• Operating profit before losses and return on financial assets: NOK 564m (496m)
• Pre-tax profit: NOK 357m (1,155m)
• Post-tax profit: NOK 290m (1,046m)
• Return on equity: 5.7% (23.3%)
• CET1 ratio: 16.3% (14.8%)
• Growth in lending: 6.0% (6.6%) and in deposits: 8.7% (6.8%)
• Lending to retail borrowers accounts for 69% (68%) of total lending
• Losses on loans and guarantees: NOK 308m (67m)
• Gain of NOK 340m on sales of personal risk products to Fremtind Forsikring (460m)
• Negative return on financial investments after increase in credit spreads in the liquidity portfolio of NOK 124m (plus 169m)
• Share of loss recorded by SpareBank 1 Gruppen: NOK 115m (gain of NOK 169m)
• Earnings per EC: NOK 1.26 (5.02). Book value per EC: NOK 86.85 (83.86)

SpareBank 1 SMN maintains a sound liquidity position and is well capitalised. The group has a strong foundation in the shape of a broad and well-diversified earnings platform. Core business excluding loan losses delivered good results in the first quarter with a strong revenue performance and moderate cost growth. The overall result nonetheless reflects the times of crisis by increased loan losses, losses on securities and losses recorded by SpareBank 1 Gruppen.