Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q2 2021 Earnings Presentation
69 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2021
Slide 1: SpareBank 1 SR-Bank Quarterly presentation
SpareBank (4 SR-BANK Quarterly oresenailte:,
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 29.1 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total assets: NOK 299.9 Billion • Total lending: NOK 225.7 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 136.2 Billion 4 Handelsbanken
Slide 5: Finance group for South of Norway
Finance group for South of Norway Åsane Bergen Sotra Fana 0% Nydalen Oslo 134 135 134 Ensjø Husnes Stord Ølen +21% Aksdal 36 34 Haugesund 30 Kopervik +14% +52% Åkra 25 Finnøy 20 21 19 20 Jørpeland Randaberg 16 +19% Stavanger* Sola Sandnes 10 10 9 Bryne Ålgård Varhaug Egersund Grimstad Rogaland Vestl
Slide 6: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Business divisions Fully owned companies Partly owned companies EiendomsMegler 1 SR-Boligkreditt BN Bank SpareBank 1 Gruppen Capital Market (35.0%) (19.5%) Leading real estate broker Covered Bond Funding Number of man-years: 26 Commercial bank located in Holding company for t
Slide 7: SRBNK share
SRBNK share Development in Price/Book Relativ share price development • International ownership is 22.7% 130 1,4 200 Price 180 Index 100 = jun 30th 2020 per 2. quarter 2021. 120 110 P/B 1,2 160 100 140 1,0 90 • Total market value at 2. quarter NOK 120 p/B 80 2021 is NOK 29.1 billion. 0,8 100 70 80 O
Slide 8: 20 largest shareholders as at 30 June 2021
20 largest shareholders as at 30 June 2021 Investor Number Stake Sparebankstiftelsen SR-Bank 72,419,305 28.3% • Ownership interests as at 30 June 2021: Folketrygdfondet 18,976,426 7.4% • From Rogaland, Agder, Vestland, Oslo Brown Brothers Harriman & Co, U.S.A. Nominee 6,612,187 2.6% and Viken: 65.5%
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: A strong result characterised by growth, increased income and lower impairments
A strong result characterised by growth, increased income and significantly lower impairment provisions Result 2. quarter 2021 Result 30 June 2021 13.2% 12.4% 3.3% Return on equity after tax Return on equity after tax 12 months lending growth Pre-tax profit NOK 959 million Pre-tax profit NOK 1,839 m
Slide 11: Key figures and financial targets for 2021
Key figures and financial targets for 2021 Return on equity CET 1* Impairment provisions NOK 2,030 million 18.3% 17.9% 16.7% 12.4% > 11.0% 6.4% NOK NOK 179 million 300 - 450 million 2020 30.06.2021 Target 2021 2020 30.06.2021 Target 2021 2020 30.06.2021 Estimate 2021 Growth in costs (12 months) Grow
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1* 18.3% 18.5% 18.3% 18.1% 17.9% 11.6% 13.2% 8.2% 9.7% 4.0% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Cost to income ratio Earnings per share 3.13 2.74 38.0% 39.2% 37.9% 40.1% 2.30 34.2% 1.90 0.91 Q2 20 Q3 20 Q4 20 Q1 21 Q2 2
Slide 13: Income statement
Income statement Group Income Statement (MNOK) 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Net interest income 1,996 2,107 1,001 995 994 1,041 1,026 Net commission and other income 856 690 454 402 370 336 344 Net income on investment securities 459 269 243 216 240 190 297 Total inc
Slide 14: Change in profit 30 June 2020 – 30 June 2021
Change in profit 30 June 2020 – 30 June 2021 1,212 1,839 190 166 513 -131 -111 30.06.2020 Net interest income Other income Net income on Total operating Impairments on 30.06.2021 investment securities expenses loans and financial commitments 14
Slide 15: Consolidated income and cost profile
Consolidated income and cost profile Income profile Cost profile Net commission and other income Total other operating expenses Net interest income Total personnel expenses +55 +131 2,797 2,852 1,293 1,162 1,397 1,455 690 856 681 1,370 1,377 1,364 629 612 488 570 595 484 344 330 365 402 454 258 228
Slide 16: Key figures
Key figures 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Return on equity after tax (%) 12.4 3.7 13.2 11.6 9.7 8.2 4.0 Net interest margin (%) 1.38 1.57 1.36 1.40 1.40 1.48 1.5 Impairments on loans in % of gross loans incl. covered bond company 0.16 1.29 0.10 0.22 0.49 0.67 1.5 Loan
Slide 17: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 3.17% 0.67% 3.02% 3.00% 2.98% 2.82% 2.78% 2.80% 2.86% 0.56% 2.71% 0.45% 0.42% 2.81%** 1.85% 0.17% 1.73% 0.07% 0.11% 0.09% 1.59% 1.63% 1.48% 1.49% 1.32% 1.33% 1.28% -0.13% -0.05% -0.18% -0.12% -0.15% -0.19% -0.17% -0.43% -0.24% -0.25% Q2 19
Slide 18: Lending volume and 12 months growth
Lending volume and 12 months growth Retail Market Corporate Market 12 months growth % 11.8% 12 months growth % 6.6% 10.3% Volume in NOK billion 6.3% Volume in NOK billion 5.8% 5.6% 5.6% 5.3% 5.2% 5.6% 5.3% 4.8% 4.8% 4.5% 2.7% -0.7% -1.2%* -3.6% 132 134 136 137 140 143 144 145 148 74 75 75 78 78 77 7
Slide 19: Loan portfolio as at 30 June 2021
Loan portfolio as at 30 June 2021 • Gross loans (incl. covered bond company) Agriculture / forestry / fishing 3.9% 3.7% increased to NOK 225.8 billion as at 30 2.1% June 2021 from NOK 218.6 billion at the Supply and construction 2.0% same time the year before. 1.6% Renewable / Green engagement 1.6%
Slide 20: 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 reduction in LTV is due to higher market value of collateral (housing). • RWA on home mortgages reflects a solid portfolio with a moderate loan-to- value ratio and low potential los
Slide 21: 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% 2,5% 1,9% 1,8% 13,3% 13,4% 13,9% 13,8% 13,7% 15,9% 19,3% 18,3% 17,4% 15,2% 57,5% 53,9% 55,6% 56,6% 57,5% 84,3% 84,2% 83,6% 84,2%
Slide 22: Deposit volume and 12 months growth
Deposit volume and 12 months growth Retail Market Corporate Market 40.0% 12 months growth % 12 months growth % 37.1% Volume in NOK Billion 9.4% 9.6% Volume in NOK Billion 9.1% 8.4% 7.3% 7.6% 19.9% 6.0% 12.3% 7.3% 4.5% 4.3% 4.2% 2.3% -1.1% -10.2% 68 72 60 59 59 60 64 59 55 54 54 56 49 50 50 52 55 48
Slide 23: Impairments per quarter
Impairments per quarter 831 • The group’s net impairments on loans and financial liabilities were reduced from NOK 1,391 million as at 30 June 2020 to NOK 179 million as at 30 June 2021. This represents a reduction of NOK 1,212 million 560 • Of gross loans the impairment provisions were reduced by 1
Slide 24: Impairments on loans and Stage 3 loans
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 1.8% 1.9% 1.9% 1.8% 1.53% 1.6% 0.67% 4,991 5,109 4,943 0.49% 4,836 0.22% 4,133 1,261
Slide 25: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement (MNOK) 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Corporate customers 180 1,315 59 121 266 360 771 Retail customers -1 76 -1 0 4 9 60 Total impairments 179 1,391 5
Slide 26: Reduced exposure against offshore sector
Reduced exposure against offshore sector Total EAD related to offshore is reduced to 2.6% in 2. quarter 2021 from 5.0% in 2. quarter 2015 • Offshore ‐ EAD NOK 6.6 billion (NOK 9.2 billion), 2.6% of the bank’s total EAD ‐ Exposure primarily to industrial oriented shipping companies with integrated or
Slide 27: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 27
Slide 28: Funding
Funding • NSFR* 122% • LCR** 167% • NOK 21.6 billion net refinancing need over the next 12 months • Deposit to loans ratio 60.3% • MREL requirement 34.4% • The Norwegian FSA recognize that there is uncertainty regarding the MREL subordination requirement, and until clarification they maintain full s
Slide 29: An established borrower in the Euromarket
An established borrower in the Euromarket Covered Bond SPABOL0 ⅜ 06/24 Corp Senior Unsecured SHBASS 0⅛ 06/18/2024 25 25 160 160 DNBNO 0⅜ 11/20/2024 REGS Corp 140 DNBNO 0¼ 04/09/2024 140 120 SRBANK0 ⅝ 03/25/2024 120 15 SRBANK 0⅜ 10/03/2024 REGS Corp 15 Bps. Bps. 100 100 Bps. Bps. 80 80 60 60 5 5 40 4
Slide 30: Solid capital ratio
Solid capital ratio • The CET 1 requirement is 15.2% incl. 1.0% in management ROE ROE ROE 14.0% 6.4% 12.4% buffer after the countercyclical buffer was reduced from 2.5% to 1.0% in March 2020 and the systemic risk buffer was 21.7% increased from 3.0% to 4.5% in December 2020. 21.2% CET 1 20.4% 19.9%
Slide 31: Collective development effort
Collective development effort SpareBank 1 Utvikling is SpareBank 1 SR-Bank’s business partner in product and service development. Together we simplify people’s everyday finances and improve customers journey through data-driven development. 14 banks pool their efforts to achieve economies of scale a
Slide 32: Named one of Norway's best mobile banks
Named one of Norway’s best mobile banks* • Best liked mobile bank in the Norwegian market (Kantar Posisjon PM 21). • Record activity in June: 28.4 million logins. • The average customer logs in 33 times a month, i.e. on average more than once a day. • Simple and secure login process and better user
Slide 33: Bank+Accounting
Bank+Accounting = time to do what you do best. Simpler workdays with banking and accounting in one place.
Slide 34: Outlook
Outlook • The Covid-19 pandemic is having significantly less economic impact in 2021 than last year. A controlled reopening of the economy has started, and the national rate of vaccination is good • A 0.25 %-point increase in the policy rate is expected from September 2021, followed by a further thr
Slide 35: Appendix
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 35
Slide 36: 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 2,3 -2,5 3,1 4,1 2,4 1,9 Household consumption, annual change (%) 2,4 3,5 2,8 2,1 2,7 1,1 2,2 1,6 1,4 -6,9 5,1 7,9
Slide 37: Lower unemployment due to reopening of the economy
Lower unemployment (NAV) due to reopening of the economy Unemployed increased from 3% to 8% in March 2020 but has fallen to 3,1% by 2. quarter 2021. Still highest in Oslo. Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 10 9 8 7 6 5 4 3 2 1 0 2003 2005 2007 2009 2011 2013 20
Slide 38: Employment (and GDP) by sector
Employment (and GDP) by sector Norway - employment and GDP per sector 2020. Share (%) in sectors 30% 45% 40% 25% 35% 20% 30% 25% 15% 20% 10% 15% 10% 5% 5% 0% 0% Public sector Retail inc auto Other service Construction Manufactuering Property Transportation Information Accomodation Primary Oil, gas a
Slide 39: Stable petroleum activity in Norway in 2020 and 2021
Stable petroleum activity in Norway in 2020 and 2021 Uncertainty was high after Covid-19, but decreased due to support package in June 2020 and higher prices • Overall activity on the Norwegian Continental Petroleum activity on Norwegian Continental Shelf. BNOK (2021 NOK). Shelf (NCS) increased by 6
Slide 40: 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 2020 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right ha
Slide 41: 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 42: 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 43: 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. 43
Slide 44: High growth in retail trade in Norway in 2020
High growth in retail trade in Norway in 2020, but lower growth in 2021 Covid-19 has had a big impact, especially lifting e-commerce and groceries, but also some other goods Retail sales (excl. auto), change in turn-over from same 2-month period previous year. Last obs: jan-feb 2021 21,0 % 16,0 % 11
Slide 45: Norwegian economy impacted by Covid-19
Norwegian economy impacted by Covid-19 Norwegian business surveys Norway – consumer confidence indicator 4 25 40 20 3 30 15 2 10 20 5 1 10 0 -5 0 0 -10 -1 -15 -10 -20 -2 -20 -25 -3 -30 -30 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Central Bank business survey, outlook coming 6 months (all se
Slide 46: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil Norwegian economy, GDP decomposed, quarterly, 8 price, annual change (%) 140 share of GDP IMF (global) and OECD (Norway) 120 50% 6 100 40% 4 80 30% 60 2 40 20% 0 20 10% 0 -2 0% -20 -10% -4 -40 1978 1981 1984 1987 1990 1993 1996 19
Slide 47: 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 2020 Government pension fund global (oil fund) Oil fund t
Slide 48: Norwegian house prices have increased by 10% last 12 months
Norwegian house prices have increased by 10% last 12 months Sales and prices have increased from summer 2020, but somewhat less price pressure last months House prices. NOK per sqm. Average all homes. Monthly 100.000 120% 90.000 100% 80.000 70.000 80% 60.000 50.000 60% 40.000 40% 30.000 20.000 20% 1
Slide 49: Appendix
APPENDIX 1) Macro 2) SpareBank 1 SR-Bank 49
Slide 50: 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 51: 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 52: Balance sheet
Balance sheet Balance sheet (MNOK) 30.06.2021 30.06.2020 Cash and balances with central banks 137 645 Balances with credit institutions 9,588 8,752 Net loans to customers 223,457 211,779 Certificates, bonds and other fixed-income securities 50,997 38,921 Financial derivatives 5,396 10,229 Shares, ow
Slide 53: Net commission and other income
Net commission and other income MNOK 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Payment facilities 111 130 56 55 64 54 61 Savings/placements 114 96 61 53 51 48 48 Insurance products 112 101 56 56 54 53 50 Commission income real estate broking 242 189 132 110 100 107 104 Guarantee
Slide 54: Net income on investment securities
Net income on investment securities MNOK 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Dividends 9 17 9 0 39 1 17 Investment income, associates 302 387 193 109 129 147 145 Securities gains/losses 132 -176 26 106 -1 36 122 - of which capital change in shares and certificates 173 -94 6
Slide 55: Subsidiaries
Subsidiaries Subsidiaries MNOK 30.06.2021 30.06.2020 EiendomsMegler 1 SR-Eiendom AS Number of sales 4,096 3,184 Operating profit before tax 46 26 SR-Forvaltning AS Capital under management (BNOK) 15 12 Operating profit before tax 16 10 FinStart Nordic AS Operating profit before tax 69 -87 SpareBank
Slide 56: Ownership interests
Ownership interests Companies MNOK 30.06.2021 30.06.2020 SpareBank 1 Gruppen AS Interest ownership 19.5% 19.5% Profit after tax 215 -7 Profit effect merger 0 340 BN Bank ASA Interest ownership 35.0% 35.0% Profit after tax 82 50 SpareBank 1 Forvaltning* Interest ownership 19.5% - Profit after tax 6 0
Slide 57: Operating expenses
Operating expenses MNOK 30.06.2021 30.06.2020 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Payroll and pensions 610 555 326 284 332 297 277 Other staff expenses 195 123 97 98 69 60 53 Total personnel expenses 805 678 423 382 401 357 330 IT expenses 189 190 97 92 88 95 98 Marketing 37 36 19 18 19 16 17 Ad
Slide 58: 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 58
Slide 59: 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 60: 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 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. 64,2% 65,3 % Portfolio quality improved last year. 28,7% 28,4 % 8,2% • The loan portfolio consists mainly of small and 6,3 % medium-sized loans. 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 Probabil
Slide 62: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio 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
Slide 63: 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% 30.06.2019 31.12.2019 30.06.2020 31.12.2020 30.06.2021 30.06.2019 31.12.
Slide 64: Liquidity portfolio
Liquidity portfolio 60 Liquidity buffer – survival period 56 Liquidity portfolio 52 48 44 Of which 40 classified to 36 amortised 32 Category NOK million Share % cost, MNOK NOK billion 28 24 Norwegian government/municipal 0 0.0% 0 20 16 SSA/Foreign guaranteed 27,336 53.9% 3,618 12 Covered bonds (Norw
Slide 65: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA and AA- 50,757 99.5% Low risk A+, A and A- 0 0.0% Moderate risk Not rated 36 0.1% High risk Not rated 73 0.1% Very high risk Not rated 156 0.3% Total portfolio 51,022 100.0% Of which liquidity pur
Slide 66: Rating
Rating Moody’s Long-term debt A1 Outlook Stable Updated 22 March 2021 Ratinghistory 66
Slide 67: SR-Bank as at 30 June 2021
SR-Bank as at 30 June 2021 SpareBank 1 SR-Bank share 30.06.2021 2020 2019 2018 2017 • Number of shares issued Share price 113.70 91.00 100.00 89.20 87.00 255.7 million Stock value (MNOK) 29,079 23,273 25,575 22,813 22,250 • Trading volume in Q2 2021: Book value per share, NOK (group) 96.08 95.97 89.
Slide 68: 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 69: Contact Details
Contact Details Address Christen Tranes Gate 35 Tel: +47 915 02002 Postboks 250 www.sr-bank.no 4068 Stavanger Management Benedicte Schilbred Fasmer CEO Tel.: +47 950 60 034 E-post: benedicte.fasmer@sr-bank.no Inge Reinertsen CFO Tel.: +47 909 95 033 E-post: inge.reinertsen@sr-bank.no Investor Relati