Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q3 2016 Earnings Presentation
70 slides from Sparebank 1 Sor-norge Asa's earnings presentation, Oct 27, 2016
Slide 1: Investor Update Third Quarter 2016
INVESTOR UPDATE THIRD QUARTER 2016
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
Agenda Presentation of SpareBank 1 SR-Bank ASA 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 Second largest Norwegian bank Norway’s largest regional bank Market cap: NOK 11.7 Billion Market share: about 40% in Rogaland Total assets: NOK 193.2 Billion No. of retail customer: 275 000 Total lending: NOK 183.0 Billion No. of corporate customer: 13 830 Total
Slide 5: A unique situation with a continuing budget surplus
A unique situation with a continuing budget surplus… Economic Indicators (%) 2010 2011 2012 2013 2014 2015 2016P GDP growth - mainland 1.7 2.6 3.4 2.0 2.3 1.0 0.9 Household consumption growth 3.8 2.6 3.0 2.1 1.7 2.0 1.9 Investment growth – mainland* -4.5 6.3 4.5 4.7 1.3 0.0 3.5 Investment growth oil
Slide 6: One of Norway's most prosperous regions
One of Norway’s most prosperous regions The third largest discovery ever on the NCS was made 140 km …and activity is expected to continue at high levels from our headquarter in 2011 4000 250 Investments on NCS “Johan Sverdrup” compared to existing 3000 oil fields on the Norwegian 200 continental she
Slide 7: The leading financial group in the southwest of Norway
The leading financial group in the southwest of Norway 1 Rogaland Population 470.000 2 Market share 36% Year of establishment 1839 Market strategy Market leader Unemployment rate 4.3%* 2 Hordaland Population 516.000 Market share 6% Year of establishment 2006 Market strategy Entry/growth Unemployment
Slide 8: The SpareBank 1 Alliance – strong benefits in economies of scale
The SpareBank 1 Alliance – strong benefits in economies of scale Founded in 1996 based on efficiency and local market focus Geographic overview Ensure the independence and regional foothold of the individual member banks by maximizing their: - Purpose Competitiveness - Profitability - Capital streng
Slide 9: SRBANK's activities
SRBANK’s activities Divisions of Capital Markets Retail Market Corporate Market Administration & Support SpareBank 1 SR-Bank ASA Number of man-years : 31 Number of man-years : 485 Number of man-years : 155 Number of man-years : 214 Fully owned companies Number of man-years : 199 Number of man-years
Slide 10: SRBANK share development
SRBANK Development in Price/Book Relative share price development • Converted from equity certificates to 55 1,2 130 shares in 2012. 1,1 120 50 1,0 110 Index 100 = Jun. 30th 2015 0,9 100 • International 45 p/B NOK 0,8 90 ownership is 16.2% 40 80 0,7 per 3. quarter 2016. 0,6 70 35 Price 0,5 60 OSEBX
Slide 11: 20 largest shareholders as at September 2016
20 largest shareholders as at September 2016 • Ownership interests: Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% • From Rogaland, Agder-counties and Gjensidige Forsikring ASA 26.808.416 10,5% Hordaland: 49.7% Vpf Nordea Norge Verdi 7.832.657 3,1% • International: 16.2% State St
Slide 12: 20 largest shareholders as at October 2016
20 largest shareholders as at 17 October 2016 Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% Gjensidige Forsikring ASA 12.308.416 4,8% Vpf Nordea Norge Verdi 7.879.657 3,1% State Street Bank and Trust Co, U.S.A. Nominee 7.236.682 2,8% SpareBank 1-stiftinga Kvinnherad 6.226.583 2,
Slide 13: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials Solvency and liquidity position Appendix 13
Slide 14: A good result with efficient operations and increased financial income
A good result with efficient operations and increased financial income Pre-tax profit for the quarter is NOK 660 million compared to NOK 489 million last year - Return on equity after tax 12.2% Pre-tax profit year-to-date is NOK 1.633 million compared to NOK 1.669 million last year - Return on e
Slide 15: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 capital ratio 13,3% 13,4% 13,5% 13,8% 12,2% 12,2% 10,6% 9,3% 9,0% 9,4% Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Cost/income ratio Earnings per share (NOK) 2,09 1,73 43,6% 1,51 1,59 42,3% 1,47 39,4% 37,2% 35,5% Q3 15 Q4 15
Slide 16: Key figures
Key figures 30.09 30.09 16 15 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Return on equity after tax (%) 10,2 10,9 12,2 9,4 9,0 10,6 9,3 Net interest margin (%) 1,47 1,42 1,48 1,48 1,44 1,40 1,39 Impairment losses on loans and guarantees in % of gross loans incl. 0,45 0,17 0,35 0,66 0,33 0,42 0,21 covered bond co
Slide 17: Income statement
Income statement 30.09 30.09 Group Income Statement (MNOK) 16 15 Q3 15 Q2 16 Q1 16 Q4 15 Q3 15 Net interest income 2.138 1.915 729 711 698 678 649 Net commission and other income 1.088 1.160 347 389 352 372 353 Net income on investment securities 515 317 231 205 79 -13 12 Total income 3.741 3.392 1.
Slide 18: Change in profit 30.09.2015 – 30.09.2016
18 0 500 1.000 1.500 2.000 2.500 30.09.2015 1.669 Net interest income incl. commission 137 from covered bond companies 14 Other income Net income on investment securities 198 3 Total operating expenses Change in profit 30.09.2015 – 30.09.2016 Impairment losses on loans and - 388 guarantees 30.09.201
Slide 19: Consolidated income profile
Consolidated income profile 1200 1.027 1.087 1.087 1.105 1.067 1000 319 311 346 312 298 800 37 37 5 25 43 35 53 41 55 600 MNOK 400 698 711 729 649 678 200 0 -9 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 -200 Net interest income Commission income from covered bond companies Profit before tax from covered bond com
Slide 20: Lending and deposit margins
Lending and deposit margins Lending margins 2,89% 2,80% 2,68% 2,75% 2,66% 2,59% 2,59% 2,58% 2,73% 1,97% 1,95% 1,95% 1,64% 1,61% 1,56% 1,48% 1,55% 1,45% Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Corporate market Retail market Deposit margins 0,29% 0,12% 0,11% -0,06% -0,25% -0,18% -0,05% -
Slide 21: Lending volume and 12 months growth
Lending volume and 12 months growth Corporate Market (incl. Capital Markets) 60 000 12,8% 13,8% 15% 50 000 12,5% MNOK 40 000 10% 7,1% 30 000 5,6% 2,5% 3,0% 5% 20 000 -0,5% 10 000 -2,3% 0% 0 -5% Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Volume Growth % Retail Market 120 000 100 000 15% 80
Slide 22: Loan portfolio as at 30.09.2016
Loan portfolio as at 30.09.2016 • Gross loans as at 30 September 2016 amount to NOK 183.0 billion compared Agriculture / forestry / fishing 2,8 % 2,8 % with NOK 182.9 billion at the same time the year before. Industry, Power/water supply and construction 3,6 % 3,6 % Retail trade, hotels and restaura
Slide 23: 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 of less than 85% is high. 100% 90% • 90.4% of the exposure is within 85% of 80% the assessed value of collateral. 70% 66,5% 64,8% 60% 50% • Market value on real estate is slightly 40% declining in SpareB
Slide 24: Lending to the corporate market – risk profile
Lending to the corporate market – risk profile • The quality of the corporate market Corporate lending portfolio distributed by risk class portfolio is good. There is a clearly defined 100% 21,8% 24,0% 24,0% 23,5% 26,7% framework that sets limits on what is 80% 60% funded and conditions for particul
Slide 25: Deposits volume and 12 month growth
Deposits volume and 12 month growth Corporate Market* • Last 12 months deposits decreased by NOK 1.7 billion to 87.2 billion. 50000 24,1% 26,1% 30% 40000 20,3% 17,7% • Corresponds to an decrease in the period 13,9% 15,4% 20% MNOK 30000 of -2.0%. 10% 20000 -2,4% 0% 10000 -6,5% -6,8% • Lower deposit g
Slide 26: Operating expenses
Operating expenses 30.09 30.09 MNOK 16 15 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Personnel expenses 874 887 282 296 296 255 284 Restructuring- and non-recurring costs, pensions -1 -56 0 0 -1 -141 -63 Total personnel expenses 873 831 282 296 295 114 221 IT expenses 234 215 83 78 73 86 70 Marketing 51 71 17 20
Slide 27: Impairment losses on loans / Non-performing and doubtful commitments
Impairment losses on loans/ Non-performing and doubtful commitments Impairment losses on loans Non-performing and doubtful commitments 0,66% 1,15% 1,18% 33 0,35% 0,92% 0,42% 0,76% 0,33% 0,56% 0,21% 1007 1235 51 943 45 548 272 60 683 50 141 1154 116 853 872 90 754 46 350 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16
Slide 28: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials liquidity position Solvency and liquidity position Appendix 28
Slide 29: Funding
Funding • Well diversified funding. • Greater share of senior and OMF funding last year. Deposits to loans ratio ‒ Euro-benchmarks with due dates in each of the years 2017- 2021. 100% ‒ 3 outstanding euro covered bonds Level 1B through 80% 59,1 % 57,5 % 59,4 % 60,4 % 58,6 % 57,6 % 56,1 % 57,2 % 55,4
Slide 30: An established borrower in the Euromarket
An established borrower in the Euromarket Senior Unsecured NDASS 2 02/17/2021 Covered Bond SWEDA 0⅜ 09/29/2020 120 120 40 40 OPBANK 2 03/03/2021 NDASS 0⅛ 06/17/2020 SEB 2 02/19/2021 DNBNO 0⅜ 10/20/2020 100 100 SRBANK 2⅛ 04/14/2021 SRBANK 0½ 09/28/2020 80 80 20 20 Bps. Bps. Bps. Bps. 60 60 40 40 0 0
Slide 31: Funding structure
Funding structure • LCR of 123% at the end of September Average maturity of long term funding (excl. covered bonds) 2016. Average LCR during Q3 2016 was 130%. 4,5 80,0 4,0 70,0 3,5 60,0 3,0 Volume NOK Billion Maturity (first call) 50,0 2,5 40,0 2,0 30,0 1,5 20,0 1,0 0,5 10,0 0,0 0,0 Q1 08 Q2 08 Q3 0
Slide 32: Stronger capital ratio
Stronger capital ratio • SpareBank 1 SR-Bank is compliant with 18% capital requirements as at 30.09.2016. 16% 17,1% 14% 15,4% 15,2% 14,7% • SpareBank 1 SR-Bank received IRB Advanced approval for the corporate market portfolio 13,1% 12% 13,1% in the first quarter of 2015. 10% • The use of different r
Slide 33: RWA home mortgages
RWA home mortgages • RWA on home mortgages reflects a solid and stable portfolio. 23,0 % 22,8 % 22,8 % 22,5 % 22,5 % 22,3 % 22,0 % 22,0 % RWA 21,5 % 21,0 % 20,5 % 20,0 % 30.09.15 31.12.15 31.03.16 30.06.16 30.09.16 Home mortgages as defined in the Norwegian IRB framework; residential property must m
Slide 34: Common Equity Tier 1 being strengthened in line with stricter regulatory requirements
Common Equity Tier 1 being strengthened in line with stricter regulatory requirements • New capital requirements entail a need to continue increasing common equity tier 1 ROE ROE 16,00% ROE 10,2% 16,00% ROE 10,8% capital going forward. 14,2% 13,5% 14,0% 14,00% ROE 14,00% 12,4% Pillar 2 • The Norwegi
Slide 35: Increasing CET1 – well prepared to meet capital requirements
Increasing CET 1 – well prepered to meet capital requirements Stronger common equity tier 1 in 2015 Guiding 2016 • IRB Advanced approval for the corporate market portfolio 16% 0,3% 14,5% 13,8% 0,2% 0,2% 14,2% • Changed pension scheme 14% 13,3% • Good profitability 12% 10% • Moderate growth 8% • Capi
Slide 36: Outlook
Outlook Major infrastructure projects helps to ensure good conditions for the region's business and population growth, with moderate unemployment. Expectations concerning future market performance improved somewhat in the last quarter, but some uncertainty still exists about the group's market a
Slide 37: Financial targets and estimates for 2016
Financial targets and estimates for 2016 Return on equity CET 1 capital ratio Growth in loans 10,8% 11,0% 10,2% 13,3% 13,8% 14,0% 6,0 % 5,4% 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 0,0% -0,5% -1,0% 0,0 % -1,0 % 2015 30.09.16 Target Revised 2015 30.09.16 Target 2016 2015 30.09.16 Target 2016 2016 estimate -2,0
Slide 38: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix 38
Slide 39: 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 • The core purpose of the banking industry is to create value by assuming deliberate and acceptable risk • SpareBank 1 SR-Bank therefore invests significant r
Slide 40: SpareBank 1 SR-Bank has a well diversified portfolio
SpareBank 1 SR-Bank has a well diversified portfolio 8.5% (8.7%) of total EAD is related to oil operations SpareBank 1 SR-Bank* has total BNOK 199.7 (202.5) EAD per 30.09.2016 BNOK 17.0 (17.6) EAD is related to oil operations Oil service; 2,4% (2,5%) Corporate market excl. oil operations; 24,6% (25,
Slide 41: Oil services - total NOK 4.8 billion
Oil services - total NOK 4.8 billion (NOK 5.0 billion as at 31.12.2015) Exploration and concept studies Oil services • EAD NOK 0.6 billion • EAD NOK 4.8 billion, 2.4% of the bank's total EAD • Average weighted probability of default 1.5% • Average weighted probability of default for the oil services
Slide 42: Oil and gas - total NOK 2.6 billion
Oil and gas - total NOK 2.6 billion (NOK 2.2 billion as at 31.12.2015) Exploration financing Exploration and production companies • EAD NOK 0,6 billion • EAD NOK 2.6 billion, 1.3% of the bank's total EAD • Average weighted probability of default 1.4% • Average weighted probability of default for the
Slide 43: Offshore - total NOK 9.6 billion
Offshore - total NOK 9.6 billion (NOK 10.4 billion as at 31.12.2015) Offshore Service Vessels Offshore • EAD NOK 6.8 billion, average weighted • EAD NOK 9.6 billion, 4.8% of the bank's total EAD probability of default is 2.5%, weighted average • Average weighted probability of default for the offsho
Slide 44: Offshore Service Vessels - total NOK 6.8 billion
Offshore Service Vessels - total NOK 6.8 billion (NOK 7.3 billion as at 31.12.2015) Offshore Service Vessels • Most customers with long history as a borrower in SpareBank 1 SR-Bank 4.000 EAD per age of OSV excl. accomodation • Most of the companies are listed on stock exchange or family owned 3.500
Slide 45: Offshore Service Vessels – largest customer group
Offshore Service Vessels – largest customer group Number of vessels • Well diversified portfolio. One commitment of 1 9 NOK 1.2 billion, rest of NOK 800 million or lower 2 8 3 8 • Total EAD for the portfolio is NOK 6.8 billion of which; 4 8 5 2 • NOK 5.4 billion consists of 10 restructured commitmen
Slide 46: Lending to commercial property
Lending to commercial property Lending to commercial property Housing • NOK 26.8 billion, 14.6% of the bank’s total cooperative; 5,2 % (4,8 %) loans. Real estate management; 2,0 % (1,8 %) • The portfolio is characterised by lending to commercial properties for leasing with long- term contracts and f
Slide 47: Our vision: the customer's first choice in Southern and Western Norway
Our vision: the customer's first choice in Southern and Western Norway Objectives Financial goals • SpareBank 1 SR-Bank's objectives are to stimulate growth • Return on equity of 11% after tax in 2016. The longer term and development in the region target is a minimum of 11%. • Top 50% return on equi
Slide 48: SpareBank 1 Alliance Banking Cooperation
SpareBank 1 Alliance Owners of the alliance • All credit decisions are made at the local banks • Economies of scale related to expenses, IT solutions, marketing and branding Samspar 19,5% 19,5% 19,5% 19,5% 11,0% 9,6% 1,4% Products, commissions, dividends Sales, loan portfolios, capital Companies dir
Slide 49: Norwegian Economy - A unique situation with a continuing budget surplus
Norwegian Economy - A unique situation with a continuing budget surplus… GDP per capita, index, EU 28 = 100 2016 governments financial liabilities (in per cent of GDP) 200 100 0 -100 -200 -300 Gross Debt Net Debt 2016 government deficit/surplus (in per cent of GDP) The market view; 5 year Sovereign
Slide 50: Norwegian Economy – international context
Norwegian Economy – international context Unemployment rates 14% 12% 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Denmark Norway Sweden United States Euro area GDP growth rates 8% 6% 4% 2% 0% -2% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -4% -6% Denmark Norw
Slide 51: Housing and mortgage markets – Key characteristics
Housing and mortgage markets – Key characteristics Mortgage • Total size approximately NOK 2,600 billion (USD 325bn, €290bn) Household credit growth Market • Private banks (incl. savings banks) are the dominant suppliers of mortgages with over 95% market share (12 months growth rate) • Scheduled rep
Slide 52: Norwegian housing and mortgage markets – Population change and completed housing units
Norwegian housing and mortgage markets – Population change and completed housing units Source: Statistics Norway and Investor presentation June 2016 from SpareBank 1 Boligkreditt AS 52
Slide 53: Norwegian Housing and Mortgage Market - Adjusted price developments
Norwegian Housing and Mortgage Market - Adjusted price developments Index of House Prices, Norway, Monthly (Jan 2005 = 100) Source: Eiendomsverdi through May 2016 and SpareBank 1 Boligkreditt AS projections and indexation 53
Slide 54: Aggregate household indebtedness
Aggregate household indebtedness Total Debt burden in per cent of household income (after tax) Norway: • All HH debts included in the statistic, question of int’l comparability • High home ownership (mortgage debt rather than rent commitments) • Generous benefits (pensions, healthcare, education, ch
Slide 55: Balance sheet
Balance sheet Balance sheet (MNOK) 30.09.2016 30.09.2015 Cash and balances with central banks 172 2.923 Balances with credit institutions 1.073 2.843 Net loans to customers 156.153 151.078 Certificates, bonds and other fixed-income securities 21.737 20.484 Financial derivatives 4.653 7.099 Shares, o
Slide 56: Net commission and other income
Net commission and other income 30.09 30.09 MNOK 16 15 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Payment facilities 192 180 75 63 54 56 66 Savings/placements 140 142 45 44 51 48 45 Insurance products 148 142 48 50 50 48 48 Commission income real estate broking 263 301 87 107 69 82 84 Guarantee commission 83 95
Slide 57: Net income on investment securities
Net income on investment securities 30.09 30.09 MNOK 16 15 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Dividends* 105 16 0 97 8 1 1 Investment income, associates 306 312 90 112 104 110 78 Securities gains/losses 3 -137 105 -36 -66 -87 -100 - of which capital change in shares and certificates 9 -6 63 -33 -21 -34 -
Slide 58: Subsidiaries
Subsidiaries MNOK 30.09.16 30.09.15 EiendomsMegler 1 SR-Eiendom AS Number of sales 4.617 5.207 Operating profit before tax 16 27 SpareBank 1 SR-Finans AS Total assets (BNOK) 7 7 Operating profit before tax 78 119 SR-Forvaltning AS Total assets under management (BNOK) 9 9 Operating profit before tax
Slide 59: Ownership interests
Ownership interests MNOK 30.09.16 30.09.15 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax 215 183 Adjusted profit previous years 5 0 SpareBank 1 Boligkreditt AS Interest ownership 16,7% 20,1% Profit after tax 5 70 Adjusted profit previous years 4 0 SpareBank 1 Næringskreditt
Slide 60: Impairment losses on loans and guarantees
Impairment losses on loans and guarantees 30.09 30.09 Losses on loans in income statement (MNOK) 16 15 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Corporate customers 449 120 109 258 82 145 40 Retail customers 29 19 7 14 8 -4 6 Change in collective impairment losses on loans 138 89 45 33 60 51 50 Net impairment l
Slide 61: Risk profile of the loan portfolio
Risk profile of the loan portfolio Distributed by risk class • SpareBank 1 SR-Bank has a solid loan portfolio with positive development in risk 100% 80% profile. 60% 58,3% 60,3 % 40% 31,8% 28,8 % 20% 9,9% 10,9 % • 60.3% of the bank’s loan exposure has a 0% 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 PD* bel
Slide 62: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio Distributed by loss given realisation (LGR) • At the end of Q3 2016, SpareBank 1 SR-Bank had a total of 44 commitments with a loss 100% potential exceeding NOK 100 million. • These commitments represent 12.4% of the loan exposure, which i
Slide 63: Risk profile – Lending to the retail market
Risk profile – Lending to the retail market Retail market portfolio distributed by risk class • The quality of the retail market portfolio is considered to be good and has low 100% 2,5% 2,6% 2,5% 2,5% 2,3% 17,2% 17,1% 16,9% 16,1% 15,9% potential losses. 80% 60% 40% 80,3% 80,3% 80,6% 81,4% 81,8% • Th
Slide 64: Historical LTV development for home mortgage loans
Historical LTV development for home mortgage loans Total home mortgages incl. loans in cover pool 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% 30.09.2014 31.03.2015 30.09.2015 31.03.2016 30.09.2016 30.09.2014 31.03.2015 30.09.2015 31
Slide 65: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which, 24 securities 22 classified to 20 18 NOK amortised NOK billion 16 Category million Share % cost, MNOK 14 12 Norwegian government/municipal 130 1% 0 10 8 SSA/Foreign guaranteed 6.449 32 % 189 6 4 Covered bonds 2 (Nor
Slide 66: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA og AA- 20.873 96,2 % Low risk A+, A og A- 0 0,0 % Moderate risk BBB+, BBB og BBB- 622 2,9 % High risk BB+, BB og BB- 109 0,5 % Very high risk B+ and lower 99 0,5 % Total portfolio 21.704 100,0 % O
Slide 67: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Negative Outlook Stable Updated 7 April 2016 Updated 21 October 2016 Ratinghistory AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 Moody's A/A2 A-/A3 Fitch BBB/Baa BB/Ba B 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30.09
Slide 68: SRBANK as at September 2016
SRBANK as at September 2016 • Trading volume in Q3 2016: 3.1% (5.1%) 30.09.16 2015 2014 2013 2012 2011 • Ownership interests: Share price 45,60 39,30 52,50 60,25 37,20 40,70 • From Rogaland, Agder-counties and Hordaland: 49.7% Stock value (MNOK) 11.662 10.051 13.427 15.409 9.514 5.182 • Internationa
Slide 69: 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 70: Contact Details
Management Contact Details Arne Austreid CEO Tel.: +47 900 77 334 E-mail: arne.austreid@sr-bank.no Inge Reinertsen CFO Tel.: +47 909 95 033 E-mail: inge.reinertsen@sr-bank.no Adress Investor Relations Stian Helgøy Bjergsted Terrasse 1 Investor Relations Postboks 250 4066 Stavanger Tel.: +47 906 52 1