Investor Relations

A strong result characterised by good operations and significantly lower impairment provisions

SpareBank 1 SR-Bank ASA (SRBNK) achieved a pre-tax profit of NOK 926 million for the third quarter of 2021, compared with NOK 603 million for the same quarter last year. The result was characterised by good operations, significantly lower impairment provisions and high financial income compared with the same period last year.

The return on equity after tax was 11.7%, compared with 8.2% for the same quarter last year and 13.2% for the previous quarter.

Impairment provisions for loans and guarantees amounted to NOK 37 million, compared with NOK 369 million in the same quarter last year and NOK 58 million in the previous quarter.

“A majority of our customers have coped well during the Covid-19 pandemic. Given that we are now seeing a more positive outlook, the majority of companies in Southern Norway expect growth, rising earnings, improved profitability and more employees in the coming year. Increased activity and lower unemployment are positive for the economy, which provides us and our customers with a good starting point now that the pandemic presumably is behind us,” says CEO Benedicte Schilbred Fasmer of SpareBank 1 SR-Bank.

The group’s operating costs amounted to NOK 666 million, compared with NOK 595 million for the same period last year, and represent a reduction from NOK 681 million in the previous quarter.

“I am very satisfied with both the results achieved and the levels of activity in all of our business areas. In the past few months we have made some important organisational adjustments and clarified our business strategy. Going forward I expect these changes to make us more relevant and attractive to both existing and new customers, and that this in turn will contribute to increased growth,” says CEO Benedicte Schilbred Fasmer of SpareBank 1 SR-Bank.

The group’s total pre-tax profit as at 30 September 2021 amounted to NOK 2,765 million and profit after tax was NOK 2,267 million. The return on equity after tax so far this year has been 12.1%.

CEO Benedicte Schilbred Fasmer. Photo: Jan Inge Haga

At the end of the third quarter of 2021, the Common Equity Tier 1 capital ratio was 17.6%, compared with 18.5% at the same time last year.

The group’s Common Equity Tier 1 capital ratio target is 16.7%, which is significantly above the authorities’ requirement of 15.2%.

The full interim report is available for download from here.


Benedicte Schilbred Fasmer, CEO
Tel. +47 950 60 034

Inge Reinertsen, CFO
Tel. +47 909 95 033

Stian Helgøy, Vice President Investor Relations
Tel. +47 906 52 173

Key figures – Q3 2021

  • Pre-tax profit: NOK 926 million (NOK 603 million)
  • Net profit for the period: NOK 733 million (NOK 505 million)
  • Return on equity after tax: 11.7% (8.2%)
  • Earnings per share: NOK 2.80 (NOK 1.90)
  • Net interest income: NOK 989 million (NOK 1,041 million)
  • Net commissions and other operating income: NOK 406 million (NOK 336 million)
  • Net income from financial investments: NOK 234 million (NOK 190 million)
  • Operating costs: NOK 666 million (NOK 595 million)
  • Impairments on loans and financial liabilities: NOK 37 million (NOK 369 million)
    (Q3 2020 in brackets)

More information about the SpareBank 1 SR-Bank's third quarter accounts can be found in our reports.

Follow the presentations

SpareBank 1 SR-Bank's 3. quarter 2021 accounts will be released at 7.30 am on Thursday 28 October.

8:15 am CET: Presentation in Norwegian, live and web-TV broadcast

A live web-TV broadcast will be available here.

1:30 pm CET: Conference call for analysts and investors

From Norway: Call 21 40 21 71
Conference ID 303 633 61#

From other countries: Call +47 21 40 21 71
Conference ID 303 633 61#

Questions will be answered during both presentations, please ask questions on:


SR-Bank's green bond framework

Supporting green shift in shipping

Sustainability report 2020


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