SpareBank 1 SR-Bank ASA (SRBANK): A result marked by good operations but high impairments
SpareBank 1 SR-Bank achieved a pre-tax profit of NOK 513 million in the first half of 2020, compared with NOK 2,432 million in the same period last year. The result is marked by good operations and a good influx of customer, but weakened by increased impairments. The return on equity after tax was 3.7%, compared with 18.8% for the same period in 2019. Impairments on loans and guarantees totalled NOK 1,391 million, compared with NOK 30 million in the same period last year. The increased impairments are the result of continued challenging market conditions for offshore related companies.