Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q1 2022 Earnings Presentation
70 slides from Sparebank 1 Sor-norge Asa's earnings presentation, March 2022
Slide 1: Quarterly presentation Q1 2022
Quarterly presentation 2022 Q1 SR-Bank — SR-Boligkreditt
Slide 2: Agenda
1 SR-Bank 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix SR-Bank SR-Boligkreditt
Slide 3: 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 4: SR-Bank at a glance
SR-Bank at a glance Banks Market share 1 DNB Bank ASA 37.1% • Second largest Norwegian bank 2 SpareBank 1 SR-Bank ASA 4.0% • Market cap: NOK 34.3 Billion • Total assets: NOK 318.3 Billion 3 SpareBank 1 SMN 3.4% • Total lending: NOK 233.6 Billion 4 SpareBank 1 Østlandet 2.9% • Total deposits: NOK 142
Slide 5: Finance group for South of Norway
Finance group for South of Norway Askøy Åsane Bergen Sotra Fana Nydalen Oslo 0% Skøyen Ensjø 135 133 135 Stord Husnes Ølen +12% Aksdal 38 Haugesund 36 34 +51% Kopervik +12% 29 Åkra Finnøy 22 23 20 21 Jørpeland 19 Randaberg Stavanger* Sola +35% Sandnes 10 Ålgård 7 7 Bryne Varhaug Egersund Grimstad Ro
Slide 6: A result with good underlying operations, growth and positive development for business
A result with good underlying operations, growth and positive development for business Return on equity after tax 12 months lending growth 12 months deposit growth 11.4% 5.6% 10.8% Retail market 5.4% Retail market 10.5% Corporate market 5.6% Corporate market 9.2% Operating profit before tax SME and
Slide 7: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 18.1% 17.9% 17.6% 17.4% 17.6% 13.2% 14.0% 11.6% 11.7% 11.4% Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Cost to income ratio Earnings per share (NOK) 40.9% 41.9% 42.6% 3.13 3.41 40.1% 2.74 2.80 2.87 37.9% Q1 21 Q2 21 Q3 21 Q4
Slide 8: Key figures – annual development
Key figures – annual development Return on equity CET 1* 14.0% 18.3% 17.4% 12.6% 17.0% 11.3% 15.1% 14.7% 11.0% 6.4% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Cost to income ratio Earnings per share (NOK) 40.7% 40.9% 40.2% 12.1 12.1 37.9% 38.3% 9.0 8.2 5.9 2017 2018 2019 2020 2021 2017 2018 2
Slide 9: Key figures and financial targets
Key figures and financial targets Return on equity CET 1 17.40% 17.60% > 16.85% 12.6% 11.4% > 12.0% 2021 31.03.2022 Target 2021 31.03.2022 Target Cost to income ratio Dividend share 49.8% 50.0% 40.2% 42.6% < 40.0% 2021 31.03.2022 Target 2021 Estimate 9 SR-Bank SR-Boligkreditt
Slide 10: Income statement
Income statement Group Income Statement (MNOK) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Net interest income 1,009 1,005 989 1,001 995 Net commission and other income 430 455 406 454 402 Net income on investment securities 192 344 234 243 216 Total income 1,631 1,804 1,629 1,698 1,613 Total operating
Slide 11: Change in profit 31.03.2021 – 31.03.2022
Change in profit 31.03.2021 – 31.03.2022 (NOK million) 28 106 921 14 880 -24 -83 31.03.2021 Net interest income Other income Net income on Total operating Impairments on 31.03.2022 investment securities expenses loans and financial commitments 11 SR-Bank SR-Boligkreditt
Slide 12: Lending and deposit margins
Lending and deposit margins Corporate market SME and Agriculture Retail market Lending margins Deposit margins 3.23% 3.07% 0.94% 2.98% 3.10% 2.99% 0.85% 2.92% 2.94% 2.93% 2.83% 0.56% 2.77% 0.54% 2.86% 2.72% 2.84% 0.42% 0.26% 0.30% 2.62% 0.19% 0.20% 0.21% 2.66% 0.10% 0.11% 2.60% -0.05% -0.07% -0.12%
Slide 13: Deposit volume and 12 months growth
Deposit volume and 12 months growth Volume in NOK billion 12 months growth % Retail market Corporate market SME and Agriculture 46.6% 10.5% 43.2% 9.1% 9.4% 9.6% 8.9% 8.4% 7.5% 7.3% 7.4% 65.2 28.2% 26.7% 21.1% 21.4% 21.8% 20.4% 19.5% 20.0% 63.4 63.3 14.4% 14.1% 15.4% 62.3 12.0% 9.2% 10.7% 5.5% 2.4% 5
Slide 14: Lending volume and 12 months growth
Lending volume and 12 months growth Volume in NOK billion 12 months growth % Retail market Corporate market SME and Agriculture 5.9% 6.3% 6.4% 6.8% 5.0% 6.6% 5.2% 4.5% 3.6% 6.0% 5.9% 5.6%* 3.1% 5.8% 5.4% 5.4% 2.2% 1.6% 1.7% 4.7% 4.6% 0.5% 0.1% -0.2% -0.7% 147.9 -1.3% 145.6 144.0 142.7 -3.7% 69.0 68.
Slide 15: Net commission and other income
Net commission and other income MNOK Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Payment facilities 70 70 64 56 55 Savings/placements 31 52 50 61 53 Insurance products 63 61 60 56 56 Commission income EiendomsMegler 1 88 96 101 132 110 Guarantee commission 32 28 30 24 24 Arrangement- and customer fees 3
Slide 16: Operating expenses
Operating expenses MNOK Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Total personnel expenses 445 485 432 423 382 IT expenses 97 99 93 97 92 Marketing 21 26 18 19 18 Administrative expenses 18 21 17 15 13 Operating expenses from real estate 11 10 10 9 8 Other operating expenses 53 72 53 72 55 Total opera
Slide 17: Changes in operating expenses 31.03.2021-31.03.2022
Changes in operating expenses 31.03.2021-31.03.2022 (NOK million) 1.6% 695 5.1% 10 9.8% 31 -10 -1.4% -8 -1.3% 60 612 Operating expenses ForretningsPartner SR-Forvaltning EiendomsMegler 1 Personnel Other expenses Operating expenses 31.03.2021 expenses 31.03.2022 17 SR-Bank SR-Boligkreditt
Slide 18: 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 1.9% 1.8% 1.8% 1.5% 1.4% 5,109 4,943 4,905 1,261 1,212 4,099 1,209 3,996 1,200 1,110
Slide 19: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement (MNOK) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Corporate market 27 26 35 52 115 SME and Agriculture -11 -21 11 7 6 Retail market -1 -29 -9 -1 0 Total impairments 15 -24 37 58 121 Imp
Slide 20: Loan portfolio as at 31 March 2022
Loan portfolio as at 31 March 2022 • Gross loans increased to NOK 233.6 billion Agriculture / forestry / fishing 3.9% 4.0% from NOK 221.3 billion at the same time the 1.9% year before Supply and construction 2.1% • 12-month growth in loans of 5.6% Renewable / Green engagement 2.2% 1.8% • Loans to re
Slide 21: 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 • Increased share of volume with LTV below 70% is mainly due to increased • RWA on home mortgages reflects a solid portfolio with a moderate loan-to- market values of collateral (housing)
Slide 22: Reduced exposure to the offshore sector
Reduced exposure to the offshore sector • Offshore ‐ EAD NOK 5.8 billion, 2.2% of the bank’s total EAD* ‐ Exposure primarily to industrial oriented shipping companies with integrated organisation (Offshore service vessels, Rig and Seismic vessels) 5.1% 5.0% 4.6% 4.0% 3.8% 3.5% 10.5 10.3 2.7% 9.5 9.8
Slide 23: Funding
Funding • NSFR* 121% • LCR** 155% • NOK 20.6 billion net refinancing need over the next 12 months • Deposit to loans ratio 60.8% • MREL requirement 34.4% Annual funding maturity 30 28 26 24 22 20 NOK Billion 18 16 14 12 10 8 6 4 2 0 2022 2023 2024 2025 2026 2027 2028 2029+ Funding ex CB Covered Bond
Slide 24: Solid capital ratio
Solid capital ratio • At the end of the first quarter of 2022, the total requirement for the Common Equity Tier 1 capital ratio of 15.2% was met by a good ROE ROE ROE 6.4% 12.6% 11.4% margin 21.7% • Norges Bank increased the countercyclical buffer to it’s maximum 20.5% 20.7% CET 1 19.9% of 2.5% with
Slide 25: Key figures
Key figures Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Return on equity after tax (%) 11.4 14.0 11.7 13.2 11.6 Net interest margin (%) 1.33 1.32 1.31 1.36 1.40 Impairments on loans in % of gross loans 0.03 -0.04 0.07 0.10 0.22 Loans and financial commitments in Stage 3 in % of gross loans and financial
Slide 26: Agenda
1 SR-Bank 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix SR-Bank SR-Boligkreditt
Slide 27: Overview SR-Boligkreditt
Overview SR-Boligkreditt • SR-Boligkreditt is a wholly owned subsidiary of SR-Bank and a dedicated covered bond company. Its objective is to purchase mortgages and to finance these by issuing covered bonds. • Loans are transferred to SR-Boligkreditt as true sale on a non-recourse basis. • Rated Aaa
Slide 28: Eligibility criteria
Eligibility criteria Type of properties • Primary residential property in Norway (including detached houses, terraced houses, apartments and cooperative housing units) • The mortgage property shall not be "buy-to-let“ (mortgages to individuals owning more than 3 properties) Collateral • Max 75% LTV
Slide 29: Cover pool characteristics (nominal values)
Cover pool characteristics (nominal values) Assets/status • 100 % mortgages on Norwegian private residential properties • 100 % performing loans Cover pool • NOK 96.0 bn: Residential mortgages 94.2 (98.2%), Substitute assets 1.8 bn (1.8%) Mortgages and rate • 50,104 loans at a weighted average inter
Slide 30: Cover pool characteristics
Cover pool characteristics Current LTV Loan performance 24,5 % 0% 22,9 % 20,1 % Performing loans 17,4 % 13,5 % Delinquent loans (arrears 31 to 90 days) Gross non performing loans (arrears 90 days +) 0,8 % 0,9 % 100 % 0-40 % 40-50 % 50-60 % 60-70 % 70-80 % 80-100 % 100 % + By geography By property ty
Slide 31: Agenda
1 SR-Bank 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix SR-Bank SR-Boligkreditt
Slide 32: Key economic indicators
Key economic indicators Economic Indicators (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021P 2022P 2023P 2024P GDP mainland, annual change (%) 1,9 3,7 2,3 2,2 1,4 0,9 2,0 2,2 2,0 -2,3 4,2 3,6 2,5 2,1 Household consumption, annual change (%) 2,4 3,5 2,8 2,1 2,7 1,1 2,2 1,6 1,1 -6,6 5,0 7,8
Slide 33: Housing market
Housing market House prices (Index des 2013=100) Index change 12 month (%) Prices by City per Square Meter (EUR) 205 130 9.257 125 185 120 165 115 110 145 5.461 5.349 105 125 100 4.180 3.989 95 105 90 85 85 jun.14 jun.15 jun.16 jun.17 jun.18 jun.19 jun.20 jun.21 jun.15 jun.16 jun.17 jun.18 jun.19 ju
Slide 34: Norwegian house prices have increased by 6% last 12 months
Norwegian house prices have increased by 6% last 12 months High number of sales in 2021 has contributed to a low supply of homes for sale House prices. NOK per sqm. Average all homes. Monthly 90.000 120% 80.000 100% 70.000 60.000 80% 50.000 60% 40.000 30.000 40% 20.000 20% 10.000 0 0% 2009 2011 2013
Slide 35: Growth in Norwegian retail trade has slowed
Growth in Norwegian retail trade has slowed Covid-19 has had a big impact. Groceries increased a lot, but have fallen recently Retail sales (excl. auto), change in turn-over from same 2-month period previous year. Last obs: sep-oct 2021 20,0 % 16,0 % 12,0 % 8,0 % 4,0 % 0,0 % -4,0 % 2009 2010 2011 20
Slide 36: Stable petroleum activity in Norway – somewhat higher towards 2025
Stable petroleum activity in Norway – somewhat higher towards 2025 The tax package (June 2020) and higher prices support the outlook Petroleum activity on Norwegian Continental Shelf. BNOK (2022 NOK). Source: • There have been large fluctuations in activity on NPD 13 January 2022 the Norwegian shelf
Slide 37: Petroleum activity in Norway
Petroleum activity in Norway Petroleum activity on Norwegian Continental Break-even Global primary energy consumption Shelf. BNOK (2022 NOK) 31% 400 160 362 27% 350 140 323 25% 300 120 263 269 260 259 258 250 255 242 244 250 233 239 100 BNOK 200 80 150 60 100 40 7% 6% 4% 50 20 0 0 2014 2015 2016 201
Slide 38: Unemployment has halved in the last year due to reopening
Unemployment has halved in the last year due to reopening Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 10 9 8 7 6 5 4 3 2 1 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oslo Rogaland Vestland Agder Norway Norway, broader measure (SSB AKU) Source
Slide 39: Employment and GDP by sector
Employment and GDP by sector 40% 40% 35% 35% Norway employment Norway GDP per sector 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% Public sector (incl Other service Retail inc auto Construction Manufactuering Transportation and Information and Accomodation and Primary industries Oil, gas and m
Slide 40: Norwegian exports
Norwegian exports Norwegian exports (Aug 2021) 29% 25% 9% 8% 8% 7% 6% Oil Gas Fish Fuels and electricity Machinery and Metals Chemical products transportation Source: Statistics Norway SR-Bank 40 SR-Boligkreditt
Slide 41: Hydro dominates power generation in Norway, but wind is increasing
Hydro dominates power generation in Norway, but wind is increasing Electricity production (GWh) dominated by hydro and increasing wind power share 180.000 8% 160.000 7% 140.000 6% 120.000 5% 100.000 4% 80.000 3% 60.000 2% 40.000 1% 20.000 0 0% -20.000 -1% 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 42: Government finances and the sovereign wealth fund
Government finances and the sovereign wealth fund • Cash flow from the petroleum sector (taxes, ownership) is channeled into the Norwegian oil fund and GDP (BNOK), quarterly figures sovereign wealth fund 14.000.000 400% • Fiscal spending rule is 3 % of the fund. 350% 12.000.000 Norwegian current acc
Slide 43: Agenda
1 SR-Bank 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix SR-Bank SR-Boligkreditt
Slide 44: SpareBank 1 SR-Bank's sustainability targets
SpareBank 1 SR-Bank’s sustainability targets A pro-active ally to our clients in the transition to a more sustainable society Emission reductions Climate neutrality in own operations by the end of 2022 Net zero emissions in our financing and investment activities by 2050 Transition diversity Financi
Slide 45: Financing sustainable activities
Financing sustainable activities NOK 50 billion Goal: Finance and facilitate NOK 50 billion 11.4%* in sustainable activities by the end of 2030 *Financing of sustainable activities in the corporate market and facilitation in SR-Markets Sustainable loans for Corporate market Facilitation through SR-M
Slide 46: ESG ratings
ESG ratings CDP B Sustainalytics 16.1 (low risk) ISS C- (2nd decile) MSCI AA In ISS’s latest ESG assessment of SR-Bank they awarded a score of C- In July 2021, Sustainalytics rated SR-Bank's Overall ESG Score at 16.1 In December 2021, MSCI rated SR-Bank's Overall ESG Score at AA an improvement from
Slide 47: Use of Proceeds overview
Use of Proceeds overview SR-Boligkreditt SR-Bank Green Covered Bonds Green Senior Bonds Green buildings Green buildings Renewable Energy Clean Transportation • Loans aiming at financing the • Loans aiming at financing or • Loans to finance or refinance new or • Loans to finance or refinance new or e
Slide 48: Sector specific ESG Due Diligence at loan origination
Sector specific ESG Due Diligence at loan origination • For corporate clients with an exposure larger than NOK 50 million, we have developed an ESG due diligence questionnaire, which must be completed prior to any credit being granted • The assessment includes questions that directly target a custom
Slide 49: Translating climate risk into financial risk – FY20
Translating climate risk into financial risk – FY20 Emissions Analysis Corporate Market Portfolio Analysis SR-Bank reports greenhouse gas emissions in line with the GHG Protocol. The corporate portfolio’s climate risk (physical, transitional and liability risk) was ➢ In 2020, the group conducted an
Slide 50: Green product offerings
Green product offerings Green Mortgage Product & Renovation Product • The Green mortgage product was launched in 2021. A Green mortgage is secured by energy efficient housing with favorable loan interest rates. Loan criteria: EPC A or B label • With a green mortgage, customers typically get lower in
Slide 51: EU Taxonomy: TSC, DNSH & MS – high level assessment
EU Taxonomy: TSC, DNSH & MS – high level assessment Green Buildings Eligible green asset category Wind Power Hydro Power Clean Transportation (Residential & Commercial) Geography Norway Acquisition & ownership of buildings: Electricity generation from wind Electricity generation from hydro Transport
Slide 52: Allocation Report – Q1 2021
Allocation Report – Q1 2021 Eligible Green Loan Portfolio Green Funding Amount Instrument Issuance Due Amount (NOK m) (ISIN) Date Date (NOK m)*** Green Residential Buidlings 32.496 XS2063288190 okt.19 okt.26 4.992 SR Bank 12.287 XS2363982344* jul.21 jul.26 4.992 SR Boligkreditt 20.209 XS2406010285**
Slide 53: Impact Report – Q1 2021
Impact Report – Q1 2021 Direct Indirect Share of Share of Total Estimated emissions emissions Expected Total Total annual Eligible Eligibility reduced avoided vs avoided vs power Eligible Project Green Green reduced portfolio for Green energy baseline in baseline in production Category Covered Senio
Slide 54: Agenda
1 SR-Bank 2 SR-Boligkreditt 3 Norwegian economy 4 Sustainability and Green Bond framework 5 Appendix SR-Bank SR-Boligkreditt
Slide 55: Lending to commercial real estate
Lending to commercial real estate 13.1% (NOK 34.1 billion) of total EAD* is related to commercial real estate • Commercial real estate for lease ‐ EAD NOK 22.6 billion, 8.7% of the bank’s total EAD ‐ The portfolio is characterised by lending to commercial properties for leasing with Real estate mana
Slide 56: Lending to retail trade, hotels and restaurants
Lending to retail trade, hotels and restaurants 1.6% (NOK 4.1 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 • Operation of hotels and restaurants Tourism; MNOK 57 ‐ EAD NOK 1.0 billion, 0.4% of the bank's
Slide 57: Lending to shipping
Lending to shipping 2.4% (NOK 6.2 billion) of total EAD* is related to shipping • Product tank Other shipping; Product tank; ‐ EAD NOK 1.0 billion, 0.4% of the bank's total EAD MNOK 1,105 MNOK 1,040 • Chemical tank ‐ EAD NOK 1.5 billion, 0.6% of the bank's total EAD • Dry-bulk Gas; MNOK 717 ‐ EAD NO
Slide 58: Risk profile of the loan portfolio
Risk profile of the loan portfolio • SpareBank 1 SR-Bank has a solid loan portfolio. Portfolio quality improved last year. • The loan portfolio consists mainly of small and medium-sized loans. *Probability of default (PD) through a full cycle of loss. 58 SR-Bank SR-Boligkreditt
Slide 59: Risk profile – Lending in Retail, SME and Agriculture and Corporate market
Risk profile – Lending in Retail, SME and Agriculture and Corporate market - Portfolio distributed by risk class Retail market SME and Agriculture Corporate market • The quality of the Retail market portfolio is • The quality of the SME and Agriculture market • The quality of the Corporate market po
Slide 60: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Business divisions Fully owned companies Partly owned companies Retail market EiendomsMegler 1 SR-Boligkreditt BN Bank SpareBank 1 Gruppen Number of man-years: 464 (35.0%) (19.5%) Leading real estate broker Covered Bond Funding Commercial bank located in Holding company for t
Slide 61: SpareBank 1 Alliance
SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 Samarbeidende SpareBank 1 Sparebanker AS LO SR-Bank SMN Nord Norge Østlandet 9.6% 19.5% 19.5% 19.5% 19.5% 12.4% Products, commissions, dividends Sales, loan portfolios, capital Companies where SR-Bank has direct ownership SpareBank 1 Gruppen A
Slide 62: We are here for the customers and society
We are here for the customers and society • Very few of our business customers are directly affected by the war in Ukraine. • Our customers in the retail market are indirectly affected by rising prices. • We have intensified our work related to cybersecurity. • We contribute to the society in a diff
Slide 63: Net income on investment securities
Net income on investment securities MNOK Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Dividends 19 21 0 9 0 Investment income, associates 74 223 151 193 109 Securities gains/losses 9 56 4 26 106 - of which capital change in shares and certificates 47 96 27 68 105 - of which capital change in certificates
Slide 64: Subsidiaries
Subsidiaries Company MNOK Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 SR-Boligkreditt AS Operating profit before tax 453 274 311 144 110 SpareBank 1 SR-Bank Operating profit before tax 12 11 Forretningspartner AS* 3 5 7 Number of sales 1,505 1,558 1,713 2,185 1,911 EiendomsMegler 1 SR- Eiendom AS Operat
Slide 65: Ownership interests
Ownership interests Companies MNOK Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 SpareBank 1 Gruppen AS Interest ownership (%) 19.5 19.5 19.5 19.5 19.5 Profitshare after tax 13 173 83 148 67 BN Bank ASA Interest ownership (%) 35.0 35.0 35.0 35.0 35.0 Profitshare after tax 49 42 40 42 40 SpareBank 1 Forval
Slide 66: Impairments per quarter
Impairments per quarter • The group’s net impairments on loans and financial liabilities were reduced with NOK 106 million (0.19% of gross lending) 831 from 31 March 2021 to 31 March 2022 • Changes have been made to the internal regulations in order to reduce unsystematic risk going forward. Restric
Slide 67: Balance sheet
Balance sheet Balance sheet (MNOK) 31.03.2022 31.03.2021 Cash and balances with central banks 88 132 Balances with credit institutions 8,509 11,397 Net loans to customers 231,861 218,985 Certificates and bonds 58,770 48,598 Financial derivatives 9,777 6,877 Shares, ownership stakes and other securit
Slide 68: SRBNK share
SRBNK share Development in Price/Book Relative share price development • International ownership is 22.8% 140 1,5 200 Index 100 = mar 31st 2021 per 1. quarter 2022 130 1,4 180 120 1,3 160 110 1,2 140 100 1,1 • Total market value at 1. quarter NOK 120 p/B 90 1,0 2022 is NOK 34.3 billion 100 80 0,9 Pr
Slide 69: 20 largest shareholders as at 31 March 2022
20 largest shareholders as at 31 March 2022 Investor Number Stake Sparebankstiftelsen SR-Bank 72,419,305 28.3% • Ownership interests as at 31 March 2022: Folketrygdfondet 18,630,684 7.3% • From Rogaland, Agder, Vestland, Oslo and Viken: SpareBank 1-stiftinga Kvinnherad 6,226,583 2.4% 65.4% (65.9%) B
Slide 70: SR-Bank as at 31 March 2022
SR-Bank as at 31 March 2022 SpareBank 1 SR-Bank share 31.03.2022 2021 2020 2019 2018 2017 • Number of shares issued 255.75 million Share price 134.30 133.20 91.00 100.00 89.20 87.00 Stock value (MNOK) 34,347 34,066 23,273 25,575 22,813 22,250 • Trading volume in Q1 Book value per share, (incl. divid