Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q4 2018 Earnings Presentation
73 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2019
Slide 1: Fourth Quarter 2018
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although SpareBank 1 SR-Bank believes that the expectations reflected in such forward-looking statements are reasonable,
Slide 3: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 3
Slide 4: SR-Bank at a glance
SR-Bank at a glance Banks Market share • Second largest Norwegian bank 1 DnB Bank 28.6 • Market cap: NOK 22.8 Billion • Total assets: NOK 234.1 Billion 2 Nordea Bank Norge (Swedish) 12.0 • Total lending: NOK 201.4 Billion 3 Danske Bank (Danish) 6.1 • Total deposits: NOK 98.8 Billion • No. of branche
Slide 5: The leading financial group in the southwest of Norway
Rogaland The leading Population 476.000 financial group Market share 35% Year of establishment 1839 in the Market strategy Market leader southwest of Unemployment rate 2.5% Norway Hordaland Population 525.000 Market share 6% Year of establishment 2006 Market strategy Growth Unemployment rate 2.6% Ag
Slide 6: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Divisions of SpareBank 1 SR-Bank ASA Fully owned companies Partly owned companies BN Bank SpareBank 1 Gruppen EiendomsMegler 1 SR-Boligkreditt Capital Markets (23.5%) (19.5%) Leading real estate broker Covered Bond Funding Number of man-years: 27 Commercial bank located in Ho
Slide 7: SRBANK share
SRBANK share • International ownership is Development in Price/Book Relativ share price development 26.6 % per 4. quarter 2018. 110 1,4 120 Index 100 = dec 31st 2017 100 110 1,2 • Total market value at 4. 90 100 quarter 2018 is NOK 22.8 80 1,0 90 NOK billion. 70 p/B 0,8 80 60 Price 70 50 OSEBX P/B 0
Slide 8: 20 largest shareholders as at December 2018
20 largest shareholders as at December 2018 • Ownership interests: Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% • From Rogaland, Agder-counties and Hordaland: 43.5% Folketrygdfondet 18.930.821 7,4% (44.7%) State Street Bank and Trust Co, U.S.A. Nominee 10.346.404 4,0% • Interna
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: Strong result with income growth and good cost control
Strong result with income growth and good cost control • Pre-tax profit for the quarter is NOK 676 million compared to NOK 700 million last year ‐ Return on equity after tax 10.1% • Pre-tax profit year-to-date is NOK 2.892 million compared to NOK 2.610 million last year ‐ Return on equity after tax
Slide 11: Key figures 2018, financial targets and estimates for 2019
Key figures 2018, financial targets and estimates for 2019 Return on equity CET 1 Growth in loans 11,0% 11,3% 11,5% 15,0% 14,7% 14,6% 7,6% 4,0 % - 6,0 % 4,0 % - 6,0 % Target 2018 2018 Target 2019 Target 2018 2018 Target 2019 Target 2018 2018 Target 2019 Growth in costs Impairments Dividend share < 5
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 12,6% 15,1% 15,0% 14,8% 14,7% 14,7% 12,3% 11,4% 10,3% 10,1% Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Cost ratio Earnings per share 41,0% 42,1% 42,9% 2,48 40,1% 38,9% 2,41 2,18 2,06 2,03 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q4 17
Slide 13: Key figures – annual development
Key figures – annual development Return on equity CET 1 11,0% 11,3% 14,7% 15,1% 14,7% 10,0% 2016 2017 2018 2016 2017 2018 Cost ratio Earnings per share 40,9% 40,7% 40,9% 8,98 8,16 6,87 2016 2017 2018 2016 2017 2018 13
Slide 14: Key figures – annual development
Key figures – annual development Return on equity Core operating result (MNOK) 14,0% 2.519 12,4% 11,7% 2.200 2.282 11,2% 10,6% 11,0% 11,3% 2.080 10,0% 1.924 1.315 1.320 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 Impairments on loans/ Impairments in % of average gross
Slide 15: Key figures
Key figures 31.12.2018 31.12.2017 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Return on equity after tax (%) 11,3 11,0 10,1 12,6 12,3 10,3 11,4 Net interest margin (%) 1,54 1,52 1,59 1,53 1,52 1,50 1,50 Impairments on loans in % of gross loans incl. covered bond 0,17 0,29 0,18 0,12 0,21 0,16 0,26 companies Loans
Slide 16: Income statement
Income statement Group Income Statement (MNOK) 30.09.2018 30.09.2017 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Net interest income 2.513 2.343 871 842 800 819 820 Net commission and other income 1.087 1.157 349 370 368 367 386 Net income on investment securities 501 430 175 213 113 204 198 Total income 4.101 3.
Slide 17: Change in profit 31.12.2017 – 31.12.2018
Change in profit 31.12.2017 – 31.12.2018 3.500 219 2.892 3.000 216 - 26 65 - 62 2.610 2.500 2.000 1.500 1.000 500 0 31.12.2017 Net interest income incl. Other income Net income on Total operating expenses Impairments on loans 31.12.2018 commission from investment securities and financial covered bon
Slide 18: Consolidated income profile
Consolidated income profile 1.276 1.212 1.220 1.186 1.168 334 347 330 331 338 16 19 36 23 30 926 819 842 871 800 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Net interest income Commission income from covered bond companies Net commission and other income 18
Slide 19: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 2,76% 2,74% 2,78% 2,74% 2,73% 2,77% 2,71% 2,71% 2,72% 0,34% 0,24% 0,24% 0,22% 0,24% 1,78% 1,79% 1,69% 1,69% 1,59% 0,13% 1,50% 1,51% 1,50% 1,38% 0,03% 0,04% -0,01% 0,04% -0,03% -0,05% -0,08% -0,06% -0,09% -0,09% -0,15% -0,18% Q4 16 Q1 17 Q2
Slide 20: Lending volume and 12 months growth
Lending volume and 12 months growth Corporate Market (incl. Capital Markets) 80 000 15,7 % 70 000 12,2 % 15% 60 000 9,6 % 50 000 10% MNOK 40 000 3,8 % 2,4 % 5% 30 000 20 000 -0,7 % -2,8 % -1,9 % 0% 10 000 -3,5 % 0 -5% Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Volume Growth % Retail Marke
Slide 21: Loan portfolio as at 31.12.2018
Loan portfolio as at 31.12.2018 • Gross loans (incl. covered bond companies) as at 3,0% Agriculture / forestry / fishing 31 December 2018 amount to NOK 201.4 billion 3,4% compared with NOK 187.1 billion at the same Supply and construction 2,2% 2,0% time the year before. Industry and power/water 2,3%
Slide 22: Loan to value ratio on home mortgage loans
Loan to value ratio on home mortgage loans • The proportion of loans with a loan-to- value ratio 100% of less than 85% is high. ‐ 89.1% of the exposure is within 85% of the assessed value of collateral. 80% 60,6% 58,8% 60% 40% 28,4% 30,3% 20% 7,2% 7,1% 3,8% 3,8% 0% Below 70 % 70 - 85 % 85 - 100 % Ab
Slide 23: Risk profile – Lending to the retail market
Risk profile – Lending to the retail market • The quality of the retail market portfolio is Retail market portfolio distributed by risk class 100% 2,7% 2,6% 2,5% 2,6% 2,8% considered to be good and has low potential 16,6% 16,7% 16,3% 16,1% 16,7% 80% losses. 60% • The low risk profile is achieved thr
Slide 24: Deposits volume and 12 month growth
Deposits volume and 12 month growth • Last 12 months deposits increased by NOK 3.4 Corporate Market* billion to NOK 98.8 billion. 60.000 24,7% 22,7% 20,7% 25% ‐ Corresponds to an increase in the period of 50.000 40.000 14,0% 15% 3.6%. 10,0% 8,3% MNOK 30.000 0,2% 4,4% 5% • Increased deposit growth in
Slide 25: Ownership interests
Ownership interests Ownership interests MNOK 31.12.2018 31.12.2017 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax 289 353 Adjusted profit previous years 0 -4 SpareBank 1 Boligkreditt AS* Interest ownership 4,8% 8,0% Profit after tax -3 -25 SpareBank 1 Næringskreditt AS Intere
Slide 26: Impairments on loans and financial commitments / Stage 3
Impairments on loans and financial commitments / Loans and financial commitments defined as Stage 3* Impairments on loans and financial commitments Changes in gross loans and financial commitments defined as Stage 3 IAS 39 IFRS 9 IAS 39 IFRS 9 1,54% 1,45% 1,46% 0,26% 0,21% 0,18% 0,16% 0,12% 1,13% 1,
Slide 27: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 27
Slide 28: Funding
Funding ‐ NSFR* 121% ‐ LCR** 167% ‐ NOK 11.6 billion net refinancing need over the next 12 months ‐ Deposits to loans ratio 51,4% Annual funding maturity 22,0 20,0 18,0 16,0 14,0 12,0 NOK Billion 10,0 8,0 6,0 4,0 2,0 0,0 2019 2020 2021 2022 2023 2024 2025 2026+ Funding ex. CB Covered Bonds *The net
Slide 29: MREL
MREL Main features from Ministry of Finance regulation based on «BRRD»: MREL based on Ministry of Finance • Requirements enter into force 1 January 2019. • Issuers shall be fully MREL compliant by 31 December 2022. • The FSA will set requirements individually for each bank. • Covered bonds issuers a
Slide 30: An established borrower in the Euromarket
An established borrower in the Euromarket NDASS 3¼ 07/05/2022 Senior Unsecured DNBNO 0¼ 04/18/2023 Covered Bond 55 SHBASS 2⅝ 08/23/2022 55 15 SPABOL 0⅜ 03/09/2023 15 45 SRBANK 0 ⅜ 02/10/22 45 35 DNBNO 4¼ 01/18/2022 35 SRBANK0 ¾ 01/23 25 25 5 5 Bps. Bps. Bps. Bps. 15 15 5 5 -5 -5 -5 -5 -15 -15 -15 -1
Slide 31: Solid capital ratio
Solid capital ratio • As of 31 December 2018, SpareBank 1 SR-Bank met ROE ROE ROE all of the regulatory requirements by a good margin 10,0 % 11,0 % 11,3 % • SpareBank 1 SR-Bank’s Pillar 2 requirement has been CET 1 CET 1 set at 1.7%, down from 2.0% (set in 2016), with 17,5 % 17,9 % 17,6 % 15,0 % 14,
Slide 32: Outlook – Still optimistic
Outlook – Still optimistic • Expectations of a continued upswing and higher growth in the Norwegian economy for 2019 will continue to produce increased growth in the group’s market areas. • Optimism in Southern Norway. Companies are reporting increased investments and improved profitability. ‐ Oil i
Slide 33: Important strategic steps
Important strategic steps • Greater diversification in lending to companies in terms of both geography and industries. • Strong growth in corporate customers. 2,500 new customers gained and points of contact with the customer were doubled in 2018. • Greater efficiency in the corporate market due to
Slide 34: A surprising number of companies expect profitability to improve
A surprising number of companies expect profitability to improve Business survey main index. Counties • Upswing for oil, industry and export 75 companies. Agder Rogaland Hordaland Oslo Total Neutral 70 • Optimism in all of the counties: Oslo, Hordaland, the Agder counties and 65 Rogaland. 60 • Highe
Slide 35: All participants
35 All participants in/Gruinderhub get their ideas tested. For Lena, this has F | 2 ‘oming Home We h produced solid : E 7 ee ship, we ded results. Her success 4 héakd and seen, - is mainly due to her | Syelitelevc x ; and | developed further. unique commitment OE / rr ) ie to Sanasella. = — LENA STA
Slide 36: We have invested in the future and created new jobs in communities
We have invested in the future and created new jobs in communities • 16 different classes have been conducted since autumn 2015. • More than 125 startups have taken part. • 250 entrepreneurs have acquired new knowledge. • More than 270 new jobs have been created. • Total turnover of more than NOK 80
Slide 37: Appendix
APPENDIX 1) Macro 1) SpareBank 1 SR-Bank 37
Slide 38: Robust economy supported by a large sovereign wealth fund
Robust economy supported by a large sovereign wealth fund and a sound framework for annual spending Economic Indicators (%) 2011 2012 2013 2014 2015 2016 2017 2018P 2019P 2020P 2021P GDP mainland, annual change (%) 1,9 3,7 2,3 2,2 1,4 1,1 2,0 2,3 2,4 2,4 2,2 Household consumption, annual change (%)
Slide 39: Norwegian unemployment rate reduced to low level
Norwegian unemployment rate reduced to low level Marked reduction in Rogaland in 2017 and 2018 Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 6 5 4 3 2 1 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Norway Rogaland Hordaland Vest-Agder Norway, broader measure (SSB AK
Slide 40: Employment (and GDP) by sector
Employment (and GDP) by sector Employment (and sector GDP) in Norway and the region in 2017. Share (%) in sectors 40% 45% 35% 40% 30% 35% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% Source: Statistics Norway South-west coast empl Norway empl. Norway GDP sector 2017 40 Source: Statistics Norway
Slide 41: Increasing petroleum activity on the NCS in 2019
Increasing petroleum activity on the NCS in 2019 The activity fell from 2014 to 2017, was stable in 2018 and is likely to increase by 10% in 2019 • Total activity increased by over 60% from 2007 to Petroleum activity on Norwegian Continental Shelf. BNOK (2018 NOK). Source: NPD 2014. Thereafter, tota
Slide 42: Norwegian seafood exports doubled since 2012
Norwegian seafood exports doubled since 2012 Norwegian seafood exports (BNOK) 120 50% 100 40% 80 30% 60 20% 40 10% 20 0% 0 -10% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right hand axis So
Slide 43: Norwegian hotels – guest nights by foreign and domestic
Norwegian hotels – guest nights by foreign and domestic Hotel guest nights in Norway. Thousand. Rolling 12-month sum 18.000 8000 16.000 Norwegians, left side axis Foreigners 7000 14.000 6000 12.000 5000 10.000 4000 8.000 3000 6.000 2000 4.000 2.000 1000 0 0 1986 1988 1990 1992 1994 1996 1998 2000 20
Slide 44: Norwegian exports and imports
Norwegian exports and imports Norwegian exports and imports (MNOK), monthly 120.000 80.000 40.000 0 -40.000 -80.000 -120.000 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Export of oil and gas Export mainland Norway Sum export Sum import Export fish Net export 44 Source:
Slide 45: Norwegian krone vs key currencies
Norwegian krone vs key currencies Norwegian krone vs key currencies 16 14 12 10 8 6 4 2 0 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 NOK per USD NOK per GBP NOK per EUR 45 Source: Thomson Reuters Datastream and SpareBank 1 SR-Bank
Slide 46: Retail trade in Norway increasing by two to four percent
Retail trade in Norway increasing by two to four percent Growth has been highest in Oslo, but growth abated in 2018 Retail sales (excl. auto), annual change in turn-over from same 2-month period previous year 12% 10% 8% 6% 4% 2% 0% -2% -4% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Norge Roga
Slide 47: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil price, annual change Norwegian economy, GDP decomposed, share of GDP (%) 7 140 50% 6 120 40% 5 100 30% 4 80 3 20% 60 2 40 10% 1 20 0 0% 0 -1 -10% -2 -20 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 Private
Slide 48: Norway balance of payments and government budget
Norway balance of payments and government budget Norway BOP and gov't budget (BNOK), quarterly figures 160.000 120.000 80.000 40.000 0 -40.000 1999 2002 2005 2008 2011 2014 2017 Balance of payments (BOP), current account surplus Government budget balance (transfer to/from the oil fund) 48 Source: Th
Slide 49: Norway oil fund and GDP
Norway oil fund and GDP Norwegian oil fund and GDP (BNOK), quarterly figures 9.000.000 400% 8.000.000 350% 7.000.000 300% 6.000.000 250% 5.000.000 200% 4.000.000 150% 3.000.000 100% 2.000.000 1.000.000 50% 0 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Government pension fund globa
Slide 50: Stable house prices in Norway over the past year
Stable house prices in Norway over the past year Stable in most counties, but somewhat more volatile in Oslo House prices. NOK per sqm. Average all homes. Monthly 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 2003 2005 2007 2009 2011 2013 2015 2017 Stavanger region Bergen Kristiansand re
Slide 51: Appendix
APPENDIX 1) Macro 1) SpareBank 1 SR-Bank 51
Slide 52: Our purpose: Strength to growth and development
Our purpose: Strength to growth and development Objectives Financial goals • The purpose for SpareBank 1 SR-Bank is to add strength to growth and development. Our growth will give us the ability • Return on equity of 11.5% after tax in 2019. The longer term to provide profitability and value to the
Slide 53: SpareBank 1 Alliance
SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 LO SpareBank 1 SMN Samspar SR-Bank Nord Norge Østlandet 19,5% 19,5% 9,6% 19,5% 19,5% 12,4% Products, commissions, dividends Sales, loan portfolios, capital Companies where SR-Bank has direct ownership SpareBank 1 Gruppen AS Selskaper hvor SR-B
Slide 54: Balance sheet
Balance sheet Balance sheet (MNOK) 31.12.2018 31.12.2017 Cash and balances with central banks 717 207 Balances with credit institutions 1.696 1.608 Net loans to customers 190.878 171.237 Certificates, bonds and other fixed-income securities 29.340 31.909 Financial derivatives 5.268 5.541 Shares, own
Slide 55: Net commission and other income
Net commission and other income MNOK 31.12.2018 31.12.2017 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Payment facilities 260 262 66 72 59 63 65 Savings/placements 196 198 47 49 48 52 47 Insurance products 189 208 46 47 47 49 52 Commission income real estate broking 382 389 98 94 109 81 94 Guarantee commission 10
Slide 56: Net income on investment securities
Net income on investment securities MNOK 31.12.2018 31.12.2017 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Dividends 12 11 0 0 1 11 0 Investment income, associates 366 425 113 94 102 57 154 Securities gains/losses 65 127 -51 42 69 5 24 - of which capital change in shares and certificates 163 136 11 56 90 6 44 - o
Slide 57: Subsidiaries
Subsidiaries Subsidiaries MNOK 31.12.2018 31.12.2017 EiendomsMegler 1 SR-Eiendom AS Number of sales 6.487 6.565 Operating profit before tax 11 27 SR-Forvaltning AS Capital under management (BNOK) 11 11 Operating profit before tax 35 33 FinStart Nordic AS* Operating profit before tax 60 6 SpareBank 1
Slide 58: Ownership interests
Ownership interests Ownership interests MNOK 31.12.2018 31.12.2017 SpareBank 1 Gruppen AS Interest ownership 19,5 % 19,5 % Profit after tax 289 353 Adjusted profit previous years 0 -4 SpareBank 1 Boligkreditt AS* Interest ownership 4,8 % 8,0 % Profit after tax -3 -25 SpareBank 1 Næringskreditt AS In
Slide 59: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments in income statement (MNOK) 31.12.2018 31.12.2017 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Impairments Corporate customers 324 482 96 62 100 66 89 Impairments Retail customers 0 59 -4 -3 -1 8 29 Change in collective impairments on loans 2 0 2 Net impair
Slide 60: SpareBank 1 SR-Bank has a moderate risk profile
SpareBank 1 SR-Bank has a moderate risk profile in which no single event should be capable of seriously harming the bank's financial position 60
Slide 61: Risk management and market areas
• The core purpose of the banking industry is to create value by assuming deliberate and acceptable risk ‐ SpareBank 1 SR-Bank therefore invests significant resources in developing risk management systems, processes and expertise that are in line with leading international practice • The bank's prim
Slide 62: Limits on commitments and property financing requirements
• The bank sets specific limits for the size of commitments as well as requirements concerning industry diversification ‐ The maximum total exposure to an individual customer must be significantly lower than the regulatory requirements ‐ The maximum unsecured exposure to an individual customer must
Slide 63: Risk profile of the loan portfolio
Risk profile of the loan portfolio • SpareBank 1 SR-Bank has a solid loan portfolio. Distributed by risk class The quality of the portfolio is stable. 100% 80% 60,3% 60,7 % • The loan portfolio consists mainly of small and 60% 40% 28,7% 29,7 % medium-sized loans. 11,0% 20% 9,7 % 0% 0.00 - 0.50 0.50
Slide 64: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio • There is a clearly defined strategy behind this Distributed by loss given realisation (LGR) portfolio composition. The growth and risk profile 100% are managed, for example, through special credit strategy limits for concentration risk.
Slide 65: Risk profile – Lending to the retail market
Risk profile – Lending to the retail market • The quality of the retail market portfolio is Retail market portfolio distributed by risk class 100% 2,7% 2,6% 2,5% 2,6% 2,8% considered to be good and has low potential 16,6% 16,7% 16,3% 16,1% 16,7% 80% losses. 60% • The low risk profile is achieved thr
Slide 66: RWA home mortgages
RWA home mortgages • RWA on home mortgages reflects a solid and RWA home mortgages stable portfolio. 21,6 % 21,7 % 21,5 % 21,5 % 21,7 % 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % 31.12.17 31.03.18 30.06.18 30.09.18 31.12.18 Home mortgages as defined in the Norwegian IRB framework; residential property must be
Slide 67: Historical LTV development for home mortgage loans
Historical LTV development for home mortgage loans Total home mortgages incl. loans in cover pool Home mortgages in SpareBank 1 SR-Bank ASA 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 31.12.2016 30.06.2017 31.12.2017 30.06.2018 31.12.2018 31.12.2016 30.06.
Slide 68: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which classified to amortised Category NOK million Share % cost, MNOK Norwegian government/municipal 0 0% 0 SSA/Foreign guaranteed 9.159 34 % 1.224 Covered bonds (Norwegian/foreign) 19.940 66 % 4.773 Total liquidity portfo
Slide 69: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA and AA- 29.099 98,8 % Low risk A+, A and A- 0 0,0 % Moderate risk Not rated 59 0,2 % High risk Not rated 137 0,5 % Very high risk Not rated 142 0,5 % Total portfolio 29.437 100,0 % Of which liquid
Slide 70: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Negative Outlook Stable Updated 14 May 2018 Updated 28 September 2018 Ratinghistory 70
Slide 71: SR-Bank pr 31.12.2018
SR-Bank pr 31.12.2018 2018 2017 2016 2015 2014 2013 2012 Share price 89,20 87,00 60,75 39,30 52,50 60,25 37,20 Stock value (MNOK) 22.813 22.250 15.537 10.051 13.427 15.409 9.514 Book value per share, NOK (group) 82,27 77,24 71,54 66,14 60,28 55,00 49,48 Earnings per share 8,98 8,16 6,87 6,83 8,20 7,
Slide 72: Dividend policy
Dividend policy “The financial objective of SpareBank 1 SR-Bank ASA is to achieve earnings that yield adequate, stable returns on the bank’s equity, thereby creating value for owners through competitive returns in the form of dividends and share appreciation. In determining the level of the annual d
Slide 73: Contact Details
Contact Details Adress Bjergsted Terrasse 1 Tel: +47 915 02002 Postboks 250 www.sr-bank.no 4066 Stavanger Management Arne Austreid CEO Tel.: +47 900 77 334 E-post: arne.austreid@sr-bank.no Inge Reinertsen CFO Tel.: +47 909 95 033 E-post: inge.reinertsen@sr-bank.no Investor Relations Stian Helgøy Inv