Sparebanken Øst-Behind expectations on weaker NII and financials-05/13/2026

研报英文原文证据摘录

Sparebanken Øst-Behind expectations on weaker NII and financials-05/13/2026

Sparebanken Øst

NEWSFLASH | 13 MAY 2026

Behind expectations on weaker NII and financials

Sparebanken Øst (SPOG) reports profit before loan losses (PBLL) of NOK 118m vs. our NOK 148m estimate. Adjusted for

weaker financials, PBLL was 1% below our expectations. NII came in 5% below our est., as margins declined more than we

expected. OPEX and loan losses both better than we estimated. Net profit of NOK 86m is 20% below our expectations,

explained by the weaker financials and weaker margins. We expect to make minor negative estimate revisions.

Deviation table

Actual Q1'26E (%) Full Year Estimates

Sparebanken Øst (SPOG) NOKm Q4'25 Q1'26 Pareto Pareto 2026E 2027E 2028E

Net interest income " 212 196 206 -5 % 825 846 854

Total income " 225 220 252 -13 % 998 1,025 1,041

Operating expenses " (97) (102) (105) -3 % (397) (414) (431)

Profit before loan losses " 128 118 148 -20 % 601 611 610

Net loan losses " (2) (3) (5) -46 % (21) (22) (22)

Profit before tax " 126 115 142 -19 % 580 589 587

Net profit " 90 86 107 -20 % 432 441 442

EPEC NOK 1.24 1.18 1.48 -20 % 5.95 6.08 6.10

Other key items bps

Net interest margin " 187 178 187 185 188 184

Cost/income % 43 46.4 41 40 40 41

Net loan losses bps 2 3 6 6 6 6

ROE (annualised) % 7.7 7.8 9.7 10 10 10

Common Equity Tier 1 ratio (CET1) " 22.8 22.3 23.1 22.6 22.3 21.6

Gross lending growth y/y " -2.3 -1.7 -1.8 0.1 2.3 4.1

Source: Company accounts, Pareto Securities

Q1’26 highlights

• Net interest income (NII) of NOK 196m, 5% below our NOK 206m est. The NII miss is driven by more decline in margins than we expected.

Gross lending growth of 0.0% q/q vs. our -0.1% estimate, with retail lending growth of -0.2% and corporate lending growth of 1.9%.