The result reflects the high activity level and good banking operations
(Thomson Reuters ONE) -
At 30 September 2010, SpareBank 1 SR-Bank achieved a pre-tax profit of NOK
1,200 million. This is NOK 205 million more than last year. Return on equity
after tax so far this year is 15.1 per cent, compared with 16.9 per cent in the
same period in 2009.
For the 3(rd) quarter seen in isolation, the pre-tax profit was NOK 386 million.
Return on equity after tax was 14.3 per cent, compared with 25.2 per cent for
the same period last year. This reduction can be explained, inter alia, by the
significant strengthening of equity last year.
"The result is characterised by good operations throughout the group, the
positive performance of the stock markets and relatively low losses. We can
register brighter prospects for trade and industry and optimism in the housing
market. The result reflects these positive trends", says Terje Vareberg,
SpareBank 1 SR-Bank's Chief Executive Officer.
In the retail market, lending grew by 12.3 per cent over the last 12 months.
This is significantly higher than the national average for the period.
"We get inspiration from the increased competition and we continue to garner
market shares in the retail market. More and more customers prefer us. This is
very important for the growth of commission income and net interest income
alike", says Vareberg.
Key figures as at 30 September 2010 (comparable figures for 2009 in parentheses)
* Profit before tax: NOK 1,200 million (NOK 995 million)
* Profit after tax: NOK 936 million (NOK 781 million)
* Return on equity after tax: 15.1 % (16.9 %)
* Provisions for losses: NOK 163 million (NOK 294 million)
* Net interest income: NOK 1,300 million (NOK 1,221 million)
* Net commission and other income: NOK 818 million (NOK 713 million)
* Net return on financial investments: NOK 388 million (NOK 496 million)
* Growth in lending (including loans transferred to SpareBank 1 Boligkreditt)
last 12 months: 6.6 % (8.8 %)
* Growth in deposits last 2 months: 3.7 % (- 0.3 %)
* Earnings per primary capital certificate: NOK 4.87 (NOK 4.88)
So far this year, net write-downs of loans aggregate NOK 163 million, compared
with NOK 294 million for the same period last year. This represents 0.18% of
gross lending including loans transferred to SpareBank 1 Boligkreditt.
"The group's strong market position, low loan loss provisions and a default
level that stays low mean that we are well equipped for further growth and
profitable development. Seen as a whole, 2010 appears to be a very good year for
SpareBank 1 SR-Bank", says Terje Vareberg.
The quarterly report in its entirety can be downloaded from www.sr-bank.no
Stavanger, 28 October 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
Vidar Torsøe, Director IR, telephone + 47 970 80656
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1456594]
Quarterly presentation 3Q10:
http://hugin.info/149/R/1456594/396468.pdf
Quarterly report 3Q10:
http://hugin.info/149/R/1456594/396467.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 via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2010 - 13:17 Uhr
Sprache: Deutsch
News-ID 46870
Anzahl Zeichen: 0
contact information:
Town:
Stavanger
Kategorie:
Business News
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"The result reflects the high activity level and good banking operations"
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