SpareBank 1 SR-Bank ASA (SRBANK): Increased loan impairments and reduced financial income
In connection with the presentation of its results for the fourth quarter of 2019, SpareBank 1 SR-Bank ASA stated that its return on equity after tax target for the financial year 2020 was 12%. At the time, the Norwegian economy was virtually unaffected by the Covid-19 situation. As a result of the significant consequences in connection of the partial lockdown of society, combined with the substantial fall in oil prices, the marked downturn in activity has resulted in uncertainty and weaker profitability for many of our customers. SpareBank 1 SR-Bank ASA is a solid bank and at the end