered bond companies, totalled NOK 235.7 (203.6) billion as at 30 June. As at 30 June, mortgages totalling NOK 76.7 (64.2) billion had been transferred to SpareBank 1 Boligkreditt AS and loans totalling NOK 0.8 (1.0) billion had been transferred to the corporate market covered bond company. Lending growth in the past 12 months, inclusive of loans transferred to the covered bond companies, was NOK 3.2 (4.2) billion, equivalent to 1.4 (2.1) per cent. Retail lending grew by 1.9 per cent, while corporate lending grew by 0.1 per cent. Lending growth in the past 12 months, inclusive of loans transferred to the covered bond companies, was NOK 32.1 (9.5) billion, equivalent to 15.8 (4.9) per cent. The retail market saw growth of NOK 25.1 (6.2) billion, equivalent to 17.4 (4.5) per cent. In the corporate market, the volume of loans grew by NOK 7.0 (3.4) billion, equivalent to 11.8 (6.0) per cent. The merger contributed to overall lending increasing by NOK 23.5 billion: NOK 17.5 billion in the retail market and NOK 6.0 billion in the corporate market. The Bank's green loans (incl. loans transferred to the covered bond companies) amounted to NOK 45 (43) billion at the end of the second quarter, which represents 18.9 (20.9) per cent of total lending. The percentage decrease is due to the inclusion of loans from Totens Sparebank, which include a lower percentage of loans that qualify under SpareBank 1 Østlandet’s green framework. Deposits from customers As at 30 June, deposits from customers totalled NOK 138.4 (115.4) billion. In the last quarter, deposits increased by NOK 7.1 (7.2) billion, or 5.4 (6.6) per cent. Deposit growth in the past 12 months was NOK 23.1 (9.5) billion, equivalent to 20.0 (9.0) per cent. The growth was distributed as follows: NOK 12.6 (5.4) billion, or 19.4 (9.1) per cent, in the retail market, and NOK 10.5 (4.1) billion, or 20.8 (8.8) per cent, in the corporate market. The merger helped to increase the volume of deposits by NOK 11.4 billion as at 1 November 2024. The Group’s deposit coverage ratio was 87.5 (83.3) per cent. The Group’s deposit coverage ratio, inclusive of mortgages transferred to the covered bond companies, was 58.7 (56.6) per cent. FIG. 4 Deposits from customers NOK billion FIG. 3 Gross loans to customers including loans transferred to covered bond companies NOK billion Liquidity Borrowing from credit institutions and securities issued (senior preferred debt, senior non-preferred debt, subordinated loan capital and additional Tier 1 capital) totalled NOK 49.1 (51.7) billion, 41 (47) per cent of which was euro-denominated. The average term to maturity for the Group’s long-term funding was 3.3 (3.9) years, while the average term to maturity for all funding was 3.0 (3.2) years. The liquidity coverage ratio (LCR) was 172.4 (217.8) per cent as at 30 June. The Bank’s goal is for 20 per cent of the liquidity portfolio to have an ESG label. The status as at 30 June was 20.9 per cent. The Board’s assessment is that the Group’s liquidity situation is satisfactory. Equity capital certificates As at 30 June, the equity share capital comprised 135 860 724 (115 829 789) equity capital certificates, and the book value per equity capital certificate was NOK 128.95 (117.88). Earnings per equity capital certificate amounted to NOK 4.71 (4.09) for the second quarter. As at 30 June, the market price for the Bank’s equity capital certificate (ticker ‘SPOL’) was NOK 194.64 (135.74). 0 50 100 150 200 250 2Q251Q254Q243Q242Q24 232 236231 206204 61 6666 18 6 6059 146 169166146144 Corporate customers Totens incl. cov. bond companies Corporate customers incl. cov. bond companies Retail customers Totens incl. covered bond companies Retail customers incl. covered bond companies 0 30 60 90 120 150 2Q251Q254Q243Q242Q24 138 131 114115 53 6159 128 8 3 5050 64 77726465 Corporate customers Totens Corporate customers Retail customers Totens Retail customers PAGE 12 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Financial strength and capital adequacy As at 30 June, the Group’s equity totalled NOK 26.1 (21.7) billion and represented 12.0 (11.3) per cent of the balance sheet. The leverage ratio was 7.2 (7.1) per cent. As at 30 June, the Group’s CET1 capital ratio was 18.3 (16.8) per cent. The Tier 1 capital and Tier 2 capital ratios were 20.2 (18.8) per cent and 22.7 (21.2) per cent, respectively. The Bank has permission to use internal methods (IRB) for determining the capital requirements for the majority of its loan portfolio. Therefore, the Bank sets its own risk weights and regulatory expected losses for these exposures. Besides the ordinary subsidiaries consolidated into the Bank’s accounting group, the following companies are also proportionately consolidated into the Group’s capital adequacy: • SpareBank 1 Boligkreditt AS • SpareBank 1 Næringskreditt AS • SpareBank 1 Kreditt ASA • BN Bank ASA The current requirement for CET1 capital consists of a minimum requirement of 4.5 per cent, as well as a buffer requirement totalling 9.5 per cent for the parent bank and 9.5 per cent for the Group. In the total buffer requirement, the institution-specific buffer requirements, the countercyclical buffer and the systemic risk buffer, were calculated to be 2.5 per cent and 4.5 per cent, respectively, for the Group. SpareBank 1 Østlandet is also subject to a Pillar 2 requirement of 1.9 per cent at a consolidated level as at 30 June, of which 1.1 per cent must be covered by CET1 capital. Therefore, the Group’s total CET1 capital requirement was 15.1 per cent. The Financial Supervisory Authority of Norway also expects the Group to maintain a capital requirements margin of at least 1.0 per cent, which must be met by CET1 capital. The Board of Directors regards the Bank's financial situation as being solid. Rating On 25 April 2025, Moody’s Investors Service (Moody’s) confirmed its Aa3 with a stable outlook ratings for SpareBank 1 Østlandet’s deposits and senior preferred debt. Furthermore, the Bank’s baseline credit assessment (BCA) and adjusted BCA are rated a3 and the Bank’s senior non-preferred debt is rated A3 with a stable outlook. SpareBank 1 Østlandet is, therefore, one of the savings banks in Norway with the highest credit rating from Moody’s. SpareBank 1 Østlandet has an ESG Risk Rating from Sustainalytics of 11.9 (Low Risk), an AAA from MSCI ESG Ratings and an B from the CDP (Carbon Disclosure Project) for its work on climate reporting. FIG. 5 CET 1 capital ratio FIG. 6 The Group's Capital Requirements 16.9% 16.8% 17.1% 18.3% 16.8% 10 20 2Q251Q254Q243Q242Q24 30.06.2025 2.0% 1.9% 2.5% 4.5% 4.5% 1.5% 2.5% Tier 2 Systemic Risk Buffer Additional Tier 1 Capital Conservation Buffer Pillar 2 Requirement Common Equity Tier 1 Countercyclical Capital Buffer PAGE 13 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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CONSOLIDATED FINANCIAL STATEMENTS FOR THE SECOND QUARTER OF 2025 COMPARED WITH PRO FORMA FIGURES The pro forma figures are the sum of the quarterly accounts of SpareBank 1 Østlandet and Totens Sparebank based on historical accounting policies in the individual banks. The figures have been corrected for internal outstanding balances. No other adjustments have been made to the figures. For the fourth quarter of 2024 and earlier periods, the pro forma figures are what they would have been had the merger been implemented before 1 November 2024. Growth figures from the first quarter of 2025 show growth compared to the pro forma figures. Pro forma figures 2Q 1Q 2Q NOK millions/per cent 2025 2025 2024 Net interest income 1 159 1 173 1 143 Net commission and other operating income 519 457 468 Net profit from financial assets and liabilities 248 100 141 Operating expenses 785 720 693 Impairment on loans and guarantees 1 51 46 Tax expense 224 91 228 Profit after tax 917 867 785 Return on equity capital 14.9% 14.1% 13.6% Growth in loans during the last quarter, incl loans transferred to covered bond companies 1.4% 0.6% 2.0% Growth in loans during the last 12 months, incl loans transferred to covered bond companies 3.9% 4.6% 4.8% Growth in deposits during last quarter 5.4% 2.3% 6.5% Growth in deposits during the last 12 months 9.0% 10.1% 8.8% Consolidated financial performance The SpareBank 1 Østlandet Group’s profit after tax for the second quarter was NOK 917 (785) million and the return on equity was 14.9 (13.6) per cent. The improvement in profit compared with the same quarter last year was mainly due to higher net interest income and commission income, lower loss costs, a higher profit contribution from financial assets and liabilities, and an increased profit contribution from SpareBank 1 Gruppen. Higher costs and a reduced profit contribution from SpareBank 1 Boligkreditt pulled in the opposite direction. Net interest income Net interest income amounted to NOK 1 159 (1 143) million in the second quarter. Net interest income ought to be viewed in conjunction with commission income from loans transferred to the part-owned covered bond companies totalling NOK 124 (100) million. Total net interest income and commissions from the covered bond companies totalled NOK 1 283 (1 243) million. The increase in the combined net interest income and commission income from the covered bond companies from the same period last year was mainly due to growth in lending and deposit volumes, as well as a new model for commissions from the covered bond companies. The changed commission model for SpareBank 1 Boligkreditt AS and SpareBank 1 Næringskreditt AS led to a total increase in commission income of NOK 19 million. Weaker deposit margins pulled in the opposite direction. Net interest income as a percentage of average total assets was 2.17 (2.20) per cent. Net commissions and other operating income Net commissions and other operating income amounted to NOK 519 (468) million in the second quarter. The increase in net commissions and other income compared with the same period last year was mainly due to increased income from the covered bond companies, real estate brokering and insurance. A reduction in commissions from credit cards, mainly due to changes to the new commission model in Kredittbanken ASA, pulled in the opposite direction. Net income from financial assets and liabilities Net income from financial assets and liabilities was NOK 248 (141) million for the second quarter. Dividends from shares and other equity instruments amounted to NOK 49 (39) million. Net income from associated companies and joint ventures amounted to NOK 121 (67) million. Net income from other financial assets and liabilities was NOK 78 (35) million in the second quarter. Operating expenses Total operating expenses amounted to NOK 785 (693) million in the second quarter. The NOK 92 million increase in operating expenses compared with the same quarter last year was mainly due to a NOK 40 million provision for accrued ICT costs due to the judgment in SpareBank 1 Utvikling DA versus Tietoevry Norway AS. Personnel costs, depreciation, ICT costs and losses on receivables also increased. The merger costs increased due to the agreement with Eika Gruppen and the merger between the real estate broker companies. As at 30 June, the Group employed 1 342 (1 315) FTEs. The increase of 27 FTEs from the same quarter last year took place in the parent bank. Operating expenses in the parent bank increased by NOK 79 million from NOK 522 million for the same quarter last year. In addition to a NOK 40 million provision for ICT, personnel costs increased as a result of wage and staffing growth. Costs linked to depreciation, ICT and losses on receivables also increased. The merger costs increased due to the exit agreement with Eika Gruppen. In addition to this, ICT costs related to the SpareBank 1 Alliance’s focus on technology through SpareBank 1 Utvikling also increased. Other costs decreased due to the inclusion in the second quarter of 2024 of a NOK 30 million provision for an infringement penalty from the Financial Supervisory Authority of Norway. Operating expenses elsewhere in the Group increased by NOK 13 million from NOK 171 million for the same quarter last year. Impairment losses on loans and guarantees In the second quarter, the Group saw Impairment losses on loans and guarantees of NOK 1 (46) million. Lending to customers Gross loans to customers, inclusive of mortgages transferred to the covered bond companies, totalled NOK 235.7 (226.8) billion as at 30 June. As at 30 June, mortgages totalling NOK 76.7 (67.8) billion had been transferred to SpareBank 1 Boligkreditt AS and mortgages totalling NOK 0.8 (1.0) billion had been transferred to SpareBank 1 Næringskreditt AS. Lending growth in the past 12 months, inclusive of loans transferred to the covered bond companies, was NOK 3.2 (4.5) billion, equivalent to 1.4 per cent. Retail lending grew by 1.9 per cent, while corporate lending grew by 0.1 per cent. Lending growth in the past 12 months, inclusive of loans transferred to the covered bond companies, was NOK 8.9 (10.5) billion, equivalent to 3.9 (4.8) per cent. The retail market saw growth of NOK 8.0 (6.8) billion, equivalent to 4.9 (4.4) per cent. In the corporate market, the volume of loans grew by NOK 0.9 (3.6) billion, equivalent to 1.5 (5.9) per cent. Deposits from customers As at 30 June, deposits from customers totalled NOK 138.4 (127.0) billion. In the last quarter, deposits increased by NOK 7.1 (7.7) billion, or 5.4 (6.5) per cent. Deposit growth in the past 12 months was NOK 11.4 (10.3) billion, equivalent to 9.0 (8.8) per cent. The growth was distributed as follows: NOK 4.3 (6.0) billion, or 5.9 (8.9) per cent, in the retail market, and NOK 7.1 (4.3) billion, or 13.2 (8.6) per cent, in the corporate market. The Group’s deposit coverage ratio was 87.5 (80.4) per cent. The Group’s deposit coverage ratio, inclusive of mortgages transferred to the covered bond companies, was 58.7 (56.0) per cent. For more detailed information, please refer to note 18 “Pro forma results from the interim financial statements”. PAGE 14 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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PARENT BANK’S FINANCIAL STATEMENTS FOR THE SECOND QUARTER OF 2025 Parent bank's results The parent bank’s profit after tax for the second quarter was NOK 901 (596) million. The NOK 305 million improvement in profit compared with the same quarter last year was mainly due to increased dividends from group companies. In addition to higher net interest income, commission income increased, loss costs decreased and the profit contribution from financial assets and liabilities increased. Higher costs pulled in the opposite direction. Net income In the parent bank, the total income was NOK 1 698 (1 277) million for the second quarter. The increase was primarily driven by dividends from group companies, higher net interest income and commission income from the covered bond companies due to the merger, better lending margins, growth in lending and deposit volumes, as well as a new commission model for the covered bond companies. The changed commission model for SpareBank 1 Boligkreditt AS and SpareBank 1 Næringskreditt AS led to a total increase in commission income of NOK 19 million. Weaker deposit margins pulled in the opposite direction. Operating expenses Total operating expenses in the parent bank amounted to NOK 602 (468) million in the second quarter and represented 35.4 (36.7) per cent of total income. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Personnel expenses 268 264 220 532 438 Depreciation and amortisation 35 35 24 70 49 ICT expenses 158 111 96 269 186 Marketing expenses 31 23 23 53 42 Operating expenses from real estate 18 24 14 42 31 Merger costs 20 2 2 22 27 Other expenses 73 81 88 154 145 Total operating expenses 602 540 468 1 142 918 As at 30 June, the parent bank’s growth in operating expenses compared with the same period last year amounted to NOK 224 million, which corresponds to an increase of 24.4 per cent. The growth in costs compared with the same quarter last year was mainly due to inclusion of the former Totens Sparebank’s cost base. During the quarter, a NOK 40 million provision was made for accrued ICT costs for the period 2023 up to the second quarter of 2025 due to the judgment in SpareBank 1 Utvikling DA versus Tietoevry Norway AS. In addition to this, ICT costs related to the SpareBank 1 Alliance’s focus on technology through SpareBank 1 Utvikling also increased. Personnel costs also increased due to wage and staffing growth. Depreciation costs also rose. The increase in merger costs was mainly due to the exit agreement with Eika Gruppen. Other costs decreased due to the inclusion in the second quarter of 2024 of a NOK 30 million provision for an infringement penalty from the Financial Supervisory Authority of Norway. At the same time, increases in consulting costs and losses on receivables pulled in the opposite direction. As at 30 June, the parent bank employed 902 (787) FTEs. The increase was mainly due to the merger with Totens Sparebank. Staffing also increased due to the establishment of a presence in Drammen and strengthening the Direct Bank and the work on business development, regulatory compliance and quality. Impairment losses on loans and guarantees In the second quarter, the parent bank incurred a loss cost of NOK -3 (30) million. Model-generated provisions for credit losses (Stage 1 and Stage 2) were reduced by NOK 20 million due to the period’s growth and migration, as well as the effects of adjusted key assumptions. Individual provisions for credit losses were reduced by NOK 4 million, while the period’s net realised loss was NOK 21 million. For more detailed information about provisions for credit losses, see Note 2 “Accounting policies”, Note 9 “Impairment losses on loans and liabilities” and Note 12 “Provisions for credit losses on loans and liabilities”. Gross lending Gross loans to customers, inclusive of mortgages transferred to the covered bond companies, totalled NOK 223.1 billion as at June 30. Lending growth in the last quarter, inclusive of loans transferred to the covered bond companies, amounted to NOK 3.2 billion. In the second quarter, NOK 2.6 billion of loans transferred to Eika Boligkreditt AS were bought back. Financial strength and capital adequacy As at 30 June, the parent bank’s equity totalled NOK 24.6 (20.6) billion and represented 11.4 (10.8) per cent of total capital. The leverage ratio was 9.8 (9.9) per cent. As at 30 June, the parent bank’s CET1 capital ratio was 22.1 (21.1) per cent. The Tier 1 capital and Tier 2 capital ratios were 24.1 (23.3) per cent and 26.8 (25.9) per cent, respectively. Result from core operations The result from core business is defined as the profit after loan losses, excluding securities effects, dividends and merger expenses. 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Net interest income 1 052 1 054 911 2 106 1 814 Net commission/other operating income 331 292 272 623 510 Total operating costs 582 538 467 1 120 891 Impairment losses on loans and guarantees -3 45 30 43 47 Result from core operations 804 763 686 1 566 1 386 The result from core business for the second quarter was NOK 804 (686) million. The result from core operations increased by NOK 118 million from the same quarter last year, which is equivalent to 17.2 per cent. PAGE 15 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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SUBSIDIARIES SpareBank 1 Finans Østlandet AS 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Net interest income 104 108 97 211 198 Net commission and other op. income 13 14 13 26 26 Net income from associates 0 0 0 0 0 Total operating expenses 35 38 34 73 65 Losses on loans and guarantees 3 7 9 10 25 Pre-tax operating profit 77 77 67 154 133 Tax expense 19 19 17 39 33 Profit after tax 58 58 50 116 100 The financing company SpareBank 1 Finans Østlandet AS (85.1 per cent stake) posted a profit after tax of NOK 58 (50) million for the second quarter. The improvement in profit compared with the same quarter last year was mainly due to higher net interest income and lower costs. Increased operating expenses pulled in the opposite direction and were due to higher costs linked to new developments in the ICT area, as well as general price increases. As at 30 June 2025, gross lending to customers amounted to NOK 12.7 (12.7) billion and the growth in lending in the past 12 months was 0.0 (9.1) per cent. EiendomsMegler Østlandet AS 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Total operating income 129 109 117 238 196 Total operating expenses 112 102 99 215 182 Net financial expenses 1 1 1 2 2 Pre-tax operating profit 15 6 17 21 12 Tax expense 3 1 4 5 3 Profit after tax 12 5 13 16 9 Market share of sale of used homes Innlandet 27.8% 27.9% 25.2% 27.5% 26.7% Market share of sale of used homes Akershus 11.9% 12.6% 11.9% 12.2% 12.0% Market share of sale of used homes Oslo 6.9% 6.9% 6.0% 6.9% 6.0% Number of used homes sold 1 207 1 042 1 148 2 069 1 989 Number of new homes sold 136 228 139 364 230 EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS and EiendomsMegler 1 Innlandet AS merged on 1 May 2025 and changed their name to EiendomsMegler 1 Østlandet AS. The companies merged with accounting effect from 1 January 2025. The merger is intended to create a more powerful single unit, simplify operations and increase interaction. Combined comparable figures are shown for the three companies. EiendomsMegler 1 Østlandet AS posted earnings of NOK 129 (117) million and a profit after tax of NOK 12 (13) million for the second quarter. The decrease in profit compared with the same quarter last year was mainly due to increased costs resulting from sales commissions for real estate brokers, as well as merger costs of NOK 5 million. Higher earnings due to increased home sales pulled in the opposite direction. The number of used homes sold by the company increased by 5 per cent in the second quarter compared with the second quarter last year, while the number of new homes sold by the company fell by 2 per cent. The market shares for sales of used homes were 27.8 (25.2) per cent in Innlandet, 11.9 (11.9) per cent in Akershus and 6.9 (6) per cent in Oslo. As at the end of June, the 12-month housing price growth was 3.8 per cent in Oslo, 3.4 per cent in Akershus and 4.1 per cent in Innlandet. SpareBank 1 ForretningsPartner Østlandet AS – consolidated figures 2Q 1Q 2Q YTD YTD NOK millions 2025 2025 2024 2025 2024 Total operating income 58 56 55 114 106 Total operating expenses 50 51 48 101 95 Net financial expenses 1 1 1 2 2 Pre-tax operating profit 7 4 6 11 9 Tax expense 1 1 1 2 2 Profit after tax 6 3 5 9 7 The SpareBank 1 ForretningsPartner Østlandet Group posted a turnover for the second quarter of NOK 58 (55) million. The group posted a result after tax of NOK 6 (5) million. The improvement in profit compared with the same quarter last year was mainly due to increased earnings, while higher operating expenses pulled in the opposite direction. PAGE 16 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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ASSOCIATED COMPANIES AND JOINT VENTURES SpareBank 1 Gruppen AS SpareBank 1 Gruppen AS (12.40 per cent stake of controlling interest) owns 100 per cent of the shares in SpareBank 1 Forsikring AS, SpareBank 1 Factoring AS and SpareBank 1 Spleis AS. In addition, SpareBank 1 Gruppen AS owns 51.44 per cent of the shares in Fremtind Holding AS, 49 per cent of the shares in LO Favør AS and 68.64 per cent of the shares in Kredinor AS. SpareBank 1 Gruppen posted a consolidated profit after tax of NOK 1 043 (145) million for the second quarter. The controlling interest’s share of the consolidated profit after tax amounted to NOK 585 (6) million and SpareBank 1 Østlandet’s share of this amounted to NOK 73 (0) million. The Group’s return on equity was 19.9 (4.5) per cent for the second quarter. SpareBank 1 Forsikring AS posted a profit after tax for the second quarter of NOK 117 (78) million. The increase in profit from the same period last year was mainly due to higher returns in the company portfolio and a larger portfolio of investment selection agreements. The improvement in profit was due to a good insurance and financial result from the Fremtind Holding Group, as well as a better result from Kredinor. The Fremtind Holding Group posted a profit after tax of NOK 850 (388) million for the second quarter. The improvement in profit was due to a better result from insurance services due to increased premium income, as well as a lower claims frequency. Net income from investments also increased. Higher costs pulled in the opposite direction. SpareBank 1 Forvaltning AS SpareBank 1 Forvaltning AS (6.90 per cent stake) was established in 2021 to improve the SpareBank 1 banks’ competitiveness in the savings market. SpareBank 1 Forvaltning AS posted a consolidated profit after tax of NOK 63 (61) million for the second quarter. The improvement in the results was due to increased income as a result of higher assets under management. Increased operating expenses pulled in the opposite direction. The average assets under management in the funds amounted to NOK 162 (122) billion as at 30 June 2025. The average assets under management covered by discretionary mandates amounted to NOK 44 (35) billion as at 30 June 2025. The profit contribution from the consolidated accounts of SpareBank 1 Forvaltning AS, which is included in the consolidated accounts of SpareBank 1 Østlandet, amounted to NOK 4 (4) million for the second quarter. SpareBank 1 Boligkreditt AS SpareBank 1 Boligkreditt AS (23.63 per cent stake) was established by the banks in the SpareBank 1 Alliance to utilise the market for covered bonds. The banks sell prime housing mortgages to the company and thereby achieve lower funding expenses. The company posted a profit after tax of NOK 95 (167) million for the second quarter. The decrease in profit compared with the same period last year was mainly due to a decrease in the profit contribution from financial assets, as well as a reduction in net interest income, due in part to changes to the commission model. The profit contribution from SpareBank 1 Boligkreditt AS, which is included in the consolidated financial statements of SpareBank 1 Østlandet using the equity method, is adjusted for interest paid on the additional Tier 1 capital that is recognised directly in equity. The profit contribution amounted to NOK 17 (35) million for the second quarter. SpareBank 1 Næringskreditt AS SpareBank 1 Næringskreditt AS (10.89 per cent stake) was established according to the same model, and with the same management, as SpareBank 1 Boligkreditt AS. The company posted a profit after tax of NOK 22 (22) million for the second quarter. Net interest income decreased compared with the same period last year, due in part to changes to the commission model. Lower loss costs pulled in the opposite direction. The profit contribution included in SpareBank 1 Østlandet’s consolidated financial statements for the second quarter amounted to NOK 2 (3) million. Kredittbanken ASA Kredittbanken ASA (17.3 per cent stake) is the SpareBank 1 Alliance and Eika Alliance’s joint credit card and short-term loan venture. The company posted a profit after tax of NOK 16 (6) million for the second quarter. The improvement in the result from the same period last year was mainly due to higher net interest income and income from transactions, including due to the transfer of business from Eika Kredittbank and changes to the commission model. Provisions for credit losses were also reduced compared with the same period last year. Increased operating expenses pulled in the opposite direction. The profit contribution included in SpareBank 1 Østlandet’s consolidated financial statements for the second quarter amounted to NOK 3 (1) million. As at 30 June 2025, the total portfolio in the company was NOK 12 (9) billion. The increase was due to the company’s business transfer of the unsecured loan portfolio from Eika Kredittbank. SpareBank 1 Betaling AS SpareBank 1 Betaling AS (17.26 per cent stake) is the SpareBank 1 Alliance’s joint undertaking for payment solutions. The company manages the SpareBank 1 Alliance’s stake in Vipps AS. The company posted a profit after tax of NOK 11 (-24) million for the second quarter. The improvement in performance was due to a lower negative contribution from Vipps AS. The profit contribution included in SpareBank 1 Østlandet’s consolidated financial statements for the second quarter amounted to NOK -4 (0) million. Of this, NOK -6 million constituted a correction of last year’s result. BN Bank ASA BN Bank ASA (9.99 per cent stake) is a nationwide bank for corporate and retail customers owned by six of the banks in the SpareBank 1 Alliance. BN Bank ASA posted a profit after tax of NOK 252 (220) million for the second quarter. The increase in profit was mainly due to increased net interest income, increased commission income from the covered bond companies and increased dividends from SpareBank 1 Boligkreditt AS. Increased operating expenses and loss costs pulled in the opposite direction. The profit contribution from BN Bank ASA, which is included the consolidated accounts for SpareBank 1 Østlandet using the equity method, is adjusted for interest paid on the additional Tier 1 capital that is recognised directly in equity. The profit contribution for the second quarter amounted to NOK 24 (21) million. For more information about the financial statements of the various companies, please see the interim reports that are available on the companies’ own websites. PAGE 17 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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OUTLOOK SpareBank 1 Østlandet’s ambition is to be the bank of the future. Our services must be customer-focused and contribute to sustainable value creation in local communities. Our ambition represents acknowledgment of the fact that the financial services group of the future will be data driven, albeit where an approach that focuses on building strong relationships with customers will continue to be key in increasing loyalty and competitive advantages. The Bank’s future strategy work will concentrate on four measures designed to win the trust of customers and strengthen our position: Simplification: The Bank wants to simplify the everyday lives of our customers and employees via measures that increase both customer satisfaction and employee efficiency. Redesign: The Bank wants to change customer journeys via bespoke solutions and technology for our customers and further developing our customer service structure. The Alliance: The Bank wants to organise and facilitate its operations such that they reinforce its role as a premise-setter and participant in the SpareBank 1 alliance. Modernisation: The Bank’s organisation will be modernised to ensure clear ownership and efficiency in processes and projects, while also ensuring optimised resource utilisation with a strong focus on costs. The bank of the future will have to deliver the best financial services through simple, secure digital solutions in combination with capable, committed and locally- based advisers. Together with our customers, the Bank wants to create sustainable assets that in turn benefit local communities, employees and owners. One of SpareBank 1 Østlandet’s strategic goals is to have one of the most attractive equity capital certificates on the Oslo Børs. This goal underscores the importance of the Bank delivering on its financial targets. The Bank’s profitability is key to achieving such a goal and the long-term profitability target is a return on equity of at least 13 per cent. This is an ambitious goal that will require efficiency at every stage of operations and require us to prioritise how capital is used. Implementation of the Bank’s strategy will be key to the actual achievement of the goal. In light of how the Bank’s costs have developed over the past year and the profitability target, the Board emphasises the importance of good cost control going forward. In connection with the revised strategy towards 2028, cost efficiency will be a central topic. One tool for effective capital use is a flexible dividend policy. The long-term ambition is a dividend payout ratio of at least 50 per cent. This has been combined with a target for financial strength that entails a regulatory capital adequacy of 1 percentage point above the regulatory requirement. At the end of the second quarter of 2025, the Bank's capital adequacy ratio was well above its financial strength target. The Board of Directors views with concern the greater regulatory uncertainty due to the Saving Bank Commission’s proposed changes to the capital structure regulations for Norwegian savings banks. The sum of the submitted proposals may, if adopted, weaken the position of savings banks in Norway. Over time, this may have adverse consequences for the regional offering of credit and financial services. The Board wants the authorities to work towards a regulatory framework that facilitates a diverse banking sector that ensures people will want to live and work in Norway and all of its regions. The Board also wants to ensure that any changes to the regulations for savings banks are not greater than required, and that any changes implemented are actually necessary in light of current European regulations. The strategy and financial targets must be delivered within a framework of social development that is both full of contrasts and demanding. Geopolitical unrest and an emerging trade war provide a serious backdrop for the Norwegian economy. At the same time, the effects of the climate and nature crisis are becoming ever more apparent. The economic situation has long been characterised by higher inflation and interest rates than normal, high and at times fluctuating energy prices and relatively poor economic growth. Many households and companies have felt elevated levels of uncertainty about the future. More people are facing a challenging situation with regard to their personal finances. Norges Bank cut its policy rate by 0.25 percentage points in June and is indicating that there will be a further two cuts in 2025. Norges Bank and Statistics Norway also expect household wage growth to be higher than consumer price inflation in 2025, like the previous year. Overall, lower borrowing costs and higher real wages combined with continued low unemployment suggest that household finances will improve going forward. Better household finances will be positive for companies in the market area. This could contribute to better earnings, growth in housing and corporate investments, and an increase in demand for credit. At the same time, the situation will improve gradually, and many companies will continue to have to eat into their reserves. Higher trade barriers could also result in lower economic growth globally, with negative consequences for Norwegian companies, including in the Bank’s market area. Overall, the Bank’s opportunities for growth are still considered strong over the long-term, thanks to its well-established market position with high customer satisfaction, a solid capital situation, and a competent organisation present where customers want to meet us. The merger with Totens Sparebank has provided the Bank with a greater presence and growth potential in the Mjøs region. The establishment of a new branch in Drammen further strengthens the Bank’s market position. The Bank’s lending practices are conservative. However, this does not mean that some customers will not experience financial challenges, as also reflected by the Bank’s provisions for credit losses in recent years. In such a situation, a bank with in-depth local knowledge offering good professional advice is especially valuable for customers. The Bank will help with good solutions for its customers, including those experiencing tougher times. It is in challenging times that the savings bank model has proved to be successful and in which the Bank has built up its strong position. The Board of Directors is confident that both the region and the Bank are well prepared to take advantage of any opportunities the market offers. The Board of Directors of SpareBank 1 Østlandet Hamar, 6. August 2025 PAGE 18 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Income statement Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 NOK millions Notes 2025 2024 2025 2024 2024 8 488 4 078 4 643 2 067 2 336 Interest income effective interest method 5 2 445 2 171 4 895 4 289 8 943 2 093 968 1 164 498 590 Other interest income 5 590 498 1 166 968 2 095 6 775 3 232 3 701 1 654 1 874 Interest expenses 5 1 876 1 661 3 729 3 244 6 824 3 806 1 814 2 106 911 1 052 Net interest income 1 159 1 008 2 332 2 013 4 213 1 207 560 687 296 366 Commission income 6 500 418 934 766 1 614 124 60 76 29 40 Commission expenses 6 40 30 76 60 124 23 10 13 5 5 Other operating income 6 59 57 119 110 200 1 106 510 623 272 331 Net commissions and other operating income 519 446 976 815 1 690 61 47 50 19 49 Dividends from shares and other equity instruments 7 49 19 50 47 61 114 140 431 17 186 Net income from subsidiaries, associates and joint ventures (Parent Bank) 7 Net income from associates and joint ventures (Group) 7 121 67 211 142 660 331 186 94 58 80 Net profit from other financial assets and liabilities 7 78 55 87 183 321 507 372 575 94 315 Net profit from financial assets and liabilities 248 142 348 372 1 042 5 420 2 696 3 305 1 277 1 698 Total net income 1 927 1 596 3 656 3 200 6 946 939 438 532 220 268 Personnel expenses 8 400 341 795 668 1 404 105 49 70 24 35 Depreciation and impairment 8 39 29 79 59 154 867 431 540 223 299 Other operating expenses 8 346 266 632 508 1 036 1 911 918 1 142 468 602 Total operating expenses 785 636 1 505 1 235 2 595 3 508 1 778 2 163 809 1 096 Operating profit before losses on loans and guarantees 1 141 960 2 151 1 965 4 351 254 47 43 30 -3 Impairment losses on loans and guarantees 9 1 39 52 72 299 3 254 1 731 2 120 779 1 099 Pre-tax operating profit 1 140 921 2 099 1 893 4 052 630 278 265 182 198 Tax expense 224 205 315 317 696 2 624 1 453 1 855 596 901 Profit after tax 917 716 1 784 1 576 3 356 Hybrid Capital Owner's share of profit after tax (Interest on hybrid capital) 34 30 69 50 120 Profit after tax for controlling ownership interest 874 678 1 697 1 511 3 206 Profit after tax for non-controlling ownership interest 9 8 17 15 30 Profit after tax 917 716 1 784 1 576 3 356 Earnings/diluted earnings per equity certificate (in NOK) 4.71 4.09 9.14 9.13 19.07 Earnings/diluted earnings per average equity certificate (in NOK) 4.71 4.09 9.14 9.13 18.94 PAGE 19 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement of other comprehensive income Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 NOK millions 2025 2024 2025 2024 2024 2 624 1 453 1 855 596 901 Profit after tax 917 716 1 784 1 576 3 356 -1 0 0 0 0 Actuarial gains/losses on pensions 0 0 0 0 -1 0 0 0 0 0 Tax effects of actuarial gains/losses on pensions 0 0 0 0 0 Share of other comprehensive income from associated companies and joint ventures 1 -11 2 2 6 -1 0 0 0 0 Total items that will not be reclassified through profit 1 -11 2 2 5 1 0 -2 -1 -2 Net fair value adjustments on loans -2 -1 -2 0 1 0 0 0 0 1 Tax effects related to the above 1 0 0 0 0 -46 -24 5 -11 -3 Fair value changes on hedge derivatives due to changes in the currency basis spread -3 -11 5 -24 -46 12 6 -1 3 1 Tax effects related to the above 1 3 -1 6 12 Share of other comprehensive income from associates and joint ventures -3 -20 29 -67 -154 -34 -17 3 -9 -4 Total items that will be reclassified through profit -7 -29 32 -84 -188 -35 -17 3 -9 -4 Total profit and loss -6 -40 34 -83 -183 2 590 1 436 1 858 588 898 Total profit for the period 911 676 1 818 1 493 3 174 Hybrid Capital Owner's share of profit after tax (Interest on hybrid capital) 34 30 69 50 120 Profit after tax for controlling ownership interest 869 638 1 732 1 428 3 023 Profit after tax for non-controlling ownership interest 9 8 17 15 30 Total profit for the period 911 676 1 818 1 493 3 174 PAGE 20 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Balance sheet Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 NOK millions Notes 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 ASSETS 567 609 666 Cash and deposits with central banks 666 609 567 13 625 16 737 15 244 Loans to and receivables from credit institutions 10 4 809 6 186 2 845 143 317 125 319 144 710 Loans to and receivables from customers 11, 12 157 286 137 821 158 197 35 730 36 154 41 111 Certificates, bonds and fixed-income funds 14 41 111 36 154 35 542 2 144 1 997 1 929 Financial derivatives 13, 14 1 929 1 997 2 144 1 427 1 014 898 Shares and other equity interests 14 776 895 1 305 5 792 5 457 6 511 Investments in associates and joint ventures 7 517 6 015 6 766 2 308 1 900 2 329 Investments in subsidiaries 1 136 69 1 126 Goodwill and other intangible assets 1 415 400 1 433 468 412 485 Property, plant and equipment 756 601 688 520 772 1 250 Other assets 1 648 1 140 1 082 207 033 190 440 216 257 Total assets 217 913 191 818 210 567 Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 NOK millions Notes 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 LIABILITIES 3 672 2 663 2 425 Deposits from and liabilities to credit institutions 10 2 070 2 627 3 142 128 326 115 393 138 436 Deposits from and liabilities to customers 15 138 413 115 359 128 270 44 719 46 190 44 204 Liabilities arising from issuance of securities 14, 16 44 204 46 190 46 816 1 646 2 016 1 565 Financial derivatives 13, 14 1 565 2 016 1 646 552 226 240 Current tax liabilities 305 243 608 476 367 478 Deferred tax liabilities 643 515 640 798 755 1 722 Other debt and liabilities recognised in the balance sheet 1 970 945 985 2 220 2 180 2 621 Subordinated loan capital 16 2 649 2 207 2 247 182 407 169 790 191 692 Total liabilites 191 819 170 102 184 354 EQUITY CAPITAL 6 793 5 791 6 793 Equity capital certificates 6 793 5 791 6 793 2 682 848 2 682 Premium fund 2 682 848 2 682 5 504 6 078 6 852 Dividend equalisation fund 6 852 6 078 5 504 1 399 0 0 Allocated to dividends and other equity capital 0 0 1 399 5 275 5 425 5 769 Primary capital 5 943 5 425 5 275 174 0 174 Compensation fund 174 0 174 512 0 0 Allocated to dividends customer return 0 0 512 35 35 46 Provision for gifts 46 35 35 451 574 398 Fund for unrealised gains 398 574 451 1 800 1 899 1 850 Hybrid capital 1 871 1 920 1 821 Other equity 1 056 767 1 274 Non-controlling interests 279 279 293 24 626 20 650 24 565 Total equity capital 26 095 21 716 26 213 207 033 190 440 216 257 Total equity capital and liabilities 217 913 191 818 210 567 The Board of Directors of SpareBank 1 Østlandet Hamar, 6. August 2025 PAGE 21 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement of change in equity Controlling interests Group Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisation funds 2) Compensation- fund Provision for gifts Fund for unrealised gains Other equity Hybrid capital Non-controlling interests Total equity capital Equity capital as of 31 December 2024 6 793 2 682 5 787 6 904 174 35 451 1 274 1 821 293 26 213 Profit after tax 512 1 397 -53 -88 17 1 784 Other comprehensive income after tax Actuarial gains on pensions 0 0 0 Net fair value adjustments on loans 0 -1 -1 Fair value changes on hedge derivatives due to changes in the currency basis spread 1 3 4 Share of other comprehensive income from associated companies and joint ventures 31 31 Total profit after tax 513 1 399 -53 -57 17 1 818 Other transactions Dividend paid -470 -1 399 -30 -1 899 Donations distributed from profit 2024 -30 -30 Grants from provision for gifts in 2025 -12 11 -1 Hybrid capital 50 50 Interest on hybrid capital -18 -50 -1 -69 Effects directly in equity from associated companies and joint ventures 13 13 Equity capital as of 30 June 2025 6 793 2 682 5 769 6 852 174 46 398 1 230 1 871 279 26 095 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. PAGE 22 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement of change in equity (cont.) Controlling interests Group Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisation funds 2) Provision for gifts Fund for unrealised gains Other equity Hybrid capital Non-controlling interests Total equity capital Equity capital as of 31 December 2023 5 791 848 5 413 6 049 38 519 734 1 000 267 20 660 Profit after tax 420 978 54 108 15 1 576 Other comprehensive income after tax Actuarial gains on pensions 0 0 0 Net fair value adjustments on loans 0 0 0 Fair value changes on hedge derivatives due to changes in the currency basis spread -5 -12 -18 Share of other comprehensive income from associated companies and joint ventures -65 -65 Total profit after tax 415 966 54 42 15 1 493 Other transactions Dividend paid -381 -903 -4 -1 288 Donations distributed from profit 2023 -6 -6 Grants from provision for gifts in 2024 -3 -3 Hybrid capital 919 919 Interest on hybrid capital -15 -34 0 -50 Effects directly in equity from associated companies and joint ventures -9 -9 Equity capital as of 30 June 2024 5 791 848 5 425 6 078 35 574 767 1 919 279 21 716 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. PAGE 23 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Controlling interests Group Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisation funds 2) Compensation- fund Provision for gifts Fund for unrealised gains Other equity Hybrid capital Non-controlling interests Total equity capital Equity capital as of 31 December 2023 5 791 848 5 412 6 049 0 38 519 734 1 000 267 20 660 Profit after tax 791 1 901 -68 702 30 3 356 Other comprehensive income after tax Actuarial gains on pensions 0 -1 -1 Net fair value adjustments on loans 0 1 1 Fair value changes on hedge derivatives due to changes in the currency basis spread -10 -24 -35 Share of other comprehensive income from associated companies and joint ventures -148 -148 Total profit after tax 781 1 877 -68 554 30 3 173 Other transactions Dividend paid -381 -903 -4 -1 288 Donations distributed from profit 2023 -6 -6 Grants from provision for gifts in 2024 -3 -3 Merging with Totens Sparebank 1 002 1 835 16 -34 174 100 3 091 Hybrid capital 721 721 Interest on hybrid capital -35 -85 -1 -120 Effects directly in equity from associated companies and joint ventures -13 -13 Equity capital as of 31 December 2024 6 793 2 682 5 787 6 903 174 35 451 1 274 1 821 293 26 213 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. Statement of change in equity (cont.) PAGE 24 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement of change in equity (cont.) Parent bank Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisati- on funds 2) Compensation- fund Provision for gifts Fund for unrealised gains Hybrid capital Total equity capital Equity capital as of 31 December 2024 6 793 2 682 5 787 6 904 174 35 451 1 800 24 626 Profit after tax 512 1 397 -53 1 855 Other comprehensive income after tax Actuarial gains on pensions 0 0 0 Net fair value adjustments on loans 0 -1 -1 Fair value changes on hedge derivatives due to changes in the currency basis spread 1 3 4 Total profit after tax 513 1 399 -53 1 858 Other transactions Net dividend paid -470 -1 399 -1 870 Donations distributed from profit 2024 -30 -30 Grants from provision for gifts in 2025 -12 11 -1 Hybrid capital 50 50 Interest on hybrid capital -18 -50 -68 Equity capital as of 30 June 2025 6 793 2 682 5 769 6 853 174 46 398 1 850 24 565 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. PAGE 25 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Parent bank Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisation funds 2) Provision for gifts Fund for unrealised gains Hybrid capital Total equity capital Equity capital as of 31 December 2023 5 791 848 5 412 6 049 38 519 1 000 19 658 Profit after tax 420 978 54 1 453 Other comprehensive income after tax Actuarial gains on pensions 0 0 0 Net fair value adjustments on loans 0 0 0 Fair value changes on hedge derivatives due to changes in the currency basis spread -5 -12 -18 Total profit after tax 415 966 54 1 436 Other transactions Dividend paid -381 -903 -1 285 Donations distributed from profit 2023 -6 -6 Grants from provision for gifts in 2024 -3 -3 Hybrid capital 899 899 Interest on hybrid capital -15 -34 -49 Equity capital as of 30 June 2024 5 791 848 5 425 6 078 35 574 1 899 20 650 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. Statement of change in equity (cont.) PAGE 26 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement of change in equity (cont.) Parent bank Paid-up equity Earned equity capital NOK millions Equity certificates Premium fund Primary capital 1) Dividend equalisati- on funds 2) Compensation- fund Provision for gifts Fund for unrealised gains Hybrid capital Total equity capital Equity capital as of 31 December 2023 5 791 848 5 412 6 049 0 38 519 1 000 19 658 Profit after tax 791 1 901 -68 2 624 Other comprehensive income after tax Actuarial gains on pensions 0 -1 -1 Net fair value adjustments on loans 0 1 1 Fair value changes on hedge derivatives due to changes in the currency basis spread -10 -24 -35 Total profit after tax 781 1 877 -68 2 590 Other transactions Dividend paid -381 -903 -1 285 Donations distributed from profit 2023 -6 -6 Grants from provision for gifts in 2024 -3 -3 Merging with Totens Sparebank 1 002 1 835 16 -34 174 100 3 091 Hybrid capital 700 700 Interest on hybrid capital -35 -85 -119 Equity capital as of 31 December 2024 6 793 2 682 5 788 6 904 174 35 451 1 800 24 626 1) Amounts transferred to primary capital as of 31.12 include provisioned customer dividends and proposed gifts. 2) Amounts transferred to dividend equalization funds as of 31.12 include provisioned dividends. PAGE 27 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Cash flow statement Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 NOK millions 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 -4 874 -3 966 -1 271 Change in gross lending to customers 1 099 -4 828 -5 620 7 743 3 791 4 414 Interest receipts from lending to customers 4 955 4 299 8 801 10 256 8 763 10 110 Change in deposits from customers 10 143 8 824 10 296 -3 979 -1 938 -2 410 Interest payments on deposits from customers -2 427 -1 950 -4 004 575 -2 503 -2 739 Change in receivables and debt from credit institutions -2 915 -2 660 958 689 330 360 Interest on receivables and debt to financial institutions 82 34 82 -1 404 -7 080 -5 403 Change in certificates and bonds -5 596 -7 080 -1 216 1 818 859 962 Interest receipts from commercial papers and bonds 964 857 1 820 1 106 510 624 Commission receipts 976 815 1 690 540 221 116 Capital gains from sale on trading 106 218 530 -1 783 -869 -1 072 Payments for operations -1 427 -1 176 -2 418 -491 -491 -575 Taxes paid -615 -491 -563 -3 176 -616 656 Other accruals 1 106 15 -3 204 7 019 -2 988 3 772 Net change in liquidity from operations (A) 6 452 -3 121 7 152 18 0 0 Cash and cash equivalents from aquistion 0 0 18 -314 -26 -76 Investments in tangible fixed assets -147 -50 -232 0 0 0 Receipts from sale of tangible fixed assets 26 19 39 -557 -524 -719 Long term investments in shares -719 -405 -807 0 0 7 Payment from long-term investments 7 0 0 177 186 482 Dividends from long-term investments in equities 268 157 148 -676 -364 -307 Net cash flow from investments (B) -564 -278 -834 Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 NOK millions 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 7 525 5 775 2 000 Debt raised by issuance of secutities 2 000 5 775 7 525 600 1 000 400 Debt raised by subordinated loan capital 400 1 028 628 1 000 1 000 400 Equity raised by hybrid capital 400 1 021 1 021 -10 671 -982 -2 497 Repayments of issued securities -4 887 -982 -10 671 -400 -238 0 Repayments of issued subordinated loan capital 0 -238 -400 -300 -100 -350 Repayments of hybrid capital -350 -100 -300 -2 399 -1 167 -1 146 Interest payments on securities issued -1 169 -1 167 -2 421 -133 -61 -74 Interest payments on subordinated loans -75 -61 -134 -119 -49 -68 Interest payments on hybrid capital -69 -50 -120 -43 -20 -14 Lease payments -18 -19 -42 -20 -10 -20 Payments arising from placements in subsidiaries 0 0 0 -903 -903 -1 399 Payment of dividend -1 429 -907 -907 -381 -381 -470 Payment of customer dividend -470 -381 -381 -10 -4 -1 Donations -1 -4 -10 -6 256 3 859 -3 240 Net cash flow from financing (C) -5 668 3 915 -6 213 87 507 225 CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) 221 516 105 1 355 1 355 1 442 Cash and cash equivalents at 1 January 1 460 1 355 1 355 1 442 1 862 1 667 Cash and cash equivalents at the end of the period 1 680 1 871 1 460 Cash and cash equivalents at comprise: 567 609 666 Cash and deposits with central banks 666 609 567 875 1 253 1 001 Deposits etc. at call with banks 1 014 1 262 893 1 442 1 862 1 667 Cash and cash equivalents at the end of the period 1 680 1 871 1 460 PAGE 28 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Notes Note 1 General information 30 Note 2 Accounting principles 31 Note 3 Segment information 33 Note 4 Capital adequacy 38 Note 5 Net interest income 40 Note 6 Net commissions and other operating income 41 Note 7 Net profit from financial assets and liabilities 42 Note 8 Other operating expenses 43 Note 9 Provisions for credit losses 44 Note 10 Credit institutions 45 Note 11 Loans to and receivables from customers 46 Note 12 Accumulated provisions for expected credit losses 54 Note 13 Financial derivatives 57 Note 14 Financial instruments at fair value 58 Note 15 Deposits from and liabilities to customers 60 Note 16 Debt securities issued 61 Note 17 Earnings per equity captial certificate 63 Note 18 Pro forma results from quarterly accounts 64 Note 19 Events occuring after the balance sheet date 66 PAGE 29 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 1 General information The group SpareBank 1 Østlandet consists of the parent bank SpareBank 1 Østlandet and the following companies: Subsidiaries 30 June 2025 30 June 2024 SpareBank 1 Finans Østlandet AS 85.10 85.10 EiendomsMegler 1 Innlandet AS 1) 0.00 100.00 EiendomsMegler 1 Østlandet AS 1) 100.00 100.00 Youngstorget 5 AS 100.00 100.00 AS Vato 100.00 100.00 SpareBank 1 ForretningsPartner Østlandet AS 100.00 100.00 Vallehaven AS 100.00 0.00 Totens Sparebank Boligkreditt AS 100.00 0.00 SpareBank 1 Østlandet Verdigjenvinning AS 100.00 0.00 Investments in second tier subsidiaries 30 June 2025 30 June 2024 EiendomsMegler 1 Oslo AS 1) 0.00 100.00 Siffer Norge AS 100.00 100.00 Investments in associated companies 30 June 2025 30 June 2024 Kredittbanken ASA 17.30 19.36 SpareBank 1 Boligkreditt AS 23.63 23.45 SpareBank 1 Næringskreditt AS 10.89 12.78 SpareBank 1 Betaling AS 17.26 18.10 BN Bank ASA 9.99 9.99 SpareBank 1 Forvaltning AS 6.90 6.25 SpareBank 1 Bank og Regnskap AS 25.00 25.00 SpareBank 1 Gjeldsinformasjon AS 14.07 14.07 Investments in associated companies in subsidiaries 30 June 2025 30 June 2024 SpareBank 1 Mobilitet Holding AS 30.66 30.66 Investments in joint ventures 30 June 2025 30 June 2024 SpareBank 1 Gruppen AS 12.40 12.40 SpareBank 1 Utvikling DA 18.00 18.00 1) EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS, and EiendomsMegler 1 Innlandet AS merged with accounting effect from January 1 2025 and changed their name to EiendomsMegler 1 Østlandet AS. CHANGES IN GROUP COMPOSITION IN 2025 First quarter SpareBank 1 Østlandet aquired 100 percent of the shares in SpareBank 1 Østlandet Verdigjennvinning AS. A private placement in Kredittbanken ASA resulted in SpareBank 1 Østlandet reducing its ownership stake from 20.5 percent to 17.3 percent as of 1 January 2025. The loan portfolio of the subsidiary Totens Sparebank Boligkreditt AS, amounting to NOK 2.3 billion, was aquired by the parent bank in the first quarter. Totens Sparebank Boligkreditt AS is expected to be liquidated in the third quarter of 2025. Second quarter EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS, and EiendomsMegler 1 Innlandet AS merged on May 1st with accounting effect from January 1st, and simultaneously changed their name to EiendomsMegler 1 Østlandet AS. A private placement in SpareBank 1 Boligkreditt AS resulted in an increase in SpareBank 1 Østlandet's ownership stake from 23.2 percent to 23.6 percent as of 10 June 2025. PAGE 30 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 2 Accounting principles BASIS FOR PREPARATION SpareBank 1 Østlandet prepares its interim reports in accordance with the Stock Exchange Regulations, stock exchange rules and International Financial Reporting Standards (IFRS) as approved by the EU, including IAS 34 – Interim Financial Reporting. The presentation currency is NOK (Norwegian kroner), which is also the functional currency of all the units in the Group. All amounts are in NOK million unless otherwise stated. The condensed interim financial statements do not include all the information required in full annual financial statements and should be read in conjunction with the financial statements for 2024. New standards and interpretations that have been applied The Group has applied the same accounting policies and methods of calculation in this interim report as in the last annual financial statements. No new standards and interpretations have been adopted in the second quarter of 2025. IMPORTANT ACCOUNTING ESTIMATES AND DISCRETIONARY ASSESSMENTS In preparing consolidated financial statements, management makes estimates, discretionary assessments and assumptions which influence the effect of applying the accounting policies. This will in turn affect the recognised amounts for assets, liabilities, income and costs. For more detailed information, see Note 2 of the annual financial statements for 2024. Losses on loans Reference is made to Note 9 «Provisions for credit losses» in the 2024 annual report for a detailed description of the loan loss model applied in accordance with IFRS 9. The model is based on several critical estimates, particularly related to the definition of significant increase in credit risk and key assumptions in the overall loss model used to calculate model-based loss provisions (stage 1 and stage 2). The definition of significant increase in credit risk remains unchanged from the previous annual report. Further details on the assessment of significant increase in credit risk are provided in Note 9 of the 2024 annual report. The bank's loss model uses regression analysis and simulation to estimate expected credit loss (ECL). Probability of default (PD) is projected based on expected developments in money market interest rates and unemployment, while loss given default (LGD) is simulated based on collateral values and expected price developments for various collateral objects. Norges Bank's periodic publications - the Monetary Policy Report and Financial Stability Report - are used as primary sources for explanatory variables in the expected scenario. Assumptions in the downside scenario are based on the Norwegian Financial Supervisory Authority's stress test in Risk Outlook Report June 2025. Management's assessments of expected developments in PD and LGD as of 30 June 2025 are based on macroeconomic forecasts from Monetary Policy Report (MPR) 2/2025 and Financial Stability Report (FSR) 2025 H1. In MPR 2/2025, Norges Bank made a marginal downward adjustment to the interest rate path for 2025-2026 and a slight upward adjustment for 2027- 2028. Expected unemployment was slightly higher than in the previous report, and expected housing price developments were revised downward. FSR 2025 H1 indicated a flat development in commercial property prices over the coming year, followed by moderate growth throughout the forecast period. PAGE 31 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 2 Accounting principles (cont.) The figures below show estimated development for the most important macro assumptions in the loss model's three scenarios. Changes in macroeconomic assumptions compared to the previous quarter resulted in marginal isolated effects on estimated future default levels and loss rates. Overall, changes in macro assumptions and adjustments to model parameters led to a reduction in ECL of NOK 13 million, see Note 9. As of 30 June 2025, ECL was calculated as a weighted combination of 80 percent expected scenario, 10 percent downside scenario, and 10 percent upside scenario, consistent with the previous quarter. The table below shows the calculated ECL for the three scenarios in isolation, broken down by the retail and corporate segments in the parent bank. It also includes corresponding calculations for the subsidiary SpareBank 1 Finans Østlandet. ECL for the parent bank and subsidiary, adjusted for group eliminations, is presented in the «Group» column. The table also includes four alternative scenario weightings. 30 June 2025 Retail market Corporate market Parent Bank SpareBank 1 Finans Østlandet Group ECL in expected scenario 107 768 875 92 966 ECL in downside scenario 233 1 271 1 504 173 1 676 ECL in upside scenario 91 662 753 72 824 ECL with used scenario weighting 80/10/10 per cent 118 807 926 102 1 027 ECL with alternative scenario weighting 75/15/10 per cent 125 833 957 102 1 059 ECL with alternative scenario weighting 70/20/10 per cent 131 858 989 106 1 094 ECL with alternative scenario weighting 65/25/10 per cent 137 883 1 020 110 1 130 ECL with alternative scenario weighting 60/30/10 per cent 136 908 1 052 114 1 165 Reference is also made to note 9 «Provisions for credit losses», where the loss cost effects per segment of the various changes in the model assumptions in isolation are shown in tabular form. FIG. 1 Money market interes rate (3M NIBOR) Level (percent) FIG. 3 Price development, residential properties Level (index, year 0=100) FIG. 2 Unemployment (AKU) Level (percent) FIG. 4 Price development, commercial properties Level (index, year 0=100) 0 year 1 year 2 year 3 year 4 year 5 year Expected 4.3% 4.2% 3.6% 3.3% 3.3% 3.0% Upside 4.3% 3.6% 2.5% 2.5% 2.8% 3.0% Downside 4.3% 5.7% 7.6% 7.1% 6.1% 3.0% 0 year 1 year 2 year 3 year 4 year 5 year Expected 100 106 114 121 126 131 Upside 100 110 118 125 130 135 Downside 100 84 78 75 77 80 0 year 1 year 2 year 3 year 4 year 5 year Expected 4.0% 4.2% 4.3% 4.3% 4.2% 3.9% Upside 4.0% 3.2% 3.2% 3.2% 3.5% 3.9% Downside 4.0% 4.2% 5.1% 6.1% 6.4% 3.9% 0 year 1 year 2 year 3 year 4 year 5 year Expected 100 100 104 107 109 112 Upside 100 104 108 111 113 116 Downside 100 76 65 59 60 79 Expected Upside Downside Expected Upside Downside 2 3 4 5 6 7 8 0 year 2 year1 year 3 year 4 year 5 year 3 4 5 6 7 8 0 year 2 year1 year 3 year 4 year 5 year 60 90 120 150 0 year 2 year1 year 3 year 4 year 5 year 40 60 80 100 120 0 year 2 year1 year 3 year 4 year 5 year PAGE 32 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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2nd quarter 2025 Retail division Corporate division SpareBank 1 Finans Østlandet Group EiendomsMegler 1 Østlandet AS 1) SpareBank 1 Forretnings- Partner Østlandet Group Totens Sparebank Boligkreditt AS Other operations/ eliminations Total Income statement Net interest income 494 530 104 -1 -1 5 29 1 159 Net commissions and other operating income 273 62 13 129 58 0 -16 519 Net income from financial assets and liabilities 38 15 0 0 0 0 195 248 Operating expenses 410 183 35 112 50 0 -6 785 Profit before losses 396 424 81 15 7 4 214 1 141 Impairment losses on loans and guarantees -4 1 3 0 0 -1 0 1 Pre-tax operating profit 400 423 77 15 7 5 214 1 140 Tax expense 65 102 19 3 1 1 31 224 Profit/loss after tax 334 321 58 12 6 4 183 917 Balance sheet Gross lending to customers 88 111 57 676 12 742 0 0 0 -270 158 259 Provisions for credit losses -81 -790 -102 0 0 0 0 -974 Other assets 4 570 1 162 177 295 221 396 53 806 60 628 Total assets 92 600 58 049 12 816 295 221 396 53 536 217 914 0 Deposits from and liablilities to customers 79 597 54 931 2 0 20 0 3 863 138 413 Other liabilities and equity 13 003 3 118 12 814 295 201 396 49 673 79 501 Total equity capital and liabilities 92 600 58 049 12 816 295 221 396 53 536 217 914 1) EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS, and EiendomsMegler 1 Innlandet AS merged with accounting effect from January 1 2025 and changed their name to EiendomsMegler 1 Østlandet AS. Note 3 Segment information This segment information is linked to the way the Group is governed through reporting on performance and capital, authorisations and routines. Reporting on segments is divided into following areas retail market (RM), corporate market (CM) incl. organization market, real estate brokerage, leasing, accounting and consulting services and other operations. Reviews: • Real estate brokerage, leasing, financing and accounting are organised as independent companies. • Tax expense for RM and CM is calculated as 25 per cent of the segment's share of Pre-tax operating profit and then deducted with the segment’s share of the taxeffect in relation to customer dividends. • Operating expenses in RM and CM includes its share of shared expences. • Net commission and other income in RM and CM includes its share for shared income. • Group eliminations arise together with other operations in a seperate column PAGE 33 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 3 Segment information (cont.) 2nd quarter 2024 Retail division Corporate division SpareBank 1 Finans Østlandet Group EiendomsMegler 1 Innlandet AS EiendomsMegler 1 Oslo Akershus Group SpareBank 1 Forretnings- Partner Østlandet Group Other operations/ eliminations Total Income statement Net interest income 421 451 97 -1 0 -1 41 1 008 Net commissions and other operating income 214 50 13 50 67 55 -4 446 Net income from financial assets and liabilities 26 16 0 0 0 0 100 142 Operating expenses 307 146 34 41 57 48 3 636 Profit before losses 355 372 76 8 10 6 134 960 Impairment losses on loans and guarantees 5 25 9 0 0 0 0 39 Pre-tax operating profit 350 347 67 8 10 6 134 921 Tax expense 60 84 17 2 2 1 39 205 Profit/loss after tax 290 263 50 6 7 5 95 716 Balance sheet Gross lending to customers 77 076 49 013 12 747 1 0 0 -328 138 509 Provisions for credit losses -55 -469 -163 0 0 0 -1 -688 Other assets 3 385 1 458 169 109 151 232 48 492 53 997 Total assets 80 406 50 002 12 753 110 151 232 48 164 191 818 Deposits from and liablilities to customers 66 066 45 400 4 0 0 0 3 890 115 359 Other liabilities and equity 14 340 4 602 12 749 110 151 232 44 274 76 459 Total equity capital and liabilities 80 406 50 002 12 753 110 151 232 48 164 191 818 PAGE 34 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 3 Segment information (cont.) Year to date 2025 Retail division Corporate division SpareBank 1 Finans Østlandet Group EiendomsMegler 1 Østlandet AS 1) SpareBank 1 Forretnings- Partner Østlandet Group Totens Sparebank Boligkreditt AS Other operations/ eliminations Total Income statement Net interest income 994 1 065 211 -2 -2 15 51 2 332 Net commissions and other operating income 502 125 26 238 114 -2 -28 976 Net income from financial assets and liabilities 73 29 0 0 0 -2 247 348 Operating expenses 769 354 73 215 101 3 -10 1 505 Profit before losses by segment 800 866 165 21 11 8 280 2 151 Impairment losses on loans and guarantees -6 48 10 0 0 -1 0 52 Profit / loss per segment before tax 806 818 154 21 11 9 280 2 099 Tax expense 132 198 39 5 2 2 -62 315 Profit/loss per segment after tax 674 620 116 16 9 7 342 1 784 Balance sheet Gross lending to customers 88 111 57 676 12 742 0 0 0 -270 158 259 Provisions for credit losses -81 -790 -102 0 0 0 0 -974 Other assets 4 570 1 162 177 295 221 396 53 806 60 628 Total assets per segment 92 600 58 049 12 816 295 221 396 53 536 217 914 Deposits from and liablilities to customers 79 597 54 931 2 0 20 0 3 863 138 413 Other liabilities and equity 13 003 3 118 12 814 295 201 396 49 673 79 501 Total equity capital and liabilities per segment 92 600 58 049 12 816 295 221 396 53 536 217 914 1) EiendomsMegler 1 Oslo AS, EiendomsMegler 1 Oslo Akershus AS, and EiendomsMegler 1 Innlandet AS merged with accounting effect from January 1 2025 and changed their name to EiendomsMegler 1 Østlandet AS. PAGE 35 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 3 Segment information (cont.) Year to date 2024 Retail division Corporate division SpareBank 1 Finans Østlandet Group EiendomsMegler 1 Innlandet AS EiendomsMegler 1 Oslo Akershus Group SpareBank 1 Forretnings- Partner Østlandet Group Other operations/ eliminations Total Income statement Net interest income 814 901 198 -2 0 -2 104 2 013 Net commissions and other operating income 405 102 26 81 115 106 -20 815 Net income from financial assets and liabilities 54 33 0 0 0 0 285 372 Operating expenses 599 288 65 75 106 95 6 1 235 Profit before losses 674 749 158 4 8 9 363 1 965 Impairment losses on loans and guarantees 7 40 25 0 0 0 0 72 Profit / loss before tax 667 709 133 4 8 9 363 1 893 Tax expense 112 172 33 1 2 2 -5 317 Profit/loss after tax 555 537 100 3 7 7 367 1 576 Balance sheet Gross lending to customers 77 076 49 013 12 747 1 0 0 -328 138 509 Provisions for credit losses -55 -469 -163 0 0 0 -1 -688 Other assets 3 385 1 458 169 109 151 232 48 492 53 997 Total assets 80 406 50 002 12 753 110 151 232 48 164 191 818 Deposits from and liablilities to customers 66 066 45 400 4 0 0 0 3 890 115 359 Other liabilities and equity 14 340 4 602 12 749 110 151 232 44 274 76 459 Total equity capital and liabilities 80 406 50 002 12 753 110 151 232 48 164 191 818 PAGE 36 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 3 Segment information (cont.) Year 2024 Retail division Corporate division SpareBank 1 Finans Østlandet Group EiendomsMegler 1 Innlandet AS EiendomsMegler 1 Oslo Akershus Group SpareBank 1 Forretnings- Partner Østlandet Group Totens Sparebank Boligkreditt AS Other operations/ eliminations Total Income statement Net interest income 1 714 1 865 399 -3 -1 -4 7 237 4 213 Net commissions and other operating income 870 200 56 163 224 187 -2 -8 1 690 Net profit from financial assets and liabilities 107 66 -1 0 0 0 0 871 1 042 Operating expenses 1 292 614 143 156 211 221 0 -42 2 595 Profit before losses 1 399 1 517 311 4 11 -38 5 1 142 4 351 Impairment losses on loans and guarantees 21 235 43 0 0 0 0 0 299 Pre-tax operating profit 1 377 1 282 267 4 11 -38 5 1 143 4 052 Tax expense 254 367 67 1 3 -8 1 11 696 Profit/loss after tax 1 123 915 200 3 9 -30 4 1 132 3 356 Balance sheet Gross lending to customers 86 806 57 812 12 667 1 0 0 2 445 -373 159 358 Provisions for credit losses -84 -910 -167 0 0 0 -1 0 -1 161 Other assets 3 802 1 369 399 97 125 187 -863 47 255 52 370 Total assets 90 524 58 271 12 899 98 125 187 1 582 46 882 210 567 Deposits from and liablilities to customers 73 691 50 717 2 0 0 0 0 3 859 128 270 Other liabilities and equity 16 833 7 553 12 897 98 125 187 1 582 43 023 82 297 Total equity capital and liabilities 90 524 58 271 12 899 98 125 187 1 582 46 882 210 567 PAGE 37 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 4 Capital adequacy Regulatory Framework The Bank's capital adequacy is calculated on the basis of the applicable rules and rates at any given time. The rules are based on the three pillars that are intended to ensure that financial undertakings have capital commensurate with their risks: • Pilar 1: Minimum regulatory capital requirements • Pilar 2: Evaluation of the overall capital requirements and supervisory follow-up • Pilar 3: Requirement to publish information Capital adequacy is calculated at three levels based on different definitions of capital: • Common equity tier 1 ratio (CET1) • Tier 1 capital ratio (including hybrid tier 1 capital) • Total capital adequacy ratio (including subordinated loans) Capital Requirements The Group has a combined buffer requirement of 9.5 per cent as at 30 June 2025. In the combined buffer, the institution- specific buffer requirements consisting of the countercyclical buffer and the systemic risk buffer were calculated to be 2.5 per cent and 4.5 per cent, respectively, for the Group. The capital conservation buffer is 2.5 per cent. Therefore, as at 30 June 2025, the Group’s Common Equity Tier 1 capital ratio requirement, including the Pillar 2 requirement, was 15.1 per cent. The Bank’s Common Equity Tier 1 capital ratio was thus higher than the current and expected capital requirements. The Group’s long-term target for its Common Equity Tier 1 capital ratio is the regulatory requirement plus a management buffer of 100 basis points. The Group’s capital targets and capital planning take account of announced and expected changes to the capital requirements. PAGE 38 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 4 Capital adequacy (cont.) Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 24 626 20 650 24 565 Total equity carried 26 095 21 716 26 213 Common equity tier 1 capital -1 912 -756 -1 018 Dividend -1 018 -756 -1 912 -1 800 -1 899 -1 850 Hybrid capital -1 871 -1 920 -1 821 Minority interests that is not eligible as CET1 capital -69 -68 -92 0 0 0 Value adjustments on fair valued liabilities 0 0 0 -1 062 -57 -1 054 Goodwill and other intangible assets -1 773 -522 -1 736 -290 -483 -353 Positive value of expected losses under the IRB approach -453 -617 -440 Significant investments in financial sector entities 0 0 0 -50 -47 -54 Value adjustments due to prudent valuation (AVA) - -58 -62 -356 -277 -367 Other adjustments in CET1 -300 -222 -288 19 156 17 132 19 868 Common equity tier 1 capital 20 611 17 554 19 864 Additional Tier 1 capital 1 800 1 899 1 850 Hybrid capital 1 850 1 899 1 800 -31 -31 -31 Investments in financial sector entities -31 0 -31 AT1-capital issued by consolidated entities 266 264 345 1 769 1 868 1 819 Tier 1 capital 2 085 2 132 2 113 Supplementary capital in excess of Tier 1 capital 1 300 2 162 2 600 Subordinated loan capital 2 600 2 162 2 200 -124 -124 -125 Investments in financial sector entities -125 0 -124 T2-capital issued by consolidated entities 375 471 469 2 076 2 038 2 475 Total supplementary capital 2 851 2 509 2 544 23 001 21 038 24 162 Total eligible capital 25 547 22 195 24 521 Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 6 425 5 008 0 Corporates - SME 0 5 022 6 443 21 477 20 694 19 633 Corporates - Specialised Lending 20 412 21 670 22 475 2 692 4 733 9 882 Corporates - Other 10 227 4 804 2 735 1 824 1 592 0 Retail - SME 0 1 995 2 254 21 877 21 518 18 154 Retail - Mortgage exposures 28 267 34 826 36 197 1 109 933 1 248 Retail - Other 1 379 981 1 149 55 405 54 477 48 917 Credit exposures calculated using IRB-approach 60 285 69 298 71 253 28 514 19 920 32 226 Credit exposures calculated using the standardised approach 37 585 26 230 35 537 472 358 761 Counterparty credit risk 2 359 1 902 2 098 0 0 0 Market risk 0 0 0 8 191 6 614 8 182 Operational risk 10 388 7 351 9 644 0 0 0 Other risk exposures 1 945 0 0 92 582 81 369 90 086 Risk-weighted assets 112 561 104 781 118 532 7 407 6 510 7 207 Capital requirements (8.0%) 9 005 8 382 9 483 Pillar 2 (1.9%) 2 139 1991 2252 Buffer requirements 2 315 2 034 2 252 Capital conservation buffer (2.5%) 2 814 2 620 2 963 2 315 2 034 2 252 Countercyclical capital buffer 2 814 2 620 2 963 2.5% 2.5% 2.5% Countercyclical capital buffer rate 2.5% 2.5% 2.5% 4 166 3 662 4 054 Systemic risk buffer 5 065 4 715 5 334 4.5% 4.5% 4.5% Systemic risk buffer rate 4.5% 4.5% 4.5% 8 795 7 730 8 558 Total buffer requirements 10 693 9 954 11 261 14.0% 14.0% 14.0% CET1 requirement 15.1% 15.1% 15.1% 6 195 5 740 7 256 Available CET1 above requirement 3 649 1 765 2 003 Capital ratios 20.7% 21.1% 22.1% CET 1 capital ratio 18.3% 16.8% 16.8% 22.6% 23.3% 24.1% Tier 1 Capital ratio 20.2% 18.8% 18.5% 24.8% 25.9% 26.8% Capital adequacy ratio 22.7% 21.2% 20.7% 10.0% 9.9% 9.8% Leverage Ratio 7.2% 7.1% 7.3% PAGE 39 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 5 Net interest income Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 2025 2024 2025 2024 2024 Interest income 835 398 431 203 225 Interest income from loans to and claims on central banks and credit institutions (amortised cost) 76 53 141 101 232 3 505 1 669 1 912 843 961 Interest income from loans to and claims on customers (amortised cost) 1 221 1 099 2 434 2 181 4 546 4 148 2 011 2 301 1 021 1 151 Interest income from loans to and claims on customers (fair value over OCI) 1 149 1 019 2 320 2 007 4 165 8 488 4 078 4 643 2 067 2 336 Total interest income, effective interest method 2 445 2 171 4 895 4 289 8 943 273 111 202 59 102 Interest income from loans to and claims on customers (fair value over profit and loss) 102 59 202 111 273 1 671 786 885 403 452 Interest on certificates and bonds (fair value over profit and loss) 452 403 888 786 1 673 149 71 77 36 36 Other interest income (fair value over profit and loss) 36 36 77 71 149 2 093 968 1 164 498 590 Total other interest income 590 498 1 166 968 2 095 10 581 5 046 5 807 2 565 2 926 Total interest income 3 035 2 669 6 061 5 257 11 038 Interest expenses 142 66 70 36 27 Interest on debt to credit institutions 19 36 59 66 145 4 026 1 906 2 370 978 1 224 Interest on deposits from and liabilities to customers 1 233 983 2 385 1 917 4 048 2 408 1 167 1 146 592 565 Interest on securities issued 565 592 1 169 1 167 2 430 133 61 74 33 38 Interest on subordinated loan capital 38 33 74 61 133 62 30 37 15 19 Fees to the Banks' Guarantee Fund 19 15 38 30 62 3 2 3 1 1 Interest on leases 2 1 3 2 5 0 0 0 0 0 Other interest expenses 0 1 1 1 1 6 775 3 232 3 701 1 654 1 874 Total interest expenses 1 876 1 661 3 729 3 244 6 824 3 806 1 814 2 106 911 1 052 Total net interest income 1 159 1 008 2 332 2 013 4 213 PAGE 40 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 6 Net commissions and other operating income Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 2025 2024 2025 2024 2024 445 192 219 104 119 Net money transfer fees 118 103 218 191 444 274 130 174 66 90 Commission from insurance 90 66 174 130 274 45 20 25 10 13 Commission from savings 13 10 25 20 45 336 165 231 90 124 Commission from covered bonds comp. 124 90 229 165 335 73 35 20 17 10 Commission from credit cards 10 17 20 35 73 0 0 0 0 0 Real estate brokerage commissions 128 116 236 194 383 35 18 19 9 10 Other commission income 17 16 33 31 62 1 207 560 687 296 366 Commission income 500 418 934 766 1 614 124 60 76 29 40 Net money transfer fees 40 30 76 60 124 124 60 76 29 40 Commission expenses 40 30 76 60 124 0 0 0 0 0 Accounting services 54 52 106 100 175 23 10 13 5 5 Other operating income 5 5 13 10 26 23 10 13 5 5 Other operating income 59 57 119 110 200 1 106 510 623 272 331 Net commissions and other operating income 519 446 976 815 1 690 PAGE 41 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 7 Net profit from financial assets and liabilities Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 2025 2024 2025 2024 2024 61 47 50 19 49 Dividends from equity investments at fair value through profit and loss 49 19 50 47 61 61 47 50 19 49 Dividends from shares and other equity instruments 49 19 50 47 61 140 140 431 17 186 Dividends from subsidiaries, associates and joint ventures 0 0 0 0 0 Gains or losses on realisation of subsidiaries, associates and joint ventures -25 0 0 0 0 Impairment on subsidiaries, associates and joint ventures 114 140 431 17 186 Net income from subsidiaries, associates and joint ventures (Parent Bank) Share of profit or loss of associates and joint ventures 1) 121 67 211 142 661 Gains or losses on realisation of associates and joint ventures 0 0 0 0 0 Impairment on associates and joint ventures 0 0 0 0 0 Net income from associates and joint ventures (Group) 121 67 211 142 660 19 -53 225 13 212 Net change in value on certificates, bonds and fixed-income funds, excl. FX effects 212 13 227 -53 19 16 134 -163 27 -153 Net change in value on derivatives that hedge securities above, excl. FX effects -153 27 -163 134 16 35 82 62 40 59 Net change in value on certificates, bonds and fixed-income funds including hedge derivatives 59 40 64 82 35 -530 111 -313 -40 -283 Net change in value of securities issued, excl. FX effects -283 -40 -313 111 -530 529 -108 311 42 277 Net change in value in derivatives that hedge securities issued, excl. FX effects 277 42 311 -108 529 -1 2 -2 2 -6 Net change in value on securities issued including hedge derivatives -6 2 -2 2 -1 -43 -5 95 6 107 Net change in value on fixed-rate loans to customers at fair value through profit and loss 107 6 95 -5 -43 40 18 -140 -10 -128 Net change in value on other derivatives -128 -10 -140 18 40 -179 61 -70 1 -90 Net change in value on equity instruments at fair value through profit and loss -89 -1 -71 59 -182 409 -1 116 3 115 Gains or losses on realisation of assets at fair value through profit and loss 112 1 106 -3 402 70 30 34 15 24 Net income from FX trading and -hedging 24 15 35 30 70 331 186 94 58 80 Net profit from other financial assets and liabilities 78 55 87 183 321 507 372 575 94 315 Net profit from financial assets and liabilities 248 142 348 372 1 042 1) SpareBank 1 Østlandet's share of the increase in equity of the Group SpareBank 1 Gruppen, as a result of the merger between Fremtind Forsikring AS og Eika Forsikring AS, amoutned to NOK 287 million and was recognised as income in the third quarter of 2024. PAGE 42 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 8 Other operating expenses Parent bank Group Year Year to date Second quarter Second quarter Year to date Year 2024 2024 2025 2024 2025 2025 2024 2025 2024 2024 939 438 532 220 268 Personnel expenses 400 341 795 668 1 404 939 438 532 220 268 Total personnel expenses 400 341 795 668 1 404 105 49 70 24 35 Depreciation and impairment 39 29 79 59 154 105 49 70 24 35 Total depreciation 39 29 79 59 154 382 186 269 96 158 ICT expenses 171 106 293 205 423 83 42 53 23 31 Marketing expenses 29 30 57 53 107 58 31 42 14 18 Operating expenses from real estate 20 18 46 38 70 47 27 22 2 20 Merger costs 25 2 27 27 47 297 145 155 88 73 Other expenses 102 111 210 185 389 867 431 540 223 299 Total other operating expenses 346 266 632 508 1 036 1 911 918 1 142 468 602 Total operating expenses 785 636 1 505 1 235 2 595 PAGE 43 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 9 Provisions for credit losses The tables show isolated loss effects. 2nd quarter 2025 Isolated loss effects Retail market Corporate market Parent bank SpareBank 1 Finans Østlandet Group Change ECL due to period growth and migration -5 -4 -8 -5 -13 Change ECL due to adjusted key assumptions 0 -12 -12 -1 -13 Change ECL due to changed scenario weighting 0 0 0 0 0 Change in model-based loss provisions (stage 1 and 2) -5 -15 -20 -6 -26 Change individual loss provisions (stage 3) 1 -5 -4 -36 -40 Net write-offs -1 22 21 46 67 Total losses -4 1 -3 3 1 2nd quarter 2024 Isolated loss effects Retail market Corporate market Parent bank SpareBank 1 Finans Østlandet Group Change ECL due to period growth and migration 4 -16 -13 0 -12 Change ECL due to adjusted key assumptions 0 -19 -19 0 -19 Change ECL due to changed scenario weighting 0 0 0 0 0 Change in model-based loss provisions (stage 1 and 2) 4 -35 -32 0 -32 Change individual loss provisions (stage 3) 1 41 42 2 44 Net write-offs 0 19 19 7 26 Total losses 5 25 30 9 39 Year to date 2025 Isolated loss effects Retail market Corporate market Parent bank SpareBank 1 Finans Østlandet Group Change ECL due to period growth and migration -4 -12 -16 -2 -19 Change ECL due to adjusted key assumptions -2 -34 -36 -4 -40 Change ECL due to changed scenario weighting 0 0 0 0 0 Change in model-based loss provisions (stage 1 and 2) -6 -46 -52 -7 -59 Change individual loss provisions (stage 3) -1 -83 -83 -58 -141 Net write-offs 1 177 177 75 252 Total losses -6 48 43 10 52 Year to date 2024 Isolated loss effects Retail market Corporate market Parent bank SpareBank 1 Finans Østlandet Group Change ECL due to period growth and migration 5 -14 -9 -1 -11 Change ECL due to adjusted key assumptions 1 -21 -20 0 -20 Change ECL due to changed scenario weighting 0 0 0 0 0 Change in model-based loss provisions (stage 1 and 2) 6 -35 -30 -1 -31 Change individual loss provisions (stage 3) 0 42 41 13 54 Net write-offs 2 34 36 13 49 Total losses 7 40 47 25 72 Year 2024 Isolated loss effects Retail market Corporate market Parent bank SpareBank 1 Finans Østlandet Group Change ECL due to period growth and migration 2 19 21 3 26 Change ECL due to adjusted key assumptions 8 5 14 -1 13 Change ECL due to changed scenario weighting -6 -27 -32 0 -32 Change in model-based loss provisions (stage 1 and 2) 5 -2 3 2 7 Change individual loss provisions (stage 3) 12 174 185 13 199 Net write-offs 5 61 66 28 94 Total losses 21 233 254 43 299 PAGE 44 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 10 Credit institutions Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 Loans to and receivables from credit institutions 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 875 1 253 1 001 Loans and receivables at call 1 015 1 262 893 12 750 15 484 14 242 Loans and receivables with agreed maturities or notice 3 794 4 924 1 952 13 625 16 737 15 244 Total loans to and receivables from credit institutions 4 809 6 186 2 845 601 681 625 Cash collateral given 625 681 601 Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 Deposits from and liabilities to credit institutions 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 2 232 1 235 1 517 Loans and deposits at call 1 163 1 201 1 705 1 440 1 428 908 Loans and deposits with agreed maturities or notice 907 1 426 1 437 3 672 2 663 2 425 Total deposits from and liabilities to credit institutions 2 070 2 627 3 142 1 284 796 898 Cash collateral received 898 796 1 284 PAGE 45 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers 30 June 2025 30 June 2024 31 December 2024 Gross loans ─ Group 1) Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Opening balance 129 668 15 864 2 557 11 269 159 358 111 954 13 573 1 937 6 217 133 681 111 954 13 573 1 937 6 217 133 681 Loans - Transfers in (out) to Stage 1 2 750 -2 727 -24 0 2 760 -2 731 -29 0 3 302 -3 239 -63 0 - Transfers in (out) to Stage 2 -3 345 3 421 -75 0 -5 075 5 101 -26 0 -6 061 6 119 -58 0 - Transfers in (out) to Stage 3 -155 -563 718 0 -220 -275 495 0 -258 -573 830 -1 Net increase/decrease excisting loans -2 813 -884 -222 -3 919 -981 -893 -70 -1 944 -3 248 -1 206 -38 -4 492 Purchases and origination 20 093 658 194 20 945 14 658 357 57 15 072 42 181 3 486 496 46 163 Derecognitions and maturities -16 272 -1 392 -134 -17 798 -7 903 -775 -149 -8 827 -18 201 -2 297 -480 -20 978 Write-offs -188 -188 -42 -42 -68 -68 Change in loan and advances to customers at fair value -138 -138 569 569 5 052 5 052 Closing balance 129 925 14 377 2 826 11 131 158 259 115 193 14 356 2 174 6 786 138 509 129 668 15 864 2 557 11 269 159 358 Loan and advances to customers at amortised cost 66 334 59 291 69 013 Loan and advances to customers at fair value 91 925 79 218 90 344 1) The portfolio of Totens Sparebank was assigned to the respective stage in the note at the time of merger 1. november 2024. Additional information on volume per stage can be found in note 43 Business acquistions/business combinations in the Annual report 2024. PAGE 46 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Group Loan and advances to customers at amortised cost 30 June 2025 Loan and advances to customers at fair value OCI 30 June 2025 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 30 June 2025 Net lending 30 June 2025 Public sector 46 0 0 0 0 0 46 Primary industries 5 484 2 110 -6 -25 -11 615 8 167 Paper and pulp industries 822 363 -1 -1 -15 70 1 238 Other industry 1 491 49 -2 -45 -9 2 1 486 Building and constructions 6 540 1 027 -25 -62 -275 59 7 263 Power and water supply 2 545 0 -5 -1 0 0 2 539 Wholesale and retail trade 2 927 117 -9 -15 -7 8 3 022 Hotel and restaurants 470 37 -1 -1 -1 6 510 Real estate 31 650 181 -46 -118 -61 146 31 751 Commercial services 5 257 834 -16 13 -92 147 6 142 Transport and communication 2 252 223 -9 -7 -6 19 2 472 Gross corporate loans by sector and industry 59 483 4 940 -120 -263 -477 1 073 64 637 Total loans to private customers 6 865 75 855 -22 -48 -59 10 057 92 648 Adjustment fair value 0 -14 14 0 0 0 0 Total loans to customers 66 348 80 780 -127 -311 -536 11 131 157 286 Loans transferred to SpareBank 1 Boligkreditt AS 76 707 Loans transferred to SpareBank 1 Næringskreditt AS 759 Total loans including loans transferred to covered bond companies 234 752 Other liabilities 1) 24 200 Total commitments including loans transferred to covered bond companies 258 952 1) Consists of guarantees, unused credits and loan commitments. PAGE 47 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Group Loan and advances to customers at amortised cost 30 June 2024 Loan and advances to customers at fair value OCI 30 June 2024 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 30 June 2024 Net lending 30 June 2024 Public sector 48 0 0 0 0 0 48 Primary industries 4 410 1 977 -4 -6 -5 496 6 869 Paper and pulp industries 977 373 -2 -3 -1 63 1 407 Other industry 1 700 61 -8 -25 -17 4 1 714 Building and constructions 6 045 281 -25 -44 -83 23 6 196 Power and water supply 2 312 0 -5 0 0 0 2 307 Wholesale and retail trade 3 231 112 -6 -10 -27 12 3 312 Hotel and restaurants 431 39 -1 -1 -3 0 465 Real estate 27 101 124 -49 -111 -22 2 27 046 Commercial services 5 387 842 -14 -13 -115 93 6 181 Transport and communication 1 909 190 -8 -7 -4 13 2 094 Gross corporate loans by sector and industry 53 550 3 998 -121 -219 -276 706 57 638 Total loans to private customers 5 741 68 448 -22 -35 -30 6 081 80 184 Adjustment fair value 0 -15 15 0 0 0 0 Total loans to customers 59 291 72 431 -127 -255 -306 6 786 137 821 Loans transferred to SpareBank 1 Boligkreditt AS 64 156 Loans transferred to SpareBank 1 Næringskreditt AS 985 Total loans including loans transferred to covered bond companies 202 962 Other liabilities 1) 20 759 Total commitments including loans transferred to covered bond companies 223 720 1) Consists of guarantees, unused credits and loan commitments. PAGE 48 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Group Loan and advances to customers at amortised cost 31 December 2024 Loan and advances to customers at fair value OCI 31 December 2024 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 31 December 2024 Net lending 31 December 2024 Public sector 130 0 0 0 0 0 130 Primary industries 5 741 2 311 -6 -24 -9 631 8 644 Paper and pulp industries 1 002 385 -1 -3 -14 73 1 443 Other industry 1 873 50 -9 -33 -12 4 1 873 Building and constructions 6 859 345 -22 -64 -243 64 6 940 Power and water supply 2 476 0 -6 -1 -1 0 2 469 Wholesale and retail trade 3 271 128 -9 -17 -156 12 3 229 Hotel and restaurants 457 40 -1 -2 0 6 500 Real estate 30 921 152 -78 -135 -46 141 30 956 Commercial services 5 378 854 17 -17 -134 153 6 252 Transport and communication 2 095 249 -8 -8 -6 21 2 343 Gross corporate loans by sector and industry 60 204 4 515 -122 -304 -619 1 104 64 779 Total loans to private customers 10 668 72 718 -23 -51 -58 10 164 93 418 Adjustment fair value 0 -16 16 0 0 0 0 Total loans to customers 70 872 77 217 -129 -355 -678 11 269 158 197 Loans transferred to housing credit companies 70 980 Loans transferred to SpareBank 1 Næringskreditt AS 830 Total loans including loans transferred to covered bond companies 230 007 Other liabilities 1) 20 169 Total commitments including loans transferred to covered bond companies 250 176 1) Consists of guarantees, unused credits and loan commitments. PAGE 49 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) 30 June 2025 30 June 2024 31 December 2024 Gross loans ─ Parent bank 1) Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value Total Opening balance 116 613 14 135 2 294 11 269 144 311 102 186 12 259 1 218 6 217 121 880 102 186 12 259 1 218 6 217 121 880 Loans - Transfers in (out) to Stage 1 2 472 -2 451 -21 0 2 295 -2 281 -14 0 2 978 -2 935 -43 0 - Transfers in (out) to Stage 2 -2 878 2 943 -65 0 -4 678 4 691 -13 0 -5 248 5 294 -46 0 - Transfers in (out) to Stage 3 -45 -465 510 0 -95 -189 284 0 -195 -484 679 0 Net increase/decrease excisting loans -1 877 -730 -200 -2 806 -114 -799 24 -889 -1 817 -914 188 -2 543 Purchases and origination 20 184 536 193 20 912 11 692 248 36 11 977 34 944 2 934 445 38 324 Derecognitions and maturities -15 218 -1 226 -96 -16 540 -6 965 -623 -78 -7 667 -16 234 -2 020 -127 -18 381 Write-offs -158 -158 -24 -24 -21 -21 Change in loan and advances to customers at fair value -138 -138 569 569 5 052 5 052 Closing balance 119 250 12 743 2 458 11 131 145 582 104 320 13 306 1 433 6 786 125 846 116 613 14 135 2 294 11 269 144 311 Loan and advances to customers at amortised cost 53 656 46 628 53 967 Loan and advances to customers at fair value 91 925 79 218 90 344 1) The portfolio of Totens Sparebank was assigned to the respective stage in the note at the time of merger 1. november 2024. Additional information on volume per stage can be found in note 43 Business acquistions/business combinations in the Annual report 2024. PAGE 50 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Parent bank Loan and advances to customers at amortised cost 30 June 2025 Loan and advances to customers at fair value OCI 30 June 2025 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 30 June 2025 Net lending 30 June 2025 Public sector 46 0 0 0 0 0 46 Primary industries 5 226 2 110 -5 -25 -10 616 7 911 Paper and pulp industries 661 363 0 -1 -15 70 1 078 Other industry 1 173 49 -1 -44 -8 2 1 172 Building and constructions 5 102 1 027 -21 -56 -262 59 5 848 Power and water supply 2 472 0 -5 -1 0 0 2 466 Wholesale and retail trade 2 569 117 -7 -15 -3 8 2 669 Hotel and restaurants 451 37 -1 -1 -1 6 492 Real estate 31 524 181 -46 -118 -61 146 31 613 Commercial services 2 892 834 -6 22 -87 147 3 800 Transport and communication 526 223 -3 -2 0 19 762 Gross corporate loans by sector and industry 52 641 4 940 -96 -239 -448 1 073 57 872 Total loans to private customers 1 029 75 855 -16 -41 -47 10 057 86 852 Adjustment fair value 0 -14 14 0 0 0 0 Total loans to customers 53 670 80 780 -97 -280 -495 11 130 144 710 Loans transferred to SpareBank 1 Boligkreditt AS 76 707 Loans transferred to SpareBank 1 Næringskreditt AS 759 Total loans including loans transferred to covered bond companies 222 176 Other liabilities 1) 24 646 Total commitments including loans transferred to covered bond companies 246 822 1) Consists of guarantees, unused credits and loan commitments. PAGE 51 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Parent bank Loan and advances to customers at amortised cost 30 June 2024 Loan and advances to customers at fair value OCI 30 June 2024 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 30 June 2024 Net lending 30 June 2024 Public sector 48 0 0 0 0 0 48 Primary industries 4 013 1 977 -3 -5 -4 496 6 474 Paper and pulp industries 664 373 -1 -1 -1 63 1 097 Other industry 1 231 61 -3 -24 -15 4 1 254 Building and constructions 4 691 281 -17 -38 -81 23 4 859 Power and water supply 2 145 0 -4 0 0 0 2 141 Wholesale and retail trade 2 452 112 -5 -8 -3 12 2 560 Hotel and restaurants 415 39 -1 -1 -3 0 449 Real estate 26 954 124 -50 -109 -20 2 26 900 Commercial services 3 113 842 -7 -10 -59 93 3 973 Transport and communication 211 190 -1 -1 0 13 412 Gross corporate loans by sector and industry 45 936 3 998 -91 -197 -186 706 50 167 Total loans to private customers 692 68 448 -15 -31 -22 6 081 75 152 Adjustment fair value 0 -16 16 0 0 0 0 Total loans to customers 46 628 72 431 -90 -229 -208 6 786 125 319 Loans transferred to SpareBank 1 Boligkreditt AS 64 156 Loans transferred to SpareBank 1 Næringskreditt AS 985 Total loans including loans transferred to covered bond companies 190 460 Other liabilities 1) 21 030 Total commitments including loans transferred to covered bond companies 211 489 1) Consists of guarantees, unused credits and loan commitments. PAGE 52 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 11 Loans to and receivables from customers (cont.) Provisions for credit losses Parent bank Loan and advances to customers at amortised cost 31 December 2024 Loan and advances to customers at fair value OCI 31 December 2024 Stage 1 Stage 2 Stage 3 Loan and advances to customers at fair value 31 December 2024 Net lending 31 December 2024 Public sector 130 0 0 0 0 0 130 Primary industries 5 355 2 311 -5 -23 -8 631 8 260 Paper and pulp industries 663 385 0 -2 -12 73 1 107 Other industry 1 421 50 -3 -30 -12 4 1 430 Building and constructions 5 509 345 -16 -58 -237 64 5 607 Power and water supply 2 339 0 -5 -1 0 0 2 333 Wholesale and retail trade 2 731 128 -7 -15 -153 12 2 695 Hotel and restaurants 444 40 -1 -2 0 6 487 Real estate 30 757 152 -77 -134 -44 141 30 795 Commercial services 3 260 854 24 -10 -65 153 4 217 Transport and communication 316 249 -1 -2 0 21 582 Gross corporate loans by sector and industry 52 925 4 515 -92 -278 -532 1 104 57 642 Total loans to private customers 2 901 72 718 -17 -45 -47 10 164 85 674 Adjustment fair value 0 -16 16 0 0 0 0 Total loans to customers 55 825 77 217 -93 -322 -579 11 269 143 316 Loans transferred to housing credit companies 70 980 Loans transferred to SpareBank 1 Næringskreditt AS 830 Total loans including loans transferred to covered bond companies 215 126 Other liabilities 1) 20 832 Total commitments including loans transferred to covered bond companies 235 959 1) Consists of guarantees, unused credits and loan commitments. PAGE 53 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 12 Accumulated provisions for expected credit losses 30 June 2025 30 June 2024 31 December 2024 Provisions for loan losses ─ Group 2) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 171 376 680 1 227 168 307 268 743 168 307 268 743 Provision for credit losses - Transfers in (out) to Stage 1 8 -9 1 0 17 -16 -1 0 14 -13 -1 0 - Transfers in (out) to Stage 2 -38 30 8 0 -77 78 -1 0 -93 97 -4 0 - Transfers in (out) to Stage 3 -1 -9 11 0 -6 -27 33 0 -6 -27 33 0 Net remeasurement of loss provisions 7 -56 74 25 30 9 9 48 57 2 202 261 Purchases and originations 25 11 3 39 -9 -18 -29 -56 53 55 242 350 Derecognitions and maturities -10 -16 -50 -76 0 0 -34 -34 -22 -44 8 -58 Write-offs 0 0 -188 -188 0 0 0 0 0 0 -69 -69 Closing balance 161 326 540 1 027 168 277 322 767 171 376 680 1 227 Provisions for guarantees and unused credit facilities 1) 20 15 4 39 26 21 17 64 27 20 3 49 1) Provision for losses on guarantees, unused credit and loan commitments. 2) The portfolio of Totens Sparebank was assigned to the respective stage in the note at the time of merger 1. november 2024. Additional information on volume per stage can be found in note 43 Business acquistions/business combinations in the Annual report 2024. ECL has been calculated for credit institutions and central banks, but the effect is deemed insignificant and consequently not included in the write-downs. Group 31 December 2024 Provision for credit losses Net write-offs 30 June 2025 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 1 161 -36 -158 967 Provisions for loan losses at fair value over OCI 65 -5 61 Total provisions for credit losses 1 226 -41 -158 1 027 Presented as: Assets: Provisions for loan losses - decrease of assets 1 162 -30 -158 974 Liabilities: Provisions for loan losses - increase of liabilities 49 -10 39 Equity: Fair value adjustment of losses 16 -2 14 PAGE 54 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 12 Accumulated provisions for expected credit losses (cont) Group 31 December 2023 Provision for credit losses Net write-offs 30 June 2024 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 684 44 -16 711 Provisions for loan losses at fair value over OCI 57 -2 -1 55 Total provisions for credit losses 741 42 -16 766 Presented as: Assets: Provisions for loan losses - decrease of assets 670 34 -16 688 Liabilities: Provisions for loan losses - increase of liabilities 56 7 64 Equity: Fair value adjustment of losses 15 0 15 Group 31 December 2023 Provision for credit losses Net write-offs 31 December 2024 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 685 500 -25 1 161 Provisions for loan losses at fair value over OCI 58 8 1 66 Total provisions for credit losses 743 508 -24 1 227 Presented as: Assets: Provisions for loan losses - decrease of assets 672 514 -24 1 161 Liabilities: Provisions for loan losses - increase of liabilities 56 -7 49 Equity: Fair value adjustment of losses 15 1 16 30 June 2025 30 June 2024 31 December 2024 Provisions for loan losses ─ Parent bank 2) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Opening balance 136 342 583 1 060 138 273 183 594 138 273 183 594 Provision for credit losses - Transfers in (out) to Stage 1 4 -5 1 0 8 -7 0 0 6 -6 0 0 - Transfers in (out) to Stage 2 -35 27 8 0 -73 74 -1 0 -89 93 -4 0 - Transfers in (out) to Stage 3 0 -6 6 0 -5 -22 27 0 -5 -22 27 0 Net remeasurement of loss provisions 16 -59 61 19 55 -60 43 38 69 -3 195 260 Purchases and originations 19 8 3 30 17 5 7 29 34 44 228 306 Derecognitions and maturities -7 -13 -5 -26 -7 -14 -18 -39 -17 -37 -24 -78 Write-offs 0 0 -157 -157 0 0 -16 -16 0 0 -21 -21 Closing balance 132 295 499 926 132 250 224 606 136 342 583 1 060 Provisions for guarantees and unused credit facilities 1) 20 15 4 39 26 21 17 64 27 20 3 49 1) Provision for losses on guarantees, unused credit and loan commitments. 2) The portfolio of Totens Sparebank was assigned to the respective stage in the note at the time of merger 1. november 2024. Additional information on volume per stage can be found in note 43 Business acquistions/business combinations in the Annual report 2024. PAGE 55 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 12 Accumulated provisions for expected credit losses (cont) ECL has been calculated for credit institutions and central banks, but the effect is deemed insignificant and consequently not included in the write-downs. Parent bank 31 December 2024 Provision for credit losses Net write-offs 30 June 2025 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 994 30 -158 866 Provisions for loan losses at fair value over OCI 65 -5 60 Total provisions for credit losses 1 060 24 -158 926 Presented as: Assets: Provisions for loan losses - decrease of assets 995 35 -158 872 Liabilities: Provisions for loan losses - increase of liabilities 49 -10 40 Equity: Fair value adjustment of losses 16 -2 15 Parent bank 31 December 2023 Provision for credit losses Net write-offs 30 June 2024 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 537 30 -16 551 Provisions for loan losses at fair value over OCI 57 -2 -1 55 Total provisions for credit losses 594 28 -16 606 Presented as: Assets: Provisions for loan losses - decrease of assets 523 21 -16 527 Liabilities: Provisions for loan losses - increase of liabilities 56 7 64 Equity: Fair value adjustment of losses 15 0 15 Parent bank 31 December 2023 Provision for credit losses Net write-offs 31 December 2024 Provisions for loss on loans at amortised cost, guarantees and unused credit facilities 537 482 -25 994 Provisions for loan losses at fair value over OCI 57 8 1 65 Total provisions for credit losses 594 490 -24 1 060 Presented as: Assets: Provisions for loan losses - decrease of assets 523 496 -24 995 Liabilities: Provisions for loan losses - increase of liabilities 56 -7 49 Equity: Fair value adjustment of losses 15 1 16 PAGE 56 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 13 Financial derivatives Parent bank and Group Fair value 30 June 2025 Contract amount Assets Liabilities Currency instruments Currency forward contracts 918 19 11 Currency swaps 3 668 34 18 Total currency instruments 4 586 54 29 Interest rate instruments Interest rate swaps (including interest rate currency swaps) 100 128 1 875 1 536 Other interest rate contracts 0 0 0 Total interest rate instruments 100 128 1 875 1 536 Total financial derivatives 104 715 1 929 1 565 Fair value 30 June 2024 Contract amount Assets Liabilities Currency instruments Currency forward contracts 549 2 4 Currency swaps 4 007 10 43 Total currency instruments 4 557 12 47 Interest rate instruments Interest rate swaps (including interest rate currency swaps) 90 248 1 985 1 969 Other interest rate contracts 0 0 0 Total interest rate instruments 90 248 1 985 1 969 Total financial derivatives 94 805 1 997 2 016 Fair value 31 December 2024 Contract amount Assets Liabilities Currency instruments Currency forward contracts 489 2 9 Currency swaps 3 538 27 7 Total currency instruments 4 028 29 16 Interest rate instruments Interest rate swaps (including interest rate currency swaps) 95 257 2 115 1 630 Other interest rate contracts 0 0 0 Total interest rate instruments 95 257 2 115 1 630 Total financial derivatives 99 284 2 144 1 646 PAGE 57 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 14 Financial instruments at fair value The table below shows financial instruments at fair value by valuation method. The different levels are defined as follows: • Level 1: Quoted prices for similar asset or liability on an active market • Level 2: Valuation based on other observable factors either direct (price) or indirect (derived from prices) than the quoted price (used on level 1) for the asset or liability • Level 3: Valuation based on factors not based on observable market data (non-observable inputs) 30 June 2025 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit and loss - Derivatives 0 1 929 0 1 929 - Certificates, bonds and fixed-income funds 0 41 111 0 41 111 - Fixed-rate loans to customers 0 0 11 131 11 131 - Equity instruments 259 33 484 776 - Mortgages (FVOCI) 0 0 80 734 80 734 Total assets 259 43 073 92 349 135 681 Liabilities Financial liabilities at fair value - Derivatives 0 1 565 0 1 565 Total liabilities 0 1 565 0 1 565 30 June 2024 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit and loss - Derivatives 0 1 997 0 1 997 - Certificates, bonds and fixed-income funds 0 36 154 0 36 154 - Fixed-rate loans to customers 0 0 6 786 6 786 - Equity instruments 563 34 298 895 - Mortgages (FVOCI) 0 0 72 391 72 391 Total assets 563 38 186 79 475 118 224 Liabilities Financial assets at fair value through profit and loss - Derivatives 0 2 016 0 2 016 Total liabilities 0 2 016 0 2 016 31 December 2024 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit and loss - Derivatives 0 2 144 0 2 144 - Certificates, bonds and fixed-income funds 0 35 542 0 35 542 - Fixed-rate loans to customers 0 0 11 269 11 269 - Equity instruments 263 33 1 008 1 305 - Mortgages (FVOCI) 0 0 79 025 79 025 Total assets 263 37 719 91 303 129 285 Liabilities Financial assets at fair value through profit and loss - Derivatives 0 1 646 0 1 646 Total liabilities 0 1 646 0 1 646 PAGE 58 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 14 Financial instruments at fair value (cont.) The table below presents the changes in value of the instruments classified in level 3 Year to date 2025 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Opening balance 11 269 1 008 79 025 91 303 Investments in the period 765 0 12 438 13 203 Sales/redemption in the period -998 -582 -10 732 -12 313 Gains/losses recognised through profit and loss 95 58 5 158 Gains/losses recognised through other comprehensive income 0 0 -2 -2 Closing balance 11 131 484 80 734 92 349 Gains/losses for the period included in profit and loss for assets owned on the balance sheet date 95 30 5 131 Year to date 2024 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Opening balance 6 217 294 70 199 76 711 Investments in the period 1 165 6 6 374 7 545 Sales / redemption in the period -591 0 -4 185 -4 776 Gains / losses recognised through profit and loss -5 -2 2 -5 Gains/losses recognised through other comprehensive income 0 0 0 0 Closing balance 6 786 298 72 391 79 475 Gains/losses for the period included in profit and loss for assets owned on the balance sheet date -5 -2 2 -5 Year 2024 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Opening balance 6 217 294 70 199 76 711 Investments in the period 6 676 721 17 316 24 713 Sales/redemption in the period -1 582 -10 -8 483 -10 075 Gains/losses recognised through profit and loss -43 4 -8 -47 Gains/losses recognised through other comprehensive income 0 0 1 1 Closing balance 11 269 1 008 79 025 91 303 Gains/losses for the period included in profit and loss for assets owned on the balance sheet date -43 0 -8 -51 Specification of fair value, instruments classified in level 3 30 June 2025 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Nominal value including accrued interest (fixed income instruments) / cost (shares) 11 340 384 80 780 92 505 Fair value adjustment -209 100 -46 -156 Closing balance 11 131 484 80 734 92 349 30 June 2024 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Nominal value including accrued interest (fixed income instruments) / cost (shares) 7 029 199 72 431 79 659 Fair value adjustment -242 99 -40 -183 Closing balance 6 786 298 72 391 79 475 31 December 2024 Fixed-rate loans to customers Equity instruments Mortgages (FVOCI) Total Nominal value including accrued interest (fixed income instruments) / cost (shares) 11 568 858 79 075 91 502 Fair value adjustment -299 150 -50 -199 Closing balance 11 269 1 008 79 025 91 303 Sensitivity, instruments classified in level 3 An increase of 10 basis points in the discount rate applied to fixed-rate loans to customers is estimated to reduce fair value by approximately NOK 25 million. For other financial instruments classified as level 3, sensitivity effects cannot be meaningfully quantified. For further details on valuation techniques and a qualitative sensitivity analysis, please refer to Note 26 in the 2024 Annual Report. PAGE 59 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 15 Deposits from and liabilities to customers Parent bank Group 31 Dec. 2024 30 Jun. 2024 30 Jun. 2025 Deposits by sector and industry 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 72 078 64 903 77 479 Retail market 77 479 64 903 72 078 10 351 11 012 13 552 Public sector 13 552 11 012 10 351 1 783 1 523 2 175 Primary industries 2 175 1 523 1 783 774 715 795 Paper and pulp industries 795 715 774 5 520 3 155 3 371 Other industry 3 371 3 155 5 520 3 210 2 112 3 197 Building and construction 3 197 2 112 3 210 897 697 895 Power and water supply 895 697 897 2 940 1 987 2 443 Wholesale and retail trade 2 443 1 987 2 940 504 487 498 Hotel and restaurants 498 487 504 6 263 5 835 7 828 Real estate 7 828 5 835 6 263 21 948 21 074 24 198 Commercial services 24 176 21 039 21 892 2 058 1 895 2 005 Transport and communications 2 005 1 895 2 058 128 326 115 393 138 436 Total deposits from and liabilities to customers 138 413 115 359 128 270 PAGE 60 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 16 Debt securities issued Change in debt securities issued - Group 30 Jun. 2025 Issued Due / redeemed Other changes 31 Dec. 2024 Covered bonds, nominal value 2) 0 0 0 -2 088 2 088 Certificate debt, nominal value 0 0 -200 0 200 Bond debt, nominal value 30 611 0 -2 297 26 32 881 Senior non-perferred, nominal value 11 422 2 000 0 -328 9 750 Subordinated loan capital, nominal value 2 628 400 0 0 2 228 Accrued interest 361 0 0 -160 521 Valuation adjustments 1) 1 832 0 0 436 1 395 Total debt raised through issuance of securities and subordinated loan capital, book value 46 853 2 400 -2 497 -2 113 49 063 1) Of which unrealized foreign exchange effects amounted to 313 million year-to-date and 2 518 million as of the balance sheet date 2) SpareBank 1 Boligkreditt AS was substituted for Totens Sparebank Boligkreditt AS as the debtor with respect to the covered bonds in the first quarter of 2025 Change in debt securities issued - Parent bank 30 Jun. 2025 Issued Due / redeemed Other changes 31 Dec. 2024 Certificate debt, nominal value 0 0 -200 0 200 Bond debt, nominal value 30 611 0 -2 297 26 32 881 Senior non-perferred, nominal value 11 422 2 000 0 -328 9 750 Subordinated loan capital, nominal value 2 600 400 0 0 2 200 Accrued interest 361 0 0 -149 510 Valuation adjustments 1) 1 832 0 0 435 1 397 Total debt raised through issuance of securities and subordinated loan capital, book value 46 825 2 400 -2 497 -16 46 938 1) Of which unrealized foreign exchange effects amounted to 313 million year-to-date and 2 518 million as of the balance sheet date Change in debt securities issued - Group 30 Jun. 2024 Issued Due / redeemed Other changes 31 Dec. 2023 Certificate-based debt, nominal value 0 0 0 0 0 Bond debt, nominal value 35 289 5 775 -982 -555 31 051 Senior non-perferred, nominal value 9 751 1 000 0 -749 9 500 Subordinated loan capital, nominal value 2 190 1 185 -238 -157 1 400 Accrued interest 356 0 0 -4 360 Value adjustments 1) 812 0 0 60 752 Total debt raised through issuance of securities and subordinated loan capital, book value 48 397 7 960 -1 220 -1 406 43 063 1) Including unrealised exchange rate effects with MNOK 148 in the period and MNOK 2 423 accumulated. PAGE 61 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 16 Debt securities issued (cont.) Change in debt securities issued - Parent bank 30 Jun. 2024 Issued Due / redeemed Other changes 31 Dec. 2023 Certificate-based debt, nominal value 0 0 0 0 0 Bond debt, nominal value 35 289 5 775 -982 -555 31 051 Senior non-perferred, nominal value 9 751 1 000 0 -749 9 500 Subordinated loan capital, nominal value 2 162 1 000 -238 0 1 400 Accrued interest 356 0 0 -4 360 Value adjustments 1) 812 0 0 60 752 Total debt raised through issuance of securities and subordinated loan capital, book value 48 370 7 775 -1 220 -1 248 43 063 1) Including unrealised exchange rate effects with MNOK 148 in the period and MNOK 2 423 accumulated. Change in debt securities issued - Group 31 Dec. 2024 Issued Due / redeemed Other changes 31 Dec. 2023 Covered bonds, nominal value 2) 2 088 0 0 2 088 0 Certificate debt, nominal value 200 0 -1 000 1 200 0 Bond debt, nominal value 32 881 5 775 -8 171 4 226 31 051 Senior non-perferred, nominal value 9 750 1 750 -1 500 0 9 500 Subordinated loan capital, nominal value 2 228 1 185 -400 43 1 400 Accrued interest 521 0 0 161 360 Valuation adjustments 1) 1 395 0 0 643 752 Total debt raised through issuance of securities and subordinated loan capital, book value 49 063 8 710 -11 071 8 361 43 063 1) Of which unrealised exchange rate effects with MNOK 127 in the period and MNOK 2 402 accumulated 2) Covered bonds in the consolidated balance sheet are issued by the wholly-owned subsidary Totens Sparebank Boligkreditt AS Change in debt securities issued - Parent bank 31 Dec. 2024 Issued Due / redeemed Other changes 31 Dec. 2023 Certificate debt, nominal value 200 0 -1 000 1 200 0 Bond debt, nominal value 32 881 5 775 -8 171 4 226 31 051 Senior non-perferred, nominal value 9 750 1 750 -1 500 0 9 500 Subordinated loan capital, nominal value 2 200 1 000 -400 200 1 400 Accrued interest 510 0 0 151 360 Valuation adjustments 1) 1 397 0 0 644 752 Total debt raised through issuance of securities and subordinated loan capital, book value 46 938 8 525 -11 071 6 421 43 063 1) Of which unrealised exchange rate effects with MNOK 127 in the period and MNOK 2 402 accumulated PAGE 62 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 17 Earnings per equity captial certificate Earnings per equity capital certificate (ECC) Year to date 2025 Year to date 2024 Year 2024 Net profit for the Group 1 784 1 576 3 356 - adjusted for Tier 1 capital holders' share of net profit 69 50 120 - adjusted for non-controlling interests' share of net profit 17 15 30 Adjusted net profit 1 697 1 511 3 206 Adjusted net profit allocated to ECC holders 1 242 1 057 2 257 Average number of equity capital certificates 135 860 724 115 829 789 119 168 278 Result per average equity capital certificate (NOK) 9.14 9.13 18.94 Equity capital certificate (Parent Bank) 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 Equity capital certificates 6 793 5 791 6 793 Premium fund 2 682 848 2 682 Dividend equalisation fund 6 852 6 078 5 504 A. Equity capital certificate owners' capital 16 328 12 717 14 980 Primary capital 5 769 5 425 5 275 Compensation fund 174 0 174 Provisjon for gifts 46 35 35 B. Total primary capital 5 989 5 460 5 483 Fund for unrealised gains 398 574 451 Allocated to dividends and other equity capital 0 0 1 399 Allocated to dividends on customers return 0 0 512 Total other equity excl. hybrid capital 22 715 18 751 22 826 Equity capital certificate ratio (A/(A+B)) 73.2% 70.0% 73.2% 30 Jun. 2025 30 Jun. 2024 31 Dec. 2024 Equity capital certificates issued 135 860 724 115 829 789 135 860 724 Average equity capital certificates 135 860 724 115 829 789 119 168 278 PAGE 63 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 18 Pro forma results from quarterly accounts The pro forma results are the sum of the quarterly accounts of SpareBank 1 Østlandet and Totens Sparebank based on historical accounting policies in the individual banks. The figures have been corrected for internal outstanding balances. No other adjustments have been made to the figures. For the fourth quarter of 2024 and previous periods, the pro forma figures are what they would have been had the merger been implemented before 1 November 2024. Pro forma income statement 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Isolated numbers, NOK millions 2024 2024 2024 2024 2023 2023 2023 2023 Interest income 3 124 3 125 3 007 2 921 2 845 2 615 2 262 2 139 Interest expense 1 899 1 962 1 865 1 783 1 706 1 540 1 282 1 159 Net interest income 1 225 1 164 1 143 1 138 1 138 1 075 980 980 Net money transfer fees 134 130 111 95 122 125 110 89 Net money transfer fees 33 32 32 33 42 33 32 32 Commission from insurance 78 74 72 70 71 72 81 69 Commission from savings 14 15 13 13 11 10 14 10 Commission from covered bonds comp. 89 92 100 82 34 44 76 70 Commission from credit cards 19 18 17 18 14 15 16 18 Real estate brokerage commissions 85 104 116 78 64 81 95 73 Other commission income 15 15 14 13 25 23 26 37 Accounting services 40 34 52 48 28 26 34 36 Other operating income 8 7 7 5 16 13 16 15 Net commission and other operating income 449 457 468 389 342 377 436 384 Dividends from shares and other equity instruments 14 0 39 5 1 0 41 1 Net income from associates and joint ventures 107 411 67 75 0 -46 22 59 Net profit from other financial assets and liabilities 19 60 35 105 62 -6 96 39 Net profit from financial assets and liabilities 140 472 141 186 63 -52 159 99 Total net income 1 814 2 092 1 752 1 712 1 543 1 400 1 574 1 464 Personnel expenses 405 370 368 356 347 330 322 323 Depreciation 68 34 33 33 42 33 31 36 ICT expenses 123 113 114 110 105 101 111 89 Marketing expenses 31 26 33 25 25 23 32 25 Operating expenses from real estate 21 18 20 22 19 17 22 22 Merger costs 72 6 3 26 4 0 0 0 Other expenses 120 85 123 83 118 78 69 88 Total operating expenses 841 652 693 654 660 582 587 583 Operating profit before losses on loans and guarantees 973 1 440 1 059 1 059 883 818 987 881 Impairment on loans and guarantees 120 123 46 42 47 146 95 55 Pre-tax operating profit 853 1 317 1 013 1 017 837 672 892 826 Tax expense 168 225 228 135 215 175 204 114 Profit after tax 684 1 092 785 882 622 497 688 712 PAGE 64 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 18 Pro forma results from quarterly accounts (cont.) Pro forma figures 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Per cent 2024 2024 2024 2024 2023 2023 2023 2023 Return on equity capital 10.9% 19.3% 13.6% 16.7% 11.1% 9.3% 12.8% 13.5% Net interest income calculated as a percentage of average total assets for the period 2.32% 2.19% 2.20% 2.28% 2.29% 2.17% 2.02% 2.07% Cost income ratio 46.4% 31.2% 39.6% 38.2% 42.8% 41.6% 37.3% 39.8% Pro forma balance 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q NOK millions/per cent 2024 2024 2024 2024 2023 2023 2023 2023 Gross loans to customers 159 358 158 449 158 004 153 367 152 088 151 604 150 143 146 790 Gross loans to customers including loans transferred to covered bond companies 231 168 229 074 226 827 222 330 221 243 219 342 216 351 211 978 Growth in loans during the last quarter 0.9% 1.0% 2.0% 0.5% 0.9% 1.4% 2.1% 1.0% Deposits from customers 128 270 125 637 126 975 119 260 117 247 114 479 116 719 111 072 Deposit to loan ratio 80.5% 79.3% 80.4% 77.8% 77.1% 75.5% 77.7% 75.7% Deposit to loan ratio including loans transferred to covered bond companies 55.5% 54.8% 56.0% 53.6% 53.0% 52.2% 53.9% 52.4% Growth in deposits in the last quarter 2.1% -1.1% 6.5% 1.7% 2.4% -1.9% 5.1% 1.4% Total assets 210 567 208 627 214 486 202 627 198 657 196 403 197 585 191 896 PAGE 65 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Note 19 Events occuring after the balance sheet date SpareBank 1 Østlandet has entered into an agreement to sell the company Youngstorget 5 AS. The transaction is expected to result in a booked gain for the SpareBank 1 Østlandet Group of approximately NOK 165 million. The gain is expected to be recognized in the accounts during the second half of 2025, depending on the timing of the transaction’s completion. The final calculated gain may be subject to change upon completion. The transaction is conditional upon the buyer’s board approval and a company due diligence review. PAGE 66 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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Statement from the Board of Directors and chief executive officer We confirm that according to our firm belief the annual accounts for the period from 1 January to 30 June 2025 have been prepared in accordance with international standards for financial reporting (IFRS) and that the information in the annual report gives a true picture of the Parent Bank’s and Group’s assets, liabilities, financial position and result as a whole, and a correct overview of the information mentioned in the Securities Trading Act, § 5-6. Styret i SpareBank 1 Østlandet Hamar, 6. august 2025 Nina Cecilie Strøm Swensson Board Chair Hege Yli Melhus Ask Tore Anstein Dobloug Idun Kristine Fridtun Geir Stenseth Alexander S. Lund Jørn-Henning Eggum Catherine Norland Employee representative Sjur Smedstad Employee representative Klara-Lise Aasen CEO PAGE 67 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION Other information EQUITY CAPITAL CERTIFICATE 20 largest holders of equity capital certificates (SPOL) 2Q 2025 2Q 2024 20 largest holders of equity capital certificates (SPOL) No. of ECCs Share in per cent No. of ECCs Change Sparebankstiftelsen Hedmark 60 404 892 44.46% 60 404 892 0 Totens Sparebankstiftelse 11 713 364 8.62% 0 11 713 364 Landsorganisasjonen i Norge 11 121 637 8.19% 11 121 637 0 Skandinaviska Enskilda Banken AB (nominee) 6 799 664 5.00% 7 103 799 -304 135 VPF Eika Egenkapitalbevis 3 085 406 2.27% 2 103 843 981 563 Geveran Trading Co LTD 2 776 176 2.04% 2 686 766 89 410 Fellesforbundet 2 391 954 1.76% 2 391 954 0 Kommunal Landspensjonskasse Gjensidig Forsikring 2 044 072 1.50% 1 513 377 530 695 Brown Brothers Harriman & Co. (nominee) 1 967 283 1.45% 0 1 967 283 Spesialfondet Borea Utbytte 1 547 401 1.14% 1 124 856 422 545 Norsk Nærings- og Nytelsesmiddelarbeiderforbund 1 313 555 0.97% 1 313 555 0 Brown Brothers Harriman & Co. (nominee) 1 255 600 0.92% 1 423 085 -167 485 State Street Bank and Trust Company (nominee) 701 524 0.52% 324 519 377 005 State Street Bank and Trust Company (nominee) 691 408 0.51% 542 147 149 261 Fagforbundet 622 246 0.46% 622 246 0 Forbundet Styrke 479 443 0.35% 479 443 0 The Bank of New York Mellon SA/NV (nominee) 445 028 0.33% 521 917 -76 889 VPF Storebrand Norge 442 523 0.33% 452 702 -10 179 MP Pensjon PK 433 222 0.32% 0 433 222 Foretakskonsulenter AS 420 062 0.31% 176 486 243 576 Total 20 largest owners of equity capital certificates 110 656 460 81.45% 94 307 224 16 349 236 Other owners 25 204 264 18.55% 21 522 565 3 681 699 Total no. of equity capital certificates 135 860 724 100.00% 115 829 789 OSEEX SPOL OSEBX Price development in the ECC (SPOL) compared to share price indices Total returns (dividend adjusted). Index = 100 at start date in the chart 100 120 140 160 180 200 June 2023 – June 2025 Number of ECCs (left axis) Turnover (right axis) Trade in the equity capital certificate (SPOL) Number of ECCs (1000s) and turnover (NOK million per month) June 2023 – June 2025 Sources: Macrobond, own calculations 0 50 100 150 200 250 300 0 500 1 000 1 500 2 000 2 500 PAGE 68 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION DIVIDEND POLICY SpareBank 1 Østlandet puts emphasis on giving its owners a competitive and stable cash dividend, based on good profitability and high dividend capacity. The bank targets payments of at least 50 per cent of annual profits after taxes in dividends to the owners of equity certificates and as customer dividends from the ownerless capital. The decision to pay dividends is assessed in light of possible extraordinary income and costs, as well as taking into account expected profit developments and regulatory changes with expected consequences for capital adequacy. The bank's long-term target for profitability is a return on equity of 13 per cent. SpareBank 1 Østlandet’s operations in a cyclically stable region of Norway and a high share of mortgage loans contribute to a loan portfolio with low risk. The bank’s target for solidity is captured by a long-term target for the CET 1-ratio of a 100 basis points management buffer above regulatory requirements. The combination of high profitability and solidity in a stable market region with a robust loan portfolio provides the bank with a strong foundation to maintain the targeted dividend share, also during times of economic downturns. Following a proposal from the Board of Directors, the Supervisory Board decides each year on the share of profits after taxes which will be distributed as dividends to ECC owners and the ownerless capital, proportionally in accordance with their relative share of the bank's equity. The share of profits belonging to the ownerless capital is expected to be paid to the bank's customers as customer dividends. The customer dividend should prevent a dilution of the ECC holders' ownership stake in the bank. CONTACT DETAILS Klara-Lise Aasen Chief Executive Officer klara-lise.aasen@sb1ostlandet.no Geir-Egil Bolstad Chief Financial Officer Tel.: +47 918 82 071 geir-egil.bolstad@sb1ostlandet.no Bjørn-Erik Orskaug Head of Investor Relations Tel.: +47 922 39 185 bjorn-erik.orskaug@sb1ostlandet.no FINANCIAL CALENDAR 2025 Date Theme 13 February Q4 2024 Quarterly Report 6 March Annual Report 2024 27 March Supervisory Board Meeting 8 May Q1 2025 Quarterly Report 7 August Q2 2025 Quarterly Report 29 October Q3 2025 Quarterly Report As a general rule, the accounts will be published before the stock exchange’s open hours, unless otherwise stated. We reserve the right to change any dates of publication. This information is subject to the disclosure requirements acc. to § 5-1 vphl (Norwegian Securities Trading Act). The silent period occurs from the fifth banking day of the new quarter and until the interim report has been published. During this period, Investor Relations does not arrange any meetings with media, investors, analysts or other capital market players. PAGE 69 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION
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About SpareBank 1 Østlandet SpareBank 1 Østlandet is Norway’s fourth largest savings bank group, with more than 1 300 proudly professional employees. In almost 180 years, we have built up a solid market position in Østlandet (Eastern Norway) by being accessible and providing credit to people and companies in our rural and urban markets. We currently have 41 branches across Oslo, Akershus, Innlandet and Buskerud. Through the bank’s subsidiaries, and the SpareBank 1 alliance’s affiliated product companies and ownership interest in Fremtind insurance, we are a complete finance house for our retail and corporate customers. We are a publicly listed, independent financial group headquartered in Hamar, with deep roots in Østlandet, and have contributed to value creation in the market area through several generations. Telephone Retail + 47 915 07040 Corporate +47 915 07050 Email Retail customer centre: post@sb1ostlandet.no Corporate customer centre: bedrift@sb1ostlandet.no Website sb1ostlandet.no Group administration Strandgata 15 Postbox 203, 2302 Hamar Organisation number 920 426 530 PAGE 70 BROWSE SEARCH KEY FIGURES | ACCOUNTS | REPORT OF THE BOARD OF DIRECTORS | STATEMENTS | NOTES | OTHER INFORMATION