Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q3 2015 Earnings Presentation
68 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2015
Slide 1: Investor Update Third Quarter 2015
INVESTOR UPDATE THIRD QUARTER 2015
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: 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 2.2 1.3 1.8 Household consumption growth 3.8 2.6 3.0 2.1 2.0 2.6 1.8 Investment growth – mainland* -4.5 6.3 4.5 4.7 1.8 0.5 3.6 Investment growth oi
Slide 5: 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 250 Investments on NCS “Johan Sverdrup” compared to existing 3000 oil fields on the Norwegian 200 continental she
Slide 6: The leading financial group in the southwest of Norway
The leading financial group in the southwest of Norway 1 Rogaland Population 467.000 Market share 37% 2 Year of establishment 1839 Market strategy Market leader Unemployment rate 3.8% 2 Hordaland Population 512.000 Market share 6% Year of establishment 2006 Market strategy Entry/growth Unemployment
Slide 7: 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 8: 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 : 33 Number of man-years : 462 Number of man-years : 168 Number of man-years : 207 Fully owned companies Number of man-years : 204 Number of man-years
Slide 9: SRBANK share performance
SRBANK Development in Price/Book Relative share price development • Converted from equity certificates to 65 1,2 130 shares in 2012. 1,1 120 60 1,0 110 Index 100 = Jan. 1st 2014 55 0,9 • Total market value at 100 p/B NOK 50 0,8 3. quarter 2015 is 90 0,7 45 NOK 10,8 billion. 0,6 80 40 Price 70 0,5 OS
Slide 10: 20 largest shareholders as at September 2015
20 largest shareholders as at September 2015 • International ownership is 18.3% per 3. Investor Number Stake quarter 2015. Sparebankstiftelsen SR-Bank 72.419.305 28,3% Gjensidige Forsikring ASA 26.808.416 10,5% State Street Bank and Trust Co, U.S.A. Nominee 10.030.921 3,9% Vpf Nordea Norge Verdi 6.5
Slide 11: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials Solvency and liquidity position Appendix 11
Slide 12: Stable operating income, good cost control and low losses
Stable operating income, good cost control and low losses Pre-tax profit for the quarter is NOK 489 million compared to NOK 577 million last year - Return on equity after tax 9.3% Pre-tax profit year-to-date is NOK 1.669 million compared to NOK 2.048 million last year - Return on equity after ta
Slide 13: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 capital ratio 12,1% 12,3% 12,2% 11,3% 11,5% 12,2% 12,7% 11,7% 10,8% 9,3% Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Cost/income ratio Earnings per share (NOK) 1,94 47,3% 1,78 1,75 45,1% 1,69 44,6% 42,5% 42,3% 1,47 Q3 14 Q4 1
Slide 14: Key figures
Key figures 30.09 30.09 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Return on equity after tax (%) 10,9 15,0 9,3 10,8 12,7 11,7 12,2 Net interest margin (%) 1,42 1,43 1,39 1,44 1,45 1,51 1,48 Impairment losses on loans and guarantees in % of gross loans 0,21 0,17 0,25 0,12 0,25 0,27 0,2 -incl. covered bond
Slide 15: Income statement
Income statement 30.09 30.09 Group Income Statement (MNOK) 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Net interest income 1.915 1.749 649 639 627 655 621 Net commission and other income 1.160 1.327 353 399 408 405 403 Net income on investment securities 317 662 12 94 211 116 142 Total income 3.392 3.738 1.
Slide 16: Change in profit 30.09.2014 – 30.09.2015
16 0 1.000 1.500 2.500 2.000 500 30.09.2014 2.048 Net interest income incl. commission from -7 covered bond companies 6 Other income Net income on investment securities - 345 31 Total operating expenses Change in profit 30.09.2014 – 30.09.2015 Impairment losses on loans and - 64 guarantees 30.09.201
Slide 17: Consolidated income profile
Consolidated income profile 1200 1.052 1.094 1.108 1.060 1.027 1000 315 324 310 333 298 800 34 73 28 90 22 25 93 84 66 55 MNOK 600 400 621 655 627 639 649 200 0 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Net interest income Commission income from covered bond companies Profit before tax from covered bond compani
Slide 18: Lending and deposit margins
Lending and deposit margins Lending margins 2,99% 2,93% 2,92% 2,90% 2,89% 2,80% 2,66% 2,59% 2,59% 2,21% 2,21% 2,20% 2,08% 1,97% 1,95% 1,95% 1,64% 1,61% Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Corporate market Retail market Deposit margins -0,25% -0,18% -0,45% -0,44% -0,47% -0,48% -0,25
Slide 19: Lending volume and 12 months growth
Lending volume and 12 months growth Corporate Market (incl. Capital Markets) 60 000 50 000 13,8% 15% 12,8% 12,5% 40 000 MNOK 10% 30 000 20 000 4,5% 4,6% 5,6% 5% 1,4% 2,5% 10 000 0,7% 0 0% Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Volume Growth % Retail Market 120 000 100 000 15% 80 000 M
Slide 20: Loan portfolio as at 30.09.2015
Loan portfolio as at 30.09.2015 • Gross loans as at 30 September 2015 Agriculture / forestry / fishing 2,9% 2,8% amount to NOK 182.9 billion compared 3,5% Industry, Power/water supply and construction with NOK 170.3 billion at the same time 3,6% Retail trade, hotels and restaurants 1,5% last year. 1
Slide 21: 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 and 100% stable. 90% 80% 67,6% • 90.3% of the exposure is within 85% of 70% 66,5% the assessed value of collateral. 60% 50% 40% 30% 23,9% 23,8% 20% 10% 5,3% 6,0% 3,2% 3,7% 0% Bel
Slide 22: 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% 24,9% 26,7% 24,8% 22,7% 21,8% 80% • The share of customers with PD* 60% 56,5% 57,5% 56,8% 56,0% 55,8% 40% below 2.5% has increased, mainl
Slide 23: Deposits volume and 12 month growth
Deposits volume and 12 month growth Corporate Market* • Last 12 months deposits increased by NOK 7.8 billion to 89.0 billion. 50000 24,1% 26,1% 40000 18,9% 20,3% 25% • Corresponds to an increase in the 17,7% MNOK 30000 12,6% 13,9% 15% period of 9.5%. 20000 6,6% 1,7% 5% 10000 0 -5% Q3 13 Q4 13 Q1 14
Slide 24: Operating expenses
Operating expenses 30.09 30.09 MNOK 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Personnel expenses 887 884 284 300 303 303 304 Restructuring- and non-recurring costs, pensions -56 10 -63 0 7 5 3 Total personnel expenses 831 894 221 300 310 308 307 IT expenses 215 202 70 73 72 75 69 Marketing 71 67 24 26 21
Slide 25: Impairment losses on loans / Non-performing and doubtful commitments
Impairment losses on loans/ Non-performing and doubtful commitments Impairment losses on loans Non-performing and doubtful commitments 0,27% 0,25% 0,25% 0,20% 0,12% 0,22% 0,20% 0,21% 0,16% 0,10% 0,77% 0,81% 0,78% 0,66% 0,68% 20 0,62% 0,66% 0,64% 0,54% 0,56% 50 62 21 533 729 716 513 683 68 19 48 46 3
Slide 26: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Financials liquidity position Solvency and liquidity position Appendix 26
Slide 27: Funding
Funding • Well diversified funding. Deposits to loans ratio • Greater share of senior funding last year. ‒ 6 outstanding euro-benchmarks with due dates in 100,0 % each of the years 2016- 2021. 80,0 % 60,6 % 59,6 % 61,2 % 60,4 % 59,1 % 57,5 % 59,4 % 60,4 % 58,6 % ‒ Issuance of euro-benchmark OMF thro
Slide 28: An established borrower in the Euromarket
An established borrower in the Euromarket SEB 2 02/19/2021 Corp DNBNO 3⅞ 06/29/2020 Corp 100 NDASS 4 06/29/2020 Corp 100 100 POHBK 2 03/03/2021 Corp 100 SRBANK2 ⅛ 02/20 Corp SRBANK2 ⅛ 04/21 Corp 80 80 80 NDASS 2 02/17/2021 Corp 80 60 60 60 60 Bps. Bps. Bps. Bps. 40 40 40 40 20 20 20 20 0 0 0 0 Sep-1
Slide 29: Funding structure
Funding structure • LCR of 164% at the end of September Average maturity of long term funding (excl. covered bonds) 2015. Average LCR during Q3 2015 was 125%. 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 Q1 13 Q2 14 Q3 1
Slide 30: Capital ratio
Capital ratio • SpareBank 1 SR-Bank is compliant with 18% capital requirements per 30.09.2015. 16% • SpareBank 1 SR-Bank received IRB 15,4% 15,2% 14% Advanced approval for the corporate 13,1% 13,1% market portfolio in the first quarter of 12% 13,1% 2015. 12,2% 10% • The use of different risk weights
Slide 31: RWA home mortgages
RWA home mortgages • RWA on home mortgages reflects a solid and stable portfolio. 22,1 % 22,5 % 22,6 % • The shift that occurs from the first quarter of 2015 is due to restrictions on PD and LGD imposed by the Norwegian 16,2 % 16,3 % FSA. Probability of default (PD) through a full cycle of loss. 30.
Slide 32: 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% 16,00% capital going forward. 11,0 -13,5% ROE ROE • Norges Bank has decided that the 14,00% ROE 10,9 % 14,00% 14,2 % 14,0 % countercyclical buffer will increased to 1.5% ROE
Slide 33: Outlook
Outlook Uncertainty, especially in the petroleum sector, has increased due to lower oil prices. From record high levels, oil investments are expected to be reduced with approximately 12% - 15% in 2015, and continue with the same magnitude in 2016. Major infrastructure projects and high activity
Slide 34: Agenda
Agenda Introduction to SpareBank 1 SR-Bank ASA Financials Solvency and liquidity position Appendix 34
Slide 35: 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 36: SpareBank 1 SR-Bank has a well diversified portfolio
SpareBank 1 SR-Bank has a well diversified portfolio 8.9% (8.6%) of total EAD is related to oil operations SpareBank 1 SR-Bank* has total BNOK 207.1 (201.4) EAD per 31.05.2015 BNOK 18.3 (17.6) EAD is related to oil operations Oil service; 2.6% (2.6%) Corporate market excl. oil operations; 25.0% (24.
Slide 37: Oil services - total NOK 5.3 billion
Oil services - total NOK 5.3 billion (NOK 5.2 billion as at 31.12.2014) Exploration and concept studies Oil services • EAD NOK 0.6 billion • EAD NOK 5.3 billion, 2.6% of the bank's total EAD • Average weighted probability of default 2.5% • Average weighted probability of default for the oil services
Slide 38: Oil and gas - total NOK 2.6 billion
Oil and gas - total NOK 2.6 billion (NOK 2.2 billion as at 31.12.2014) Exploration financing Exploration and production companies • EAD NOK 963 million • EAD NOK 2.6 billion, 1.3% of the bank's total EAD • Average weighted probability of default • Average weighted probability of default for the oil
Slide 39: Offshore - total NOK 10.4 billion
Offshore - total NOK 10.4 billion (NOK 9.9 billion as at 31.12.2014) Offshore Service Vessels Offshore • EAD NOK 7.5 billion, average weighted • EAD NOK 10.4 billion, 5.0% of the bank's total EAD probability of default is 1.1%, weighted • Average weighted probability of default for the offshore port
Slide 40: Offshore Service Vessels
Offshore Service Vessels PSV Offshore Service Vessels • EAD NOK 2.8 billion, weighted average age is 4.6 • Most customers with long history as a borrower in SpareBank 1 SR-Bank years • Most of the companies are listed on stock exchange or family owned • A major part is industrially focused companies
Slide 41: Offshore Service Vessels – largest customer group
Offshore Service Vessels – largest customer group • SpareBank 1 SR-Bank has 9 single loan exposures within offshore service vessels where EAD is 5 above NOK 250 million. 4 4 • Only 2 are above NOK 750 million. 4 3 3 3 2 2 1 1 1 1 0 Nok 250-500 million NOK 501-750 million NOK 751-1000 million NOK 100
Slide 42: Results from stress test
Results from stress test Estimate of cash flow for servicing interest and installment • Assumptions • Based on known income statement and balance sheet figures • Rates and utilization from known contracts or; • Utilization 60% - 70% for spot contracts • Rate levels similar to 3. quarter 2015 • Resul
Slide 43: Lending to commercial property
Lending to commercial property Letting of real estate - oil operations Lending to commercial property • EAD NOK 3.5 billion 1.7% of total EAD, • EAD NOK 28.4 billion 15.6% of the bank’s total EAD which of; • The portfolio is characterised by lending to commercial properties for • Oil operations: EAD
Slide 44: 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 45: Our vision: Recommended by customers
Our vision: Recommended by customers Primary objective Financial targets • SpareBank 1 SR-Bank ASA is committed to value • Return on equity of 12% after tax in 2015. In the long- creation in the bank`s core market area term, under prevailing market conditions, the target is a minimum of 12%. • Susta
Slide 46: 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 Compan
Slide 47: 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 27 = 100 2015 governments financial liabilities (in per cent of GDP) 150 100 50 0 -50 -100 -150 -200 -250 Gross Debt Net Debt 2014 government deficit/surplus (in per cent of GDP) The market view; 5 yea
Slide 48: 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 49: Housing and mortgage markets – Key characteristics
Housing and mortgage markets – Key characteristics Mortgage • Total size approximately NOK 2,500 billion (USD 320bn, €280bn) Household credit growth • Private banks (incl. savings banks) are the dominant suppliers of mortgages Market with over 90% market share (12 months growth rate) • Scheduled rep
Slide 50: Norwegian Housing and Mortgage Market
Norwegian Housing and Mortgage Market Population Change and Completed Housing Units Source: Statistics Norway 50
Slide 51: Norwegian Housing and Mortgage Market – house price development
Norwegian Housing and Mortgage Market - Nominal and real house price development Index of House Prices, Norway, Monthly (Jan 2005 = 100) Source: Eiendomsverdi through August 2015, SpareBank 1 Boligkreditt ‘s projections and indexation 51
Slide 52: Aggregate Household Debt Burden
Aggregate Household Debt Burden 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, chi
Slide 53: Balance sheet
Balance sheet Balance sheet (MNOK) 30.09.2015 30.09.2014 Cash and balances with central banks 2.923 336 Balances with credit institutions 2.843 2.216 Net loans to customers 151.078 136.685 Certificates, bonds and other fixed-income securities 20.484 16.802 Financial derivatives 7.099 4.023 Shares, o
Slide 54: Net commission and other income
Net commission and other income 30.09 30.09 MNOK 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Payment facilities 180 179 66 56 58 57 66 Savings/placements 142 130 45 48 49 42 45 Insurance products 142 131 48 47 47 46 45 Commission income real estate broking 301 333 84 113 104 101 105 Guarantee commission 95
Slide 55: Net income on investment securities
Net income on investment securities 30.09 30.09 MNOK 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Dividends 16 35 1 8 7 1 10 Investment income, associates 312 368 78 101 133 138 150 Securities gains/losses -137 222 -100 -14 -23 -41 -34 - of which capital change in shares and certificates -6 208 -6 -4 4 24 -2
Slide 56: Subsidiaries
Subsidiaries MNOK 30.09.15 30.09.14 EiendomsMegler 1 SR-Eiendom AS Number of sales 5.207 5.793 Operating profit before tax 27 47 SpareBank 1 SR-Finans AS Total assets (BNOK) 7 7 Operating profit before tax 119 110 SR-Forvaltning AS Total assets under management (BNOK) 9 9 Operating profit before tax
Slide 57: Ownership interests
Ownership interests MNOK 30.09.15 30.09.14 SpareBank 1 Gruppen AS Interest ownership 19,5 % 19,5 % Profit after tax 183 262 Adjusted profit previous years 0 -4 SpareBank 1 Boligkreditt AS Interest ownership 20,1 % 20,4 % Profit after tax 70 30 Adjusted profit previous years 0 2 SpareBank 1 Næringskr
Slide 58: Impairment losses on loans and guarantees
Impairment losses on loans and guarantees 30.09 30.09 Losses on loans in income statement (MNOK) 15 14 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Corporate customers 120 140 39 19 62 27 39 Retail customers 19 11 7 6 6 4 9 Change in collective impairment losses on loans 89 13 50 19 20 62 21 Net impairment losses
Slide 59: Risk profile of the loan portfolio
Risk profile of the loan portfolio • SpareBank 1 SR-Bank has a stable and Distributed by risk class low risk portfolio. 100% 80% 55,4% 58,3% 60% • More than half of the bank’s loan 33,3% 31,8% 40% exposure has a PD* below 0.5%. 20% 11,3% 9,9% 0% 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 • Single loan expo
Slide 60: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio • At the end of Q3 2015, SpareBank 1 SR-Bank had Distributed by loss given realisation (LGR) a total of 40 commitments with a loss potential exceeding NOK 100 million. 100% • These commitments represent 7.8% of the loan exposure. 80% 74,7
Slide 61: 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 100% 3,1% 3,2% 2,9% 2,6% 2,5% 20,1% 20,2% 18,6% 17,2% 17,2% has low potential losses. 80% 60% • The proportion of loans with a PD* 4
Slide 62: 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% 30.09.2013 31.03.2014 30.09.2014 31.03.2015 30.09.2015 30.09.2013 31.03.2014 30.09.2014 31
Slide 63: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which, 26 securities 24 classified to 22 20 NOK amortised 18 Category million Share % cost, MNOK 16 BNOK 14 Norwegian government/municipal 1.627 8% 0 12 10 SSA/Foreign guaranteed 5.477 27 % 0 8 6 Covered bonds 4 (Norwegian
Slide 64: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA og AA- 19.385 94,7 % Low risk A+, A og A- 111 0,5 % Moderate risk BBB+, BBB og BBB- 583 2,8 % High risk BB+, BB og BB- 80 0,4 % Very high risk B+ and lower 309 1,5 % Total portfolio 20.468 100,0 %
Slide 65: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Stable Outlook Stable Updated 19 May 2015 Updated 19 November 2014 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 31.03.15 30.
Slide 66: SRBANK as at September 2015
SRBANK as at September 2015 • Ownership interests: 30.09.15 2014 2013 2012 2011 – From Rogaland, Agder-counties and Hordaland: 49.4% Share price 42,40 52,50 60,25 37,20 40,70 – International: 18.3% – 10 largest: 56.0% Stock value (MNOK) 10.844 13.427 15.409 9.514 5.182 – 20 largest: 63.8% • Number o
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
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