In the first quarter of 2025, Sparebanken Vest had a profit before tax of NOK
1,415 (1,256) million and a return on equity of 21.3 (21.6) per cent. 

Good banking operations and strong return on equity
For Sparebanken Vest, the first quarter of 2025 is characterised by a strong
return on equity of 21.3 (21.6) per cent, and a solid CET1 capital ratio of 17.9
(17.5) per cent, well above the solvency target of 16.05 per cent.

Net interest income is NOK 1,533 (1,462) million. The increase compared with
last year is due to solid lending growth. Net interest income as a percentage of
average total assets is 1.77 (1.83) per cent.

Net commission income amounted to NOK 298 (218) million in the quarter. There is
good development in net income from cards and payment services, which is related
to good customer growth, particularly within the Bulder concept. In addition,
revenues increased by NOK 28 million due to the fact that Frende
Kapitalforvaltning, which owns 70 per cent of Borea Asset Management, is now
part of the group. Commissions from real estate increased to NOK 83 (56) million
as a result of an increased market share in an active housing market in the
quarter.

Low cost-to-income ratio despite merger costs
Nominal operating expenses for the quarter amounted to NOK 547 (443) million.
The cost-to-income ratio for the quarter was a low 27.7 (26.0) per cent, despite
the fact that costs related to the merger with Sparebanken Sør amounted to about
NOK 50 million in the quarter. Frende Kapitalforvaltning became part of the
Group from the fourth quarter of 2024 and charges the costs with NOK 24 million
in the quarter. Adjusted for merger costs, the cost-to-income ratio would have
been about 25.2 per cent.

Good growth in lending to both retail and corporate customers
Gross lending increased by NOK 24.5 (33.3) billion to NOK 290.0 (265.4) billion
from the first quarter of 2024, corresponding to a twelve-month growth of 9.2
(14.3) per cent. Growth in lending in the quarter was 2.4 (3.4) per cent.

Lending growth in the retail customer portfolio excl. Bulder in isolation is
about 5.6 (2.0) per cent in the last twelve months and 1.5 (1.0) per cent in the
quarter. Increased capacity in the sales chain, improved performance and higher
market growth are contributing to a better development in lending growth in
recent quarters.

Lending through the Bulder concept in isolation amounted to NOK 62.6  (52.3)
billion at the end of the quarter. Lending growth in the Bulder concept over the
past twelve months was NOK 10.3 (24.8) billion, and the last quarter was NOK 1.6
(5.5) billion. Growth picked up somewhat towards the end of the quarter, and the
pace into the second quarter is higher than the growth in the first quarter.

Gross lending to corporate customers amounted to NOK 69.7 (63.9) billion,
corresponding to twelve-month lending growth of 9.1 (9.6) per cent and last
quarter of 4.3 (3.0) per cent. Adjusted for the effect of an appreciation of the
Norwegian krone, lending growth would have been 0.3 and 0.6 percentage points
higher in the twelve months and the last quarter, respectively. Growth in
lending to corporate customers is somewhat more uneven on the basis of higher
individual exposure. Beyond this, the bank observes continued good demand from
corporate customers, despite relatively low market growth.

Good deposit growth in the retail segment
Customer deposits amounted to NOK 135.1 (127.4) billion, corresponding to a
twelve-month growth of 6.0 (10.2) per cent. Deposits are NOK 82.1 (72.1) billion
for retail customers and NOK 53.0 billion (55.2) for corporate customers.

Low losses
At the end of the quarter, retail customers accounted for about 76 (76) per cent
of the bank's credit portfolio. Residential mortgages account for 99.7 (99.6)
per cent of this portfolio.

Defaults and potential bad debt to retail customers totalled NOK 398 (293)
million. The increase is mainly due to increased payment defaults over 90 days.
As a percentage of gross lending to retail customers, this corresponds to 0.18
(0.15) per cent and underpins continued low risk in the portfolio.

Defaults and potential bad debt to corporate customers totalled NOK 673 (1,152)
million. As a percentage of gross lending to corporate customers, this amounts
to 0.97 (1.80) per cent. The reduction is due to completed restructurings,
write-downs and redemption of non-performing commitments. The risk profile is
considered moderate. Good portfolio management, close follow-up and moderate
exposure in cyclically exposed industries help to reduce the risk of losses.
 
For retail and corporate customers overall, defaults and potential bad debt
amounted to 0.37 (0.54) per cent, which is the lowest level ever.
"A conservative loan book, diversified corporate market portfolio, good credit
work and a high proportion of retail customers result in very low losses," says
Kjerpeseth.


Today's presentation of results is the last in the history of Sparebanken Vest,
which will merge with Sparebanken Sør on 2 May 2025 to form Sparebanken Norge,
which will be Norway's largest savings bank.'
"We are ending Sparebanken Vest's history with a solid quarter and are well on
track to achieve the financial targets for 2025, while at the same time building
a national savings bank," says Kjerpeseth.

First quarter 2025 
o	Strong return on equity of 21.3% (21.6%) 
o	Good portfolio growth increased nominal net interest income to NOK 1,533
(1,462) million 
o	Strong development in net commission income resulted in NOK 298 (218) million
in the quarter 
o	Low cost-to-income ratio of 27.7% (26.0%) despite costs related to the merger
with Sparebanken Sør amounting to approximately NOK 50 million in the quarter  
o	Robust lending portfolio and good credit risk management resulted in low
losses of NOK 10 (44) million 
o	Sound CET1 ratio of 17.9% (17.5%), well above the capital adequacy target of
16.05%  

Sparebanken Vest will present its financial figures for the first quarter of
2025 at 09.00 CET on 30 April 2025. 
The presentation will be available
here: https://www.spv.no/om-oss/investor-relations/webcast     

Questions for the quarterly presentation may be sent to:
investorrelations@spv.no  

An English texted recording of the presentation will be made available later in
the week on this link: https://www.spv.no/english/investor-relations/webcast
 
For more information, please contact:
Jan Erik Kjerpeseth, CEO: +47 951 98 430   
Frank Johannesen, CFO: +47 952 65 971
Brede Borgen Kristiansen, Director of Finance, Operations and Investor
Relations: +47 479 06 402
Hanne Dankertsen, Director of Communications: +47 994 49 173      
     
Sparebanken Vest is Norway's second largest savings bank with more than 840
dedicated and skilled employees. Since 1823, we have built up the trust of
Western Norwegians, which means that we have a solid market position. We are
present in 37 locations in Vestland, Rogaland and Møre og Romsdal. Through our
affiliated product companies, we are a complete financial house for all our
personal and corporate customers. We are proud to be an independent financial
group headquartered in Bergen with a central role in much of the value creation
that takes place in Western Norway. 
      
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.