Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q3 2020 Earnings Presentation
69 slides from Sparebank 1 Sor-norge Asa's earnings presentation, 2020
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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 19.8 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total assets: NOK 280.3 Billion • Total lending: NOK 220.2 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 113.2 Billion 4 Handelsbanken
Slide 5: Digitalization and growth makes SR-Bank a finance group for the South of Norway
Digitalization and growth makes SR-Bank a finance Åsane Bergen group for the South of Norway Sotra Fana +3% Nydalen Oslo 134 135 Ensjø Husnes 131 Stord Ølen Aksdal +24% 35 Haugesund 31 28 Åkra Kopervik Finnøy +20% +63% 21 22 19 Randaberg Jørpeland 17 16 Stavanger* +12% 13 Sola Sandnes 9 8 Ålgård 7 B
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: 24 Commercial bank located in Holding company for t
Slide 7: SRBANK share
SRBANK share Development in Price/Book Relativ share price development • International ownership is 22.3% 130 1,4 130 Index 100 = sep 30th 2019 per 3. quarter 2020. 120 120 110 1,2 110 100 100 1,0 90 90 • Total market value at 3. quarter NOK p/B 80 80 2020 is NOK 19.8 billion. 0,8 70 70 60 Price 60
Slide 8: 20 largest shareholders as at 30 September 2020
20 largest shareholders as at 30 September 2020 Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3 % • Ownership interests as at 30 September 2020: Folketrygdfondet 21.179.990 8,3 % • From Rogaland, Agder and Vestland: 44.1% (43.0%) Brown Brothers Harriman & Co, U.S.A. Nominee 6.612.1
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: A stronger result with growth and good underlying operations
A stronger result with growth and good underlying operations 8.2% Return on equity after tax for the quarter 4.9% Pre-tax profit is NOK 603 million 12 months lending growth Of which retail market 6.6% and corporate market 2.7% NOK 369 million Impairments on gross lending and financial commitments fo
Slide 11: Key figures and financial targets for 2020
Key figures and financial targets for 2020 CET 1 Growth in costs (12 months) Growth in loans (12 months) 17,0% 18,5% 16,7% 11,2% 4,9% 4,9% 3,0% - 5,0% < 0,0% 2019 30.09.2020 Target 2020 -2,4% 2019 30.09.2020 Estimate 2020 2019 30.09.2020 Target 2020 11
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 17,7% 18,3%* 18,5%* 17,0% 14,2% 10,5% 8,3% 8,2% 3,4% 4,0% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Cost to income ratio Earnings per share 42,7% 47,0% 2,32 42,3% 38,0% 1,90 1,97 34,2% 0,86 1,00 Q3 19 Q4 19 Q1 20 Q2 20 Q3 2
Slide 13: Key figures
Key figures 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Return on equity after tax (%) 5,2 16,0 8,2 4,0 3,4 8,3 10,5 Net interest margin (%) 1,54 1,60 1,48 1,50 1,64 1,64 1,61 Impairments on loans in % of gross loans incl. covered bond 1,08 0,06 0,67 1,53 1,05 0,26 0,13 company Loa
Slide 14: Income statement
Income statement Group Income Statement (MNOK) 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Net interest income 3.148 2.925 1.041 1.026 1.081 1.062 1.019 Net commission and other income 1.026 1.057 336 344 346 359 332 Net income on investment securities 459 1.105 190 297 -28 22 89 T
Slide 15: Change in profit 30.06.2019 – 30.06.2020
Change in profit 30.06.2019 – 30.06.2020 205 3.191 -13 43 -646 1.116 -1.664 30.09.2019 Net interest income Other income Net income on Total operating expenses Impairments on loans and 30.09.2020 incl. commission from investment securities financial commitments covered bond company 15
Slide 16: Operating profit before losses and excl. income on investment securities
Operating profit before losses and excl. income on investment securities (Rolling 12-month figures) 3.167 3.124 3.114 3.160 3.064 2.884 2.925 2.199 1.555 1.467 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Operating profit before losses and excl. income on investment securities, rolling 12-month figures Net profit
Slide 17: 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 +192 Total other operating expenses -43 4.174 1.800 1.757 3.982 1.421 1.427 1.370 1.377 1.017 1.351 1.029 678 723 722 353 343 344 330 615 323 592 570 595 282
Slide 18: Lending and deposit margins
Lending and deposit margins Lending margins* Deposit margins 3,17% 3,02% 3,00% 2,74% 2,77% 2,82% 2,78% 2,72% 2,71% 0,67% 0,56% 0,45% 0,42% 1,85% 0,29% 0,31% 1,73% 0,22% 1,51% 1,46% 1,48% 1,39% 1,32% 1,33% 0,11% 1,28% 0,06% 0,07% 0,09% 0,17% -0,01% -0,06% -0,13% -0,18% -0,24% -0,43% Q3 18 Q4 18 Q1 19
Slide 19: 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% 10,3% 5,3% 5,8% 6,6% 5,2% 5,6% 5,3% 3,2% 3,6% 4,0% 4,5% 4,8% 4,8% 2,7%* 136 137 140 143 128 129 130 132 134 71 74 74 75 75 78 78 77 68 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3
Slide 20: Loan portfolio as at 30.09.2020
Loan portfolio as at 30.09.2020 • Gross loans (incl. covered bond company) Agriculture / forestry / aquaculture 3,7% 3,4% as at 30 September 2020 is increased to 2,0% NOK 220.2 billion from NOK 209.9 billion Supply and construction 2,0% at the same time the year before. 1,5% Renewable / Green engage
Slide 21: Lending to oil and offshore
Lending to oil and offshore 6.0% (BNOK 14.5) of total EAD* is related to oil operations • Oil services ‐ EAD NOK 3.9 billion, 1.6% of the bank's total EAD Oil and gas; ‐ Funding of operating capital through current and fixed assets, as well as MNOK 2.527 guarantees Oil service; MNOK 3.913 • Explorat
Slide 22: Lending to commercial real estate
Lending to commercial real estate 13.0% (BNOK 31.5) of total EAD* is related to commercial real estate • Commercial real estate for lease ‐ EAD NOK 22.3 billion, 9.2% of the bank’s total EAD Real estate management and Development ‐ The portfolio is characterised by lending to commercial projects for
Slide 23: Lending to retail trade, hotels and restaurants
Lending to retail trade, hotels and restaurants 1.8% (BNOK 4.5) of total EAD* is related to retail trade, hotels and restaurants • Retail trade ‐ EAD NOK 3.2 billion, 1.3% of the bank's total EAD Tourism; MNOK 118 • Operation of hotels and restaurants ‐ EAD NOK 1.2 billion, 0.5% of the bank's total
Slide 24: Lending to shipping
Lending to shipping 2.5% (BNOK 6.0) of total EAD* is related to shipping • Product tank ‐ EAD NOK 1.0 billion, 0.4% of the bank's total EAD Other shipping; MNOK 826 Product tank; • Chemical tank MNOK 980 ‐ EAD NOK 1.8 billion, 0.8% of the bank's total EAD • Dry-bulk Gas; MNOK 545 ‐ EAD NOK 1.9 billi
Slide 25: 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 portfolio with a moderate loan-to- value ratio and low potential l
Slide 26: 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 2,5 % 2,8 % 2,7 % 2,4 % 2,5 % 15,9 % 13,6 % 14,5 % 14,5 % 13,3 % 13,4 % 19,7 % 19,0 % 18,1 % 19,3 % 56,7 % 53,9 % 53,9 % 57,5 % 53,9 % 83,
Slide 27: 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 % 9,1% 9,4% 12,3% 8,4% 4,3% 4,2% 6,0% 7,3% 3,7% 2,9% 3,9% 4,4% 4,5% 2,3% 0,2% -1,1% -5,0% 60 59 -10,2% 55 54 54 56 55 52 51 52 52 49 48 48 48 49 50 50
Slide 28: Impairments on loans and financial commitments / Loans defined as 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 1,53% 1,84% 1,57% 1,30% 1,30% 1,40% 4.836 1,05% 1.152 4.133 3.612 3.250 3.232 1.166 8
Slide 29: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement (MNOK) 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Corporate customers 1.675 90 360 771 544 121 82 Retail customers 85 6 9 60 16 18 -16 Total impairments 1.760 96 3
Slide 30: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 30
Slide 31: Funding
Funding • NSFR* 123% • LCR** 154% • NOK 19.8 billion net refinancing need over the next 12 months • Deposit to loans ratio 52.2% • MREL subordination requirement 27,4% according to BRRD2 proposal as of 15 Oct 2020 from Ministry of Finance 34 Annual funding maturity 32 30 28 26 24 22 NOK Billion 20 1
Slide 32: An established borrower in the Euromarket
An established borrower in the Euromarket SHBASS 0⅛ 06/18/2024 25 SPABOL0 ⅜ 06/24 Corp Covered Bond 25 Senior Unsecured DNBNO 0⅜ 11/20/2024 REGS Corp DNBNO 0¼ 04/09/2024 160 SRBANK0 ⅝ 03/25/2024 160 20 SRBANK 0⅜ 10/03/2024 REGS Corp 20 140 SEB 0.05 07/01/2024 140 120 120 15 15 Bps. 100 100 Bps. Bps.
Slide 33: Solid capital ratio
Solid capital ratio • The EU’s capital adequacy regulations (CRR/CRD IV) came ROE ROE ROE ROE into force on 31 December 2019. These entail, among 11.0% 11.3% 14.0% 5.2% other things, a reduction in the capital requirements for 22,0% loans to small and medium-sized enterprises (SME) and CET 1 20,4% 2
Slide 34: Outlook
Outlook • Economic development has been positive in Norway the last six months. Uncertainty still prevail given both low oil price and the ongoing Covid-19 situation, but the Norwegian state is particularly well-equipped to contribute financially. Extensive measures aimed at both the retail and corp
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 2020P 2021P 2022P 2023P GDP mainland, annual change (%) 1,9 3,7 2,3 2,2 1,4 0,9 2,0 2,2 2,3 -3,2 3,6 2,9 2,7 Household consumption, annual change (%) 2,4 3,5 2,8 2,1 2,7 1,1 2,2 1,9 1,5 -7,2 7,9 4,7 3,5 Publ
Slide 37: Increased unemployment (NAV) as a result of Covid-19, but lower after April
Increased unemployment (NAV) as a result of Covid-19, but lower after April Fully unemployed increased from 2% to 10%. Since then, it has fallen to 4,4%. Still highest in Oslo. Norwegian unemployment rate, %, registered (NAV), seasonal adj., monthly 14 12 10 8 6 4 2 0 2002 2004 2006 2008 2010 2012 2
Slide 38: 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 39: Lower petroleum prices and increased uncertainty dampen activity
Lower petroleum prices and increased uncertainty dampen activity Activity on the Norwegian Continental Shelf probably near unchanged in 2020, then down in 2021 before levelling out Petroleum activity on Norwegian Continental Shelf. BNOK (2020 NOK). • Overall activity on the Norwegian Continental As
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 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right hand ax
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. Last observation August 2020 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 1988 1990 1992 1994 1996 1998 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: Retail trade in Norway increased in 2019 and Covid-19 impacts 2020
Retail trade in Norway increased in 2019 and Covid-19 impacts 2020 Covid-19 has had a big impact. Groceries increased a lot in the beginning. Gradually, other goods have also increased Retail sales (excl. auto), change in turn-over from same 2-month period previous year 12,0 % 10,0 % 8,0 % 6,0 % 4,0
Slide 45: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, GDP decomposed, quarterly, share of GDP Norwegian economy, global economy and the oil price, 50% 8 annual change (%), IMF projection 2020 onwards 140 120 6 40% 100 4 30% 80 2 60 20% 0 40 10% 20 -2 0 0% -4 -20 -6 -40 -10% 1978 1981 1984 1987 1990 1993 1996 1
Slide 46: 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 -80.000 -120.000 -160.000 1999 2002 2005 2008 2011 2014 2017 2020 Current account balance Government budget balance (transfer to/from the oil f
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 Government pension fund global (oil fund) Oil fund to GDP
Slide 48: Norwegian house prices have increased by 6% last 12 months
Norwegian house prices have increased by 6% last 12 months Impact from Covid-19 dampened the market for some time, but sales and prices have picked up last months House prices. NOK per sqm. Average all homes. Monthly 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 2003 2004 2005 200
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) 30.09.2020 30.09.2019 Cash and balances with central banks 657 404 Balances with credit institutions 7.248 1.898 Net loans to customers 214.490 202.223 Certificates, bonds and other fixed-income securities 38.398 32.327 Financial derivatives 10.710 6.765 Shares, ow
Slide 53: Net commission and other income
Net commission and other income MNOK 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Payment facilities 184 205 54 61 69 66 77 Savings/placements 144 145 48 48 48 47 46 Insurance products 154 142 53 50 51 50 48 Commission income real estate broking 296 298 107 104 85 101 91 Guarantee c
Slide 54: Net income on investment securities
Net income on investment securities MNOK 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Dividends 18 31 1 17 0 0 4 Investment income, associates 534 860 147 145 242 15 98 Securities gains/losses -140 76 36 122 -298 20 -24 - of which capital change in shares and certificates -56 75 38
Slide 55: Subsidiaries
Subsidiaries Subsidiaries MNOK 30.09.2020 30.09.2019 EiendomsMegler 1 SR-Eiendom AS Number of sales 5.074 4.948 Operating profit before tax 41 19 SR-Forvaltning AS Capital under management (BNOK) 13 13 Operating profit before tax 14 18 FinStart Nordic AS Operating profit before tax* -89 25 SpareBank
Slide 56: Ownership interests
Ownership interests Ownership interests MNOK 30.09.2020 30.09.2019 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit share after tax 107 264 Profit effect merger 340 460 SpareBank 1 Boligkreditt AS Interest ownership 2,2 % 4,8% Profit share after tax 2 6 SpareBank 1 Næringskreditt AS Inte
Slide 57: Operating expenses
Operating expenses MNOK 30.09.2020 30.09.2019 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Payroll and pensions 852 883 297 277 278 328 307 Other staff expenses 183 193 60 53 70 68 68 Total personnel expenses 1.035 1.076 357 330 348 396 375 IT expenses 285 272 95 98 92 91 91 Marketing 54 59 16 17 21 31 2
Slide 58: 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 58
Slide 59: Risk management principles and market areas
• 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: Commitment 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 62,7% 64,4 % • SpareBank 1 SR-Bank has a solid loan portfolio. 28,7% 27,3 % Portfolio quality improved last year. 8,6% 8,3 % • The loan portfolio consists mainly of small and 0.00 - 0.50 0.50 - 2.50 2.50 - 99.9 medium-sized loans. Probabil
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) • 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. 73,9
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% 30.09.2018 31.03.2019 30.09.2019 31.03.2020 30.09.2020 30.09.2018 31.03.
Slide 64: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which classified to amortised Category NOK million Share % cost, MNOK Norwegian government/municipal 25 0% 0 SSA/Foreign guaranteed 18.100 47% 2.755 Covered bonds (Norwegian/foreign) 20.024 53% 4.468 Total liquidity portfo
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- 38.149 99,2% Low risk A+, A and A- 0 0,0% Moderate risk Not rated 56 0,1% High risk Not rated 66 0,2% Very high risk Not rated 199 0,5% Total portfolio 38.470 100,0% Of which liquidity pur
Slide 66: Rating
Rating Moody’s Long-term debt A1 Outlook Stable Updated 26 August 2020 Ratinghistory AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 Moody's A/A2 A-/A3 BBB/Baa BB/Ba B 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 30.09.2020 66
Slide 67: SR-Bank as of 30.09.2020
SR-Bank as of 30.09.2020 SpareBank 1 SR-Bank share 30.09.2020 2019 2018 2017 2016 2015 2014 • Number of shares issued Share price 77,40 100,00 89,20 87,00 60,75 39,30 52,50 255.8 million Stock value (MNOK) 19.795 25.575 22.813 22.250 15.537 10.051 13.427 Book value per share, NOK (group) 93,51 89,90
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 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