SpareBank 1 SR-Bank ASA: Continued growth, low losses and stable cost level
(Thomson Reuters ONE) -
SpareBank 1 SR-Bank achieved a pre-tax profit of NOK 501 million in the first
quarter, compared with NOK 393 million for the same period last year. The
results are characterised by stable costs development, continued growth and low
losses. The return on equity after tax was 12.3% on a significantly higher
equity base, compared with 12.9% for the same period in 2012.
"Overall, I am satisfied with the results. Operating incomes have been improved
and costs are stable, and this has helped to strengthen the bank's capital ratio
in relation to the new regulatory requirements," says Arne Austreid, chief
executive of SpareBank 1 SR-Bank.
Consolidated net interest income, including commissions and its share of the
profit from SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt, amounted to
NOK 607 million compared with NOK 488 million in the first quarter 2012.
Key figures for the first quarter
* Pre-tax profit: NOK 501 million (NOK 393 million)
* Net profit for the period: NOK 394 million (NOK 316 million)
* Return on equity after tax: 12.3% (12.9%)
* Earnings per share: NOK 1.54 (NOK 1.58)
* Net interest income: NOK 451 million (NOK 401 million)
* Net commissions and other operating income: NOK 404 million (NOK 302
million)
* Net income from financial investments: NOK 161 million (NOK 202 million)
* Operating costs: NOK 490 million (NOK 478 million)
* Impairment losses on loans: NOK 25 million (NOK 34 million)
* Total lending growth over past 12 months: 7.4% (10.3%)
* Growth in deposits over past 12 months: 2.2% (7.1%)
* Tier 1 capital ratio: 12.2% (10.5%)
* Core equity capital ratio: 10.1% (8.2%)
(Figures for 1st quarter 2012 in brackets)
There is a high level of activity in the Group's market area with increasing
house building and good profitability among companies. Losses on loans are low
and are expected to remain relatively low in the coming quarters as well.
"We are continuously adapting so we can offer Norway's fastest expanding region
the products and services it wants. In addition to improving the capital ratio
and developing more effective operations, we are constantly adjusting our
services in line with changes in customer behaviour. During the first quarter
we registered around two million logins in what is evidently one of the
country's best mobile banking solutions," concludes Arne Austreid.
The entire interim report can be downloaded from www.sr-bank.no.
Stavanger, 30 April 2013
Contact people:
Arne Austreid, CEO, mobile (+47) 900 77 334
Inge Reinertsen, CFO, mobile (+47) 909 95 033.
Thor-Christian Haugland, Executive Vice President Communications, mobile (+47)
480 31 633.
Vidar Torsøe, Vice President Investor Relations, mobile (+47) 970 80 656.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Quarterly presentation 1Q 2013:
http://hugin.info/149/R/1697836/559661.pdf
Quarterly report 1Q 2013:
http://hugin.info/149/R/1697836/559644.pdf
Supplementary information 1Q 2013:
http://hugin.info/149/R/1697836/559654.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SpareBank 1 SR-Bank ASA via Thomson Reuters ONE
[HUG#1697836]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2013 - 14:19 Uhr
Sprache: Deutsch
News-ID 254501
Anzahl Zeichen: 4079
contact information:
Town:
Stavanger
Kategorie:
Business News
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