Sparebank 1 Sor-norge Asa · OSL:SB1NO
Sparebank 1 Sor-norge Asa — SpareBank 1 SR-Bank — Q1 2019 Earnings Presentation
71 slides from Sparebank 1 Sor-norge Asa's earnings presentation, May 8, 2019
Slide 1: SpareBank 1 SR-Bank
SR-BANK Ss a SpareBank D> ¥ y
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 25.4 Billion • Total assets: NOK 241.9 Billion 2 Nordea Bank Norge (Swedish) 12.6 • Total lending: NOK 205.4 Billion 3 Danske Bank (Danish) 6.4 • Total deposits: NOK 99.0 Billion • No. of branche
Slide 5: Finance group for the entire South of Norway
Finance group for the entire South of Norway 127,1 128,6 133,2 Lending volume Figures in NOK billion 29,9 25,0 26,7 18,1 15,5 16,5 15,7 9,8 10,5 8,5 5,7 6,7 Rogaland Hordaland Agder Oslo and Other mar.17 mar.18 mar.19 Akershus 5
Slide 6: SpareBank 1 SR-Bank ASA
SpareBank 1 SR-Bank ASA Divisions of SpareBank 1 SR-Bank ASA Fully owned companies Partly owned companies BN Bank* SpareBank 1 Gruppen EiendomsMegler 1 SR-Boligkreditt Capital Markets (23.5%) (19.5%) Leading real estate broker Covered Bond Funding Number of man-years: 26 Commercial bank located in H
Slide 7: SRBANK share
SRBANK share • International ownership is Development in Price/Book Relativ share price development 27.7% per 1. quarter 2019. 110 1,4 130 Index 100 = mar 31st 2018 100 120 1,2 • Total market value at 1. 90 110 quarter 2019 is NOK 25.4 80 1,0 100 NOK billion. 70 90 p/B 60 0,8 80 50 Price 70 OSEBX 0,
Slide 8: 20 largest shareholders as at 31 March 2019
20 largest shareholders as at 31 March 2019 • Ownership interests as at 31 March 2019: Investor Number Stake Sparebankstiftelsen SR-Bank 72.419.305 28,3% • From Rogaland, Agder-counties and Hordaland: 43.5% Folketrygdfondet 18.930.821 7,4% (44.6%) State Street Bank and Trust Co, U.S.A. Nominee 11.79
Slide 9: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 9
Slide 10: A good underlying result and a substantial one-off financial gain
A good underlying result and a substantial one-off financial gain • Pre-tax profit for the quarter is NOK 1.323 million compared to NOK 668 million last year ‐ Return on equity after tax 21.2% ‐ Excluding merger effect Fremtind Forsikring AS return on equity after tax is 12.8% • Impairments on loans
Slide 11: Financial target and estimate per 31.12.2019
Financial target and estimate per 31.12.2019 Return on equity CET 1 Growth in loans 21,2%* 8,7% 15,1%** 7,6% 14,7% 14,7% 4,0% - 6,0% 11,3% 11,5% 12,8% 2018 Q1 2019 Target 2019 2018 Q1 2019 Target 2019 2018 Q1 2019 Target 2019 Growth in costs* Impairments Dividend share 8,2% 50% ~ 50% 324 million NOK
Slide 12: Key figures – quarterly development
Key figures – quarterly development Return on equity CET 1 15,0% 14,8% 14,7% 14,7% 14,7% 21,2%* 12,3% 12,6% 10,3% 10,1% 12,8% Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Cost ratio Earnings per share 42,9% 4,48*** 42,1% 40,1% 38,9% 39.0%** 2,41 2,48 29,8% 2,03 2,06 2,68 Q1 18 Q2 18 Q
Slide 13: Key figures
Key figures Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Return on equity after tax (%) 21,2 10,1 12,6 12,3 10,3 Net interest margin (%) 1,60 1,59 1,53 1,52 1,50 Impairments on loans in % of gross loans incl. covered bond companies 0,10 0,18 0,12 0,21 0,16 Loans and financial commitments in Stage 3 in % of gross l
Slide 14: Income statement
Income statement Group Income Statement (MNOK) Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Net interest income 938 926 871 842 800 Net commission and other income 341 350 349 370 368 Net income on investment securities 676 68 175 213 113 Total income 1.955 1.344 1.395 1.425 1.281 Total operating expenses 583 576
Slide 15: Change in profit 31.03.2018 – 31.03.2019
Change in profit 31.03.2018 – 31.03.2019 1.600 563 - 44 25 1.323 1.400 1.200 1.000 116 -5 800 668 600 400 200 0 31.03.2018 Net interest income incl. Other income Net income on Total operating expenses Impairments on loans 31.03.2019 commission from investment securities and financial covered bond co
Slide 16: Consolidated income profile
Consolidated income profile 1.276 1.279 1.212 1.220 1.168 334 333 347 330 338 16 8 19 23 30 926 938 842 871 800 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Net interest income Commission income from covered bond companies Net commission and other income 16
Slide 17: Lending and deposit margins
Lending and deposit margins Lending margins Deposit margins 2,74% 2,78% 2,74% 2,73% 2,72% 2,77% 2,77% 2,71% 2,71% 0,30% 0,24% 0,24% 0,22% 0,24% 1,78% 1,79% 1,69% 1,69% 1,59% 0,13% 1,50% 1,51% 1,50% 1,40% 0,03% 0,04% -0,01% 0,04% 0,05% -0,06% -0,05% -0,08% -0,09% -0,09% -0,15% -0,18% Q1 17 Q2 17 Q3 1
Slide 18: Lending volume and 12 months growth
Lending volume and 12 months growth Corporate Market (incl. Capital Markets) 17,8% 80 000 15,7% 70 000 12,2% 15% 60 000 9,6% 50 000 10% MNOK 40 000 3,8% 2,4% 5% 30 000 20 000 -0,7% -2,8% -1,9% 0% 10 000 0 -5% Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Volume Growth % Retail Market 140 000
Slide 19: Loan portfolio as at 31.03.2019
Loan portfolio as at 31.03.2019 • Gross loans (incl. covered bond companies) as at 3,0% Agriculture / forestry / fishing 3,3% 31 March 2019 amount to NOK 205.4 billion compared with NOK 188.5 billion at the same Supply and construction 2,1% 2,0% time the year before. 0,4% Renewable / Green engagemen
Slide 20: 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 100% of less than 85% is high. ‐ 88.4% of the exposure is within 85% of the assessed value of collateral. 80% 59,8% 57,8% 60% 40% 29,0% 30,6% 20% 7,3% 7,7% 3,9% 3,9% 0% Below 70 % 70 - 85 % 85 - 100 % Ab
Slide 21: Risk profile – Lending to the retail market
Risk profile – Lending to the retail market • The quality of the retail market portfolio is Retail market portfolio distributed by risk class considered to be good and has low potential 100% 2,6% 2,5% 2,6% 2,8% 2,7% losses. 16,7% 16,3% 16,1% 16,7% 16,9% 80% • The low risk profile is achieved through
Slide 22: Deposits volume and 12 month growth
Deposits volume and 12 month growth • Last 12 months deposits decreased by NOK 0.6 Corporate Market* billion to NOK 99.0 billion. 60.000 22,7% 24,7% 20,7% 25% ‐ Corresponds to an decrease in the period of 50.000 14,0% 0.6%. 40.000 10,0% 8,3% 15% MNOK 4,4% 30.000 0,2% 5% ‐ Deposit growth is 4.7% at 1
Slide 23: Ownership interests
Ownership interests Ownership interests MNOK 31.03.2019 31.03.2018 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax 38 36 Profit effect merger 460 0 SpareBank 1 Boligkreditt AS Interest ownership 4,8% 8,0% Profit after tax 3 1 SpareBank 1 Næringskreditt AS Interest ownership 14
Slide 24: Impairments on loans and Stage 3 loans
Impairments on loans and financial commitments / Loans and financial commitments defined as Stage 3 Impairment on loans and financial commitments Changes in gross loans and financial commitments defined as Stage 3 1,54% 1,45% 1,46% 1,40% 0,21% 0,18% 0,16% 0,12% 1,15% 0,10% 166 157 802 782 164 2.816
Slide 25: Agenda
• Introduction to SpareBank 1 SR-Bank ASA • Financials • Solvency and liquidity position • Appendix 25
Slide 26: Funding
Funding ‐ NSFR* 124% ‐ LCR** 172% ‐ NOK 12.4 billion net refinancing need over the next 12 months ‐ Deposits to loans ratio 50,4% Annual funding maturity 22,0 20,0 18,0 16,0 14,0 12,0 NOK Billion 10,0 8,0 6,0 4,0 2,0 0,0 2019 2020 2021 2022 2023 2024 2025 2026+ Funding ex. CB Covered Bonds *The net
Slide 27: MREL
MREL Main features from Ministry of Finance regulation based on «BRRD»: MREL based on Ministry of Finance • Issuers shall be fully MREL compliant by 31 December 2022. • The FSA will set requirements individually for each bank. • Covered bond issuers are exempt from MREL, also when the owning bank is
Slide 28: An established borrower in the Euromarket
An established borrower in the Euromarket DNBNO 0¼ 04/18/2023 NDASS 3¼ 07/05/2022 Covered Bond Senior Unsecured SHBASS 2⅝ 08/23/2022 55 55 15 SPABOL 0⅜ 03/09/2023 15 SRBANK 0 ⅜ 02/10/22 45 DNBNO 4¼ 01/18/2022 45 SRBANK0 ¾ 01/23 35 35 5 5 25 25 Bps. Bps. Bps. Bps. 15 15 5 5 -5 -5 -5 -5 -15 -15 -15 -1
Slide 29: Solid capital ratio
Solid capital ratio • As of 31 March 2019, SpareBank 1 SR-Bank met all of ROE ROE ROE ROE the regulatory requirements by a good margin 10,0% 11,0% 11,3% 21,2%* • SpareBank 1 SR-Bank’s Pillar 2 requirement has been set at 1.7%, down from 2.0% (set in 2016), with 17,9% 17,6% 17,7% CET 1 17,5% effect f
Slide 30: Outlook – Expectations of further growth
Outlook – Expectations of further growth • Positive growth in the Norwegian economy for 2019 will continue to produce increased growth in the group’s market areas. • Optimism in the business. Companies are reporting increased investments and improved profitability. ‐ Norwegian unemployment rate redu
Slide 31: NOK 2.9 billion of total loan portfolio is renewable projects
NOK 2.9 billion of SpareBank 1 SR-Bank’s total loan portfolio is loans to various renewable projects, including 60 small- scale power plants. GEITÅNI POWER PLANT IS OWNED BY SWISS AVENTRON, A HOLDING COMPANY THAT INVESTS IN RENEWABLE ENERGY • 31
Slide 32: More than 100 years of experience with renewable energy
More than 100 years of experience with renewable energy • In 1913, we funded the first renewable project - the ‘small power plant’ at Himsfossen in Suldal. • The bank has more than 60 different small power plants as part of its overall lending portfolio. • Number 13 of the UN’s Sustainable Developme
Slide 33: Fighting money laundering is high up on our agenda
Fighting money laundering is high up on our agenda • Significant resources are used by the group to fight financial crime, laundering the proceeds of crime and the funding of terrorist activities. • In recent years, both our general and specific expertise in AML has increased and expanded across the
Slide 34: We have invested in the future and created new jobs
We have invested in the future and created new jobs in communities • 19 different classes have been conducted since autumn 2015. • More than 145 startups have taken part. • 275 entrepreneurs have acquired new knowledge. • More than 300 new jobs have been created. • Total turnover close to NOK 100 mi
Slide 35: Appendix
APPENDIX 1) Macro 1) SpareBank 1 SR-Bank 35
Slide 36: 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 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 1,1 2,0 2,2 2,4 2,3 2,0 1,9 Household consumption, annual ch
Slide 37: Norwegian unemployment rate reduced to lowest in 10 years
Norwegian unemployment rate (NAV*) reduced to lowest in 10 years Marked reduction in Rogaland and lower than country average Norwegian unemployment rate, %, registered unemployment (NAV), seasonal adj., monthly 6 5 4 3 2 1 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Aust-Agder Rogaland Horda
Slide 38: Employment (and GDP) by sector
Employment (and GDP) by sector 38 Source: Statistics Norway
Slide 39: Petroleum activity on the NCS increasing by 10-15% in 2019
Petroleum activity on the NCS increasing by 10-15% in 2019 Following marked reduction from 2014 to 2017 the activity is now increasing in 2019 • Total activity increased by over 60% from 2007 to Petroleum activity on Norwegian Continental Shelf. BNOK (2018 NOK). Source: NPD 2014. Thereafter, total a
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 Other (incl. white fish) Salmon and trout Salmon price (NOK/kg) Annual change total (%). Right hand axis So
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 18.000 8000 16.000 Norwegians, left side axis Foreigners 7000 14.000 6000 12.000 5000 10.000 4000 8.000 3000 6.000 2000 4.000 2.000 1000 0 0 1986 1988 1990 1992 1994 1996 1998 2000 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 Export of oil and gas Export mainland Norway Sum export Sum import Export fish Net export 42 Source:
Slide 43: Norwegian krone vs key currencies
Norwegian krone vs key currencies Norwegian krone vs key currencies 16 14 12 10 8 6 4 2 0 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 NOK per USD NOK per GBP NOK per EUR 43 Source: Thomson Reuters Datastream and SpareBank 1 SR-Bank
Slide 44: Retail trade in Norway has increased by two to four percent
Retail trade in Norway has increased by two to four percent Growth has been highest in Oslo, but growth abated and is now around 2-3% in the counties Retail sales (excl. auto), annual change in turn-over from same 2-month period previous year 12% 10% 8% 6% 4% 2% 0% -2% -4% 2009 2010 2011 2012 2013 2
Slide 45: Norwegian Economy – GDP
Norwegian Economy – GDP Norwegian economy, global economy and the oil price, annual change (%) Norwegian economy, GDP decomposed, share of GDP 7 140 50% 6 120 40% 5 100 4 80 30% 3 60 2 20% 40 1 20 10% 0 0 -1 0% -2 -20 -3 -40 -10% 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
Slide 46: Norway balance of payments and government budget
Norway balance of payments and government budget Norway BOP and gov't budget (BNOK), quarterly figures 160.000 120.000 80.000 40.000 0 -40.000 1999 2002 2005 2008 2011 2014 2017 Balance of payments (BOP), current account surplus Government budget balance (transfer to/from the oil fund) 46 Source: Th
Slide 47: Norway oil fund and GDP
Norway oil fund and GDP Norwegian oil fund and GDP (BNOK), quarterly figures 9.000.000 400% 8.000.000 350% 7.000.000 300% 6.000.000 250% 5.000.000 200% 4.000.000 150% 3.000.000 100% 2.000.000 50% 1.000.000 0 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Government pension fund globa
Slide 48: House prices in Norway slightly higher last 12 months
House prices in Norway slightly higher last 12 months Stable in most counties, but somewhat more volatile in Oslo 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 2011 2013 2015 2017 2019 Stavanger og omegn Bergen Kri
Slide 49: Appendix
APPENDIX 1) Macro 1) 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 and development. Our growth will give us the ability • Return on equity of 11.5% after tax in 2019. The longer term to provide profitability and value to the
Slide 51: SpareBank 1 Alliance
SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 LO SpareBank 1 SMN Samspar SR-Bank Nord Norge Østlandet 19,5% 19,5% 9,6% 19,5% 19,5% 12,4% Products, commissions, dividends Sales, loan portfolios, capital Companies where SR-Bank has direct ownership SpareBank 1 Gruppen AS Selskaper hvor SR-B
Slide 52: Balance sheet
Balance sheet Balance sheet (MNOK) 31.03.2019 31.03.2018 Cash and balances with central banks 468 217 Balances with credit institutions 1.750 5.060 Net loans to customers 195.229 173.008 Certificates, bonds and other fixed-income securities 32.477 28.876 Financial derivatives 4.868 3.870 Shares, own
Slide 53: Net commission and other income
Net commission and other income MNOK Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Payment facilities 62 66 72 59 63 Savings/placements 46 47 49 48 52 Insurance products 46 46 47 47 49 Commission income real estate broking 99 98 94 109 81 Guarantee commission 24 25 29 20 34 Arrangement- and customer fees 26 22 17 3
Slide 54: Net income on investment securities
Net income on investment securities MNOK Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Dividends 19 0 0 1 11 Investment income, associates 536 113 94 102 57 Securities gains/losses 90 -51 42 69 5 - of which capital change in shares and certificates 62 11 56 90 6 - of which capital change in certificates and bonds -
Slide 55: Subsidiaries
Subsidiaries Subsidiaries MNOK 31.03.2019 31.03.2018 EiendomsMegler 1 SR-Eiendom AS Number of sales 1.633 1.466 Operating profit before tax 2 0 SR-Forvaltning AS Capital under management (BNOK) 12 11 Operating profit before tax 7 9 FinStart Nordic AS Operating profit before tax 9 23 SpareBank 1 Regn
Slide 56: Ownership interests
Ownership interests Ownership interests MNOK 31.03.2019 31.03.2018 SpareBank 1 Gruppen AS Interest ownership 19,5% 19,5% Profit after tax 38 36 Profit effect merger 460 0 SpareBank 1 Boligkreditt AS Interest ownership 4,8% 8,0% Profit after tax 3 1 SpareBank 1 Næringskreditt AS Interest ownership 14
Slide 57: Impairments on loans and financial commitments
Impairments on loans and financial commitments Impairments in income statement (MNOK) Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Impairments Corporate customers 41 96 62 100 66 Impairments Retail customers 8 -4 -3 -1 8 Net impairments on loans 49 92 59 99 74 Impairments on loans and financial commitments (MNOK)*
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: Limits for commitments 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. 100% The quality of the portfolio is stable. 80% 60,3% 60,6 % 60% • The loan portfolio consists mainly of small and 40% 29,6% 29,8 % 20% 10,1% 9,6 % medium-sized loans. 0% 0.00 - 0.50 0.50
Slide 62: Low concentration of individual LGRs in the lending portfolio
Low concentration of individual LGRs in the lending portfolio • There is a clearly defined strategy behind this Distributed by loss given realisation (LGR) portfolio composition. The growth and risk profile 100% are managed, for example, through special credit strategy limits for concentration risk.
Slide 63: Risk profile – Lending to the retail market
Risk profile – Lending to the retail market • The quality of the retail market portfolio is Retail market portfolio distributed by risk class considered to be good and has low potential 100% 2,6% 2,5% 2,6% 2,8% 2,7% losses. 16,7% 16,3% 16,1% 16,7% 16,9% 80% • The low risk profile is achieved through
Slide 64: RWA home mortgages
RWA home mortgages • RWA on home mortgages reflects a solid and RWA home mortgages stable portfolio. 21,7 % 21,5 % 21,7 % 21,9 % 21,5 % 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % 31.03.18 30.06.18 30.09.18 31.12.18 31.03.19 Home mortgages as defined in the Norwegian IRB framework; residential property must be
Slide 65: 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% 31.03.2017 30.09.2017 31.03.2018 30.09.2018 31.03.2019 31.03.2017 30.09.
Slide 66: Liquidity portfolio
Liquidity portfolio Liquidity buffer – survival period Liquidity portfolio Of which classified to 36 amortised 32 28 Category NOK million Share % cost, MNOK 24 Norwegian government/municipal 0 0% 0 NOK billion 20 16 SSA/Foreign guaranteed 9.853 31 % 1.329 12 Covered bonds (Norwegian/foreign) 22.387
Slide 67: Investments in bonds and certificates
Investments in bonds and certificates Risk category Rating NOK Million Share Very low risk AAA, AA+, AA and AA- 32.242 99,0 % Low risk A+, A and A- 0 0,0 % Moderate risk Not rated 57 0,2 % High risk Not rated 102 0,3 % Very high risk Not rated 163 0,5 % Total portfolio 32.564 100,0 % Of which liquid
Slide 68: Rating
Rating Moody’s Fitch Long-term debt A1 Long-term IDR A- Outlook Negative Outlook Stable Updated 14 May 2018 Updated 28 September 2018 Ratinghistory 68
Slide 69: SR-Bank pr 31.03.2019
SR-Bank pr 31.03.2019 31.03.2019 2018 2017 2016 2015 2014 2013 Share price 99,40 89,20 87,00 60,75 39,30 52,50 60,25 Stock value (MNOK) 25.422 22.813 22.250 15.537 10.051 13.427 15.409 Book value per share, NOK (group) 86,55 82,27 77,24 71,54 66,14 60,28 55,00 Earnings per share 4,48 8,98 8,16 6,87
Slide 70: 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 71: Contact Details
Contact Details Adress Bjergsted Terrasse 1 Tel: +47 915 02002 Postboks 250 www.sr-bank.no 4066 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 Inv