Healthy profit, moderate losses and dampened lending growth for SpareBank 1 SR-Bank
(Thomson Reuters ONE) -
SpareBank 1 SR-Bank achieved a profit before tax of NOK 395 million in the first
quarter of 2010. This is NOK 281 million more than in the first quarter of last
year. Return on equity after tax was 14.8 per cent.
"This is a healthy result that reflects the good development in banking
operations. Net interest income is developing in a stable manner and losses are
moderate", says Terje Vareberg, SpareBank 1 SR-Bank's Chief Executive Officer.
"We are continuing to experience low credit demand from the business community.
The growth in lending to the retail market is good, due to our continuing to
glean market shares in a part of the country that is enjoying good household
economy. The rise in costs in the parent bank is moderate. This is due to
measures that were introduced in 2009", says Vareberg.
Key figures for the first quarter of 2010 (Q1 2009 in parentheses):
* Profit before tax: NOK 395 million (NOK 114 million)
* Profit after tax: NOK 298 million (NOK 81 million)
* Return on equity after tax: 14.8% (5.3%)
* Net provisions for losses: NOK 69 million (NOK 132 million)
* Net interest income: NOK 437 million (NOK 349 million)
* Net commission and other income: NOK 260 million (NOK 208 million)
* Net return on financial investments: NOK 79 million (NOK 58 million)
* Earnings per primary capital certificate: NOK 1.55 (0.50)
* Growth in lending (including loans transferred to SpareBank 1 Boligkreditt)
last 12 months: 5.8% (15.8%)
* Growth in deposits last 12 months: -0.9% (2.5%)
* Core capital ratio: 9.4% (6.6%)
"Norway has been spared the major impacts of the financial crisis. We are again
experiencing a feeling of optimism and we can see clear signs of modest growth
in the economy. The Group issued NOK 1.2 billion in equity certificate capital
in the autumn of 2009 and is well positioned for further growth and
development", concludes CEO Terje Vareberg.
The report in its entirety may be downloaded fromwww.sr-bank.no
Stavanger, 29 April 2010
For further details, please contact:
Terje Vareberg, Chief Executive Officer, telephone +47 911 00 448
Inger Reinertsen, Chief Financial Officer, telephone +47 909 95 033
Thor-Christian Haugland, Executive Vice President Communications, telephone +
47 480 31 633
This information is disclosed in compliance with section 5-12 of the Securities
Trading Act.
[HUG#1409953]
Quarterly report 1Q2010: http://hugin.info/149/R/1409953/362522.pdf
Quarterly presentation 1Q2010: http://hugin.info/149/R/1409953/362523.pdf
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2010 - 12:31 Uhr
Sprache: Deutsch
News-ID 19974
Anzahl Zeichen: 0
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Healthy profit, moderate losses and dampened lending growth for SpareBank 1 SR-Bank"
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