SpareBank 1 SR-Bank ASA (SRBANK): Good underlying operations and strengthened solidity, but results marked by impairments and reduced financial income
SpareBank 1 SR-Bank posted a pre-tax profit of NOK 247 million at the end of the first quarter, compared with NOK 1,323 million for the same period last year. The results were marked by impairments and weak financial income. These resulted from the changed market conditions for offshore-related operations, a significantly poorer level of activity for companies in general, and weak financial markets due to the Covid-19 situation. The return on equity after tax was NOK 3.4%, compared with 21.2% in the same quarter last year. The Common Equity Tier 1 capital ratio as at 31 March 2020 was