Investor Relations

Latest press release

3d quarter 2018


Key figures

Year-to-date as at 30 September 2018

Pre-tax profit: NOK 2,216 million (NOK 1,910 million)
Return on equity after tax: 11.7% (10.9%)
Net interest income: NOK 2,513 million (NOK 2,343 million)
Operating costs: NOK 1,653 million (NOK 1,597 million)
Impairment losses on loans: NOK 232 million (NOK 423 million)
Total lending growth over last 12 months: 6.1% (1.2%)

(Year-to-date as at 30 September 2017 in brackets)


SpareBank 1 SR-Bank posted a pre-tax profit of NOK 2,216 million as at 30 September 2018, compared with NOK 1,910 million for the same period last year.

The results were marked by good operations, increased activity in the corporate market, greater demand for mortgages and lower losses compared with the same period last year.

The return on equity after tax was 11.7%, compared with 10.9% per the third quarter of 2017. Impairment losses on loans and guarantees totalled NOK 232 million, compared with NOK 423 million in the same period last year.

The pre-tax profit for the quarter seen in isolation was NOK 794 million, compared with NOK 750 million last year, which is equivalent to a return on equity after tax of 12.6%, compared with 12,9% for the third quarter of 2017.

The group’s operating costs amounted to NOK 1,653 million, an increase of NOK 56 million compared with the same period last year. This corresponds to
a cost/income ratio of 40.3%, down from 40.6% in the same period last year.

“The increase in costs was primarily due to increased activity in several areas in the group. We have also focused on and built up our startup factory, FinStart Nordic. This company is now rigged to make further investments in new companies and help to develop these such that our overall market provision will be better and even more tailored to the customer’s needs,” says the chief executive of SpareBank 1 SR-Bank, Arne Austreid. 

Lending growth in the last 12 months was 6.1% compared with 1.2% at the end of the third quarter of last year. 

“Demand for credit is growing, both from companies and private individuals. Including also in Rogaland now, due to increased activity and greater optimism in that part of our market area. In addition to this, profitable growth is being affected by the fact that we have been well-received in the market in and around Oslo, where we established a presence in March this year,” says Arne Austreid.

“After several years of declining activity in Rogaland, there are now
clear signs of improvement among many companies in the oil industry. The
expectation going forward is that this positive trend will continue. We believe
this will result in increased turnover, increased investments and more jobs.
This, combined with the fact that the levels of activity in Hordaland and the
Agder counties are expected to remain good, means that we can see many
opportunities for continued profitable growth going forward,”

 


Contacts

Inge Reinertsen
Konserndirektør økonomi og finans
+47 909 95 033
Stian Helgøy
Direktør Investor Relations
+47 906 52 173