Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q2 2020 Earnings Presentation
71 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2020
Slide 1: •
•
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 17.9 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total assets: NOK 278.7 Billion • Total lending: NOK 218.6 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 111.2 Billion 4 Handelsbanken
Slide 5: Digitalization and growth makes SR-Bank a finance group for the South of Norway
Digitalization and growth makes SR-Bank a finance Åsane Bergen group for the South of Norway Sotra Fana +4% Oslo 134 135 Husnes Stord 130 Ølen Aksdal +22% Haugesund 34 Karmsund 30 28 Åkra Kopervik Finnøy +21% 20 +61% 19 20 Randaberg Jørpeland 17 16 Stavanger +47% Sola 12 Sandnes 9 10 Ålgård 7 Nærbø
Slide 6: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Business divisions Fully owned companies Partly owned companies BN Bank SpareBank 1 Gruppen EiendomsMegler 1 SR-Boligkreditt Capital Market (35.0%) (19.5%) Leading real estate broker Covered Bond Funding Number of man-years: 24 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 23.0% 130 1,4 per 2. quarter 2020. 120 120 Index 100 = jun 30th 2019 110 1,2 100 100 1,0 90 • Total market value at 2. quarter NOK p/B 80 80 2020 is NOK 17.9 billion. 0,8 70 60 0,6 60 OSEBX Price 50 P
Slide 8: 20 largest shareholders as at 30 June 2020
20 largest shareholders as at 30 June 2020 Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% • Ownership interests as at 30 June 2020: Folketrygdfondet 21.179.990 8,3% • From Rogaland, Agder and Vestland: 44.1% Brown Brothers Harriman & Co, U.S.A. Nominee 6.612.187 2,6% (43.0%) Stat
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: A result marked by good operations but high impairments
A result marked by good operations but high impairments 3.7% 5.4% Return on equity after tax year-to-date 2020 12 months lending growth Pre-tax profit is NOK 513 million Of which retail market 5.8% and corporate market 5.3% 37.9% 8.3% Cost to income ratio year-to-date 2020 12 months deposit growth 1
Slide 11: Key figures and financial targets for 2020
Key figures and financial targets for 2020 CET 1 Growth in costs Growth in loans 17,0% 18,3% 16,7% 11,2% 5,4% 4,9% 3,0% - 5,0% < 0,0% 2019 30.06.2020 Target 2020 -1,9% 2019 30.06.2020 Estimate 2020 2019 30.06.2020 Target 2020 11
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 17,0% 17,7%* 18,3%* 16,2% 14,4% 14,4% 10,5% 8,3% 3,4% 4,0% Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Cost to income ratio Earnings per share 42,7% 47,0% 3,52 42,3% 35,6% 34,2% 2,32 1,90 0,86 1,00 Q2 19 Q3 19 Q4 19 Q1 20 Q2
Slide 13: Key figures
Key figures 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Return on equity after tax (%) 3,7 18,8 4,0 3,4 8,3 10,5 16,2 Net interest margin (%) 1,57 1,59 1,50 1,64 1,64 1,61 1,58 Impairments on loans in % of gross loans incl. covered bond 1,29 0,03 1,53 1,05 0,26 0,13 -0,04 company L
Slide 14: Income statement
Income statement Group Income Statement (MNOK) 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Net interest income 2.107 1.906 1.026 1.081 1.062 1.019 968 Net commission and other income 690 725 344 346 359 332 384 Net income on investment securities 269 1.016 297 -28 22 89 340 Total i
Slide 15: Change in profit 30.06.2019 – 30.06.2020
Change in profit 30.06.2019 – 30.06.2020 185 2.432 -19 23 -747 513 -1.361 30.06.2019 Net interest income Other income Net income on Total operating expenses Impairments on loans and 30.06.2020 incl. commission from investment securities financial commitments covered bond company 15
Slide 16: Operating profit before losses and excl. income on investment securities
Operating profit before losses and excl. income on investment securities (Rolling 12-month figures) 3.207 3.167 3.124 3.064 3.114 2.884 2.925 2.825 2.199 1.555 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Operating profit before losses and excl. income on investment securities, rolling 12-month figures Net profit
Slide 17: 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 +166 Total other operating expenses -23 2.797 1.185 1.162 2.631 1.421 1.427 1.370 687 1.352 1.351 706 678 484 353 343 484 373 323 344 602 615 592 570 282 245
Slide 18: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 3,17% 3,02% 2,74% 2,74% 2,77% 2,82% 2,78% 2,72% 2,71% 0,67% 0,56% 0,45% 0,42% 1,85% 0,29% 0,31% 0,23% 0,22% 1,51% 1,51% 1,46% 1,48% 0,17% 1,39% 1,32% 1,33% 1,28% 0,06% 0,07% 0,09% -0,01% 0,11% -0,06% -0,11% -0,13% -0,43% Q2 18 Q3 18 Q4 18
Slide 19: Lending volume and 12 months growth
Lending volume and 12 months growth Retail Market Corporate Market (incl. Capital Market) 17,8% 15,7% 12,2% 11,8% 9,6% 10,3% 4,0% 4,5% 4,8% 4,8% 5,3% 5,8% 5,2% 5,6% 5,3%* 2,9% 3,2% 3,6% 130 132 134 136 137 140 126 128 129 71 74 74 75 75 78 78 66 68 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2
Slide 20: Loan portfolio as at 30.06.2020
Loan portfolio as at 30.06.2020 • Gross loans (incl. covered bond company) Agriculture / forestry / fishing 3,7% 3,3% as at 30 June 2020 is increased to NOK 2,0% 218.6 billion from NOK 207.5 billion at Supply and construction 2,0% the same time the year before. 1,5% Renewable / Green engagement 1,4%
Slide 21: Lending to oil and offshore
Lending to oil and offshore 6.4% (BNOK 15.4) of total EAD* is related to oil operations • Oil services ‐ EAD NOK 3.7 billion, 1.6% of the bank's total EAD ‐ Funding of operating capital through current and fixed assets, as well as Oil and gas; guarantees MNOK 2.484 Oil service; MNOK 3.743 • Explorat
Slide 22: Lending to commercial real estate
Lending to commercial real estate 13.3% (BNOK 31.8) of total EAD* is related to commercial real estate • Commercial real estate for lease ‐ EAD NOK 22.4 billion, 9.3% of the bank’s total EAD Real estate Development ‐ The portfolio is characterised by lending to commercial projects for management and
Slide 23: Lending to retail trade, hotels and restaurants
Lending to retail trade, hotels and restaurants 2.1% (BNOK 5.1) of total EAD* is related to retail trade, hotels and restaurants • Retail trade ‐ EAD NOK 3.7 billion, 1.6% of the bank's total EAD Tourism; Operation of hotels MNOK 115 • Operation of hotels and restaurants and restaurants; MNOK 1.199
Slide 24: Lending to shipping
Lending to shipping 2.5% (BNOK 6.1) of total EAD* is related to shipping • Product- /chemical tank ‐ EAD NOK 3.6 billion, 1.5% of the bank's total EAD Gas; MNOK 431 • Dry-bulk ‐ EAD NOK 2.0 billion, 0.9% of the bank's total EAD • Gas ‐ EAD NOK 0.4 billion, 0.2% of the bank's total EAD Dry-bulk; MNOK
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- value ratio and low potential l
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 2,4% 2,5% 2,8% 2,7% 2,4% 13,5% 13,6% 14,5% 14,5% 13,3% 19,2% 19,7% 19,0% 18,1% 15,9% 55,4% 56,7% 53,9% 53,9% 57,5% 84,1% 83,9% 82,8% 82,8%
Slide 27: Deposit volume and 12 month growth
Deposit volume and 12 month growth Retail Market Corporate Market (incl. Capital Market) Volume in NOK Billion Volume in NOK Billion Growth % Growth % 8,3% 7,3% 4,4% 2,3% 4,5% 0,2% -1,1% -5,0% -10,2% 6,0% 8,4% 9,1% 3,9% 3,7% 2,9% 3,9% 4,3% 4,2% 56 60 53 52 51 52 55 54 54 54 52 49 48 48 48 49 50 50 Q
Slide 28: Impairments on loans and financial commitments / Loans defined as 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 3 831 1,53% 1,84% 1,30% 1,30% 1,40% 4.836 1,19% 560 1.152 1,05% 3.612 3.250 3.232 2.961
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) 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Corporate customers 1.315 8 771 544 121 82 -33 Retail customers 76 22 60 16 18 -16 14 Total impairments 1.391 30
Slide 30: Customer assistance status 2020
Customer assistance status 2020 Government guaranteed liquidity loans Compensation scheme ("cash support") • As at 4 June 2020, 327 liquidity loans totalling NOK 1.2 billion had • Support granted to SR-Bank customers: been granted or were being processed NOK 101 million as at 24 June 2020 • 293 liqu
Slide 31: Measures implemented within credit
Measures implemented within credit Changes are being implemented that will reduce the risk premium and help improve the group’s robustness in order to give it financial leeway in the event of crises. In order to reduce unsystematic risk the group has decided to make the general changes described bel
Slide 32: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 32
Slide 33: Funding
Funding • NSFR* 122% • LCR** 159% • NOK 18.6 billion net refinancing need over the next 12 months • Deposit to loans ratio 51.8% • MREL requirement 31,4% which entails issuance of NOK 20 billion in senior non-preferred debt 32 Annual funding maturity 30 28 26 24 22 20 NOK Billion 18 16 14 12 10 8 6
Slide 34: An established borrower in the Euromarket
An established borrower in the Euromarket SHBASS 0⅛ 06/18/2024 25 25 160 Senior Unsecured DNBNO 0¼ 04/09/2024 160 Covered Bond SPABOL0 ⅜ 06/24 Corp 140 SRBANK0 ⅝ 03/25/2024 140 120 120 DNBNO 0⅜ 11/20/2024 REGS Corp SEB 0.05 07/01/2024 15 15 100 100 SRBANK 0⅜ 10/03/2024 REGS Corp Bps. Bps. Bps. Bps.
Slide 35: Solid capital ratio
Solid capital ratio • The EU’s capital adequacy regulations (CRR/CRD IV) came ROE ROE ROE ROE into force on 31 December 2019. These entail, among 11.0% 11.3% 14.0% 3.7% other things, a reduction in the capital requirements for 21,8% loans to small and medium-sized enterprises (SME) and CET 1 20,4% 1
Slide 36: Outlook
Outlook • Given both the low oil prices and the ongoing Covid-19 situation, uncertainty remains about how both the Norwegian and the global economy will develop, and the picture is changing continuously. In Norway, there has been a positive development in the last quarter. • In the longer term, lowe
Slide 37: Appendix
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 37
Slide 38: Key economic indicators
Key economic indicators Economic Indicators (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020P 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 -3,9 4,3 3,2 2,1 Household consumption, annual change (%) 2,4 3,5 2,8 2,1 2,7 1,1 2,2 1,9 1,5 -6,0 6,6 4,4 2,3 Publ
Slide 39: Increased unemployment (NAV) as a result of Covid-19, but reduction last quarter
Increased unemployment (NAV) as a result of Covid-19, but reduction last quarter Fully unemployed increased from 2% to 10%. Since then, it has fallen to 5%. Still highest in Oslo. 16 Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 14 12 10 8 6 4 2 0 2002 2004 2006 2008 2010
Slide 40: Employment (and GDP) by sector
Employment (and GDP) by sector 40% Employment (and sector GDP) in Norway and the region in 2018. Share (%) in sectors 35% 30% 25% 20% 15% 10% 5% 0% Public sector Other service Retail inc auto Manufactuering Oil, gas and Construction Transportation Accomodation Information and Primary Electricity, Fi
Slide 41: Lower petroleum prices and increased uncertainty dampen 2020 activity
Lower petroleum prices and increased uncertainty dampen 2020 activity Still uncertain how much petroleum activity in 2020 will be affected by Covid-19, but it will probably fall somewhat • Overall activity on the Norwegian Continental Petroleum activity on Norwegian Continental Shelf. BNOK (2020 NOK
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 2019 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right hand ax
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. Last observation May 2020 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 1988 1990 1992 1994 1996 1998 2000
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 2020 Export of oil and gas Export mainland Norway Sum export Sum import Export fish Net export Sourc
Slide 45: 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. 45
Slide 46: Retail trade in Norway increased in 2019 and Covid-19 impacts 2020
Retail trade in Norway increased in 2019 and Covid-19 impacts 2020 Covid-19 has had a big impact. Groceries increased a lot in the beginning. Gradually, other goods have also increased Retail sales (excl. auto), change in turn-over from same 2-month period previous year 12,0 % 10,0 % 8,0 % 6,0 % 4,0
Slide 47: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil price, Norwegian economy, GDP decomposed, quarterly, share of GDP annual change (%), IMF projection 2020 onwards 8 140 50% 120 6 40% 100 4 80 30% 2 60 20% 0 40 20 10% -2 0 0% -4 -20 -6 -40 -10% 1978 1981 1984 1987 1990 1993 1996 1
Slide 48: Norwegian current account and government budget
Norwegian current account and government budget Norwegian current account and 160.000 gov't budget (BNOK), quarterly figures 120.000 80.000 40.000 0 -40.000 -80.000 1999 2002 2005 2008 2011 2014 2017 2020 Current account balance Government budget balance (transfer to/from the oil fund) Source: Thoms
Slide 49: 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 Government pension fund global (oil fund) Oil fund to GDP
Slide 50: Norwegian house prices have increased by 3,5% last 12 months
Norwegian house prices have increased by 3,5% last 12 months Impact from Covid-19 led to lower sales, but since then sales and prices have picked up 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 2004 2006 2008 2010 2012 2014 20
Slide 51: Appendix
APPENDIX 1) Macro 2) 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 • 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 53: 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 54: Balance sheet
Balance sheet Balance sheet (MNOK) 30.06.2020 30.06.2019 Cash and balances with central banks 645 725 Balances with credit institutions 8.752 3.417 Net loans to customers 211.779 197.319 Certificates, bonds and other fixed-income securities 38.921 32.035 Financial derivatives 10.229 5.304 Shares, ow
Slide 55: Net commission and other income
Net commission and other income MNOK 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Payment facilities 130 128 61 69 66 77 66 Savings/placements 96 99 48 48 47 46 53 Insurance products 101 94 50 51 50 48 48 Commission income real estate broking 189 207 104 85 101 91 108 Guarantee comm
Slide 56: Net income on investment securities
Net income on investment securities MNOK 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Dividends 17 27 17 0 0 4 8 Investment income, associates 387 762 145 242 15 98 226 Securities gains/losses -176 100 122 -298 20 -24 4 - of which capital change in shares and certificates -94 81 27
Slide 57: Subsidiaries
Subsidiaries Subsidiaries MNOK 30.06.2020 30.06.2019 EiendomsMegler 1 SR-Eiendom AS Number of sales 3.181 3.372 Operating profit before tax 26 19 SR-Forvaltning AS Capital under management (BNOK) 12 13 Operating profit before tax 10 12 FinStart Nordic AS Operating profit before tax* -87 10 SpareBank
Slide 58: Ownership interests
Ownership interests Ownership interests MNOK 30.06.2020 30.06.2019 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax -7 224 Profit effect merger 340 460 SpareBank 1 Boligkreditt AS Interest ownership 2,2% 4,8% Profit after tax 1 5 SpareBank 1 Næringskreditt AS Interest ownership
Slide 59: Operating expenses
Operating expenses MNOK 30.06.2020 30.06.2019 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Payroll and pensions 555 576 277 278 328 307 294 Other staff expenses 123 125 53 70 68 68 63 Total personnel expenses 678 701 330 348 396 375 357 IT expenses 190 181 98 92 91 91 91 Marketing 38 39 17 21 31 20 20 Ot
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: Core purpose of banking and risk requirements for loan activities
• 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 for commitment size 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 Distributed by risk class • SpareBank 1 SR-Bank has a solid loan portfolio. 63,4% 64,2% Portfolio quality improved last year. 28,2% 28,7% 8,3% 7,1% • The loan portfolio consists mainly of small and medium-sized loans. 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 Probability
Slide 64: 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. 73,6
Slide 65: 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% 30.06.2018 31.12.2018 30.06.2019 31.12.2019 30.06.2020 30.06.2018 31.12.
Slide 66: Liquidity portfolio
Liquidity portfolio Liquidity portfolio 48 Liquidity buffer – survival period 44 40 Of which 36 classified to 32 amortised 28 Category NOK million Share % cost, MNOK 24 NOK billion Norwegian government/municipal 1.604 4% 0 20 16 SSA/Foreign guaranteed 16.170 42% 1.827 12 Covered bonds (Norwegian/for
Slide 67: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA and AA- 38.644 99,1% Low risk A+, A and A- 0 0,0% Moderate risk Not rated 100 0,3% High risk Not rated 60 0,2% Very high risk Not rated 188 0,5% Total portfolio 38.991 100,0% Of which liquidity pu
Slide 68: Rating
Rating Moody’s Long-term debt A1 Outlook Stable Updated 10 March 2020 Ratinghistory AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 Moody's A/A2 A-/A3 BBB/Baa BB/Ba B 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 30.06.2020 68
Slide 69: SR-Bank as of 30.06.2020
SR-Bank as of 30.06.2020 SpareBank 1 SR-Bank share 30.06.2020 2019 2018 2017 2016 2015 2014 • Number of shares issued Share price 69,90 100,00 89,20 87,00 60,75 39,30 52,50 255.8 million Stock value (MNOK) 17.877 25.575 22.813 22.250 15.537 10.051 13.427 Book value per share, NOK (group) 91,32 89,90
Slide 70: 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 71: Contact Details
Contact Details Address Christen Tranes Gate 35 Tel: +47 915 02002 Postboks 250 www.sr-bank.no 4068 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