Sparebank 1 Smn Prim Cap

A warm welcome to Jan Frode Jansson and Trond Søra, the CEO.

Thank you, Skaldiha, and ReCirculate. It's actually the 97th time I'm presenting a bank quarter. But it feels a bit special here and now. Of course, it's something to do on the very edge of the room, in this hall, which no one calls home cozy. But to do it as the Sparbank 1 Alliance, it's a source of pride for me. I'm extremely proud when I hear about the other banks, who talk about growth, who talk about recognition, who talk about ambitions. I'm also proud of how we perform in the team, because we deliver Norway's best mobile bank, which we are proud of. We have been developing the future, Norway's largest insurance company in the personal market. And when it gets tough, for example, CrediNor, we stand by it. We do what's necessary, and we get it right, and we get it right again with the black number. So therefore, a dose of pride. When it comes to the numbers for SMN, I don't think they're behind anyone. We are. We are going to be a premium Sparbank. The quarter's emissions are 16.2%. What am I particularly pleased with? I think it's the margin management. It's reasonable. It's the broadest in the best SMN, and the least dependent bank in Norway. It's the calmness we have within everything we do. Our daughters, the maids, the cash house, the result margin, well over 20%. I think most people struggle to deliver that. We are very solid. So solid that a couple of people have told me today that they have a lot of capital. So we think that because of the challenges in the bank, it's the least. Because it makes us robust, we can take growth, give the dates a profit, and we can share a reasonable exchange. It's like that. We do that every quarter, of course. But what it's about is delivering every time. And to be on the podium in Norway every single quarter, we put our soul and soul into it. It's also the quarter here. It seems like we're waiting to see if everyone has delivered, but the podium is coming. And there will be a large company outside of it. Implicitly, the stock value is 42 billion. We are a top 25 company compared to those on the stock market. The largest private capital proof bank with high liquidity. And then we have a CAAV where we are totally dominant. We have an open 70% market share. More than that, I don't think it's healthy. But in Trondheim, it has been a big target. There, the banks are struggling, both big and small, and we have not been number one in the last 15 years. I'm sorry about that. Those who know me know how it is to be number one everywhere. Now we're there, finally. And that feels good. Some of the Swedish banks have gone out, when they have taken over something, but not everything, and we have strengthened ourselves. Some of it has been private banking. We have talked about it before. Some say that a savings bank should run private banking. We think as Nils Arne Eggen said. It's unfair to trade all the same. And what we have is the whole palette to spread its supply to the net, the forming customers. We have grown there, as we know from before. Now we also see the profitability. The discarding of Trondheim, which is beyond our capital requirements. And we have more to go on, and we are concerned with everything we do in our numbers. When it comes to the Swedish Bank, we put a lot of effort there. We are number one in our region. We strengthen the additional, and we think we have more to go on. We have bought up in Norrjø, the food store. We did it before the summer. It's the synergy with the bank and the government. We have synergy between the government and the bank. We have just picked up a little, a lot more to pick up. And then we have agriculture. We talk a little about that, especially here in the playroom. But it is a very important, well-treated segment for us, and with a good spread. We will do even more. And then we have ownership with those who are here at the first bank. And we are proud of that. I said last year that the group just disappointed me a little. The group has answered that with the future in the tip. And deliver some good pay. And again, more to go on. We will hear more from Hege and Sværdje later. But I can say that both management and management are satisfied with the future. Take it as a rose and expectation. Thank you for that. It's good to see. That makes us still be the financial house number one. Be there physically, be there digitally, and deliver profitability based on that. And not least, we give back, as the rest, to our country, whether it is research, culture or festivals, through a wonderful summer. But before I take it completely, Trond says a little more about the financial. Thank you. Half-way, but not half-way. That's true.

Thank you, Fråde. As you have already been aware, the second quarter, 25, was a strong financial quarter for the Swedish National Assembly. With a surplus of just over 1.1 billion. And a one-capital injection of 16.2%. That also contributes to a solid result for the first half-year, and a one-capital injection for the first six months of the year at 15%. In the second quarter, isolated, it is characterized by a still high Internet. And I think with seasonal variations, we see, as expected, very strong contribution from the Swedish National Assembly and the Swedish National Assembly. And now, in addition, as mentioned earlier today, good contribution from your interests and a situation with a low loss, it contributes very well to a strong result. And in this degree of one-time effect, in our result, it is the same with the other banks on the cost side, where we have cost 47 million in relation to the third and fourth quarter, which I mentioned many times now. After the implementation of the CRR3, we are standing with a net capital growth of 18.8%. That gives us a good margin for internal goals and regulatory expectations. The growth in the quarter was first and foremost characterized by an increased demand in the private market, where we sell towards the end of the quarter, such good demand for housing. Within the World Bank, we still have a good 12-month growth of 4.4%, but again, repeated several times today, the growth within the World Bank is a little more volatile and some are reduced in the other quarters. Income growth is good at 0.9%, I have said above all, the demand of the private market in the bank. As I mentioned, a very good quarter, a very strong quarter for our daughter companies. I also think it's good to bring forward our leasing and car rental company, Sparerbanket and Finansmittnorge, which delivers a calm of 13%. And I think that's great when we have a company that doesn't have a share in its financing. So we deliver well above all financial goals, with a calm that is above the long-term goal, which is above 13%. And where we at the same time ensure that we have a solidity that is required to secure growth and give a good exchange. In parallel with the others, the cost income in the bank is affected by the return sales, but in the 41st of April we are on the line with the previous quarter. A little about growth and the margin picture. We see growth in the quarter in the private market in line with the previous quarter, 1.4%, which we are quite pleased with. We see that the annual growth is at .7% and above market growth. Still strong return growth, of course, due to the fact that we have the expected return on the quarter, but we also see 12 months growth, we are at over 10% growth, which contributes well to a healthy financial structure in the concern. The margins are a little affected by a weak rising average in the quarter, but we have continued, as Jan Frode was saying, the focus on profitability, the focus on profitability growth, and we see that the total margin is sideways in the quarter, and we are very pleased with that. The business life is a little more volatile, as I said, .4% in 12 months growth, .9% and some of the growth in the quarter. We see, at least for our part, that the growth so far this year has been characterized by some pretty big increases, and that affects the picture, of course. And here we are very pleased with how we have managed to reduce the margin, and that contributes well to the profitability we see. And when we talk about revenue, the development of revenue in the quarter is also a good picture, because the decline is due to the fact that we let some big, good prices of revenue go. Very fast on the main lines in the result-related, we have a net profit that is up .1% quarter by quarter, we are very pleased with that, of course, driven by good help from the National Renting Day, and also some higher taxes on the foreign side of the quarter, but we also see that the relevant Internet, where we take the IMF provisions, is up quarter by quarter. So it has been a cannon quarter, to put it straight, on the profit of the provision, up over 12.5%. The driving costs are up, but the main factor is the effect on the T1 and EBRY, and then there is a situation with a still low loss of 32 million crowns, which reflects a healthy portfolio, I think. Very happy, as many have been, to see that there is a positive revenue momentum in the group, and it contributes to the fact that we contribute more interest, up 80 million in the quarter for our part. So, in summary, it gives a surplus of over 1.1 billion, a capital throw of 16.2%, and we are very pleased with how all parts of the concern have performed in the quarter, but we still see that we have something to work on when it comes to more growth, we can be even tougher on the cost side, and I also think that we can take out even more synergies in the synergies work, which is so important to us between the business units. As I said, a very good quarter on other revenues, SMN is perhaps the bank that has the largest share of revenue from something other than the Internet. For me, this is also a very good picture of the robustness in our income, and it is also a good picture that customers to the savings bank through SMN can go to SMN and get all their needs when it comes to financial services. And that again means that this means customer trust, and that is something we in the savings bank and SMN have put a lot of value on. The costs are to become a focus area. We have said that the cost growth for 2025 should be lower than the cost growth for 2024, and we, in all cases, will be able to achieve that by making the year's budget goal in the bank stable. We have to adjust the extra costs that came in the second quarter, but I think we will get to that goal. If we adjust the turnover, the cost in the savings bank is what we all follow closely, so to speak, side by side, quarter by quarter. I am very happy to see that your interests contribute well. The future is mentioned in relation to the development of the group, but it is also worth mentioning that the credit north, where the results are sluggish, contributes as well. We see that the bank that has done very well over time has a very good quarter now in the second quarter, which follows a larger exchange from housing credit. And then we see perhaps a savings bank e-market, which is something in the background, which follows a weak ECM market, and the ring effects it gets for that company. Five basic points in the loss. There have been many quarters with low losses now, nor many major returns here now, so it looks like it is a good quality foreign portfolio. The brother parts of the losses here are linked to individual losses, but on very small deposits on the internal business market and our financial company. So it is like that, that there has been a special quarter on the capital investment side, implementation of series 3. It has been extensive, it has had a positive effect on us, which means that we are solid at the beginning of the quarter, with a clean core of 18.8 and an unweighted core capital share of 7%. But then we know that the next day it was a new wave in effect, the risk weight on the capital. For our part, which is a heavy and large housing credit bank and which has low risk weights on the capital, then the whole idea of the Gulf hits in. And for our part, it means that the clean core will be reduced in all other ways than with .3% of the bank. So then we are at .5% in the clean core, and that is still a good margin, as we see it, to internal goals, regulatory expectations, especially when we know that we have only taken with it 39% of the revenue this year. So, finally, we are very happy with the quarter. We have delivered a solid quarter and a solid first half year. We are happy with the developments in all parts of the company, but the preparation is under pressure to take the cost growth over the whole line. We think we deliver well in relation to our strategy, which is well-planned in the regional model, the banking model, and we see that we will continue to strengthen our position in the Middle East. And we will do that locally, and the strength that lies in the financial sector. So we see that we will have good contributions from a robust revenue model and solid ownership that will pay for good revenue in the future.

Thank you. This is Jan Frodo. If you want to come up again, we will take questions from the audience to the SABNN. Just put your hand up and the microphone will come.

Thank you. Thank you for that, and now a little from the Arctic. I have to congratulate you on the first place in Trondheim. It was fun to see. I was a little fascinated by the graphs, and your strength, which is impressive. But why are all the teams in the DNB down 10%? Have they changed any strategy up there, or is it just the savings banks that are passing by?

It must be almost DNB's answer, I think, but what we can read is that Norway and Denmark have sold portables. Only some of them have been taken over by the Nordic countries. A lot of them have disappeared. We experience the DNB as a strong competitor, but the figures show that there has been a switch on number 1 and 2. So why, whether it is conscious or not, that is purely speculation. But it's very fun if you dare to speak a little, because you are just acquaintances. If we sum up nationally, we see that the savings bank is in sum, for the first time in history, now bigger than the DNB-S bank. I think that's a bit cool.

It's okay that one from DNB Carnegie asks the next question. Simon Ås from DNB Carnegie. I think you mentioned growth, and that it was a bit back-end loaded in the quarter. Can you tell us a little about how it has been through the summer now, after the summer vacation? Is it like the growth has continued from the fine level in June, or is it... Yes, I think it's been a bit back-end loaded in the quarter. We see

on the market that there is a lot of activity in the market. It tends to spread to the personal market. In the business sector, everyone has been more relaxed. We will see what the declarations around the maintenance do, what lower interest rates do, but we will see that in the autumn. And just because you come from the U of A, which means that we like to get involved with DNB, we get the same DNB. Be yourself, mention the future, be yourself, be yourself, work in the Norwegian manufacturing sector, the guys who sit here, and so on.

Thank you.

I

started to sweat a little here. Not this DNB, because you know who's in the audience, it's the teacher. We'll take one last question before we put a line for the SMN.

Thomas from the SCB again. In the definition of reasonable exchange, is it also a desire for increased exchange year over year, in conjunction with 2024? Or is there no money in itself?

We have an exchange policy that is around 50 percent, and we have followed it for a long time, and we are pretty stable on it. So in recent years, it has been something more. But Trond, you can ...

It's like you say, that's what we're communicating, that we're going to be around 50 percent of the exchange.

So we have a little bit of a chance to take the money back, and we don't do that by just going out with the core industry.

Good. Thank you to Trond and Jan Frode, and congratulations on the brilliant results from SMN.