Sparebank 1 Smn Prim Cap

Velkommen til presentasjon av tredje kvartalstall her fra Sparbank 1 SMN. Som vanlig så er det konsernsjef Jan Frode Jansson sammen med finansdirektør Trond Søraas som skal dra oss igjennom de talla og de opplysninger vi har å dele med markedet knyttet til det kvartalet som vi har lagt bak oss. Før vi setter i gang med konsernsjefen, så er det viktig at de som ønsker å stille spørsmål, de kan bruke enten chatten i denne lenken som de har på sendingen, eller så kan de sende en e-post til iralfakrøllsmn.no. Det var altså iralfakrøllsmn.no. Da er det ikke noe mer å vente med. Vi setter rett over til konsernsjef Jan Frode Jansson, som skal dra oss gjennom hovedpunkten for kvartalet. Jan Frode, vær så god.

Tusen takk skal du ha. Bildet på forskjellgangen her, det er fra vakre Oppdal, en flott bøgd som også ble herja med av uvære Amy. Det var en temperamentsfull dame, men da viser man også hvor viktig det er å ha en trygg og solid finansiell partner i nærheten. Solid are also the figures from Sparebank 1 SMN. Enough for a quarter. We are over all financial goals. And as far as I can see, we are also over what most analysts expect of us. These figures include an equity issuance for the isolated quarter at 15.9%. We see that we have high activity in the bank, we have it in the brokerage, a little lower than the season in the agency, but with a normal SMN width. We also have still low losses, and we are bottom solid. This means that we can both handle what may come of URO, and also give a solid exchange to our owners. Og igjen, vi befester posisjonen som Midt-Norges klart ledende finanshus. Hvis vi ser hittil i år, sammenlignet med historien, så ser vi at perioden leverer høyt på avkastning. Faktisk helt til toppen. Det er litt lavere enn det var i fjor. Det handler om at vi i fjor da hadde store ekstra nære inntekter fra fusjonen mellom Fremtiden og EIKA. Og så skaper vi verdier da. Ser vi på implicit børsverdi, ser vi at vi nå er inne på topp 20-lista på Oslo Børs. Der finnes det ikke så mange midt-norske selskap. Faktisk er det vel kun 1T, og dem er driv med laks, og er ganske så flinke til akkurat det. Bredden vår er viktig, og alt vi driver med skal være lønnsomt. Vi ser det i begge segmentene i banken. Vi ser det på regnskap, vi ser det på eiendomsmegling, og vi ser det på finansieringsselskapet. Alle er kategoriledende på lønnsomhet. Samtidig tror jeg potensialet er mye større. a lot more on the synergies. And what is especially important for us is to be able to sell the entire SMN-breed to all customers. And to be concrete about it, and listen to this, even if a customer of Regenskapshuset also becomes a customer of the bank, the annual income for SMN increases by 500%. Dessom en kunde av Einar Smegler 1 også blir kunde i banken, så øker inntjeninga med 200% det første året. I tillegg får vi en kunde som gjerne har et langvarig forhold til banken, gjennom 15, 20, 25 år eller enda lengre. This shows why we talk so much about finances and 1SMN. This is the big synergy. We will take them further. We do this through structure, location management, organization, optimization of processes and technology. This is therefore important when we review the strategy this fall. Veldig my stå fast. Vi skal fortsatt være det klart ledende finanshuset med tyngdepunkt i Midt-Norge. Vi skal være en selvstendig regionbank. Vi er ambitiøse. Vi satser på finanshuset. I've talked a lot about it before. We're investing in digital flats. There we have Norway's best mobile bank. We're investing in artificial intelligence. We're also going to use it in the mobile bank, and we're going to use it for customer service, and we're going to use it as an assistant in our back office. In addition, we are active in the Sparbank 1-alliance. It is very strong. It has almost been stronger than now. At the same time, we see that we have to become more effective. As you have seen, there are also measures for increased effectiveness in another very strong alliance. We have established ourselves at a new place. The biggest place in the middle of Norway where we have not been, has been Kristiansund. Nå har vi i kvartalet etablert oss der, og det gjør vi på ordentlig, solid måte. With a whole financial house. We bought up a leading accounting office. We put on banking services. We put on mails. And then we have over 20 people there. A bet in an area where others are also going in. I see the ARN Sparebank, which has ambitions to run nationally, is going in now in Kristiansund and Molde. And they say with eight people. I see it as one unity. We are 65 in a financial house in Molde. We are over 20 in Kristiansund. We are well-organized, and we are very inspired by competition. In Trondheim, we don't have one financial institution. We have three. Trondheim is extremely important in Central Norway. We are leading in the personal market. It is historic to become the largest here. It has been tough competition, also from the National Bank. Vi er ledende på egnomsmegling. 40% markedsandel. Jeg tror ikke det finnes en by i Norge hvor markedslederen er oppe i 40% på egnomsmegling. Så tror vi på strukturelle grep. Vi har kjøpt masse regnskapshus. Vi har investert i Norion, som jeg synes har fått en ekstremt lovende start. We do things in the Alliance. We have talked about Fremtiden, which has become a real locomotive for us, and Sparebank 1 Market, which now goes Nordisk, which was the daughter of SMN, where we have gotten the rest of the Alliance, and we now, together with Sledbank, go Nordisk. And they can expect even more of that type of attack from us. så har vi et stort samfunnsutbytte. Vi er med å utvikle regionen der vi virke, Midt-Norge. Det inkluderer også møteplasser, og det skjer vel knapt en ting i Midt-Norge uten at vi er tungt involvert. Vi skjønner at det har eierskap til strategien, Ansatte har også et sterkt eierskap direkte i Sparbank 1 SMN. 83% er med i sparordninga. Det synes jeg er fint. I tillegg har styret nå besluttet å tilby da konserndelsen kjøp av EK-bevis med en rabatt. Den rabatten er mot en binding på tre år. Hvorfor det? Det styret sier at det er nok en viss anerkjennelse, og så understreker det, synliggjør, forsterker det fellesskapet mellom ledelsen og eierinteressa. Det er sammen at vi får ting til å skje. Og med det skal vi se litt nærmere på tallene, og det skal min kollega Trond, finansdirektøren, gjør. Og han kommer i dag inn her i Ført Joggesko. Det er ikke så ofte, men det viser at vi er et konsern med høyt tempo. Vær så god, Trond.

Mange takk, Jan Frode. Det der med Joggesko, det medfører riktighet. For i motsetning til konsernsjefen, så har ikke finansdirektøren noen som pusser skoen for seg. Som du allerede har vært innom, så har vi lagt bak oss et sterkt kvartal, eller skal jeg si sågar lagt bak oss nok et veldig sterkt kvartal finansielt sett. Underliggende så ble tredje kvartal 2025 pregget av en sterk rentenetto, lavere kostnader, fortsatt lave tap og igjen gode bidrag fra eierinteresser. I tillegg er det tatt en gevinst på 42 millioner kroner knyttet til transaksjonen i SB1 Markets. Samla sett så førte det til et overskudd på 1,179,000,000 kroner og en avkastning på egenkapitalen for kvartalet isolert sett på 15,9%. So er konsernet fortsatt svært solid også etter implementeringen av nytt gulv for boliglånsvekta med en ren kjernekapitaldekning på 17,8 prosent ved utgangen av kvartalet. Utlånsveksten er en total på 0,8 prosent i kvartalet. Den preges av en god utlånsvekst innenfor personmarked, men trekkes ned av at veksten innenfor bedriftsmarked også det her kvartalet er sidelengs. Våre datterselskap leverer resultat som er bedre eller på linje med tilsvarende kvartal i fjor, hvor særleg enomsmegler 1 leverer eit sterkt sesongmessig kvartal med flere solgte einheter og øg pris per oppdrag. Legg vi dette kvartalet til de to foregående, så er resultatet hittil i år 3,3 milliarder og ein avkastning på egenkapitalen på 15,3%. Så er det 235 millioner kroner ned fra tilsvarende period i fjor, men igjen, den perioden inneholder et betydelig engangskrevins knyttet til transaksjon mellom Fremtiden og EKA Forsikring. Igjen, så ser vi at vi har en god klaring til finansielle hovedmål, hvor vi særlig er godt foran det viktigste av dem, det med en enkapitalavkastning på mer enn 13%. A little closer about growth and margin development. Within the personal market, the third quarter was a foreign growth, around the line with the corresponding quarter last year, at 1.3%. The 12-month growth is now at 4.9%, and with that we continue to take market shares. Input knocked down that quarter here, but here a very strong 12-month growth at 9.3%. With an average 9% down around 30 basis points in the quarter, and a rent change that took place towards the end of August, we expect an improvement in foreign margins and a corresponding reduction in income margins. For the business market, it is enough a quarter where we are sideways in terms of volume on the foreign side, which also makes the 12-month growth here now is sideways. Godt innskuddsvartal for området. Også her er 12-månedsveksten på innskudd veldig god, nærmere bestemt 9,1%. If we look closer at the main lines in the equation, we see that the net income is on the same line as in the previous quarter, so the changes in our net income in a very large degree affect the fact that the previous quarter had higher interest rates under the net income than we usually see. If we look at the real net income, where we take into account the provisions from OMF companies, adjust for the day effect and extra high interest rates over the net income last quarter, then it is also on the side. And we are quite pleased with that in a market with increasing margin interest. Provision revenues down from the second quarter, as expected, but seasonally strong, and come back to that. The costs are significantly lower from the previous quarter, mainly as a result of the 10-to-every effect in that quarter. So the third continues with a low loss of 27 million kroner in this quarter. And as I said earlier, enough a quarter with very good contributions from business interests, where especially the Sparebank 1 group delivers well, mainly as a result of strong numbers from the future. Finanslinja, positiv påvirka av en gevinst i SPN Markets, og samlet sett så gir det et overskudd på nær 1,2 milliarder, og som sagt en avkastning på enkapitalen på 15,9%. Provisionsintakta har selvsagt ned fra et veldig sterkt og godt andre kvartal, men sesongmessig, som sagt, sterkt sammenlignet med tilsvarende kvartal i fjor, hvor vi ser særlige intakta fra betaling og eiendomsmegling har en veldig god utvikling. Costs, as mentioned, much lower than last quarter, mainly as a result of an offset to the Tieto-Ebri-rights case in that quarter of 47 million. Compared to the corresponding quarter last year, the costs are up 2.9% in the company and 1% in the bank. And we expect, as we have communicated to you, that the cost growth in 2025, adjusted for the offset to the Tieto-Ebri-rights case, will be moderate. Again, a very good quarter when it comes to contributions from your interests, driven first and foremost by a good result in the Sparebank 1 group, where of course a strong insurance result in the future contributes, but where we also see better numbers from Sparebank 1 insurance and Credit Nord. The quarter's loss for the corporation is 27 million kroner. It corresponds to four basis points. It is 5 million lower than last quarter. Losses in business life in Morbanken is the main cause of the decline. Losses are divided by 47 million in individual losses and 20 million in reduced model revenues. As mentioned earlier, the company is very well capitalized, also at the beginning of this quarter, with a pure core capital debt of 17.8% and an unweighted core capital share of 7.1%. Note that we only take 38% of the results so far this year when we calculate these numbers. So the net capital gain is down from 18.8% in the last quarter, something that in a very large degree can lead to a new gulf in the real estate value. And quite specifically, the effect was around 1.4% for our part, compared to earlier with 1.3%. Despite this, we are well ahead of our own goals and regulatory requirements, and we expect to be in a very good position when the government will know about the exchange at 2025 at the end of the year. Så med vårt faste bilde om hvorfor en investering i Sparebank 1 SMN og vårt egenkapitalbevis Ming er en god investering i bakgrunnen, så kan jeg bare oppsummere med at 3. kvartal 2025 blir et veldig sterkt kvartal rent finansielt sett, med et overskudd på nær 1,2 milliarder, en avkastning på egenkapitalen på 15,9%, og vi har en veldig sterk kapitalsituasjon når vi går ut av kvartalet, som plasserer oss godt, både med tanke på å ta vekst, og være i posisjon til å gi utbytte til våre eier. Takk.

Then we'll move on to the furniture and get both Trond and Jan Frode back here in the studio. We've started to get some questions. It's still possible to send them to ir1smn.no, and then it's possible to write questions in the chat, as we said earlier. We've got some questions already, and we'll start with Gaia. which is an enterprise company. Can you comment on the situation around Gaia and how this is handled in the forecast? Then I think we'll go straight to that, Trond.

Yes, it is a larger loan engagement that we have. We have made the necessary assessments, and it is reflected in the assessments in the forecast. And we are completely aware that the value assessments we have on the securities are adapted to the loss assessments that we have made on that engagement.

Then there is a question about growth. Have we done anything to increase growth, especially in the business sector? We could start with that, Trond, and then let you go straight to the question.

Yes, first we just have to start by acknowledging that it is a very tough market. There is strong competition, there is low growth in general. We notice perhaps especially that it is being built a little, and we get a small renewal of construction loans and the activity around that. In addition, we have also been hit by the fact that there has been a very strong consolidation within Havbruk, which has meant that we have had some larger investments. And then we have to run pretty fast to get big investments. So it takes a little time, but come back? Yes, I think growth in the number of customers and companies is good, and there is a lot going on. But it is difficult to predict, I think now, just about the further growth. But it's tough competition out there.

I think it's growth. Yes, I think it's very precise. It has been low. I expect it to rise. But we only take growth when it's profitable. That's very important for us. So I expect moderate profitable growth.

And something that also has to do with growth ambitions, the interest rate margin. Can you tell us a little bit about the expectations for the interest rate margin and the interest rate net in the future, Trond?

Again, tough competition, and we see that we slide a little on the margin, especially on the foreign side, but also some investments on the domestic side. There have been fewer, there will be fewer interest rates than there were initially. So it's difficult to say for sure, but we can see that there will be a pressure on the margin, the rent and the margin, when we move forward.

Så er det noen som viser til at banken tidigare har gått ut av sitt primære markedsområde i Midt-Norge. Satsingen har ikke alltid gitt et positivt resultat. For 25 år siden hadde man også et bredt samarbeid med Swedbank. SMN kom ikke godt ut av den satsingen og det samarbeidet. Hvordan vil man følge opp ny satsing nå for å unngå tap ved denne nye satsingen? Trond?

I assume that we have started a collaboration with Swedbank, and we have established a new Nordic investment bank on the 1st of September. It is quite a natural step for this type of business. It is important for us. And it is not a collectable situation, I think, with what it was 25 years ago.

Jan Frode, a question that I think I also heard in the introduction, is that a little spark to a competitor in the West. Here you get a question that is just about the competitor. Jan-Erik Kjerpeseth in Sparebanken Norge shows that Sparebank 1-alliancen has a disadvantage with its alliance model in contrast to their model where development resources are integrated. Do you have an extensive focus on effectiveness and competence in the alliance fellowship?

The answer is yes. We have a good link between us and Sparebanken Norge, and I think that's good, because we're doing well. But on an alliance level, we have a huge advantage. We're bigger, we have more muscles, we can deliver. And when Vest historically left the alliance, they actually spent 15 years on taking back the position they had. Now we see that they are more efficient than us in terms of costs, and we take that as a good inspiration. Some have seen that it is a disappointment that Sparbank 1 is developing. It is about efficiency. And then we also simplify our orders in the system. So yes, efficiency is on the agenda, and we are inspired by a little cutting with friends in Bergen.

So this little advantage that Sparbank 1 Norway now has over Sparbank 1 Bankeren is only in the medium term?

Det tror jeg, og så får vi jo se i tallene, men du ser at jeg har ganske fysert litt her.

Ja, jeg merker det. Så et par spørsmål her. Han har også signert, Roy Tilly, i Arctic. En aviserne har skrevet mye om bankene sine eksponering mot et landbasert dotterhetsselskap som i konkurs 17. oktober eventuelle tapsavsetninger knyttet til det her reflektert i Q3. Eller kan det også dukke opp noe i Q4? That was perhaps even more specific than what we have answered.

Yes, again, it is shown to Gaia, and we have already answered that. But it is clear that to exclude that there may be an additional decision, which of course cannot be done, but as I said in advance, we are very confident that the decisions we have made on that are to be considered.

And to strengthen it, we will say that it is exactly what we believe. If we were to bend, we have the tradition of being conservative. That is also a guiding idea.

I see on page 30, I also write in advance, I see on page 31 that the share of the housing loan portfolio with LTV still increases by 85%. This time 9.1% against 5.6% last year. What is the reason for this? Is it a conscious strategy to grow more on the higher LTV to keep the margin with regard to the floor?

No, that is a suggestion that the floor has increased to 90% and that we see an effect of. So it is something that is sought after and not in that way a conscious strategy.

Then there is a question here about costs. You write that the costs are now moderate. You showed this at 2.9%. Is it a measure that begins to give effect, or is it the coincidence that affects the picture, and can you guide something on the development of costs in the future?

Yes, there are many measures that are starting to have an effect. There has been a very large focus on costs. We follow that area very closely. And then everything in the cost area will be affected by one-time payments. If we compare Morbanken, the bank's cost development, from the same period in 2014 to now, and adjust it for two legal one-time payments on... i begge årstall, så er vi på en veldig moderat kostnadsutvikling, og vi har en god utvikling der, synes jeg. Og vi har også sagt at framover, og at kostnadsveksten for 2025 skal være moderat.

Her er det også en som har signert spørsmålet sitt, Thomas Svendsen, som lurer på om vedrørende innskudd, sparekonti til privatkunder, er konkurrencesituasjonen uendret, eller er det økende konkurranse? Vi har litt innom konkurransebildet her i sted, men du kan også...

I'm not sure if the competition is tough. I think it's reasonably constant. There are a lot of banks out there. You can see that quite specifically here in the middle of Norway. Take a look at Molde, where there are actually eight banks. That says something about the competition being intense.

Sime Nås, what do you think about the fact that Sparebanken Norge has planned to expand to Trondheim in the course of one to two years?

We think that the competition is sharp. We have a home field, and we will use that advantage for everything it is worth. And it's not from CFO.

The sharp, sharp knifes here, I notice. But he can have a job, not a football school. I noticed there was a little change here in the universe as well. That was the questions we have received. Then I have answered all of them. So then I think we say thank you so much for following this broadcast from the studio in Søndregate here in Trondheim. And we wish you a continuous, shining and valuable day.