Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q1 2021 Earnings Presentation
73 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2021
Slide 1: Quarterly presentation 2021
‘Quarterly presentation 2021
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 27.2 • Market cap: NOK 26.9 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total assets: NOK 296.5 Billion • Total lending: NOK 221.3 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 128.1 Billion 4 Handelsbanken
Slide 5: Finance group for South of Norway
Finance group for South of Norway Åsane Bergen Sotra Fana +1% Nydalen Oslo 135 134 Ensjø 133 Husnes Stord Ølen +20% Aksdal 36 34 Haugesund 30 Kopervik Åkra +18% +37% Finnøy 23 20 21 18 19 Randaberg Jørpeland 17 Stavanger* +4% Sola Sandnes Ålgård 7 8 7 Bryne Varhaug Egersund Grimstad Rogaland Vestlan
Slide 6: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Business divisions Fully owned companies Partly owned companies EiendomsMegler 1 SR-Boligkreditt BN Bank SpareBank 1 Gruppen Capital Market (35.0%) (19.5%) Leading real estate broker Covered Bond Funding Number of man-years: 25 Commercial bank located in Holding company for t
Slide 7: SRBANK share
SRBANK share Development in Price/Book Relativ share price development • International ownership is 22.5% 130 1,4 200 Price Index 100 = mar 31st 2020 per 1. quarter 2021. 120 180 P/B 110 1,2 160 100 140 1,0 • Total market value at 1. quarter 90 NOK 120 p/B 80 100 2021 is NOK 26.9 billion. 0,8 70 80
Slide 8: 20 largest shareholders as at 31 March 2021
20 largest shareholders as at 31 March 2021 Investor Number Stake Sparebankstiftelsen SR-Bank 72,419,305 28.3% • Ownership interests as at 31 March 2021: Folketrygdfondet 19,237,426 7.5% • From Rogaland, Agder, Vestland, Oslo Brown Brothers Harriman & Co, U.S.A. Nominee 6,612,187 2.6% and Viken: 65.
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: Strong result with higher income, lower losses and good cost control
Strong result with higher income, lower losses and good cost control 11.6% 2.3% Impairment losses per quarter Return on equity after tax 12 months lending growth Pre-tax profit NOK 880 million Retail market 5.6% Corporate market -3.6% 831 3.4% 21.4% 12 months costs growth 12 months deposit growth 56
Slide 11: Key figures and financial targets for 2021
Key figures and financial targets for 2021 Return on equity CET 1* Impairment losses NOK 18.3% 18.1% 2,030 million 16.7% 11.6% 11.0% NOK 6.4% NOK 500 - 800 million 121 million 2020 31.03.2021 Target 2021 2020 31.03.2021 Target 2021 2020 31.03.2021 Estimate 2021 Growth in costs (12 months) Growth in
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1* 17.7% 18.3% 18.5% 18.3% 18.1% 11.6% 8.2% 9.7% 3.4% 4.0% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Cost to income ratio Earnings per share 2.74 2.30 42.3% 38.0% 39.2% 37.9% 1.90 34.2% 0.77 0.91 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
Slide 13: Income statement
Income statement Group Income Statement (MNOK) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Net interest income 995 994 1,041 1,026 1,081 Net commission and other income 402 370 336 344 346 Net income on investment securities 216 240 190 297 -28 Total income 1,613 1,604 1,567 1,667 1,399 Total operating
Slide 14: Change in profit 31.03.2020 – 31.03.2021
Change in profit 31.03.2020 – 31.03.2021 439 880 244 -20 247 56 -86 31.03.2020 Net interest income Other income Net income on Total operating expenses Impairments on loans and 31.03.2021 investment securities financial commitments 14
Slide 15: Operating profit before losses and excl. income on investment securities
Operating profit before losses and excl. income on investment securities (Rolling 12-month figures) 3,114 3,160 3,152 3,102 3,064 2,199 2,086 1,555 1,590 1,467 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Operating profit before losses and excl. income on investment securities, rolling 12-month figures Net profit
Slide 16: Consolidated income and cost profile
Consolidated income and cost profile Income profile Cost profile Net interest income* Total personnel expenses Net commission and other income Total other operating expenses -30 1,427 1,370 1,377 1,397 1,427 1,397 +20 1,364 343 343 629 612 592 612 344 330 402 402 592 570 595 365 228 230 230 244 238
Slide 17: Key figures
Key figures Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Return on equity after tax (%) 11.6 9.7 8.2 4.0 3.4 Net interest margin (%) 1.40 1.40 1.48 1.50 1.64 Impairments on loans in % of gross loans incl. covered bond company 0.22 0.49 0.67 1.53 1.05 Loans and financial commitments in Stage 3 in % of gro
Slide 18: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 3.17% 3.02% 3.00% 2.98% 2.77% 2.82% 2.78% 2.80% 0.67% 2.71% 2.81%** 0.56% 0.45% 0.42% 0.31% 1.85% 1.73% 0.17% 1.59% 0.11% 0.09% 1.48% 1.49% 0.06% 0.07% 1.39% 1.32% 1.33% 1.28% -0.13% -0.12% -0.05% -0.18% -0.17% -0.15% -0.43% -0.24% Q1 19 Q
Slide 19: Lending volume and 12 months growth
Lending volume and 12 months growth Retail Market Corporate Market 17.8% 11.8% 10.3% 5.3% 5.8% 6.6% 6.3% 5.6% 5.2% 5.6% 5.3% 4.0% 4.5% 4.8% 4.8% 2.7% 143 144 145 -0.7% 132 134 136 137 140 -3.6% 130 74 74 75 75 78 78 77 74 75 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 19 Q2 19 Q3 19 Q4
Slide 20: Loan portfolio as at 31.03.2021
Loan portfolio as at 31.03.2021 • Gross loans (incl. covered bond company) Agriculture / forestry / fishing 4.0% 3.5% as at 31 March 2021 is increased to NOK 2.1% 221.3 billion from NOK 216.4 billion at Supply and construction 2.1% the same time the year before. 1.6% Renewable / Green engagement 1.2
Slide 21: Reduced exposure to oil and offshore
Reduced exposure to oil and offshore NOK 11.4 billion (NOK 16.0 billion) of total EAD* is related to oil operations Sum EAD related to oil operations is reduced to 4.7% in Q1 2021 from 6.7% in Q1 2020 • Oil services Oil and gas; ‐ EAD NOK 3.3 billion (NOK 3.7 billion), 1.4% of the bank's total EAD M
Slide 22: Lending to commercial real estate
Lending to commercial real estate 12.8% (NOK 31.1 billion) of total EAD* is related to commercial real estate • Commercial real estate for lease ‐ EAD NOK 21.7 billion, 8.9% of the bank’s total EAD Development projects Real estate management and housing ‐ The portfolio is characterised by lending to
Slide 23: Lending to retail trade, hotels and restaurants
Lending to retail trade, hotels and restaurants 1.7% (NOK 4.2 billion) of total EAD* is related to retail trade, hotels and restaurants • Retail trade ‐ EAD NOK 3.0 billion, 1.2% of the bank's total EAD Tourism; MNOK 64 • Operation of hotels and restaurants Operation of hotels and restaurants; ‐ EAD
Slide 24: Lending to shipping
Lending to shipping 2.2% (NOK 5.3 billion) of total EAD* is related to shipping • Product tank Other shipping; MNOK 715 Product tank; ‐ EAD NOK 0.9 billion, 0.4% of the bank's total EAD MNOK 870 • Chemical tank ‐ EAD NOK 1.5 billion, 0.6% of the bank's total EAD Gas; MNOK 515 • Dry-bulk ‐ EAD NOK 1.
Slide 25: Loan to value ratio and RWA on home mortgage loans
Loan to value ratio and RWA on home mortgage loans Loan to value ratio on home mortgage loans RWA home mortgages • The proportion of loans with a loan-to- value ratio of less than 85% is high. • RWA on home mortgages reflects a solid portfolio with a moderate loan-to- ‐ 91.6 % of the exposure is wit
Slide 26: Risk profile – Lending to the retail and corporate market
Risk profile – Lending to the retail and corporate market Retail market portfolio distributed by risk class Corporate lending portfolio distributed by risk class 2,6% 2,4% 2,5% 2,5% 1,9% 14,5% 13,3% 13,4% 13,9% 13,8% 18,1% 15,9% 19,3% 18,3% 17,4% 53,9% 57,5% 53,9% 55,6% 56,6% 82,8% 84,3% 84,2% 83,6%
Slide 27: Deposit volume and 12 month growth
Deposit volume and 12 month growth Retail Market Corporate Market Volume in NOK Billion Volume in NOK Billion 12 months growth % 12 months growth % 37.1% 19.9% 8.4% 9.1% 9.4% 9.6% 7.3% 12.3% 3.9% 4.3% 4.2% 6.0% 7.3% 2.3% 4.5% -1.1% -5.0% -10.2% 68 60 59 59 60 59 55 54 54 56 55 52 50 50 52 48 48 49 Q
Slide 28: 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 1.53% 1.84% 1.90% 1.91% 1.05% 1.57% 1.40% 0.67% 0.49% 0.22% 4,991 5,109 4,836 4,133 1
Slide 29: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement (MNOK) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Corporate customers 121 266 360 771 544 Retail customers 0 4 9 60 16 Total impairments 121 270 369 831 560 Impairments on loans and fin
Slide 30: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 30
Slide 31: Funding
Funding • NSFR* 122% • LCR** 141% • NOK 24.4 billion net refinancing need over the next 12 months • Deposit to loans ratio 57.9% • MREL requirement 34,4% • The Norwegian FSA recognizes uncertainties regarding the subordination requirement, according to BRRD2, but maintains the requirement of full su
Slide 32: An established borrower in the Euromarket
An established borrower in the Euromarket SPABOL0 ⅜ 06/24 Corp 160 SHBASS 0⅛ 06/18/2024 160 25 Covered Bond 25 Senior Unsecured DNBNO 0¼ 04/09/2024 DNBNO 0⅜ 11/20/2024 REGS Corp 140 140 SRBANK0 ⅝ 03/25/2024 120 SEB 0.05 07/01/2024 120 SRBANK 0⅜ 10/03/2024 REGS Corp 15 15 100 100 Bps. Bps. Bps. Bps.
Slide 33: Solid capital ratio
Solid capital ratio ROE ROE ROE 14.0% 6.4% 11.6% • The CET 1 requirement is 15.2% incl. 1.0% in 21.7% 21.5% 20.4% CET 1 management buffer after the countercyclical buffer 19.9% 19.7% 15.2% was reduced from 2.5% to 1.0% in March 2020 and 18.6% the systemic risk buffer was increased from 3.0% to 4.5%
Slide 34: Outlook
Outlook • The Covid-19 pandemic is still creating some uncertainty surrounding developments in both Norway and the global economy. However, that uncertainty has now significantly decreased due to vaccination programs being well under way in both Norway and internationally, and the economy having sta
Slide 35: Businesses have managed well, now greater activity is expected
Businesses have managed well, now greater activity is expected We are close to the customers. More than 2,000 corporate customers have been followed up in the quarter • Our advisers have assisted a considerable number of business through a difficult period. • 95 per cent of our corporate customers h
Slide 36: SB1 SR-Bank ForretningsPartner AS + Tveit Regnskap AS
SB1 SR-Bank ForretningsPartner AS + Tveit Regnskap AS • A significant actor in accounting and advisory services in Norway. • Many new customers, now more than 7,000 customers. • Increased financial value as a result of increased turnover to approximately NOK 450 million. • Stronger organisation. Mor
Slide 37: Simple everyday services
Funding Payments Real estate NO/UTL brokerage Commercial Savings and pensions property Simple brokerage everyday services Corporate finance Good Interest rates and advice currency Accounting and Partner for payroll entrepreneurs and growth companies Advice and Insurance CFO as a service Crowdlending
Slide 38: The best mobile solutions on the market
The best mobile solutions on the market 1 1 2 2 3 3 RETAIL CUSTOMERS CORPORATE CUSTOMERS 38
Slide 39: APPENDIX
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 39
Slide 40: Key economic indicators
Key economic indicators Economic Indicators (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021P 2022P 2023P GDP mainland. annual change (%) 1.9 3.7 2.3 2.2 1.4 0.9 2.0 2.2 2.3 -2.5 3.3 3.6 2.4 Household consumption. annual change (%) 2.4 3.5 2.8 2.1 2.7 1.1 2.2 1.6 1.4 -7.6 6.9 6.9 3.1 Publi
Slide 41: Increased unemployment as a result of Covid-19, but lower after March 2020
Increased unemployment as a result of Covid-19, but lower after March 2020 Unemployment increased from 3% to 8% in March, but has fallen to 2.9% by 1. quarter 2021. Still highest in Oslo. Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 10 9 8 7 6 5 4 3 2 1 0 2003 2005 2007 2
Slide 42: Employment (and GDP) by sector
Employment (and GDP) by sector Norway - employment and GDP per sector 2020. Share (%) in sectors 30% 45% 40% 25% 35% 20% 30% 25% 15% 20% 10% 15% 10% 5% 5% 0% 0% Public sector Retail inc auto Other service Construction Manufactuering Property Transportation Information Accomodation Primary Oil, gas a
Slide 43: Stable petroleum activity in Norway in 2020
Stable petroleum activity in Norway in 2020 Uncertainty was high after Covid-19, but decreased due to support package in June 2020 and higher prices • Overall activity on the Norwegian Continental Petroleum activity on Norwegian Continental Shelf. BNOK (2021 NOK). Shelf (NCS) increased by 60% from 2
Slide 44: 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 2019 2020 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right ha
Slide 45: 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 20.000 10000 18.000 9000 16.000 8000 14.000 7000 12.000 6000 10.000 5000 8.000 4000 6.000 3000 4.000 2000 2.000 1000 0 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 20
Slide 46: 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 2020 Export of oil and gas Export mainland Norway Sum export Sum import Export fish Net export Sourc
Slide 47: Norwegian krone vs key currencies
Norwegian krone vs key currencies Norwegian krone vs key currencies (higher number is weaker krone) 14 13 12 11 10 9 8 7 6 5 4 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 NOK per USD NOK per GBP NOK per EUR Source: Thomson Reuters Datastream and SpareBank 1 SR-Bank. 47
Slide 48: High growth in retail trade in Norway following Covid-19
High growth in retail trade in Norway following Covid-19 Covid-19 has had a big impact, especially lifting e-commerce and groceries, but also some other goods Retail sales (excl. auto), change in turn-over from same 2-month period previous year. Last obs: sep-oct 2020 21,0 % 16,0 % 11,0 % 6,0 % 1,0
Slide 49: Norwegian economy impacted by Covid-19
Norwegian economy impacted by Covid-19 Norwegian business surveys Norway – consumer confidence indicator 4 25 35 20 3 15 25 2 10 5 15 1 0 5 0 -5 -10 -5 -1 -15 -20 -15 -2 -25 -25 -3 -30 2011 2012 2012 2013 2014 2015 2015 2016 2017 2018 2018 2019 2020 2021 Norway Oslo Østland excl. Oslo Sør- and vestl
Slide 50: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil Norwegian economy, GDP decomposed, quarterly, 8 price, annual change (%) 140 share of GDP 50% IMF (global) and OECD (Norway) 120 6 40% 100 4 80 30% 60 20% 2 40 10% 0 20 0 0% -2 -20 -10% 1978 1981 1984 1987 1990 1993 1996 1999 2002
Slide 51: Norway oil fund and GDP
Norway oil fund and GDP Norwegian oil fund and GDP (BNOK), quarterly figures 12.000.000 400% 350% 10.000.000 300% 8.000.000 250% 6.000.000 200% 150% 4.000.000 100% 2.000.000 50% 0 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Government pension fund global (oil fund) Oil fund t
Slide 52: Norwegian house prices have increased by 13% last 12 months
Norwegian house prices have increased by 13% last 12 months Impact from Covid-19 dampened the market, but sales and prices have rebounded since summer 2020 House prices. NOK per sqm. Average all homes. Monthly 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 2003 2005 2007 2009 2011
Slide 53: APPENDIX
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 53
Slide 54: 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 • The longer term target for return on equity is a minimum of 12%. and development. Our growth will give us the ability to provide • Top 50% return on equity
Slide 55: SpareBank 1 Alliance
SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 Samarbeidende SpareBank 1 LO/fagforbund SR-Bank SMN Nord Norge Sparebanker AS Østlandet tilknyttet LO 19.5% 19.5% 19.5% 19.5% 12.4% 9.6% Products, commissions, dividends Sales, loan portfolios, capital Companies where SR-Bank has direct owners
Slide 56: Balance sheet
Balance sheet Balance sheet (MNOK) 31.03.2021 31.03.2020 Cash and balances with central banks 132 405 Balances with credit institutions 11,397 7,181 Net loans to customers 218,985 210,180 Certificates, bonds and other fixed-income securities 48,598 37,493 Financial derivatives 6,877 15,126 Shares, o
Slide 57: Net commission and other income
Net commission and other income MNOK Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Payment facilities 55 64 54 61 69 Savings/placements 53 51 48 48 48 Insurance products 56 54 53 50 51 Commission income real estate broking 110 100 107 104 85 Guarantee commission 24 26 22 23 25 Arrangement- and customer fe
Slide 58: Net income on investment securities
Net income on investment securities MNOK Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Dividends 0 39 1 17 0 Investment income, associates 109 129 147 145 242 Securities gains/losses 106 -1 36 122 -298 - of which capital change in shares and certificates 105 7 38 27 -121 - of which capital change in certi
Slide 59: Subsidiaries
Subsidiaries Subsidiaries MNOK 30.03.2021 31.03.2020 EiendomsMegler 1 SR-Eiendom AS Number of sales 1,911 1,400 Operating profit before tax 16 0 SR-Forvaltning AS Capital under management (BNOK) 15 12 Operating profit before tax 7 6 FinStart Nordic AS Operating profit before tax 65 -83 SpareBank 1 S
Slide 60: Ownership interests
Ownership interests Ownership interests MNOK 31.03.2021 31.03.2020 SpareBank 1 Gruppen AS Interest ownership 19.5% 19.5% Profit share after tax 67 -115 Profit effect merger 0 340 SpareBank 1 Boligkreditt AS* Interest ownership 0.0% 2.2% Profit share after tax 2 -3 SpareBank 1 Næringskreditt AS Inter
Slide 61: Operating expenses
Operating expenses MNOK Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Payroll and pensions 284 332 297 277 278 Other staff expenses 98 69 60 53 70 Total personnel expenses 382 401 357 330 348 IT expenses 92 88 95 98 92 Marketing 18 19 16 17 21 Other administrative expenses 13 14 15 15 27 Total administrat
Slide 62: 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 62
Slide 63: Risk management principles for lending
• 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 64: 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 65: Risk profile of the loan portfolio
Risk profile of the loan portfolio Distributed by risk class 63.3% 64.8% • SpareBank 1 SR-Bank has a solid loan portfolio. Portfolio quality improved last year. 28.5% 28.1% 8.2% 7.1% • The loan portfolio consists mainly of small and 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 medium-sized loans. Probability
Slide 66: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio Distributed by loss given realisation (LGR) • There is a clearly defined strategy behind this portfolio composition. The growth and risk profile are managed, for example, through special credit strategy limits for concentration risk. 74,4
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% 31.03.2019 30.09.2019 31.03.2020 30.09.2020 31.03.2021 31.03.2019 30.09.
Slide 68: Liquidity portfolio
Liquidity portfolio 64 60 Liquidity buffer – survival period 56 Liquidity portfolio 52 48 44 Of which 40 classified to 36 32 amortised NOK billion 28 Category NOK million Share % cost, MNOK 24 20 Norwegian government/municipal 4,232 8.8% 0 16 SSA/Foreign guaranteed 22,262 50.2% 3,620 12 8 Covered bo
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- 48,343 99.4% Low risk A+, A and A- 0 0.0% Moderate risk Not rated 57 0.1% High risk Not rated 62 0.1% Very high risk Not rated 197 0.4% Total portfolio 48,659 100.0% Of which liquidity pur
Slide 70: Rating
Rating Moody’s Long-term debt A1 Outlook Stable Updated 24 February 2021 Ratinghistory 70
Slide 71: SR-Bank as of 31.03.2021
SR-Bank as of 31.03.2021 SpareBank 1 SR-Bank share 31.03.2021 2020 2019 2018 2017 • Number of shares issued Share price 105.00 91.00 100.00 89.20 87.00 255.8 million Stock value (MNOK) 26,854 23,273 25,575 22,813 22,250 • Trading volume in Q1 2021: Book value per share, NOK (group) 93.12 95.97 89.90
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 Address Christen Tranes Gate 35 Tel: +47 915 02002 Postboks 250 www.sr-bank.no 4068 Stavanger Management Benedicte Schilbred Fasmer CEO Tel.: +47 950 60 034 E-post: benedicte.fasmer@sr-bank.no Inge Reinertsen CFO Tel.: +47 909 95 033 E-post: inge.reinertsen@sr-bank.no Investor Relati