SPAREBANK 1 SR-BANK ASA The return on equity after tax was 11.6%, compared with 3.4% for the same quarter last year. This is also an improvement on the previous quarter when the return on equity after tax was 9.7%.
Impairment losses on loans and guarantees amounted to
"We are finding that most of our customers are doing well, in spite of less activity due to the Covid-19 pandemic. Our corporate market advisers were in close contact with our customers throughout the first quarter and conducted no fewer than 2,000 advisory interviews with them. More than 90% of the companies have not required any form of payment deferral. In addition, a majority of our corporate customers say that they believe economic developments are as good or better than before the pandemic. Most of our customers have a good basis for continued good profitable development," says Benedicte Schilbred Fasmer, CEO of
The group's operating costs amounted to
"Both EiendomsMegler 1 and ForretningsPartner significantly improved their results this quarter compared with the same quarter last year. EiendomsMegler 1 saw the greatest improvement, which indicates that the housing market is strong. ForretningsPartner acquired the company Tveit Regnskap in March. This acquisition has provided us with a good basis for developing ForretningsPartner into a dominant actor in the industry with a presence across large parts of
Q1 2021
- Pre-tax profit:
NOK 880 million (NOK 247 million ) -
Net profit for the quarter:
NOK 718 million (NOK 221 million ) - Return on equity after tax: 11.6% (3.4%)
-
Earnings per share:
NOK 2.74 (NOK 0.77 ) -
Net interest income:
NOK 995 million (NOK 1,081 million ) -
Net commissions and other operating income:
NOK 402 million (NOK 346 million ) -
Net income from financial investments:
NOK 216 million (NOK -28 million ) -
Operating costs:
NOK 612 million (NOK 592 million ) -
Impairments on loans and financial liabilities:
NOK 121 million (NOK 560 million ) - Total lending growth over past 12 months: 2.3% (5.3%)
- Growth in deposits over past 12 months: 21.4% (6.6%)
-
Common Equity Tier 1 capital ratio: 18.1% (17.7%)
(Q1 2020 in brackets)
At the end of the first quarter of 2021, the Common Equity Tier 1 capital ratio was 18.1%, compared with 17.7% at the same time last year. On
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 www.sr-bank.no.
Stavanger,
Contact persons:
Benedicte Schilbred Fasmer, CEO, Tel. +47 950 60 034
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173
This information is disclosed in compliance with section 5-12 of the Securities Trading Act.
https://news.cision.com/sparebank-1-sr-bank/r/strong-result-with-higher-income--lower-losses-and-good-cost-control,c3341181
https://mb.cision.com/Public/2876/3341181/8ecec3d747efbb9c.pdf
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