Improved banking operations and securities markets contribute to a
healthy profit for the 1st half o
(Thomson Reuters ONE) - SpareBank 1 SR-Bank reported a pre-tax profit of NOK 490 million inthe first half of 2009, NOK 25 million lower than the same time lastyear. Return on equity after tax was 12.6 per cent.For the second quarter of 2009 in isolation, the pre-tax profit wasNOK 378 million and return on equity after tax 19.9 per cent."The result reflects both the bank's strong position and that theperformance of the Norwegian economy and our region has been betterthan feared at the beginning of the year. Provisions for losses inthe first and second quarters have been reduced compared with fourthquarter 2008," says Terje Vareberg, chief executive officer ofSpareBank 1 SR-Bank.Among other things, the recession has been softened by high activityin the oil sector, with high investments and an oil price nearlydouble the levels seen at the start of the year. The housing markethas improved, which helped EiendomsMegler 1 SR-Eiendom AS post ahealthy profit, and the demand for home mortgage loans rose in thefirst half of 2009."It is particularly pleasing to note that underlying bankingoperations are performing well. Net interest income is at about thesame level as last year despite the fact that our financing costshave increased. This shows that our efforts to adjust pricing ofloans and credit in accordance with higher risk and higher financingcosts have begun to yield results. Over time these efforts, togetherwith measures to adjust capacity in line with business growthopportunities, will continue to have a positive impact on the bank'sperformance," says Vareberg.Key figures for the first half of 2009 (first half of 2008 inparentheses): * Profit before tax: NOK 490 million (NOK 515 million) * Return on equity after tax: 12.6% (13.1%) * Net provisions for losses: NOK 209 million (NOK 27 million) * Net interest income: NOK 756 million (NOK 771 million) * Net commission and other income: NOK 451 million (NOK 421 million) * Net return on financial investments: NOK 259 million (NOK 74 million) * Growth in lending so far this year: 2.9%. Growth in lending in the last 12 months: 12.6% (20.1%) * Growth in deposits so far this year: 2.6%. Growth in deposits in the last 12 months: -6.2% (18.7%) * Earnings per primary capital certificate: NOK 2.38 (NOK 2.49) * Core capital ratio: 7.0% (6.4% at 31.12.2008)"The capital adequacy ratio has increased from 6.4 per cent at theend of the year to 7.0 per cent at 30 June 2009. The core capitalratio is to be strengthened further to increase both the bank'sfinancial strength and lending capacity. We aim to increase it by aminimum of nine per cent. An injection of capital from the NorwegianState Finance Fund is an alternative that is under consideration,"says Vareberg.The entire quarterly report may be downloaded from www.sr-bank.noStavanger, 12 August 2009Terje Vareberg, Chief Executive Officer, telephone +47 911 00 448Erling ÿverland, Chief Financial Officer, telephone +47 915 56 542Thor-Christian Haugland, Executive Vice President Communications,telephone + 47 480 31 633http://hugin.info/149/R/1334205/316616.pdfhttp://hugin.info/149/R/1334205/316617.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.08.2009 - 11:35 Uhr
Sprache: Deutsch
News-ID 4636
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