Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q1 2016 Earnings Presentation
70 slides from Sparebank 1 Sor-norge Asa's earnings presentation, Apr 28, 2016
Slide 1: Investor Update First Quarter 2016
INVESTOR UPDATE FIRST 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 10.4 Billion Market share: about 40% in Rogaland Total assets: NOK 194.8 Billion No. of retail customer: 275 000 Total lending: NOK 183.9 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 2015P 2016P GDP growth - mainland 1.7 2.6 3.4 2.0 2.3 1.0 0.8 Household consumption growth 3.8 2.6 3.0 2.1 1.7 2.0 1.2 Investment growth – mainland* -4.5 6.3 4.5 4.7 1.3 0.2 3.2 Investment growth oi
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 “Johan Sverdrup” compared to existing 250 Investments on NCS 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 Market share 37% 2 Year of establishment 1839 Market strategy Market leader Unemployment rate 4.7%* 2 Hordaland Population 516.000 Market share 6% Year of establishment 2006 Market strategy Entry/growth Unemployment
Slide 8: The SpareBank 1 Alliance – 2nd largest mortgage lender in Norway
The SpareBank 1 Alliance – 2nd largest mortgage lender in Norway 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 : 34 Number of man-years : 468 Number of man-years : 163 Number of man-years : 207 Fully owned companies Number of man-years : 197 Number of man-years
Slide 10: SRBANK share price and trading development
SRBANK Development in Price/Book Relative share price development • Converted from equity certificates to 65 1,2 110 shares in 2012. 60 1,1 100 1,0 55 Index 100 = Jan. 1st 2014 90 0,9 • International 50 p/B NOK 0,8 80 ownership is 16.7% 45 0,7 70 per 1. quarter 2016. 40 0,6 Price 60 35 0,5 OSEBX P/B
Slide 11: 20 largest shareholders as at March 2016
20 largest shareholders as at March 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: 50.2% State Street Bank and Trust Co, U.S.A. Nominee 8.310.831 3,2% • Internati
Slide 12: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials Solvency and liquidity position Appendix 12
Slide 13: Good result with lower costs and stable operating income
Good result with lower costs and stable operating income Pre-tax profit for the quarter is NOK 487 million compared to NOK 628 million last year - Return on equity after tax 9.0% Net income on financial investments are NOK 79 million compared to NOK 211 million last year - Decreased by NOK 132 m
Slide 14: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 capital ratio 13,3% 13,4% 12,1% 12,3% 12,2% 12,7% 10,8% 10,6% 9,3% 9,0% Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Cost/income ratio Earnings per share (NOK) 1,94 47,3% 1,73 1,69 42,5% 43,6% 1,47 1,51 42,3% 35,5% Q1 15 Q2 15
Slide 15: Key figures
Key figures Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Return on equity after tax (%) 9,0 10,6 9,3 10,8 12,7 Net interest margin (%) 1,44 1,40 1,39 1,44 1,45 Impairment losses on loans and guarantees in % of gross loans 0,39 0,50 0,25 0,12 0,25 -incl. covered bond companies 0,33 0,42 0,21 0,10 0,20 Non-performin
Slide 16: Income statement
Income statement Group Income Statement (MNOK) Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Net interest income 698 678 649 639 627 Net commission and other income 352 372 353 399 408 Net income on investment securities 79 -13 12 94 211 Total income 1.129 1.037 1.014 1.132 1.246 Total operating expenses 492 368 42
Slide 17: Change in profit 31.03.2015 – 31.03.2016
17 0 100 200 300 500 600 700 400 31.03.2015 628 Net interest income incl. 28 commission from covered bond companies -13 Other income Net income on - 132 investment securities 38 Total operating expenses Change in profit 31.03.2015 – 31.03.2016 Impairment losses on - 62 loans and guarantees 487 31.03
Slide 18: Consolidated income profile
Consolidated income profile 1200 1.108 1.060 1.027 1.087 1.087 1000 324 319 311 333 298 800 73 37 37 22 25 41 53 84 66 55 MNOK 600 400 678 698 627 639 649 200 0 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Net interest income Commission income from covered bond companies Profit before tax from covered bond compani
Slide 19: Lending and deposit margins
Lending and deposit margins Lending margins 2,92% 2,90% 2,89% 2,80% 2,66% 2,59% 2,59% 2,58% 2,65% 2,20% 2,08% 1,97% 1,95% 1,95% 1,64% 1,61% 1,56% 1,46% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Corporate market Retail market Deposit margins 0,11% -0,21% -0,25% -0,18% -0,05% -0,47% -0,50%
Slide 20: Lending volume and 12 months growth
Lending volume and 12 months growth Corporate Market (incl. Capital Markets) 60 000 50 000 12,8% 13,8% 15% 12,5% 40 000 MNOK 10% 30 000 7,1% 5,6% 20 000 3,0% 5% 10 000 2,5% 0,7% 1,4% 0 0% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Volume Growth % Retail Market 120 000 100 000 15% 80 000 M
Slide 21: Loan portfolio as at 31.03.2016
Loan portfolio as at 31.03.2016 • Gross loans as at 31 March 2016 amount Agriculture / forestry / fishing 2,8 % to NOK 183.9 billion compared with NOK 2,8 % 178.8 billion at the same time the year Industry, Power/water supply and construction 3,7 % 3,6 % before. 1,4 % Retail trade, hotels and restau
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 of less than 85% is high. 100% 90% • 90.1% of the exposure is within 85% of 80% the assessed value of collateral. 66,5% 70% 64,5% 60% • Market value on real estate is slightly 50% declining in Rogaland.
Slide 23: 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. 100% 24,8% 22,7% 21,8% 23,9% 24,1% 80% 60% • The share of customers with PD* below 55,9% 56,5% 57,5% 54,3% 51,7% 40% 2.5% has increased, mainl
Slide 24: Deposits volume and 12 month growth
Deposits volume and 12 month growth Corporate Market* • Last 12 months deposits increased by NOK 1.0 billion to 87.0 billion. 50000 26,1% 24,1% 25% • Corresponds to an increase in the period 40000 18,9% 20,3% 17,7% 13,9% 15,4% MNOK 30000 12,6% 15% of 1.2%. 20000 5% 10000 -2,4% • Lower deposit growth
Slide 25: Operating expenses
Operating expenses MNOK Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Personnel expenses 296 255 284 300 304 Restructuring- and non-recurring costs, pensions -1 -141 -63 0 6 Total personnel expenses 295 114 221 300 310 IT expenses 73 86 70 73 72 Marketing 14 19 24 26 21 Other administrative expenses 15 20 20 23 26
Slide 26: Impairment losses on loans / Non-performing commitments
Impairment losses on loans/ Non-performing and doubtful commitments Impairment losses on loans Non-performing and doubtful commitments 0,50% 0,39% 0,42% 0,25% 0,25% 0,33% 1,10% 51 0,90% 0,12% 0,81% 0,78% 0,92% 0,68% 0,20% 0,21% 0,76% 0,66% 0,64% 0,56% 943 0,10% 60 548 20 729 716 50 141 683 90 853 68
Slide 27: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials liquidity position Solvency and liquidity position Appendix 27
Slide 28: 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 100,0 % 2016- 2021. 80,0 % ‒ 2 outstanding euro covered bonds Level 1B through 61,2 % 60,4 % 59,1 % 57,5 % 59,4 % 60,4 % 58,6 % 57,6
Slide 29: An established borrower in the Euromarket
An established borrower in the Euromarket DNBNO 3⅞ 06/29/2020 Corp SEB 2 02/19/2021 REGS Corp 120 NDASS 4 06/29/2020 Corp 120 120 OPBANK 2 03/03/2021 REGS Corp 120 SRBANK2 ⅛ 02/20 Corp SRBANK 2⅛ 04/14/2021 REGS Corp 100 100 100 100 NDASS 2 02/17/2021 Corp 80 80 80 80 Bps. Bps. Bps. Bps. 60 60 60 60
Slide 30: Funding structure
Funding structure • LCR of 130% at the end of March 2016. Average maturity of long term funding (excl. covered bonds) Average LCR during Q1 2016 was 141%. 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 Q3 13 Q4 13 Q1 14 Q1
Slide 31: Stronger capital ratio
Stronger capital ratio • SpareBank 1 SR-Bank is compliant with 18% capital requirements as at 31.03.2016. 16% 16,8% • SpareBank 1 SR-Bank received IRB Advanced 15,2% 14% 14,5% 14,3% approval for the corporate market portfolio 12,9% in the first quarter of 2015. 12% 13,0% 10% • The use of different r
Slide 32: RWA home mortgages
RWA home mortgages • RWA on home mortgages reflects a solid and stable portfolio. 22,8 % 22,8 % 22,4 % 22,3 % • The Norwegian FSA tightened the 22,1 % requirements for morgtage models in 2015 imposed by restrictions on PD and LGD. 31.03.15 30.06.15 30.09.15 31.12.15 31.03.16 Probability of default (
Slide 33: Strengthened Common Equity Tier 1
Strengthened Common Equity Tier 1 • New capital requirements entail a need to continue increasing common equity tier 1 16,00% ROE ROE 16,00% capital going forward. ROE 10,8% 9,0% 11,5 -13,5% ROE 14,2% 14,00% 14,0% 14,00% • Norges Bank has decided that the ROE 12,4% 2,0% SIFI countercyclical buffer w
Slide 34: Increasing CET 1 – well prepared to reach capital requirements
Increasing CET 1 – well prepered to reach capital requirements Guiding 2016 Stronger common equity tier 1 in 2015 • IRB Advanced approval for the corporate market portfolio • Changed pension scheme 16% 0,9% 14,6% 13,3% 13,4% 0,2% • Good profitability 14% 0,1% • Moderate growth 12% • Capital efficien
Slide 35: Outlook
Outlook Norwegian exports more competitive due to a weaker exchange rate , while interest rates also stimulate business and household spending. Major infrastructure projects are helping to ensure good conditions for the region's business and population growth, with moderate unemployment. Uncer
Slide 36: 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% 14,0% 5,4% 13,3% 13,4% 9,0% 0,02% 0,0% 2015 Q1 16 Target 2016 2015 Q1 16 Target 2016 2015 Q1 16 Target 2016 Normalised growth in costs Impairment losses Dividend share 1,00% 0,1 % 0,0 % 20% - 25
Slide 37: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix 37
Slide 38: 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 39: Well diversified portfolio; oil operations share of EAD
SpareBank 1 SR-Bank has a well diversified portfolio 8.7% (8.7%) of total EAD is related to oil operations SpareBank 1 SR-Bank* has total BNOK 201.5 (202.5) EAD per 31.03.2016 BNOK 17.6 (17.6) EAD is related to oil operations Corporate market excl. oil operations; 24.8% Oil service; 2.5% (25.2%) (2.
Slide 40: Oil services - total NOK 5.1 billion
Oil services - total NOK 5.1 billion (NOK 5.0 billion as at 31.12.2015) Exploration and concept studies Oil services • EAD NOK 0.7 billion • EAD NOK 5.1 billion, 2.5% of the bank's total EAD • Average weighted probability of default 0.8% • Average weighted probability of default for the oil services
Slide 41: Oil and gas - total NOK 2.1 billion
Oil and gas - total NOK 2.1 billion (NOK 2.2 billion as at 31.12.2015) Exploration financing Exploration and production companies • EAD NOK 0,5 billion • EAD NOK 2.1 billion, 1.1% of the bank's total EAD • Average weighted probability of default 2.5% • Average weighted probability of default for the
Slide 42: Offshore - total NOK 10.3 billion
Offshore - total NOK 10.3 billion (NOK 10.4 billion as at 31.12.2015) Offshore Service Vessels Offshore • EAD NOK 7.3 billion, average weighted • EAD NOK 10.3 billion, 5.1% of the bank's total EAD probability of default is 1.1%, weighted average • Average weighted probability of default for the offs
Slide 43: Offshore Service Vessels - total NOK 7.3 billion
Offshore Service Vessels - total NOK 7.3 billion (NOK 7.3 billion as at 31.12.2015) PSV Offshore Service Vessels • EAD NOK 2.6 billion, weighted average age is 5.0 • Most customers with long history as a borrower in SpareBank 1 SR-Bank years • Most of the companies are listed on stock exchange or fa
Slide 44: Offshore Service Vessels – largest customer group
Offshore Service Vessels – largest customer group Number of vessels LTV • Well diversified portfolio. One commitment 1 9 72 % of NOK 1.2 billion, rest of NOK 800 million or lower 2 8 66 % 3 8 68 % • Financing of 78 vessels, all with 1. priority 4 4 66 % pledge 5 2 87 % 6 8 55 % 7 2 86 % • Generally
Slide 45: Lending to commercial property
Lending to commercial property Lending to commercial property Housing • NOK 27.7 billion, 15.1% of the bank’s total cooperative; loans. 4,9 % (4,7 %) Real estate management; • The portfolio is characterised by lending to 1,8 % (1,6 %) commercial properties for leasing with long- term contracts and f
Slide 46: SpareBank 1 SR-Bank monitors and follows up pro-actively
SpareBank 1 SR-Bank monitors and follows up pro-actively • The bank continuously monitors portfolios • If special incidents occur, special portfolio reviews are conducted • The customer units continuously and pro-actively follow up the bank's credit customers • Commitments where the risk of poorer d
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 2,500 billion (USD 320bn, €280bn) • Private banks (incl. savings banks) are the dominant suppliers of mortgages Household credit growth Market with over 90% market share (12 months growth rate) • Scheduled rep
Slide 52: Norwegian Housing and Mortgage Market
Norwegian Housing and Mortgage Market Population Change and Completed Housing Units Source: Statistics Norway 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 March 2016, SpareBank 1 Boligkreditt ‘s 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) 31.03.2016 31.03.2015 Cash and balances with central banks 1.497 2.400 Balances with credit institutions 5.059 2.533 Net loans to customers 154.221 143.937 Certificates, bonds and other fixed-income securities 20.963 14.789 Financial derivatives 5.403 5.760 Shares,
Slide 56: Net commission and other income
Net commission and other income MNOK Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Payment facilities 54 56 66 56 58 Savings/placements 51 48 45 48 49 Insurance products 50 48 48 47 47 Commission income real estate broking 68 82 84 113 104 Guarantee commission 28 34 28 33 34 Arrangement- and customer fees 30 27 16
Slide 57: Net income on investment securities
Net income on investment securities MNOK Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Dividends 8 1 1 8 7 Investment income, associates 104 110 78 101 133 Securities gains/losses -66 -87 -100 -14 -23 - of which capital change in shares and certificates -21 -34 -6 -4 4 - of which capital change in certificates and
Slide 58: Subsidiaries
Subsidiaries MNOK 31.03.16 31.03.15 EiendomsMegler 1 SR-Eiendom AS Number of sales 1.211 1.785 Operating profit before tax -6 12 SpareBank 1 SR-Finans AS Total assets (BNOK) 7 7 Operating profit before tax 43 36 SR-Forvaltning AS Total assets under management (BNOK) 9 10 Operating profit before tax
Slide 59: Ownership interests
Ownership interests MNOK 31.03.16 31.03.15 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax 55 59 Adjusted profit previous years 6 0 SpareBank 1 Boligkreditt AS Interest ownership 16,7% 20,1% Profit after tax 18 47 Adjusted profit previous years 4 0 SpareBank 1 Næringskreditt A
Slide 60: Impairment losses on loans and guarantees
Impairment losses on loans and guarantees Losses on loans in income statement (MNOK) Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Corporate customers 82 145 40 18 62 Retail customers 8 -4 6 7 6 Change in collective impairment losses on loans 60 51 50 19 20 Net impairment losses on loans 150 192 96 44 88 31.12 31.1
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 100% portfolio with positive development in risk 80% 56,4% 60,2% profile. 60% 40% 32,4% 29,4% 20% 11,2% 10,4% • 60.2% of the bank’s loan exposure has a 0% PD* below 0.5%. 0.00 - 0.50 0.50 - 2.50 2.50
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 Q1 2016, SpareBank 1 SR-Bank had a total of 50 commitments with a loss 100% potential exceeding NOK 100 million. • These commitments represent 12.9 % of the 80% 75,7% loan exposu
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% 2,9% 2,6% 2,5% 2,6% 2,5% 18,5% 17,2% 17,2% 17,1% 17,0% 80% potential losses. 60% 40% 78,6% 80,2% 80,3% 80,3% 80,5% • 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% 31.03.2014 30.09.2014 31.03.2015 30.09.2015 31.03.2016 31.03.2014 30.09.2014 31.03.2015 30
Slide 65: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which, 28 26 securities 24 classified to 22 NOK amortised 20 NOK billion Category million Share % cost, MNOK 18 16 14 Norwegian government/municipal 431 2% 0 12 SSA/Foreign guaranteed 6.450 32 % 189 10 8 Covered bonds 6 4
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- 19.801 94,5 % Low risk A+, A og A- 275 1,3 % Moderate risk BBB+, BBB og BBB- 603 2,9 % High risk BB+, BB og BB- 86 0,4 % Very high risk B+ and lower 186 0,9 % Total portfolio 20.951 100,0 %
Slide 67: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Negative Outlook Stable Updated 16 March 2016 Updated 4 November 2015 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 31.0
Slide 68: SRBANK as at March 2016
SRBANK as at March 2016 • Trading volume in Q1 2016: 4.6% (7.4%) 31.03.2016 2015 2014 2013 2012 2011 Share price 40,60 39,30 52,50 60,25 37,20 40,70 • Ownership interests: • From Rogaland, Agder-counties and Hordaland: 50.2% Stock value (MNOK) 10.383 10.051 13.427 15.409 9.514 5.182 • International:
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