In 2023, Sparebanken Vest achieved a pre-tax profit of NOK 4,418 (3,504) million
and a return on equity of 16.5 (14.6) per cent. The board proposes a dividend to
equity certificate owners of NOK 7.50 (5.50) per equity certificate, NOK 1,050
million in customer dividends and NOK 150 million in donations.

Net interest income ended at NOK 5,242 (3,994) million in 2023. The bank's
operating expenses for the year were NOK 1,772 (1,687) million, corresponding to
a growth of 5.0 per cent. Operating expenses as a percentage of net operating
income were reduced to 28.7 (32.5) percent for the year.

Equity return after tax in the fourth quarter is 17.8 (12.5) %. Net interest
income in the quarter is NOK 1,442 (1,136) million. Net commission income is NOK
188 (226) million, where the reduction is primarily explained by lower
profitability commission from Frende due to a more demanding non-life insurance
year in 2023. Operating costs are NOK 439 (452) million, corresponding to a cost
percentage of 25.7 (34.5) %.

Improved net interest in the quarter and for the year as a whole is driven by
good growth in the customer segments and increased return on equity as a result
of higher interest rates. In 2023, Norges Bank raised the key interest rate six
times by a total of 1.75 percentage points.

At the end of the quarter, the CET1 ratio was a solid 16.8 (18.1) per cent.

- The fourth quarter ends a good year for Sparebanken Vest. 2023 was also a year
of good growth in customers, lending and income, which gave a return on equity
for the year of 16.5 per cent. Like 2023, 2024 will be marked by economic
unpredictability, and Sparebanken Vest is well equipped for a more demanding
macroeconomic picture, says Jan Erik Kjerpeseth, CEO of Sparebanken Vest.

Good lending and deposit growth
Total growth in gross lending over the past 12 months is 13.9%, while deposit
growth over the past 12 months is 10.1%.

The Bulder concept reached almost NOK 47 billion in loans at the end of 2023,
far above the target and expectations at the start of the year, which was a
lending volume of NOK 36 billion. Since year-end 2023, the volume has increased
to more than NOK 48 billion. 

- Since introducing Bulder at the end of 2019, we have continuously developed
the concept with new and improved products and functionality. The ambition is to
continue growth in 2024 and achieve 60 billion in lending volume by the end of
2024, says Kjerpeseth.

Growth in gross lending to corporate customers in the last 12 months is 10.1 %
and last quarter at 5.2 %.

- These are strong figures in the corporate market in a troubled time where we
see larger differences between the industries when it comes to future
expectations. According to 'Vestlandsindeksen' for the fourth quarter, companies
within the construction industry have by far the lowest expectations going
forward, while the oil and gas industry and other export-oriented companies have
much higher expectations for the time to come, says Kjerpeseth.

Lowest cost-to-income ratio in the industry
Operating expenses in the fourth quarter are NOK 439 (452) million. Operating
expenses as a percentage of net operating income was 25.7 (34.5) percent. In
2023, total operating expenses were NOK 1,772 (1,687) million, corresponding to
growth of 5.0 per cent. Operating costs as a percentage of net operating income
was 28.7 (32.5) per cent for the year.

- Looking at comparable banks, Sparebanken Vest has the lowest cost-to-income
ratio in the Norwegian market. We have a clear ambition to retain this position.
The ambition for total cost growth in 2024 is around 5 per cent, disregarding
strategic investments, says Jan Erik Kjerpeseth.

Low risk in the lending portfolio with the majority of lending to the retail
market
Write-downs on loans and guarantees are NOK 13 (38) million in the quarter and
reflect low risk in the bank's lending portfolio. The loss costs in the quarter
consist of NOK 20 million in net confirmed losses and changes in individual
write-downs and NOK 7 million in reversal of model provisions.

Write-downs on loans and losses on guarantees amounted to NOK 95 (52) million in
2023. Of the loss costs in 2023, increased model provisions amount to NOK 82
million and the remaining NOK 13 million is due to net confirmed losses and
changes in individual write-downs.

Defaults and potential bad debt for the retail market total NOK 322 (272)
million. As a percentage of gross lending to personal customers, this
corresponds to 0.16 (0.16) per cent. The development underpins the continued low
risk in the portfolio.

Defaults and potential bad debt for the corporate market total NOK 1,139 (978)
million. As a percentage of gross lending to business customers, this amounts to
1.87 (1.77) per cent. The risk profile is assessed as moderate. Good portfolio
management, close follow-up and moderate exposure in cyclical industries help to
reduce the risk of loss.

Defaults and other potential bad debt amounted to 0.57 (0.55) per cent for
retail and corporate customers combined.

The Board proposes a record high customer dividend
The bank's Board proposes a customer dividend of NOK 1,050 million, and NOK 150
million in donations. In Q4 2023, the bank made an additional distribution for
the accounting year 2022 of about NOK 811 million, where the society's share of
the distribution of about 482 million in its entirety was set aside for
donations for the public benefit. The total provision for donations over the
last few months is therefore approximately NOK 632 million.

- With the proposal for this year's customer dividend, we will have paid close
to NOK 2.7 billion in customer dividends to the bank's customers since this was
introduced from the financial year 2019. Awareness of customer dividends
increases year by year among both the bank's customers and those who are not
customers. Over the past ten years, the bank has also contributed close to NOK
2.5 billion in donations to teams, associations, volunteering and restructuring
projects. This shows the strength of the savings bank model, and how we have a
unique social position in the region, concludes Kjerpeseth.

Main points - Q4 2023 
o	Strong return on equity: 17.8% (12.5%) 
o	Growth and higher interest rates increased nominal net interest income: NOK
1,442 (1,136) million 
o	A conservative loan book gave low losses: NOK 13 (38) million  
o	Good cost management gave a low cost-to-income ratio: 25.7% (34.5%) 
o	Good growth in lending and deposits in the last 12 months: 13.9% and 10.1%,
respectively 
o	Strong growth in the Bulder concept: NOK 46.8 billion in lending volume at the
end of the quarter 
o	Sound CET1 ratio: 16.8% (18.1%)  
 
Main points - full-year 2023 
 o	Strong pre-tax profit: NOK 4,418 (3,504) million 
o	Excellent return on equity: 16.5% (14.6%) 
o	Higher net interest as a percentage of average assets under management: 1.79%
(1.56%) 
o	Lower cost-to-income ratio: 28.7% (32.5%) 
o	Low write-downs on loans and guarantees: NOK 95 (52) million, corresponding to
0.04% (0.02%) of gross lending 
o	Profit per equity certificate: NOK 12.76 (10.29)  
o	Proposed dividend: NOK 7.50 (5.50) per equity certificate, NOK 1,050 million
in customer dividend and NOK 150 million in donations 

Sparebanken Vests will present its financial figures for the fourth quarter of
2023 at 09.00 CET on 1 February 2024. 
 
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

A recording of the presentation will be made available on the same website later
in the day on 1 February 2024. 
 
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 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 approximately 800
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 36 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.

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