SpareBank 1 Nordmore’s A- issuer rating reflects sound credit fundamentals and a well-established local savings bank franchise in central Norway. In May 2021, SpareBank 1 Nordvest and Surnandal Sparebank merged, with the new bank being named SpareBank 1 Nordmore. The merged bank benefits from a further strengthened market position in its local area and growth opportunities.

SpareBank1 Nordmore’s focus on retail customers and mortgage lending supports earnings resilience. In addition, membership in the SpareBank 1 Alliance enables the bank to meet the broader financial needs of clients and provides important economies of scale and expertise, particularly in digital capabilities.

The bank has a track record of solid profitability underpinned by good cost efficiency and low credit losses. In addition, SpareBank 1 Nordmore maintains reassuring prudential metrics driven in part by relatively high regulatory requirements.

This monitoring note does not constitute a rating action, nor does it indicate the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

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