Sparebank 1 Smn Prim Cap

A warm welcome to a joint quarterly presentation for the second quarter from Sparebank 1 Bankeren, Fremtidens Forsikring og Sparebank 1 Forvaltning. Vi setter veldig pris på at det er så mange av dere som har lyst til å bruke denne ettermiddagen sammen med oss her på Grand. Vi er jo egentlig ganske så fornøyd med det vi har å legge frem selv også. Jeg skal komme litt tilbake til det når jeg skal introdusere første innlederen, men litt praktisk først. Det er rikelig med nødutgang her i dag. Med unntak av rett bak meg, tror jeg, så er det to på hver side her og en i døra bak der. Vi kom inn. Det er ikke planlagt noen øvelse eller sånt, så hvis det går en alarm, så må vi bare lytte til det og gå sakte og rolig ut og forholde oss til de instruksjonene som vi får. This is a quarter presentation on speed from the different banks, so here they get a lot for the money. These are quick introductions with the big headlines. It will be a bit of a deep dive. And then we will be able to open for some questions between the different banks that have introductions. I will introduce the head of the corporation and the financial director. And then we run without introduction in the individual banks. I will be a little strict about not having any questions, and then I will switch a little bit on who doesn't have any questions between each introduction. Den første banken, og det er jo egentlig litt sånn ufint, slo det meg her i formiddag når jeg satt og skulle ha forberedt meg litt på denne samlingen. Det er jo litt ufint egentlig når det er den som er konferansdere som skal introdusere sin egen bank først. Egentlig så burde vi ha kommet helt til slutt, men da har jeg fått tilladelse til å si at det var sparebank 1 Nord-Norge som stod for den delen av planleggingen en gang her. Så i all beskedenhet så er det helt tilfeldig at det er sparebank 1 SMN som kommer først. Sparebank 1 Smn, Sparebank 1 Østlandet, Sparebank 1 Nord-Norge, Sparebank 1 Nord-Norge, Sparebank 1 Nord-Norge, Sør-Norge, Fremtiden Forsikring og Sparbank 1 Forvaltning, har jo alle sammen fått med seg at vi har invitert i år, som i fjor og som året før det, til en liten samling på taket her på Grand, og nå er også Værgudaren med oss. Mulig at noen av dere har sett at det halter litt på vei opp her, og det skyldes rett og slett at det har sklidd på glattisen og bruket ankelen. That describes and summarizes the summer in Trøndelag quite well. First up is sparebank 1 Smn, with chairman Jan Frode Janson and financial director Trond Soraas. They come straight from Arndalsuka, which I think many of you have been to. It is said that... It was easy to read on Jan-Frode this time how the results from the Smn came to be, for some have whispered in their ears that he was about half a meter above the ground, almost floating when they saw him. Some also claimed that he went on the water down in Pollen. I wasn't there myself, so I'm not going to go over that, but I take in any case very much Jan-Frode Janson and Trond Soraas.

Tusen takk for det. Det var en litt uvanlig intro, men det lever jeg fint med. Det å stå her, det synes jeg er kjempestas. Dels til å komme til hovedstaden på opptigning, det er fint for en trønder. Partly to be gathered here at Selveste Grand, partly to be here as Sparebank 1 Alliansen, and very much to you, as I said. I see analysts, investors, partners, even some customers here, and among you, there are both new and next years. And what I know the most about, is an indelible pride over Sparebank 1. Det fellesskapet vi har, evnen til å utvikle selskap. Vi skal få høre mer i dag om Juvel Fremtiden, som har gått fra bittelite til å bli Norges største innenfor personmarkedet. Vi skal kikke på Sparbank 1 Forvaltning. Vi får opp selskap, og vi står også ved selskap. Sånn type markeds hadde tøffe perioder. Vi stod i det, hadde en plan, fikk ledere vi trodde på, løftet det. Og så kredite Nord det samme. Norges beste digitale løsninger, sier de kåringene. Og den siste greia, og det er på den myke siden. Vi evner også å se hvor vi kan bli bedre. Og vi vil også kikke etter som investor, hvor ligger oppsida. Og når det gjelder effektivitet i utvikling, så skal vi ta et krafttak i våres allianse. Det handler om å få konkurransekraft. And you know me as a pretty simple man. Some have called me a fanatic when it comes to discarding. But for me, discarding is, I believe, the best goal for competitiveness. And that's why we're proud, also in Sparbank 1 Smn. At least I'm proud to have clicked. And a lot of exciting things happened there. Vi har solgt over en avkastning på 16,2% for kvartalet. Det er langt over målet vårt på 13. Som du vet, målet for oss er ikke om vi skal nå en gang inn i framtiden. Det er litt kontrakten vi har. Vi har også ambisjoner om å være på pallen hver tredje kvartal. Det å være tilbake igjen på pallen, det gjør godt. and also those who are close to me in everyday life, because it's a bit unbearable when we're not there, says Trond, nodding a little too intensely. Behind that is a margin control, even though we all want to be shown it. It is a cost control, it is the SMN width, we fire on all cylinders, it is low loss, and we are solid at the bottom. There are also opportunities for good exports. So we see, when we place the quarter in a time series, it's a long time series, and it's so half-old that you can be happy with the long time series. We see that the quarter here is quite high in relation to historical context. Then we see the development of the value of SMN. It has become a fairly large company. We are one of two mid-Norwegian companies that qualify for the top 20 lists at the Oslo Stock Exchange. The other one, Driv med Laks, is quite good at that and comes from Frøya. It could have been something else, but I think you know what I mean. And then you see that the value has gone down a little this year. And I think that was because we had a lot of money out in the first quarter. It gave some concern, and we were a little punished for it. Therefore, it is so much easier to deliver deductions as we are doing now. They know the model. It is the financial house, and it is physical, but not least digital, and there we have just begun to build. And then we believe that when we are going to have all the products, we should not pick them up from anywhere. We want to have control over both the controls and the income of that value chain. Therefore, we either own SMN, which is our company, we also let other owners in there, a good number of smaller banks, There are good partners in this area, and everyone from Sparbank 1, Nordmør, and we have Sogne og Fjordane with us, and we have others with us. So this is the alliance with our companies, and we have a lot of connections that are also much bigger. And the future is a great example of that. We will come back to that. Another is Bips. And that's a bit of a baby for me too, how we can actually compete with the toughest global tech and financial companies out there. The power of collaboration. I vårt eget finanshus ser vi også at når marginene på utlånskvises, for de gjør det, vi har også en renteøkning på gang. Den virker ikke før mediujuli, som er andre kvartalet. Men da ser vi at vi har fremgang på de øvrige områdene, og det hjelper oss. Vi skal ha lønnsomhet på alle delene i det finanshuset. En viktig del er regnskapshuset. Det er kanskje like dårlig som det selskapet det navnet er. It's a bit misleading. Is it punching of cars? No, it's not. It's more and more a highly competent advisory company. Examples of that are private accounting. It's not a Trøndersk word, but it's something to hold control over for an investment company. I think we're most likely to be in Norway on that. Transaktioner, det som er for smått for sparebank i en market, kjøp og salg virksomheter, en viktig del av det her. Og det her området for oss skal gi avkastning hver innvarende stand alone. Nå har vi gjort en rekke oppkjøp, fryktelig gjort det, så vi sliter faktisk med den riktige avkastningen. Det har vi plan for, vi skal komme dit, men vi er blant de mest lønnsomme i Norge, og så kommer synergiene med banken på toppen. Vi skal selge til regnskapskunden, gitt at kunden vil det, for dette er samtykkebasert, hele bredden av finansielle tjenester. Og ikke nok med det, det skal ikke være knivselgeren, men det er en tredje effekt som ikke alle tenker på, at dette er jo bæren av distribusjonsnettet. Vi kunne ikke vært så mange steder uten det som basis. Så legger vi bank til. Så det her er for oss helintegrert, og det er satsing. Så har vi selskapelag i alliansen. Allerede skrytt av fremtiden, men det er artig å se hvordan vi faktisk klarer å skape verdier. Med sparebank 1, og med våre kjære partnere i EIKA og i DNB. Jeg er fristet til å si mer, Hege. I was a pretty proud and engaged board member, but you will have to take that story. Then we have the savings banks, and some have also been here for over 200 years. And then one would think that a savings bank is best at saving. That's not how the story has been. It has actually been best at loans. But now that we have made a promise, we can go back to a savings bank in a situation. And for the part of the SMN, we picked up the whole team from Danske Bank. We should have bought the whole thing, but we didn't, but we picked up the people. That gave us a boost in terms of saving. We are actually at 2.5 times the mass in the course of four years, and it continues. And then we have the social sector. We are very engaged. And this is just a little picture from Trondheim, under what has touched the whole country. Vi laga VM-fest, vi fyll Torbjørn Trondheim, vi gjorde det samme rundt omkring i Midt-Norge, arrangement alle steder, ved bruk av samfunnsmidler som vi investerer til ulike formål. Masse forskning, masse innovasjon, men også folkefest. Og det er viktig, fordi at vi skal være, og vi er, Midt-Norges Finanshus nummer 1. I use to say, look up for the aftermath.

And we do things from that position.

If we want to have it, we have to have the customers with us. Nice development for all the savings banks and home banks. We have to please the customers. We have to have the society with us, as I talked about. And then we have to develop. And of course, also development here. When we are involved in innovation, to develop the way we do business, we have to do it as much as possible. And not least, we must have employees with us, and I am proud of my colleagues. And one of them is our finance director, who will soon say more about the talks. And with such a loud half-prong, you will probably come jogging or calm up. At least I promise focus on calm. Here you go. Thank you.

Takk Jan-Frode og riktig god dag alle sammen. Jeg skal gå litt mer i detalj på den finansielle utviklingen i kvartalet. Oppsummert på en side så viser det jo det som for så vidt Jan-Frode allerede har vært innom. Vi leverer et meget sterkt kvartal og en kraftig resultatforbedring fra forrige kvartal. It is a quarter that is characterized by good underlying driving, income, we see improvement in the cost line, we see lower losses, stronger contributions from business interests, and we have a healthy capital position when we go out of the quarter. Resultatet ble 1.979.000.000 kroner, med litt mindre egenkapital i det kvartalet her enn det forrige, så resulterte i en egenkapitalavkastning på 16,2% i kvartalet isolert sett. Så er det sånn at et sterkt andre kvartal bidrar til at vi får et veldig godt første halvår også, og det er et godt bilde på den underliggende innkjeringshebnen i konsernet, synes jeg. The first half year we had a net profit of just over 2 billion kroner, with a net capital return of 13.7%. So we are growing well, both in terms of out-loan and net profit, especially within the personal market. We got an export growth of 1.4% and an investment growth of 3.1% in the quarter. Very happy to see that we still have strong investment growth. It is important for the financing structure, but it is also important to create even closer bonds to our customers. So it is so that the second quarter is traditionally a very strong quarter for our large daughter companies, as well as in this quarter, where the daughters deliver results well up to the 20th century. We are very pleased with that, and perhaps especially the developments that we see in Meglen, which now also in this quarter gets the help of the investments we have on the business sector, and has a result grade and a result improvement that we are very proud of. Kjernekapitalet er robust og gir handlingsrom. If we look at the financial goals, we deliver very well in the quarter, especially in terms of spending and capital. As Jan-Frode has shown and talked about, in the SMN we will deliver high and competitive value creation over time. In this way we are very satisfied with the quarter, which is very good in a market situation, which, even if it widens a little towards the end of the quarter, is still affected by very strong competition. And then the quarter fits very well into the Underliggende langsiktige innkjenninger som dette konsernet skal ha, og det viser at vi klarer på en god måte å lykkes med strategien våre, så balanserer lønnsom og god vekst. Privatmarkedet leverer godt. De har en utlandsvekst i kvartalet på 1,8 prosent, og innskuddsveksten kom inn på gode 5,2. Det viser styrke i kundeaktiviteten, og hvis vi ser årsveksten i utlandsboken av utgangen av kvartalet på 5,5 prosent, så er det med på å underbygge det bildet. Så er det sånn at det er veldig stor konkurranse om voldelånskundene. Det er ikke noe tvil om. Vi ser den forventede nedgangen i marginen. Men vi driver ikke boliglønnsvirksomhet alene. Vi driver personmarkedsvirksomhet. Og med den bredden vi har på de her kunderne vi har i personmarkedet, så er det med å bidra godt til lønnsomheten. On the business side, we have a situation with more moderate growth, 0.5% in the quarter, 3.5% per year. We also see a great growth in investment. If we look at the construction sector, we see good activity in our region. Vi regner på flere saker enn fargen i det regionale nettverket skulle tilsi, men marginpresset er også her, så her må vi være selektiv og bevisst når det kommer til vekst. Resultatet er 1,2 milliarder på 16,2 i kvartalet. Det er opp fra 849 i første kvartal. Den gode resultatforbedringen drives av tre hovedforklaringer. Det er god underliggende drift, en mer stabil rentenetto og bra utvikling på kostnader. Rente-nettoen er marginalt opp, 0,7, drevet av både dageffekter og reprising av enkeltprodukter i kvartalet. Men det er også sånn at hvis vi ser på den reelle rente-nettoen, det kvartalet her, så er den ned i kvartalet her også, 1,6 prosent, hvis vi hensynter provisjoner fra OMF-selskap. Vi har økt rentene fra begynnelsen av juli, som Jan Frode var inne om, så det er vel grunn til å tro at buen på rente-nettoen er nådd. But the further development of Nibor will probably lead to that. Then we have a lower stage, 35 million in the quarter, which corresponds to 5 points in the quarter. It is low, and it shows the robustness that lies in our foreign books. And then there is a much greater contribution from the owners' interests, and a sharp financial line that contributes very well to the result. And the result is still not the most important thing, but the sum that shows the width of the business model and the income balance of Smn, which comes from this quarter with good strength. Because in Smn, it is the varied income platform that contributes to good results. So is this quarter. Provisjonsintakten har tradisjonelt sett et kort kvartal i andre kvartal. I år er de opp 42 millioner fra første kvartal. Det er en økning på 7%, og det er vi veldig godt fornøyd med. So har vi en god historie å fortelle på kostnadssida, synes jeg. Vi er ned 31 millioner fra forrige kvartal, hvorav 20 er i banken. Ser vi kostnadene i et lengre perspektiv på årsbasis, så er det så å si flatt på konsernet og 30 millioner ned i banken. Vårt hovedvirkemiddel for å få bukt på kostnadene er at vi bare skal ansette hverandre som slutter i banken. Redensettelsesprosenten ved utgangen av halvåret er 56, og så er fortsatt ikke prosenten sånn sett interessant alene, men det tilsvarer rundt 18-19 personer for vår del nå, og sånn sett er vi på god vei mot den årseffekten på 45, som vi har målsatt rundt uttaket her. Og så er det viktig å si at samtidig som vi ser den flate kostnadsutviklingen her, og vi har høy lønnsverkst, We invest at the same time. We invest in areas that are important for us to have the necessary capacity and competence. That is within AI, that is within competence-having in general, and that is also within survival. In this way, you can say that the goal is to become more effective and not necessarily just to become cheaper. Very good contribution from the owners, as I said in this quarter, 355 million. The contribution comes mainly from the group, where Framtiden contributes very well. But it is also exciting to see that an actor like BM Bank, which is in the margin management, actually delivers 14% peace in the quarter. TAP, 35 million kroner in this quarter, and down from the 100 million that loaded our quarter last quarter very well. Five points, as I said. It is low, both historically and in relation to the foreign books we have. Of course it is such that it is simple things we work with, but it will always be like that in a large foreign book. Og helt avslutningsvis, soliditeten 17% godt over både egenhetsmål og regulatoriske krav. Og her har vi da implicit et utbytte på nesten 70% inn i tallene. Så veldig komfortabel med kapitalsituasjon som gir godt med handlingsrom. Takk for meg.

Takk skal dere ha, Jan-Frode og Trond. Først, jeg fikk en tekstmelding her, Jan-Frode, fra en kjenning av oss fra Bergen, som er på vei til Trondheim. Han sa at han syntes det var snårt at du skulle kalle den en etterliggning. Det skal du få slapp å kommentere på. Vi rekker ett eller kanskje to spørsmål, hvis det er effektivt. Opp med hånda. Da starter vi der først. Og så får vi en mik hit, så vi er kjapp.

Kristian Jens, SBN Markets. Can you say a little about the competition intensity in your home market, which has been quite intense before? On margin, do you feel that it has decreased a little, or is it in a way constant? Inbust, outbust, flott.

Den har vært intens i andre kvartalet, men jeg synes det er en liten avmettning mot slutten av kvartalet. Kanskje er det en lave avkastning, altså de her bankene som har drevet ned marginene, begynner å bite litt på dem da.

I can give a little more color to that, because we have extremely many small savings banks in the middle of Norway, so it's not the only place where there are so many. And some got capital help there, free land capital, delivered, dismissal, first quarter from actually zero, I think the weakest, up to six, seven, maybe eight percent. And then you quickly go empty. And we notice that you go empty for that bit, so more than normalizing the competition, I think, is right, don't you think? Yes. Yes, one question for you.

Hi, Thomas Svendsen from SAB. Question to scalability of the business model, given the plans you have for cost reductions and growth opportunities and investment in new technology. How much less than inflation do you think you can manage to increase the costs in the next two-three years?

And before Trond answers the cost a little strategically, and the model is possible to extend it, We are in the middle of Norway. You can't find that on the map. So it can be stretched. We have the most flexible names in Norway. Smn, which means Sør, Midt and Nord. So there is no lack of opportunity there. So we have the opportunity that is there, and the model is there, so you can say what that means for the investment field and the costs, Trond.

What we have said is that the costs, especially in the bank, will be completely flat in 2026. So we are a little more uncertain when it comes to the entire corporation, because we have daughters who are going to grow up, and there is supply an important cost. Thank you Jan-Frode and Trond

And Jan-Frode was a little surprised by the introduction here instead. It could have been Jan-Frode. Guttorm Hansen, maybe not so many of you who know him, he sat at the Stortinget in the 60s and 70s. He was also the president of the Stortinget, and while he was president of the Stortinget, he was invited to his home village in North Trøndelag, and out to a small local community in the 17th century, which is called Ytterøya. And on the boat on the way over to Ytterøya, there is a little rumor that May 17th in the program for Ytterøya and the headline for the day, Guttorm Hansen, otherwise good entertainment. Then we will rush on in the program, and then it is Sparebanken Østlandet and Klara Lise Aasen and Geir Egil Bolstad. Please welcome them.

Tusen takk. Jeg vil begynne med å nevne tre dator. 25. februar 1982, 23. juni 1998 og 5. juli 2026. What is in common with these three? It is fantastic sports moments. For my part, I was seven years old at the first one. Many of you here may be my age, and the question we have gotten most of over time is, where were you when Oddvar Brå broke the staff? That date was the World Cup in Oslo. It was a stafetto, and it was a part of the gold between Norway and the Soviet Union. I was jumping around in the living room with my dad. It was a fantastic experience. The other one was also the World Cup in football. It was Brazil-Norway. I 23.Juni, veldig spennende den kampen. Bebeto skårte først, så kom Flo, og så satte Rekdal inn straffen. Altså, jeg får gåsudd bare tenker på det. Det var helt fantastisk. Og så den siste. Norway did it again. A fantastic experience. 2-1 against Brazil. The reason I mention this is that this is a proud moment when we financed a really big people's festival in Oslo. Oslo Kommune spurtes bare noen få dager før, og vi kastet oss rundt og var med og finansierte denne folkefesten her. Den var gratis, den var for alle, og det var jeg helt sikker på at om 40 år så er det en eller annen som har 7 år da som tenker, fy pokke for et øyeblikk. Så det å gi tilbake til lokalsamfunnet gjennom sånne type arrangementer, det er jeg utrolig stolt av at vi har vært med på. But then we have to talk about the talks. We are very pleased with Endrekvartalet. We deliver a single-party issuance over our target of 13%, and it is a good, solid underlying banking business that is the driver of that. And there is a lot of competition, we can see that, and we can see that on the margin press, and that affects our interest rates this quarter, but on broad interest rates, we deliver very well. And that is an area of investment for us, when the net interest rate becomes more pressing, we have to see how we can be an even better full-scale bank for our customers, and we are, both for personal customers and businesses. I will usually go through the details of the numbers later, but we would like to add an even larger share of the Sparbank 1 group. 12.4% for the future has delivered fantastic numbers that also reflect our quarterly figures, and we have in addition a good cost control this quarter. The financial goals are the same as we showed last quarter. I will just say a little about the costs. There we are below our target of 40%, which is our long-term target of costs, exclusive fusion costs, and now we are at 42.8%. In there, there are also commercial products that would have been at 40.6%, but that is an area we work hard and thoroughly with, with different types of measures, and we have allowed the market that we will flatten costs in 2027 towards 2025, and we will deliver on that. De andre målene er uendret. Vi er kjempesolide og også klare for både vekst og ha mulighet til å dele ut godt med utbytte. De finansielle målet er kjempeviktig, og vi ønsker å levere på det, men da er vi avhengig av å ha kunder som er fornøyde med oss. Og kunder som trives, de blir lengre, de kjøper typisk flere produkter, og vi ser at å levere hele finanshusets bredde, det er et viktig mål for oss. And both in the private and business markets, we deliver good customer relations indexes. Customers are satisfied with us. This is a trust we have to manage wisely. We are above the Alliance on average, and we are well above the industry in this area. And we are very proud of that, but it is not something we are allowed to give. We need to prove it here on the first day, because of our trustworthiness. So kunde det ha sett pris på vår tilstedeværelse. Gode løsninger utviklet sammen også i Alliansen og våre fantastiske rådgivere rundt omkring i alle hjørner av Østlandet. Som Jan Frode sier, stort Østlandet også kan vokse i alle retninger. The personal market continues to grow. We have a good growth, especially in the Oslo, Akershus and Drammen area. On the other hand, we also notice strong competition from the small savings banks. But we grow more than the market in total, and are very pleased with the development there, especially in such a competitive area as we operate. Both out-loaned and in-loaned income this quarter. The margins are pressed. We noticed the market interest rate a lot in the second quarter, and the customer interest rates have not changed as quickly. But here it will be even more important in the future to work with broad income, as I said earlier. And it is a little strange that we are good in Storoslo. Vi har vært i Storoslo i over 100 år. Vi har en sterk tilstedeværelse i antall kontorer, og vi har en økt satsning innenfor ulike markedsaktiviteter. Dette er et område vi har lykkes godt på, som jeg er kjempestolt av. Jeg vil særlig trekke fram personmarkedet her, som har tatt store grep i forhold til vår markedsandel fra før. So, we are also present at different types of activities, as I mentioned at the boardroom, but also at different sponsorships of both wide and top sports, such as volleyball and football. So being present at locations like this is not only on the domestic market. Some might think that we are a private domestic bank. No, we grow mostly abroad, and are large in the whole of Østland. The business market. Here I have said for some quarters that there is quite a stable growth. This quarter we are very happy to show that there is foreign growth and that we see an increased activity level. There are still many customers who are sitting on the fence and waiting to get started. Especially cost-sensitive businesses who are waiting for it to go down and who may be a little sceptical to get started. But we have a pipeline that is very good, so we are ready when customers are ready. And it is also an area where we notice tough competition, if the good cases, margins are pressed, loan payments are definitely also pressed, so we must balance profitability and growth in a good way. Here is also a lot of focus on brand revenue, and I really want to move forward with the collaboration we see within our financial institutions, but also with the future savings bank insurance and administration. It is really crucial for our success. So, what I have mentioned before, strong expansion in broad investments. This is an area of investment for us, therefore it is very interesting to show a growth in the last 2-3 years, as you can see on this slide. We are growing, yes, the prices have also increased on insurance, but we are also growing on stock and the number of new customers. And on funds, I must say that we are incredibly happy that we have managed to grow so well. 17% annual growth on new fund customers, and here we really want to draw from private banking, which has made a completely formidable investment in the last six months. Really good investment. and also very good help from the administration, and Ronny will tell you more about that later. But this is an area that shows that we have the competence, we are a full-scale financial institution, and together with our partners, we deliver very well. The single-use bills are also doing well, so far the numbers are not as high as last year, but the used table market is working well. The new table market, we know, is very low, so we are looking forward to even more speed. So, before I leave the word to the rules, I will tell you a little about the merger. Here we see a happy group. What merger, does anyone think now? Isn't it a little long since you merged? Yes, November 1, 2024, we merged with Toten Sparebank legally. But! There was a queue in front of us at external parties, so the technical test took place first on the first weekend of June this year. It's quite a long time later, but it went really well. We had several technical test tests, and we were very pleased that it was a very successful test. And here I wanted to honour our partners. Sparebank 1 Utvikling, Tieto, EIKA, and other external partners, and at least internally well-planned fusion, which makes this really a success. So there is no doubt that it is good for customers as well. Many of Toten's employees work on two PCs, work with two systems, now they only have one PC. It should be a follow-up, but it was not super easy to fusion in an EIKA bank into a Sparebank 1, so they are now out, so now we have full focus on taking out effects from the fusion in the future. On the cost side, we have said a fusion cost of 150 million for 2025-2026, and we are well ahead. The start of the second quarter, when most of it was taken, was 124 million, so we are confident that we will deliver within budget. With that, I will hand over the floor to Ger Egil, who will talk more about our talks.

Thank you, Lara-Lise. It's always a little exciting to follow the boss when you have an ex-finance director as a head of the company. If there's any talk left, as they say. Okay, I'm going to try a little. We'll start by going through the headlines, as I'm used to, and then I'll comment a little. Netto- og renteintekter, dere har sikkert både analysert, dere har lest, dere har hørt andre banker. Vi har hatt et par kvartaler nå med reduksjon i renteneton, når vi tar med provisjonene fra kreditforetakene. Niborutviklingen er alle kjent med. Motvirkende der, så ser vi jo nå at det har vært en bra vekst i kvartalet. There is an increase in interest rates from July. Provisions, the cross-sale model, the cross-sale engine. This is the best quarter the bank has ever delivered on ordinary provisions when we look away from the one-off we had with the sale of the old main office to bank 1 last year. That was an effect of 163. In other words, as Klara Lise showed, the width sale works very well in the bank. You are well known for this, and we have often spoken about this several times. We are good at securing the provisions. It is cultural, it is systematic, it is good people. We are good, and there is a period of good on payment services, and we are also good on credit cards. And then there is a little theme today, Ronny will come later, the savings area, the savings bank and administration. We are on a lower level than the other banks, but Jaggu has taken speed the last half year. Clara Lise mentioned a 17% increase in the number of fund customers, savings customers. It should be mentioned that in the first half of the year we have had an increase in savings on 25%, and I think that's just something you can hope for, because I think that compares with the very best. Resultatet fra datterselskaper, der er det stort sett ett poeng å trekke fram. Vi er litt uvant, men det har kommet et større enkeltap som forklarer en del av resultatreduksjonen i finansieringsselskapet vårt. Ser vi bort fra det, så er det stabil drift og resultatutvikling både i finansselskapet, i megleren og hos forretningspartner. When it comes to net and finance, it has been a very strong quarter. So you can say that yes, there are very good contributions from the Sparbank 1 group in the future. It is well explained in all ways, but it is also contributions from other joint controlled businesses. Trond brought forward, among other things, Benbank, but there are also several. Banken har også god kundeaktivitet på rente og valuta, som bidrar godt inn i nettofinans, og i tillegg har vi selvfølgelig drahjelp på dette med spredingang på investeringsportefølje og det slike. Slik at, alt i alt, et godt kvartal også der. Driftskostnader. Clara Lise var inne på det. Vi er nå i en fase som er kostnadstung. I første halvår samla sett 66 millioner i fusjonskostnader. 80 millioner i omstillingskostnader knyttet til nedmaning. That is a backslide. But then it is also nice to see that implemented costs are visible on other cost lines. And when we look at the next quarters now, there will be a decline in demand. So we expect that when we go out of the year, we will be about 50 years lower than we are in Tokyo. Periodens tapskostnad er litt opp fra forrige kvartal, og igjen har vi et større problemengasjement i finansieringsselskapet. Og så er det verdt å påpeke et par andre ting der. Bruk litt tid på det. Model-based, there are two things. One is that you have a kind of expectation in macro, both on the interest rate and workability, as Norges Bank thinks, which we put to the ground. This contributes in an isolated way to an increase in the loss assessments. But as Klara Lise was saying, we technically also merged Toten Sparbank this June. This means that we got the whole portfolio into our systems. Then it is nice to see that with our RISCO models, our IRB models, ESL models, we get a positive migration in the trend category and the need for drop-downs, so that it works in the opposite direction, so a couple of brutto effects that go against each other to relatively low changes in terms of models. For the rest, the quarter is characterized by a number of observations, and that is mainly engagements with previous individual failure assessments. So, then it is in a way what sums it up. If you have peace at the entrance, then you have a pure core at the exit. It is a stable development in the last quarter. We are in a very good position in terms of internal goals and regulatory requirements, also when it is considered that this 70%... Regulatorisk krav og hensyn til vekstkapasitet og utbyttekapasitet er nevnt. Vi opplever at det er et godt sted å være. For å oppsummere før vi tar spørsmålene, det som vi opplever fra vår side, det er hyggelig å se at en revidert strategi begynner å vises. Vi har tre kamper. Vi ser at kostnadsutviklingen, vi ser spor av det. Vi ser at vekstfokuset, utviklingsfokuset i Storoslo, vi ser det på veksten. Helt tydelig. Og så er det ikke minst det at vi er i ferd med å vinne det vi opplever som er totalkunden. It is the best quarter of the time in terms of supply revenues. So it is nice to see that the strategy is shown in the numbers. So I thought I'd give myself to that, so I hope it's time for a question, maybe? Maybe two.

As effective as we were here, we'll get the light up here, while they are up with their hands, those who have something on their heart. Yes, then we'll get help from Trond here to get over a microphone.

Could you tell us a little bit about how you look at And while you're answering, it's possible to ask another question.

Here you go.

Yes, a big question. I think that the SMN responded to how we were going to do it. It is a joint development agency. Effectivization in development. And then it is actually effectiveness that goes both on income and cost side. It is a focus. It goes in running projects. It is earlier oriented about... Ombemanning, nedbemanning, there. We experience that it contributes well to us as well. There is close cooperation on priorities and cost monitoring in the Sparbank 1 development, among other things through a common financial director, forum and the like. So we have the same interests and we have close monitoring. So it will contribute, and we are on the same boat as the others. We have the same wishes that it will contribute.

At the same time, we also have a lot of things we work with on our own, obviously. One thing is through the alliance and the collaboration there, but we are going to work with a number of measures, and as we say, humiliation, north reduction, that will also be a part of the solution, obviously. Thank you, Klaar-Lise and Geir Reger.

An honest applause. Når jeg rusla opp mot grannen her tidligere i dag, så gikk jeg med på delegasjonen fra Svaremannken Nord-Norge. De satt og skulle få i seg litt mat, tror jeg. De satt og feiret, slått ut håret ordentlig i dag, feiret gode resultater med vann med kullsyre. Og de sa at, hadde du nå hørt om det her gnåle, om det her solformørkelsen? Det har nu vi hatt siden her i april. Hanne Karoline og Bengt, kursen er opp 7% ganske nøyaktig så langt i dag. Vi er spent på å høre hva tall de har å dele, og hva budskap de har å dele med oss. Hanne Karoline Kremer og Bengt Olsen tar veldig imot.

We've had this darkness all summer. And here you can see a picture taken on one of the two days we didn't have rain. The time is 14.30, it rained before and it rained afterwards. Så vi kan jo si det at som værmessig så ønsker vi vel kanskje den bergenske banken velkommen til Tromsø. Men jeg tror det at de skal få merke det at det er en landstilsbank i Nord, og at konkurransen er rimelig tøff i Tromsø. Selv om været har vært dårlig i sommer, så synes jeg det at vi kan presentere flotte tall for dere i dag. We are a little lower from the same period last year, but that also has to do with the macro, which has not been the same. Just under 2 billion kroner in advance and a capital reduction of 16.1% in the first half of the year. We are very pleased with that, and that is well above our target. So har vi også kapital til å vokse, og vi har også sagt at lønnsom vekst er viktig for oss, og det kommer vi til å gjenta og gjenta. Tapene er lav, og det er betryggende også sett ut fra at byggenæringen har en veldig vanskelig periode. Kostnadsutviklingen har vi under kontroll. We are very pleased with the cost percentage, even though it is a little higher than the same period last year. We have some one-time effects, especially for Q2, which Bengt will get a little closer to. This is the trend on the key parameters that we are concerned about, and the trend is good. We are concerned about working according to a plan, and we do that, and we also mean that the results show that. Capital to grow, high self-sufficiency, and a downward curve in costs is what we are in charge of. And then Skambengt will also get a little closer to the details of this area. Det vi syns er veldig hyggelig for første halvår, og også spesielt i andre kvartal, det er at vi veks. Selv om kanskje både makroen og den underliggende kreditveksten tilsier at situasjonen kunne ha vært annerledes. Men igjen, vi vokser på de riktige kundene, og vi vokser med lønnsom vekst. Og det er et mantra for oss, og vi er nøye på å følge på det, selv om vi kommer litt tilbake på marginene som dere sikkert er litt interessert i. 12-month growth on the personal market is 9.2%. In a market where there has been less ownership and new housing is almost minimal. But that means that we take customers from our competitors. Arne Sverressønn Nypan, Kjetil Reinsberg, Trond Soraas, Trond Barikmo, Rolf Jarle Broske, Stein Havdal And that we have, among other things, because we are a strong supporter for Lansdalen, and we also show it through our social exchange. Both MidtNorge and Østland have been in the WM-fest they held in Staden this summer. We have also done that in the Nord, and we see that customers appreciate it. BM har også hatt en positiv vekst, 5,9 prosent tolv måneders vekst, i et krevende makromessig marked. Det er sterkt. Det er litt over det vi guider på også. At samtidig ser vi at det ligger flere prosjekter framover som er innvilgade, og hvis de realiseres, så forteller det oss også at det er god fart i næringslivsmarkedet i Nord-Norge. Vi er også konkurransedyktig, og vi er en foretrukket partner for bedriftskundene våre. Posisjon er viktig. Vi ser at 4 av 10 bedriftskunder veljer sparebank i Nord-Norge, og på personmarkedet er det enda større tall. Så startet vi effektiviseringsprogrammet våres våren 2025. Vi guida til markedet, og ambisjonen våres var 50 millioner ned innen utgangen av dette året, alt annet likt. Vi besluttet å ikke bruke sluttpakka som verktøy, men basere oss på naturlig turnover og også parallelt fjerne ikke-verdiskapende arbeid. Vi er nå på god vei til å nå det målet. We have about 40 positions that are so far away. That has demanded that we have to work differently. That gives us a double effect, both because those who work with us have said that we have to do more with fewer people, but also that we have been hunting for things that we can cut or improve. And we have worked well with that. Det betyr også at våre folk har vært utrolig flinke til å ta bort oppgaver, jobbe smartere. Vi har også jobbet med KI foreløpig til hverdagslige forbedringer, men det gir oss også et veldig godt grunnlag til å kunne ta ut og realisere effekter når KI slår til for fullt. And this has only been possible through the fantastic colleagues I have in the bank and in the corporation, and together we have taken steps that have made the effectivization a mantra or a cultural change in our entire corporation. and that has really changed the mindset. So here I would really like to take this opportunity to thank everyone in the concern for the work that is being done and has been done and that we will also be doing in the future. More than half of what we have done is in Morbank, and then there has also been a large decline in the greenhouse. And that brings me over to the job we are doing now towards the greenhouse. We have started a project there to weave the greenhouse closer into our ecosystem. Målet er både et mer lettbeint og et mer integrert landskapshus som både skal skape større verdi gjennom økosystemet, men også på bundlinja i form av økonomiske resultater. Det skal vi gjøre gjennom 2027, og her er faktisk KI en vesentlig faktor til den effektiviseringen som skal gjøres. De finansielle målene våre ligger fast. Som dere ser leverer vi godt over de målene vi har satt oss. Vi jobber langsiktig, vi jobber etter en definert plan. Det har givet resultat, og det kommer til å fortsette å gi resultat. Makroen i Nord-Norge er fortsatt god. Konkursene er lave, den røde linjen, og vi ser at det kun er 2021 der vi har hatt lavere konkurser. Og det er i praksis arbeid til alle. Nord-Norwegian Macro But tell us a little bit about the central industries that we have in Norway, and that is especially seafood and tourism. Tourism has had a slightly lower number of visitors this summer. This is actually described by the Norwegians who have access to yr.no, but understand well that you do not want to come to the north when it is generally autumn weather all summer. Two summer days in Tromsø over 20 degrees in July, it says. From abroad, tourists continue to flow. There are very good bookings towards the winter season, and here the arrows point upwards. It gives both cash and creates jobs. For Sjømat, it's a little divided. The quotas have dropped when we talk about wildcats, but at the same time the prices have gone up both on wildcats and on jobs. Noen skjer i sjøen, kanskje spesielt i forhold til USA, som ikke er det største markedet, men mest verdifulle fordi de også kjøper foredla fisk. Men det sier seg selv at det er litt krevende å skulle forholde seg til en sånn nasjon når man påstår at Norge ikke har kontroll på tvangsarbeid. Som meldest om litt økte kvoter fra neste år, kanskje er bunden nådd. Vi har nettopp hørt om rekordhøye tall fra Sjømatrådet i juli, så i sum, det går godt for en næring der Sparbanket Nord-Norge er ganske tungt eksponert. Kraftbransjen i Nord er full, og det er overproduktion i Nordsverige. Det er bra for private personer, det er bra for næringslivet, og så er det selvfølgelig sånn at kraftbransjen vil tjene litt mindre på det. Varehandel går godt, det ble ingen renteøkning i dag, det er høg kjøpekraft som er gunstig i så måte, og det eneste området som sliter er byggebransjen som også flere har vært innom her, der det er veldig lavt antall nybygde boliger, og det ser vi er gjeldende for hele landet. Men alt i alt, nordnorsk makro er rimelig stabil, ser ut til å være relativt sterk i forhold til resten av landet. Det gir gode muligheter for vekst og utvikling i landsdelen fremover, og det har vi tenkt å kapitalisere på. Da skal Bengt få lov til å fortelle litt mer om tallene og detaljene rundt de. Vær så god, Bengt. Takk.

Det blir litt. Jeg har tre minutter. Hvis vi ser kvartal til kvartal, så ligger vi godt an på nøkkeltallene. Vi har vært innom dataselskapene fra før. Finans leverer veldig godt. De hadde et godt år i fjor, leverer enda litt bedre i år. Einar Smeglund had an all-time high last year, and had a fairly weak first quarter. So we are very pleased that they are 1 million over per half year, where they were last year. Regenskapshuset har vi vært innom. De står i en tøff omstilling, der det er ganske mye investeringer som tas over driften. Og at de da bare er ned 2 millioner i forhold til i fjor, det er vi fornøyd med. Og der skal vi levere gode tal fremover. Netto rente er kanskje det vi er mest fornøyd med i dette kvartalet. Vi har faktisk en oppgang kvartal over kvartal på 3%. Rolf Jarle Broske, Stein Havdal We're going to compete primarily on price, we're going to compete on our value proposals, so we're trying to get the margin where we can. We also have a nice investment base that contributes positively, and of course when Nibor-rents are coming up so much, we enjoy that on rent-to-netto. But also the provision revenues are up. We take into account that we had a one-time effect on provision revenues in the first quarter, Arne Sverresønn Nypan, Arne Sverresønn Nypan, Arne Sverresønn Nypan Driftskostnadene er på samme nivå som forrige kvartal. Vi har jobbet aktivt med kontroll av driftskostnadene. We have a 1% increase in costs compared to last year, and we have a fairly large underlying inflation and also wage growth in the period, so we are very pleased with that. And then we have 13 million in one-off effects in the first, sorry, in the second quarter. So it is of course less than what we had at the same time last year. Then we had this Tieto-Evri lawsuit with 35 million. But in any case, considering these one-off effects, we are very satisfied with the cost development. We also have low losses, which I will come back to later. Then we are on the interest rate net. We see that the fall has slowed down a bit. That is very positive. So we will see what happens. Will there be a new interest rate change? There will be none today. But we know that we will get the effect of the interest rate increase that came from Norges Bank in May. It comes into our books in July, so that will of course contribute positively in the next half year. I would like to spend a little time on the provision revenue. If you look away from housing and business credit, which of course will be hard hit when Nibor comes up, because they are 100% financed in the capital market, but all other posts are up quarter by quarter. And that is because we have succeeded with the growth and we have succeeded with the broadening, so that when we have a strong outlay growth, we can also sell more insurance, we sell more credit cards, we get more cash, and we can actually also sell more on revenue. Then we see that the rest of the provisions are significantly down, but we had 52 million in profit on the pension fund there, so if we take that into account, then the rest of the provisions are also up. The losses, they are low, 15 million in losses, and that actually consists of two posts, it is net changes to SL, i.e. model-based losses. The underlying model-based loss is a positive migration in the portfolio, i.e. the quality of the portfolio has increased. It amounts to 18 million, and we have adjusted conditions that have dropped by 27 netto. The capital, I'm not going to say anything about it. I'm going to use the little overtime here to talk about foreign growth. 9.2% 12-month growth on PN and 5.9% on BN. We are very pleased with that. We have actually succeeded in taking growth primarily in our own region, but we also have a financial center in the south that serves northerners outside of the region. They don't have to be Norsk Hjerte Inskudd Alt i alt, vi er fornøyd med tallene, og vi er spesielt fornøyd med at vi klarer å ta vekst, både på innskudd og utland, uten at det går utover marginen. Takk for meg.

Vi rekker et spørsmål, hvis det er noen som har noe på hjertet. Er vi veldig kjapp her nå? Barikmo, han jogger frem, hvis vi da flytter seg litt til siden. Kom an, spurt.

Yes, thank you. I have a quick question, and that is the competitive identity. You mentioned that it is tough in the Nordic countries, and now the Bergens Bank has started to work on the corporate side, but can you tell us a little bit about, as you mentioned earlier, that the competitive identity has calmed down a little towards the end of the quarter? Can you give us a little nuance on how you look at that?

Vi har ikke registrert no lavere konkurranseintensitet. Tvert imot så opplever vi den som knallhar både på personmarkedet og på bedriftsmarkedet med lav risiko.

Rekveit spørsmålet før vi tar PC.

Thomas Svensen fra SCB. Det er nemlig byggenæringen som problemområde. Samtidig er tapene veldig lave. Hvorfor nevner dere dette? Bør vi tenke at dette kan påvike bankens aggregerte taps?

We mention the construction industry in relation to a macro, with low housing construction and little tasks for them on the housing side. We see that many in that industry have begun to turn to defense investments, to the root market, i.e. rehabilitation, and that they find new areas. We are positively surprised that construction industry is doing as well as it looks like.

Thank you very much to Hanne, Karline and Bengt.

Hello, hello.

Hello, hello everyone. The last ones who have not found their seats must do so as soon as possible so that we can move on in the program. I promise you, when I opened today, that I was going to control the clock and the program very hard. I have satisfied that so far. It's very nice to see that the conversation is going so easily. It will be a great opportunity for all of you to continue the good conversations and good discussions after this event, because then we will gather up on the roof of Granden here. Trond Soraas, Trond Barikmo, Rolf Jarle Broske, Stein Havdal Husby, Jan-Frode Janson, Jon Havdal We're moving on to the next bank. We're moving on to two bank managers who are known to be among the most important in the alliance. Sparebank 1 Sør-Norge, and it's a great pleasure to hand over the floor to Increinertsen and Eirik Børve Monsen. Please.

Kjetil Reinsberg, Arne Sverressønn Nypan, Kjetil Reinsberg, Sten Havdal 26. Oktober 2023 was a milestone for two banks, Sparbank 1 Sørøst Norge and Sparbank 1 SR Bank, because then we could make a big fusion between the 7th largest bank in the country and the largest bank in the country. I løpet av de mindre enn tre årene har vi klart å levere over 100% avkastning til eierne våre. Vi har klart å bygge to banker sammen til ett lag, og vi har i bil-termologi mekket mye under panseret for å få en bank som virker best mulig for kunderne våre, og som samtidig er en god plass å jobbe og skape avkastning for eierne våre. In Milepell var det 10. februar når vi kunne gjøre ny konsernledelse. For å illustrere de synergier som ligger i en sånn fusjon, så var det til sammen 18 i konsernledelsen i de to bankene. Nå er det 6. Det kalles synergier. and so on in the organization. We have been offensive in this as well. We have bought units with good companies. But there is a rule that says don't fall in love with your assets. We have taken a choice that is different from what the alliance has done. We have found that to run our unit it requires so much effort. For technology, that we have found a partner that knows even more about technology and business than we can. And we could have done this for a while, that we sell 55% of business partners, and in that way to let this with simplification and efficiency roll further in the concern, it frees up capital, it frees up capacity, and we want to simply focus it even more towards innovation. Lønnsom Bank Yes, there are some who have earned a lot of money in the course of an oil venture of 50 years. But it is first and foremost a bank that has worked very well with savings. We have in the Alliance a joint administrative company that Ronny will present later. We are very proud that we have worked so hard with this over time, that we in the dynamic owner model own almost 43% of the company. And it is very nice as a bank concern that we grow a lot on revenue, we grow a lot on the savings area, and it is a very important part of our collected offer to customers. Det er lettere å drive god bank når det går bra rundt oss. Med det geopolitiske landskapet vi har, så tror jeg vi alle i denne salen er nesten både overrasket og ikke minst lettere over at det går så bra for norsk økonomi som det gjør. Energi har blitt tiltakende viktig, det har vi mye av i hele landet, og i særdeles sett det vi har fremdeles den tyngste delen av landet. We run a bank in a market area that we consider very positive in terms of running a profitable bank. Under support of low unemployment, reasonable inflation, good housing price development in some markets, which also means a lot for us in growth in the personal market, among other things. Vi spør kunderne våre tre ganger i året, og her har vi oppsummert for det området der vi er til stede med våre 54 kontorer, og som dere vet så er en indikator over 50 indikerer at det er flere enkeltsagt optimister enn pessimister. Dette er foroverskuende å vise at det er dempet, men allikevel i sum, positive forventninger i næringslivet i forhold til fremtiden, og det tenker vi er viktig. A nice backdrop and a good bank account in it. The fusion was of course the starting point for both creating a new organization and getting it to work and to take out Synergia. There we are well on the way. We originally announced a goal of taking out 300 million in Synergia. We have later increased that with two reasons, in connection with the change in the management of the group. Februar økte vi dette synergianslaget til 550 millioner. Det er vi svært godt på vei til å ta ut, og på noen områder ligger vi foran skjemaet, og dere skal få litt detaljer på det fra Eirik, men dette er noe som har vært svært viktig tidligere. We have talked a lot about not being so concerned about the internal, that we forget the most important thing, namely the customer. We have worked very hard to keep the growth through the three years, and it is extra nice that this quarter, where we have actually made the biggest internal changes in reorganization since the crisis in the 1990s, we also deliver very strongly. Vekst gir en veldig god respons på at hardt arbeid betaler seg. Vi er ambisjøse, vi har en ambisjon om å være på pallen og levere over 14% egenkapitalavkastning, og det inkluderer den gudvillen som oppstod i forbindelse med fusjonen. Vi skal være kostnadseffektive, vi skal jobbe godt på å kapitalisere på alt som vi har av felles investeringer og infrastruktur sammen med våre 11 gode alliansevenner og gode produktselskap i familien. and we will have a good combination of growth and capital distribution. A goal that does not look very different from the other sparebank 1 banks we have around us. And this is a branch where nothing can be patented. Everything is about execution and the ability to put things out in life. And there we will be so good that we are over time on the edge when it comes to our own capital expenses. I løpet av de ti siste årene har denne nye banken blitt veldig annerledes fra det gamle banket. Sørøst Var, som også bestod av flere banker, og det gamle Essabank Var. Det har vært en reise som har handlet om å øke diversifisering, bygge ned konsentrasjonsrisiko, få tilgang til nye markedsområder, men på en lav kostnadsvekst. Trekk en vannskille opp fra Lindesnes, så er temmel underaktig 50% på hver side av vannskillet, og det gir oss en veldig god diversifisering. We have 54 offices, we have a strong distribution power with people on the ground, we have a strong distribution power through good digital solutions with the best mobile bank in the industry. We have thought of capitalizing on this. We believe that this is a distribution that is so strong that we should be able to take market growth plus in a profitable way, but without starting new offices. For that we know what it means. We have done that ourselves, both in Agder, Hordaland and Oslo, to do what we have control over. But it is expensive. We are in a phase now where we are effectively capitalizing on what we have built up together. And that makes us have a very strong distribution power. Da er det ekstra kjekt å kunne presentere de tallene som vi gjør for kvartalet. Vi har en utlånsvegsbare i andre kvartal, og det er altså det kvartalet vi har implementert New organizational units, new leaders at levels 3 and 4 in the organization. We have a loan growth of 2.6% per quarter, and for those who are good at calculation, times that by 4, it implies a growth rate of around 10% per year. And as you can see, there is strong growth both in the personal market and the business market. It shows that a bank with a strong culture, with a good collaboration, we have managed to set up one team, and where I am so privileged to be the team captain of a bank, the collaboration between the elected officials and employees is incredibly good. It creates competition. We do not only grow on the outside, we grow even more on the inside, and we keep that together with the development of AUM in administration, Kvaliteten er udiskutabelt god. Lave nedskriving av 54 millioner tilsvarer 5 basispunkter. Vi er på vei mot målet med 37,8% kostnadsprosent. Vi gjør det med god soliditet. We have just started round 2 of the return purchase program. This is something we can do, since we are an equity bank, and it is part of our collection of resources to create the best possible return on interest, in combination with salary growth, good content exchange and return purchase of shares, when we consider this to be the best way to optimize the capital percentage. Now I have, as usual, been Hans-Jørgen, who has stolen some of the financial director's points, but Erik, you will give us a little more detail. Here you go.

Thank you, Inge, and good afternoon everyone. We have a result now in the second quarter before tax on 2 billion 82 million. This is an improvement from the previous quarter and an improvement from the second quarter last year. Net income is slightly down, 1.6% down from the first to second quarter. The explanation is that the rise in income through the second quarter, 33 points higher than in the first quarter, combined with the increase in the exit rate towards the private market for now early in the third quarter. Out of there, we have good underlying operations and progress in all areas. Net opposition and other revenues, we have progress, quarter by quarter. The same we have in revenues for interests. We have good cost control, low losses, and not least, as Inge was saying, we also have very good growth. 2,6% growth in the quarter, which means that we now have 5,3% 12-month growth. In addition, we also have a good combined income growth, as you can see here. And if we look at the personal market first, we continue with a good growth there. There we had 2,5% growth in the quarter, which means that we are up to 6,3% on a 12-month basis, well above the household credit growth, which was 4,7%. Inskuddsvolumen er litt ned fra forrige kvartal, men fremdeles på 6,7%, fremdeles over markedsveksten. And when it comes to the business market, we have a quarterly growth on the outside at 3.3%, which no one was aware of. That gives 4.1% growth in 12 months, which is in line with the market growth. If we correct for the currency, we have a growth of 4.4%. So we have good traction now, and the work we have been working on in the first half of the year really gives results in the second quarter. The investment growth is also very high, still very high, on the business market, 23.7%. If we correct the public investment, we have a growth of 9.7%. We have a good development in the production of other income. We have growth in all areas, with a small increase in the number of households with a seasonal variation. We are also very satisfied with the income of the farmers. We are very satisfied with the same result for the income of the farmers. Year after year, in the second quarter, we have good development in all areas. What is on the credit sheet, minus 27 million, is housing credit and food credit, which we are on the way out of. We got them in connection with the fusion with Sør-Øst, where our work is coming out. Now we are out of Sparbank 1 food credit, and we have also taken down the exposure to Sparbank 1 housing credit significantly. Corrigering for the 27 million, it has a growth in the second quarter of the year of 6.6%, which is more in line with the loan growth in the same period. When it comes to net income from financial investments, we also have good development there. From the first to the second quarter, we see an increase of 132 million from owner interests. It is the group that contributes the most here. But in addition, we also have good contributions from Benbank, Sparbank 1 administration and Sparbank 1 payment. Responsible year for year, good increase in income from owner interests. The group, the administration and the payment that contributes to that. We have some decline in the exchange rate. This is due to the fact that Rogland Sparbank, which I have an owner in, they paid the exchange rate in Q2 last year. In addition, we naturally get less exchange rate from housing and real estate loans, since we have settled down there. We had a one-time effect last year when we sorted ourselves out of a company called Aritma, which was a company in the Finstack Nordic portfolio. We had a profit of 31 million kroner in the second quarter last year. In addition, we have had a small value drop on Aktieposten Norge Roglands Sparebank. On the synergies, we continue to take out the synergies. We are done with what we call driftsynergies. We have taken them out. It is a combination of cost and income synergies. In addition, we are in front of the personal synergies scheme. We took out 31 years in the second quarter, and together we have taken out 121 years out of the 150 that we will take out over the year. Regarding the funding synergies, we are a bit behind schedule. It is due to the fact that we have had a greater increase in applications than we had initially. Especially public applications have been very high in the first half of the year. This means that we have not been able to produce as much of the new CP program, i.e. the certificate program, as we are going to do in Europe. Når det er sagt, så god utlånsvekst nå i andre kvartal, og en forventning om noen nedgang i de innskuddene for offentlig sektor, spesielt i andre halvår, så er vi optimistiske på å kunne ta igjen mye av dette gapet nå i andre halvår. On the costs, we deliver an increase of 1.1% from the first quarter. In that number, and in the cost of staff at Minus 3, we have absorbed a central wage increase of 2.3% from the first of May. When it comes to year-to-year, corrected for fusion costs last year, and this is the same with Tieto Evry, we have a cost increase of 2.7% in the mother. In that number, it has absorbed both a salary increase of 4.3%, generally we have had a high price increase in goods and services we buy, and we also have the growth we have in these numbers. In addition, as I mentioned, after the first quarter in the cost of staff, it also included the costs that were associated with the issuance of the causes that are taken out. We have not made such a big one-off investment for that. It costs something to take out people, and it is included in these numbers, so it is also an upside to next year. Lave tap, som Inge Aarhus nevnte, 54 millioner eller 5 basispunkter, med guide på at vi skal like mellom 12 og 15 basispunkter, så det er betydelig under det som er på en måte normaliserte tap. Av de 54 er 88 millioner individuelle, og så har vi en reversering på 35 millioner på modellbaserte. Den reverseringen på 35 millioner er i sin helhet engasjement, så det flyttes ut av modell over på individuelle. We have a pure core capital debt of 17.51%. We have a buffer down to the minimum requirement of 77 basis points. We are now allowed to calculate 50% of the share price, which is included in these 17.51%. And as Inge also mentioned, we have started a new back-up program last week. We are buying back 1% more of our shares. And as a requirement to be allowed to do that from the supply, we have to calculate the effect of that in the net capital calculation in advance. So in those 17,51% we have taken out 45 basis points that are connected to the back-up program. So with that, Inge, I think I've been through my part.

Can I ask you a question? Thank you.

A question about the funding synergies, since they are growing so much in the public sector now. Is it so understood that the conditions for those offers are very attractive for For kommunen nå kommer det til forfall i løpet av høsten, så dere venter å ta ut de fundingsenergiene såpass nært for i sommer?

Normalt er en avtale med kommunen med treårsvarighet og oppsjoner på forlengelse, og da er det sånn at hvis kommunen synes det ser attraktivt ut i forhold til å referandere, så har det en tendens til å bli forlenget. Hvis ikke, så har det en tendens til å komme ut på anbud på nytt, og det betyr at akkurat på den delen av fundingen So har han på en måte en bunnen margin i avtalenesløpetid. De er gjemt fordelt, både gjennom året og i forhold til varighet, så de kommer til fornyelse til enhver tid, og så vil prisingen framover avhenge av de totale markedsforholdene. Men det er ikke tvil om at når volumet blir så stort, så er residualen at den ikke har behov for så mye markedsfønding, og det har vært situasjonen hittil i år.

When it comes to the municipalities, one thing is the pricing, but the other is the economy. So it's probably better to expect a little stronger municipal economy in the east, which will possibly contribute to reduction.

I have one more question.

Thank you, Roy Tilly from Arctic. I was going to sneak in two questions, but I see that there will be one. I have to say a little more about the growth in the quarter, because there was suddenly a lot of upswing both at PM and BM. Can you say a little more about, especially at BM, which sector you are coming into? And then I sneak in one more, sorry. Setter Young tilbakekjøp med en 10% analysert vekstakt for øyeblikket. Er det kanskje en færre antall den skal ha litt ned i andre halvår, eller?

We don't guide the growth in an isolated way. We drive very disciplined in terms of capital rejection. That means that the growth comes through geography, through the industry. This quarter we have an increase in shipping. It is against established actors, low reward rates and good returns. Kjetil Reinsberg Thank you very much Inge and Eirik

It's a well-known fact that we don't have that many norwegians here in the room. Allan, you're not here, right? Allan Troelsen is sitting there, yes. So there are at least two of us. And it's a well-known fact that there are too few norwegians in relation to the need. Men den gledelige opplysning er at en av de to som skal på scenen nå, han er faktisk nordmøring, selv om han ikke høres sånn ut. Han bare skjuler det godt, men han er egentlig veldig stolt over opphavet sitt. Jan-Frode sa det når han holdt sin innledning at fremtiden er selve juvelen i sparebank 1-fellesskapet. Og nå skal vi få høre litt mer av budskapet og de tallene de har også presentert. Ta vel imot Hegetoff Karlsen og Sverre Korbø.

Thank you very much for a very nice introduction, Rolf Jarle. The Norwegian insurance company has had a very good first half year, and that applies to us as well. In the future, we will deliver a strong second quarter, which I am very proud of. It is a result of the strategic and structural way we work well together with our banks. Veksten kombinert med lavere skadeforkrens gir oss en sterk combined ratio for andre kvartalet på 77,5. Resultatet er rett i overkant av 1,8 milliarder. Veksten er litt lavere enn i fjor, men i kraft av ny strategisk retning har vi også restrukturert noen av porteføljene våre. Vi er godt kapitalisert. We have increased capacity in the period we are going into, and we are also well equipped for bigger events, as we see with equal space, last, right at the start of July, in Drammen, which I will come back to. Vi er bankenes forsikringsselskap. Det er strategisk retningen vår, og det er det vi jobber mye sammen med bankene for å få ut mer av det potentialet som vi har i bransjen vår. We have the opportunity to build on the banks' competence and trust in their areas. So our job is to ensure that insurance becomes a natural part of private economies, and not least economies for companies. We have access to over 4 million private customers, 400,000 business customers and 1 million members via LO-cooperation. This gives us a unique position that is quite different from the others. I PM er vi markedsleder med i overkant av 24% av markedet. En posisjon som vi er veldig stolte av gjennom fusjonen, men også en posisjon som vi skal jobbe knallhardt for å beholde. Den gir oss muligheter, og muligheter også til å hente ut det potensialet som vi ser sammen med samarbeidspartnerne og distributørene våre. I BIM-området har vi vekst ambisjoner. Vi skal ta mer av markedet. 9 av 10 bedrifter i Norge er under 10 ansatte. De er avhengig av bankfinansiering. De har ikke tilgang til et velfungerende kapitalmarked. Derfor blir våre distributører og våre banker... Norsk næringsliv Norsk næringsliv Norsk næringsliv D&B Egnomsmegler og Aktiv Egnomsmegler er innrullet med produktene. Vi ser den veksttakten vi har hatt det siste året med nærmere 300 millioner, en vekst på 64%. Har vært eksepsjonelt godt dette kvartalet her, og vi ser jo også at dette her er et område som blir viktig for oss fremover, men også viktig for bankene og meglerne, og måten vi jobber sammen på her er et godt eksempel på å utøve strategien vår som bankenes forsikringsselskap. I thought I would comment on one event that happened to us in the third quarter without a presentation. This is a picture from the 3rd of July in Drammen. Det visualiserer på en unik måte hva forsikring er. De fleste av oss fanget opp nyhetene via nyheter og kanaler og så jo at dette spredde seg. 400 personer er evakuert, 100 hus er nedbrent. Det er klart dette her er kritisk for veldig mange, og det berører et helt område. Vår job starter i det nyheten kommer, der vi ser at dette kommer til å få større følger. Det ble sagt krisestab på tvers av konsernet. Informasjonslinjene ble satt opp både til distributørene som gir oss en god hånd ute i dette området, men også for å håndtere total eksponering i det finansielle siden. Ny teknologi. Thank you for watching! And of course it goes on for a while until you realize that this is all you have to go through. It's not about technology, it's about people. Having people at your place answering questions, from money to a place to live and to be able to buy clothes to find your pets, is incredibly strong and very overwhelming for the people who are there. But this is something we are very good at, and unfortunately we have built up this competence over time. For us, this means about 250 injuries. It's all from sweat and smoke to a totally damaged house. Now we're going through a new phase, which is about rebuilding how these people are going to be placed in 12-24 months and into the future. We have a reassurance program, as you all know, with an own calculation of 150 people. Thank you for watching! Nå skal vi tilbake igjen til andre kvartalet og litt mer detaljer rundt det som Sverre vil dra dere gjennom.

Takk for det, Hege. Så for oss i fremtiden så handler det om å ha nok inntekter, gode nok resultater og soliditet til å håndtere en slik hendelse som var da i Kroksdalva i tredje kvartalet. Lange tidsserie, Jan Frode. Dette er en oversikt over resultatene for skatt for fremtiden de siste åtte kvartalene, som viser at fokus på kjernevirksomheten, fokus på prisdisciplin, men også en god finansavkastning bidrar til gode og høye resultater. I de siste firekvartalene for fremtiden har vi en combined ratio under 80, som er sterkt og godt foran våre mål. Og så er det naturlig når vi driver med forsikring at det er enkeltendelser som treffer oss, eller det er naturlige sesongvariasjoner som påvirker resultatene. Og dette er også i en periode hvor det var en ny president i USA, det er toller, det er kriger og så videre som påvirker finansresultatet, som påvirker resultatfør skatt. When we come into the second quarter in isolation, we have a result of 1.8 billion, an increase of about 600 million from the second quarter of 2025. This is a quarter where we have a strong underlying core business, and we also have a pleasant drop in investment. We have a drop in combined ratio of about 7% for 84.6 to 77.5, and we have a financial drop of 3.3% in the quarter. This contributes to a calm Jan-Frode at 49.5%, and that is what we have learned today is called competitiveness. And then there may be some who ask the question, why does the future only have an income growth of 5.5% in the quarter? Some higher in the private market, some lower in the operating market. We are a change in the future, and as a consequence of the banks insurance company, we are also about to develop some portfolios. This affects our revenues in 2026, and will also affect something in 2027. If we look at the private market, we have an underlying growth of about 8-8.5%, and central product areas such as motors and houses are well above that. The customers are loyal to us and the bank. We have a return in the private market at about 81, and something lower in the business market. When it comes to the damage percentage, it is the one that contributes to the reduction in combined ratio, a decline of 7.1%. It is a decline within both the private market and the business market. I kvartalet har det ikke vært noen natur- eller værskader. Storskadene har økt med 16 millioner sammenlignet med i fjor, og treffer i hovedsak bedriftsmarkedet. Det er en nedgang på sentrale produkter på frekvens, som bidrar til den gode utviklingen i kvartalet. And then there are some who wonder why the damage frequency goes down. The damage frequency goes down in the last few quarters, but is still above the level before the pandemic. Then there are some here who remember that in 2005 it was the most sold car. Of course, everyone thinks it was a Golf Inca. It wasn't a Golf GTI. In 2015 it was also a Golf, an e-Golf. But in 2025 it was a Tesla. Tesla is much wider. Tesla is much longer. Tesla has much more horsepower than a Golf had, even if it was a GTI. It affects the frequency, we think. And when the damage first occurs, there is a lot of electronics that also makes the damage more expensive. This is one of the reasons why we have adjusted the premiums in the future, which the market has also done, because most of the income increase I have talked about comes from price adjustments, and then there are also examples of new investments, such as housing sales insurance, that contribute positively to the income side. Kostnadsprocenten. Vi er opptatt av god kostnadsdisciplin i fremtiden. Vi har en liten nedgang på 3 millioner fra forrige kvartal på driftskostnadene våre. Når bankene snakker om økte provisjonsinntekter, så er det en kostnad for oss. Det er den beste kostnaden vi kan ha i fremtiden. Vi øker provisjonsuppetalingen til bankene med ca. 80 millioner kroner. 30 millioner kroner går på økning i framtiden. Premie og bestand, og så har vi en profitsplitt med bankene, som gjør at når vi har bedre lønnsomhet, så betaler vi også en lønnsomhetsprovisjon til bankene. Så vi har god kontroll på kostnadene i fremtiden. Vi hadde også en nedbemanningsprosess høsten 2025, som også påvirker positivt inn i tallene. Vi har en forsiktig investeringsprofil i fremtiden, hvor ca. 80% er renter, 10% aktier og 10% eiendom. I første kvartal hadde vi en null resultatbidrag fra investeringene, som følge av en krig mellom USA og Iran. Then there was a recovery back in April, which has contributed positively to the stock market. We have also had a positive development in our equity portfolio through a reshuffle of some central agreements. This has contributed to 100 million more in the quarter than in the same period last year. We have also fused the hedge. And it's like this, in banking, you function with a big bang, technically. In the future, and in insurance, we take it to the fore, so we actually keep working in two systems. We're not done until next fall, no, in the spring of 2027, to take out the EIKA systems, so it takes some time before we've taken out all the synergies. If we look at the whole year 2026, we expect to reach 550 million, which is a little higher than what we set the basis for in the fusion. We did not increase the ambitions for increased synergies. The yearly synergies were at 775-930, but we see that some of the synergies come a little earlier. Cirka halvparten av synergiene handlar om kostnader, og det er kostnader på folk, systemer og også på avtaler som vi har knyttet til oppgjør, og cirka den andre halvparten kommer på egentlig prising og underwriting. So vi kommer til å levere på målet vårt på synergiene, så tar det litt tid før vi er teknisk fusionert, som også påvirker, som du var inne på, Klara Lise, både X2-tens ansatte, men også ansatte i EIKA, som i dag sitter og jobber faktisk i to systemer, og det må de gjøre noen kvartal der til. We have a good capital position in the future. We have a solvency margin of 179, which is an increase of 12% from last year. Then we take advantage of the 90% exchange rate. We earn more money, which contributes positively. We also put a responsible loan in the quarter, which contributes to the increase in capital debt. We are on the way to achieving our financial goals for the year. We have a robust set-up, we have a fantastic distribution, and our direction is that we are for the banks. We are the banks' insurance company, and we feel that we have a great potential that we can still take out within all three banking groups. We also have a lot to do with technology. But in the future, if banks are going to be a relational bank, you have to have the fugitive. It has to be the technical, but it's also about people, and we see that those who succeed best with sales and insurance today, they get both parts. And some of the distributors who do the best have been on stage before today. So that was what I had.

Simon Brun, ABG, Sundal Collier

Two questions. First, on your position within the business market. You have a very good position in the private market. But a little bit about how you work within the business market, and what role bank cooperation plays in that sense. And number two, on the cost-benefit synergies. Det føltes ut som du skulle til å si enda, da du snakket om at dere ikke har gjort noe med ambisjonene, men skal vi tolke det at man har en høyere run rate som at man er mer sikker på å havne i en slags øvre skikte av den guidingen, eller er det også ytterligere oppside til den?

Synergier først? Vi er trygge på at vi havner innenfor intervallet, og så gjør vi andre tiltak som ikke er en del av synergi-caset, som gjør at vi kommer til å ha en god kostnadsposisjon fram i tid.

When it comes to the business market, we work closely with the distributors, because it's about packaging insurance as an integrated part of the customer journey out to the business. So on the one hand, there are technological tracks to be able to get it to. The other thing is to work with insurance messages so that it becomes easier to reach the market. But we also experience historically from Eikertiden, you work systematically with both parts, also together with the accounting houses in a triangle. so gjør det at du lettare kommer til mål med å knytte på flere produkter.

Bra, vi rekker ett lite spørsmål til, hvis det er noen som har noe de lurer på.

Jeg bare tar et raskt spørsmål.

Du rakker jo faktisk to, men det må bli veldig kort.

I forbindelse med den branden vi har sett i drammen, Har dere sett noen tendens til at det har skapt en økt bevissthet for kunder andre steder i landet rundt dekning? Har det ført til at man har fått en slags positiv ut av det i andre steder?

Thank you very much for your time. You're welcome.

Now we are approaching the roof, and we are going to have a nice time together there. And of course we have a rock star to finish off here. That is our own Ronny Møller-Petersen. He has a certain pressure on him, because now it is like this, Ronny, that it is only you who stands between the assembly and this nice panel we have on the roof. Ike bare det, men jeg har også fulgt børskursen her. Nord-Norge var enorm, de var oppe i 7% økning i dag. Minge er på nesten 5%, og Sparbank 1 Sør-Norge på ca. 5%, og Østland er på nesten 4% her, og det har vært økende gjennom hele det her programmet. Så det er ikke et helt ubetydelig press som hviler på dine skuldre, Ronny. Ta vel imot Ronny Møller-Petersen.

Thank you for that, Rolf Jarle. Quickly, what I'm going to go through. A little bit about who we are, what role we have in the Sparbank 1 Alliance, a little bit about the key numbers, and what we do next. Sparbank 1-forvaltning er Sparbank 1-bankernes felles sparvidivisjon. Vi forvarter, utvikler og drifter spar- og investeringsløsninger for de 12 Sparbank 1-bankene. Fra Lom & Sjokk til Sparbank 1 Sør-Norge som største. Vi er det man kan kalle for en stor driftsfordel i systemet. Kort om virksomheten i dag. We consist of two companies, Sparbank 1, a value paper company, and Odin, a whole data company. We are owned by the 12 Sparbank 1 banks, and LO has a share of 7.44%. We were established in 2021. Then we ended up with a consolidation of five different companies in the Sparbank 1 alliance, which strictly speaking did not cooperate to a large extent. We brought this together. It was a recognition that Sparbank 1 experienced that this was an area that was growing rapidly, and not least strategically, it grew significantly. The importance of being able to offer competitive products and services in the spare area was an essential reason for establishing Sparbank 1 administration. Den prosessen vi har vært igjennom de her fem årene har kostet oss engelskapsmessig. Vi kommer litt tilbake til det underveis. Vi forvalter 35 fond. Vi tilbyr også aktiv forvaltning til private banking, formundre kunder og institutionelle kunder i Norge. Our main distribution in Norway is through the 12 banks, and we offer our funds directly on platforms to some institutional customers in Finland and Sweden. We have 237 billion under storage, and if you look to the left of the foil, you have three important benchmarks we follow. One is DNB, which climbed up in TET, and then comes Storbritannia, and then there is Nordnet, which reports its AUM fund in Norway in SEC. Our number is pure organic growth. Many of these trends are very well known, so I'm not going to go into all of them. What we can note is that this is a market, the stock market is in strong growth in Norway, and actually in the whole western world. So it says here that scale, technology and COI change the most. And an example of this is how customers require more personalization. Many of us have a clock and a ring, and I'm actually strapped around my arm now. The reason why people buy these things and follow them, is no longer that you should get that you walked 10,000 steps. It's because they use your data to give you personal insight. Hvordan ligger jeg an? Hva er det som har endret seg? Og så videre. Det vil si at man bruker data til å gjøre et ekstraordinært innsiktsarbeid for deg som person. Vi tror at denne utviklingen også kommer til å nå sparemarkedet. I sparebank 1 er 97% av og over transaksjonene digitale. En betydelig andel av volymet er fyrgetalt, som Sverre sa i sted. Det vil si at du har en rådgiver som bruker teknologi i bånd og gir råd til kunder. Men det er også en grunn til at teknologi er så viktig. Det er å få dette til å gå straight through, som vi sier, og det er å være effektiv i de prosessene. So therefore, personalization, I think we will take a new step. And I can say that in Sparebank 1, that is one of the things we research most on. How can we take these steps to meet the strengths of customer needs that we see in the market? We have been talking about this, but many, not just us, but many believe that we have the strongest competitive profits in Norway. Not only do we have 1.3 million main bank customers, i.e. customers who have loans, insurance or pensions running into us. In addition, we have people on the ground from Kirkenes in the north, around the entire coast, and to Svinesund, and we have it everywhere. So we have this fantastic combination of a fantastic addressable market, We have a technological platform, and I would like to mention that it is interesting to hear how simple it is to express yourself around artificial intelligence, and it is popular to say that you invest a lot in it. In Sparbank 1, we have done something that is essential to take value out of artificial intelligence, which is that we have worked for several years to build a new data warehouse. I Sparbank 1 Forvaltning og Odin har vi nu løftet dataene våre ut i det nye datavarehuset, og vi har puttet nesten alt i sky. Det er en helt vesentlig forutsetning at du har tilgang til dine data for å kunne verdiskapet de med ny teknologi. It has been mentioned so many times that we are Norway's best mobile bank, but we have some big advantages that we think we can take advantage of, also in the savings market. Over there it says self-servicing. A short point around that is that we own the whole value chain, and we control all parts of it. So short about our numbers. We have grown a lot, and we have grown broadly. If you look at the year change between 2020 and 2021, we have doubled our sales capital in these five years. In the first half of this year, we had a net investment in sparebank 1 banks at 11.9 billion kroner. Det er høyere enn vi noensinne i sparebank 1 har hatt i et helt år, og som dere ser så er det jo en voldsom vekst i de tallene målt mot første halvår i fjor, og det har vært nevnt av flere Trump, Liberation Day og det som skjedde i dag, og betydelig netto innløsning i markedet. We also grow a lot on fund customers, and not least, as is popular when you go to these presentations, we are now up in the annual rate of running savings on net income of over 6.2 billion kroner. This contributes to a very solid foundation for the growth we are working on, also in several customer segments. Several of the board members have mentioned investments in banks in private banking. We are also experiencing a lot of growth in that area. And the interesting thing here is that we now see that it is the big banks and platforms that are our competitors, the strongest competitors, not the independent ones, the ones that present themselves as independent. And we think it's a bit about investing in technology, even using the forces that lie there to be competitive in the market. Ingen forklenelse for noen, men vi opplever de tre dere så her i sted som kanskje de som vi fighter hares med, og som har størst kapasitet til å utvikle produkter og tjenester. Vi har også for to år siden startet en betydelig satsning på det interne institusjonsmarkedet i Sparbank 1. I can say in this room that we now manage the capital for 14 of the 24 foundations in Sparbank 1. This is a result of hard work on competence, on tools, on everything that is required to invest money for the largest owners of Sparbank 1 banks. We also have a mandate from Sparbank 1 insurance to manage the capital for them. We have started to get other external institutional customers who come to us because they have heard about what we do in this area. So there are several growth drivers, there is a greater interest rate, and there is less dependence on single segments. Now we are clear that we have Rolf Jarle on our necks. The point here is that we have 1.3 million main bank customers in Sparbank 1. This gives us a fantastically addressable market. We are working exclusively with our distribution through Sparbank 1 banks from north to south. The double effect is that savings is the next largest traffic driver for the mobile bank in Sparbank 1 out of daily use. So there is a double effect here. When we win the main bank customers, it also strengthens the customer relationship to the bank, because savings are so important in the customer relationship. In short about our goals, the 450 billion on 2030 is actually doubling again in five years. But on the left side we say that we will be so good that Sparbank 1 will be a natural first choice for Sparbank 1's customers. And we have a contribution in our internal documents that says also in open competition with the others. Vi har to mål, det er at vi skal ta markedsandeler, og at vi som flere av dere andre sier, dette skal vi gjøre på et effektivt vis. Kort om målene på kunder, så betyr det at med 750 000 kunder, hovedbanksparerkunder, så har vi nådd det nivået som vi bør være på, gitt for eksempel den undersøkelsen som VFF gjorde nå i vår, der knappe 60% av hovedbankkundene er fondssparere i Norge. Vi øker tempoet, og nå skal jeg være helt konkret på tampen hva vi gjør. For her snakker vi om de 12-18 neste månedene. Vi står midt oppe i en omorganisering av sparekonsumt. Punkt 1, så har vi i dag noen virksomhetsbegrensninger ved at du er et verdipapirforetak som eier et fondsselskap. By establishing a new holding owned by Odin and Sparbank 1, side by side, that does not have a concession, you liberate us from the industry limitation. This means that we can take on tasks for other companies in the group, and for companies outside the alliance. Reorganization has also meant that we collect and consolidate departments that do the same tasks. These changes have a netto effect on 10 years of work. As many have mentioned, these 10 netto years of work, only on our operation, which has been spread, we use to strengthen the team in other areas. In design, in digital development, and so on. We have a rainwater-based effect this year. It's a milestone this year as well. When we enter 2027, we will have lower staff costs, and we have strengthened the big team for Sparbank 1 in the savings and investment area. We are also increasing the pace of product development with a broader investment offer. We have been working on developing the Sparbank 1 storage model for the last few years. This is connected to the fact that we want to ensure that the Norwegian people are able to take part in market toss-offs over time. And at the same time, we want to help the psychology of trafficking that bothers many individuals by making investment decisions that go in the wrong direction. Last year, we had Bistain from Yngve Slingstad, he is still working with us to develop this model that we believe will go like a fast shot in the Norwegian land. We have also increased the pace of the fund and product offer. This is a matter of development. Here we have some secrets. We have further developed our active operations, and we are increasing our investments in index and quant-based solutions. At the same time, in order to increase our competitiveness, we are increasing the number of funds on the platform to 600 plus from today's 200. The next is about customer experience. This week we are launching a quick update. This is the first real step we are doing with KJ-støtte. This means that you as a customer in Sparerbank 1 get a push notification on how it went. How much did you earn last month? How much did you earn last month? How much did you earn last month? How much did you earn last month? How much did you earn last month? Trøbbel K.I. Trøbbel K.I. Trøbbel K.I. Trøbbel K.I. Trøbbel K.I. But this, to increase the speed to come into place with both digital advice and everything we need, we are jumping over development steps and increasing the speed. Finally, we are launching in Q3 a completely new service for net shareholders in Norway. We have developed this ourselves in Sparbank 1 in our technical environment. I think many of you will want to become customers of a Sparbank 1 bank just because of that. We are also working hard to develop phase 2, which is to offer international trade to Sparbank 1 customers. We are now working with 12-14 international exchanges, a broad selection of ETFs, and a rich universe of analysis from Sparbank 1 Markets. So summen av det hele, det er jo at vi tror, vi har et godt momentum, vi har dokumentert vekst, vi har sterke konkurransefortrinn, og vi har en veldig positiv, vi mener vi har veldig positive utsikter i sparebank 1 for å ta vår rettemessige posisjon også på sparemarkedet. Og som vi alltid sier, vi heter ikke sparebank for ingenting. Takk.

Thank you very much. At least three, four, five times a day, what the program is about, so it will be up on the roof, so just follow Trond and Trond all the way back in the hall here, and then they will be with us out in the afternoon. Thank you for following us through the day.