The capital situation is being strengthened by issues and solid
earnings. The group is well position
(Thomson Reuters ONE) - SpareBank 1 SR-Bank posted a pre-tax profit of NOK 995 million at 30September 2009. The profit is NOK 362 million higher than the sametime last year. Return on equity after tax year-to-date is 16.9 percent.Pre-tax profit for the third quarter in isolation was NOK 503million. The return on equity after tax was 25.2 per cent comparedwith 3.8 per cent the same time last year."These are solid results backed by sound operations throughout thebank and in our subsidiaries, a positive turn in the securitiesmarkets and relatively low losses. It is gratifying to note that theeconomic performance in Norway and the region is considerably betterthan we had reason to fear at the start of the year. We are seeing asomewhat brighter outlook for business and optimism in the housingmarket. The bank's earnings reflect this positive change," says TerjeVareberg, CEO of SpareBank 1 SR-Bank.Key figures at 30 September 2009 (at 30 September 2008 inparentheses): * Group profit before tax: NOK 995 million (NOK 633 million). Group profit after tax: NOK 781 million (NOK 447 million) * Return on equity after tax: 16.9% (10.0%) * Net loan loss provisions: NOK 294 million (NOK 68 million) * Net interest income: NOK 1,221 million (NOK 1,213 million) * Net commission and other income: NOK 713 million (NOK 620 million) * Net return on investment securities: NOK 496 million (NOK -66 million) * Growth in lending year-to-date: 4.0%. Growth in lending last 12 months: 8.8% (19.5%) * Growth in deposits year-to-date: 1.3%. Growth in deposits last 12 months: -0.3% (10.1%) * Earnings per equity certificate: NOK 4.88 (NOK 2.83) * Core capital ratio: 6.9% (7.2%)On 20 October 2009, SpareBank 1 SR-Bank's Supervisory Committeeadopted to increase the equity by approximately NOK 1.25 billion inthe fourth quarter of 2009. One of the ways this will be accomplishedis by private placings of approximately NOK 870 million withGjensidige Forsikring BA. Gjensidige's ownership stake will then beabout 17.3 per cent. "It is very positive to bring Gjensidige Forsikring BA in as asignificant owner of the bank's equity certificates. Gjensidige is along-term, financially strong owner. This will help to put the groupin a good position for growth," says Vareberg, who points out thatthe bank's core capital adequacy ratio will be about 9.5-10.0 percent at the end of 2010.The entire quarterly report can be downloaded from www.sr-bank.noStavanger, 22 October 2009Contact persons:Terje 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 +47 480 316 33.http://hugin.info/149/R/1349589/325275.pdfhttp://hugin.info/149/R/1349589/325276.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 18:14 Uhr
Sprache: Deutsch
News-ID 7297
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"The capital situation is being strengthened by issues and solid
earnings. The group is well position"
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