Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q4 2019 Earnings Presentation
68 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2020
Slide 1: = PrareBbank
= PrareBbank 1 SR-BANK
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 25.6 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total assets: NOK 255.9 Billion • Total lending: NOK 211.4 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 103.1 Billion 4 Handelsbanken
Slide 5: Digitalization and growth makes us a finance group for the South of Norway
Digitalization and growth makes us a finance group for the South of Norway Åsane Bergen Sotra Fana +4% Oslo 134 132 Husnes Stord 128 Ølen Aksdal +19% Haugesund 32 Karmsund 29 27 Åkra Kopervik Finnøy +20% 20 +79% Jørpeland 18 18 Randaberg 16 15 Stavanger Sola +37% Sandnes 10 Ålgård 7 8 Bryne 6 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: 27 Commercial bank located in Holding company for
Slide 7: SRBANK share
SRBANK share Development in Price/Book Relativ share price development • International ownership is 27.9% 130 130 1,41,4 130 per 4. quarter 2019. 120 Index 100 = dec 31st 2018 110 110 1,21,2 110 100 9090 1,01,0 NOK • Total market value at 4. quarter NOK 90 p/B p/B 70 0,8 2019 is NOK 25.6 billion. 70
Slide 8: 20 largest shareholders as at 31 December 2019
20 largest shareholders as at 31 December 2019 Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% • Ownership interests as at 31 December 2019: Folketrygdfondet 19.650.845 7,7% • From Rogaland, Agder and Vestland: 42.9% State Street Bank and Trust Co, U.S.A. Nominee 14.306.844 5,6% (
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: A good annual result characterised by solid underlying operations
A good annual result characterised by solid underlying operations, one- off income and a high level of activity 14.0% 37.9% Return on equity after tax 2019 (11.3%) Cost to income 2019 (40,9%) 12.1% excluding merger effect Fremtind Forsikring AS 40.8% excluding merger effect Fremtind Forsikring AS Pr
Slide 11: Key figures 2019 and financial targets for 2020
Key figures 2019 and financial targets for 2020 Return on equity CET 1 Impairment losses 14,0% 17,0%** 16,7% NOK 324 million 11,3% 12,0%* 14,7% NOK 235 million 12,1%* 2018 2019 Target 2020 2018 2019 Target 2020 2018 2019 Growth in costs Growth in loans Dividend share 11,2% 7,6% 5,0% - 7,0% ~ 50% 45%
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 21,2% 16,2% 17,0%** 14,7% 14,7% 14,4% 14,4% 10,1% 10,5% 8,3% 12,8%* Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Cost ratio Earnings per share 42,9% 42,7% 47,0% 4,48 39,0%* 35,6% 3,52 2,06 2,32 1,90 29,8% 2,68 * Q4 18 Q1 19 Q2
Slide 13: Key Figures – annual development
Key Figures – annual development Return on equity CET 1 14,0% 17,0%** 15,1% 14,7% 11,0% 11,3% 12,1%* 2017 2018 2019 2017 2018 2019 Cost ratio Earnings per share 12,22 40,7% 40,9% 40,8%* 8,16 8,98 37,9% 2017 2018 2019 2017 2018 2019 *Excluding merger effect Fremtind Forsikring AS. ** The EU’s capital
Slide 14: Key Figures – annual development
Key Figures – annual development Return on equity Core operating result (MNOK) 14,0% 14,0% 2.925 12,4% 11,7% 2.647 11,0% 11,3% 2.519 10,6% 10,0% 2.200 2.282 2.080 1.924 1.320 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 Impairments on loans/impairments in % of aver
Slide 15: Key figures
Key figures 31.12.2019 31.12.2018 Q4 19 Q3 19 Q2 19 Q1 19 Q4 18 Return on equity after tax (%) 14,0 11,3 8,3 10,5 16,2 21,2 10,1 Net interest margin (%) 1,61 1,54 1,64 1,61 1,58 1,60 1,59 Impairments on loans in % of gross loans incl. covered bond 0,11 0,17 0,26 0,13 -0,04 0,10 0,18 companies Loans
Slide 16: Income statement
Income statement Group Income Statement (MNOK) 31.12.2019 31.12.2018 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Net interest income 3.987 3.439 1.062 1.019 968 938 926 Net commission and other income 1.416 1.437 359 332 384 341 350 Net income on investment securities 1.127 569 22 89 340 676 68 Total in
Slide 17: Change in profit 31.12.2018 – 31.12.2019
Change in profit 31.12.2018 – 31.12.2019 558 89 3.817 -249 493 34 2.892 31.12.2018 Net interest income incl. Other income Net income on Total operating expenses Impairments on loans and 31.12.2019 commission from investment securities financial commitments covered bond companies 17
Slide 18: 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 +527 Total other operating expenses +249 5.403 2.478 4.876 2.229 1.421 1.382 1.352 1.351 1.276 1.279 678 1.006 353 1.349 373 323 583 602 615 932 334 333 576
Slide 19: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 2,78% 2,77% 2,77% 2,85% 2,81% 2,74% 2,73% 2,72% 2,73% 0,63% 0,53% 1,79% 0,41% 1,69% 1,50% 1,51% 1,50% 0,30% 1,40% 1,36% 1,36% 0,24% 0,22% 0,24% 1,32% 0,14% 0,08% 0,04% 0,03% -0,01% -0,06% -0,05% 0,05% -0,09% -0,15% -0,18% Q4 17 Q1 18 Q2 18
Slide 20: 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% 3,1% 3,0% 2,9% 3,2% 3,6% 4,0% 4,5% 4,8% 4,8% 5,2% 2,4% 3,8% 126 128 129 130 132 134 136 125 125 66 68 71 74 74 75 75 61 63 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 1
Slide 21: Loan portfolio as at 31.12.2019
Loan portfolio as at 31.12.2019 • Gross loans (incl. covered bond Agriculture / forestry / fishing 3,7% 3,4% companies) as at 31 December 2019 is 1,9% increased to NOK 211.4 billion from NOK Supply and construction 1,9% 201.4 billion at the same time the year 1,3% Renewable / Green engagement 1,4% b
Slide 22: Lending to commercial property
Lending to commercial property Lending to commercial property Housing cooperative; 1,3% (1,5%) • NOK 33.7 billion, 15.9% of the bank’s Real estate management; total loans. 2,8% (3,2%) • The portfolio is characterised by lending to commercial properties for leasing with Development and sale of long-t
Slide 23: 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 and stable portfolio. ‐ 89% of the exposure is within 85% of the a
Slide 24: 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 2,8% 2,7% 2,4% 2,5% 2,7% 16,7% 16,9% 13,5% 13,6% 14,5% 22,5% 21,9% 19,2% 19,7% 19,0% 53,7% 53,4% 55,4% 56,7% 53,9% 80,5% 80,4% 84,1% 83,9%
Slide 25: 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 % 20,7% 10,0% 8,3% 4,4% 2,3% 0,2% -1,1% 6,0% -5,0% 3,1% 3,9% 3,9% 3,7% 2,9% 3,9% 4,3% 4,2% -10,2% 53 52 51 52 55 54 54 50 54 49 50 46 49 48 48 48 49 50
Slide 26: 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 0,26% 1,55% 1,53% 1,46% 1,40% 1,43% 0,18% 139 0,10% 0,13% 3.250 3.232 92 2.935 2.874
Slide 27: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 27
Slide 28: Funding
Funding • NSFR* 118% • LCR** 155% • NOK 19.2 billion net refinancing need over the next 12 months • Deposit to loans ratio 50.1% 22 Annual funding maturity 20 18 16 14 NOK Billion 12 10 8 6 4 2 0 2020 2021 2022 2023 2024 2025 2026 2027+ Funding ex CB Covered Bonds *The net stable funding ratio (NSFR
Slide 29: MREL
MREL MREL requirement of 32,9% • SR-Bank must meet a minimum requirement for own funds and eligible liabilities (MREL) of 32.9%. 5,5 % • The requirement applies from 31 March 2020, although SR-Bank can include 1,7 % Recapitalization senior debt issued before January 2020 until the requirement regard
Slide 30: An established borrower in the Euromarket
An established borrower in the Euromarket NDASS 3¼ 07/05/2022 25 25 Senior Unsecured SPABOL0 ⅜ 06/24 Corp 65 SHBASS 2⅝ 08/23/2022 65 Covered Bond SRBANK 0 ⅜ 02/10/22 DNBNO 0⅜ 11/20/2024 REGS Corp 55 55 DNBNO 4¼ 01/18/2022 15 SRBANK 0⅜ 10/03/2024 REGS Corp 15 45 45 Bps. Bps. 35 35 Bps. Bps. 25 25 5 5
Slide 31: Solid capital ratio
Solid capital ratio • The EU’s capital adequacy regulations (CRR/CRD IV) came into force on 31 December 2019. These entail, among ROE ROE ROE ROE 10,0% 11,3% 14,0%* other things, a reduction in the capital requirements for 11,0% loans to small and medium-sized enterprises (SME) and 20,4% the elimina
Slide 32: Outlook
Outlook • Expectations of growth in the Norwegian economy in 2020 will contribute to positive growth in the group’s market areas • Continued high consumption, increasing business investments and growth in exports will help the Norwegian economy grow. This could contribute to new jobs and lower unemp
Slide 33: APPENDIX
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 33
Slide 34: Robust economy supported by a large sovereign wealth fund
Robust economy supported by a large sovereign wealth fund and a sound framework for annual spending from the fund Economic Indicators (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019P 2020P 2021P 2022P GDP mainland, annual change (%) 1,9 3,7 2,3 2,2 1,4 0,9 2,0 2,2 2,5 2,4 1,9 1,8 Household consumpt
Slide 35: Lower unemployment (NAV) due to solid growth in the Norwegian economy
Lower unemployment (NAV) due to solid growth in the Norwegian economy Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 6 5 4 3 2 1 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Aust-Agder Rogaland Hordaland Vest-Agder Norge, SSB AKU-arbeidsledighet Norge Source: NAV og
Slide 36: 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 37: Increased petroleum activity on the NCS
Increased petroleum activity on the NCS Activity declined in 2015-2017, but has increased thereafter and expected to increase slighty in 2020 • Overall activity on the Norwegian Continental Petroleum activity on Norwegian Continental Shelf. BNOK (2020 NOK). Shelf (NCS) had a marked increase for many
Slide 38: 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 39: Norwegian hotels – guest nights by foreign and domestic
Norwegian hotels – guest nights by foreign and domestic Hotel guest nights in Norway. Thousand. Rolling 12-month sum 20.000 10000 18.000 9000 16.000 8000 14.000 7000 12.000 6000 10.000 5000 8.000 4000 6.000 3000 4.000 2000 2.000 1000 0 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 20
Slide 40: 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 Export of oil and gas Export mainland Norway Sum export Sum import Export fish Net export Source: Th
Slide 41: 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. 41
Slide 42: Retail trade in Norway increasing
Retail trade in Norway increasing Muted growth in Norway in 2019 - highest growth in Oslo Retail sales (excl. auto), change in turn-over from same 8-month period previous year 12,0 % 10,0 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % -2,0 % -4,0 % 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Norge Rogal
Slide 43: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil price, Norwegian economy, GDP decomposed, quarterly, share annual change (%) of GDP IMF projection 2020 onwards 50% 7 140 6 120 40% 5 100 4 30% 80 3 60 20% 2 40 1 20 10% 0 -1 0 0% -2 -20 -3 -40 -10% 1978 1981 1984 1987 1990 1993 1
Slide 44: 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 1999 2002 2005 2008 2011 2014 2017 Current account balance Government budget balance (transfer to/from the oil fund) Source: Thomson Reuters Da
Slide 45: 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 46: Norwegian house prices have increased by 2,6% last 12 months
Norwegian house prices have increased by 2,6% last 12 months Prices continue to increase most in Oslo, Bergen close to national average, lower in Agder and Stavanger House prices. NOK per sqm. Average all homes. Monthly 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 2003 2005 2007 2009 20
Slide 47: APPENDIX
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 47
Slide 48: 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 • Return on equity of 12.0% after tax in 2019. The longer term (2020) and development. Our growth will give us the ability to provide target is a minimum of 1
Slide 49: 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 50: Balance sheet
Balance sheet Balance sheet (MNOK) 31.12.2019 31.12.2018 Cash and balances with central banks 104 717 Balances with credit institutions 3.142 1.696 Net loans to customers 205.688 190.878 Certificates, bonds and other fixed-income securities 32.792 29.340 Financial derivatives 5.933 5.268 Shares, own
Slide 51: Net commission and other income
Net commission and other income MNOK 31.12.2019 31.12.2018 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Payment facilities 271 260 66 77 66 62 66 Savings/placements 192 196 47 46 53 46 47 Insurance products 192 189 50 48 48 46 46 Commission income real estate broking 399 382 101 91 108 99 98 Guarantee co
Slide 52: Net income on investment securities
Net income on investment securities MNOK 31.12.2019 31.12.2018 Q4 19 Q3 19 Q2 19 Q1 19 Q4 18 Dividends 31 12 0 4 8 19 0 Investment income, associates 875 366 15 98 226 536 113 Securities gains/losses 96 84 20 -24 4 96 -44 - of which capital change in shares and certificates 111 163 36 -6 19 62 11 -
Slide 53: Subsidiaries
Subsidiaries Subsidiaries MNOK 31.12.2019 31.12.2018 EiendomsMegler 1 SR-Eiendom AS Number of sales 6.441 6.487 Operating profit before tax 6 11 SR-Forvaltning AS Capital under management (BNOK) 13 11 Operating profit before tax 25 35 FinStart Nordic AS Operating profit before tax* 27 60 SpareBank 1
Slide 54: Ownership interests
Ownership interests Ownership interests MNOK 31.12.2019 31.12.2018 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5 % Profit after tax 252 289 Profit effect merger 460 IA SpareBank 1 Boligkreditt AS Interest ownership 2,2% 4,8 % Profit after tax 6 -3 SpareBank 1 Næringskreditt AS Interest owners
Slide 55: Operating expenses
Operating expenses MNOK 31.12.2019 31.12.2018 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Payroll and pensions 1.211 1.067 328 307 294 282 270 Other staff expenses 261 230 68 68 63 62 60 Total personnel expenses 1.472 1.297 396 375 357 344 330 IT expenses 364 331 91 91 92 90 85 Marketing 90 88 31 20 20
Slide 56: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement (MNOK) 31.12.2019 31.12.2018 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Corporate customers 211 324 121 82 -33 41 96 Retail customers 24 0 18 -16 14 8 -4 Total impairments 235 324 139 6
Slide 57: 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 57
Slide 58: Risk management principles
• 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 59: Exposure limits 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 60: 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. 60,7% 63,3 % Portfolio quality improved last year. 29,7% 28,7 % 9,7% 8,4 % • The loan portfolio consists mainly of small and medium-sized loans. 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 Probabil
Slide 61: 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. 72,8
Slide 62: Historical LTV development for home mortgage loans
Historical LTV development for home mortgage loans Total home mortgages incl. loans in cover pool Home mortgages in SpareBank 1 SR-Bank ASA 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 31.12.2017 30.06.2018 31.12.2018 30.06.2019 31.12.2019 31.12.2017 30.06.
Slide 63: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which 36 classified to 32 28 amortised 24 Category NOK million Share % cost, MNOK NOK billion 20 Norwegian government/municipal 0 0% 0 16 12 SSA/Foreign guaranteed 11.908 37% 1.531 8 Covered bonds (Norwegian/foreign) 20.68
Slide 64: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA and AA- 32.590 99,2% Low risk A+, A and A- 0 0,0% Moderate risk Not rated 43 0,1% High risk Not rated 75 0,2% Very high risk Not rated 149 0,5% Total portfolio 32.857 100,0% Of which liquidity pur
Slide 65: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Stable Outlook Stable Updated 26 November 2019 Updated 13 January 2020 Ratinghistory AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 Moody's A/A2 A-/A3 Fitch BBB/Baa BB/Ba B 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 66: SR-Bank as of 31.12.2019
SR-Bank as of 31.12.2019 Sparebank 1 SR-Bank share 2019 2018 2017 2016 2015 2014 2013 • Number of shares issued Share price 100,00 89,20 87,00 60,75 39,30 52,50 60,25 255.8 million Stock value (MNOK) 25.575 22.813 22.250 15.537 10.051 13.427 15.409 Book value per share, NOK (group) 89,90 82,27 77,24
Slide 67: 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 68: 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