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A good result driven by growth, good underlying operations and low losses

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SpareBank 1 SR-Bank (SRBNK) posted a pre-tax profit of NOK 1,131 million for the first quarter of 2023. Return on equity after tax was 12.3%.

Growth amounted to NOK 24,6 billion in the past 12 months, corresponding to 10.5%. Retail Market lending grew by 7.0%, Corporate Market by 18.1% and SME & Agriculture by 15.2%.

“We want to be competitive, to follow up our customers closely and to provide good advice because we know this means a lot when your personal finances are tighter. Paying greater attention to these areas in the first quarter contributed to positive development in the bank’s three customer divisions. Our clear ambition is to continue to grow in Southern Norway by forging good relationships with our customers,” says CEO Benedicte Schilbred Fasmer.

The profit for the first quarter increased with NOK 210 million to NOK 1,131 million, up from NOK 921 million in the first quarter of 2022. Lending growth, a better interest margin and a higher return on equity contributed to net interest income amounting to NOK 1,402 million in the quarter, up from NOK 1,014 million at the same time last year.

The group saw NOK 35 million in impairment provisions on loans and financial liabilities in the first quarter, compared with NOK 15 million in the same quarter last year. The Norwegian economy developed more strongly than expected, unemployment remained low and activity in the energy sector was high. This contributed to continued low impairment provisions.

Net commissions and other operating income amounted to NOK 455 million in the first quarter, an increase from NOK 430 million in the first quarter of 2022. This was due to higher income from money transfer services, insurance and facilitation, as well as increased income from SpareBank 1 ForretningsPartner.

Higher costs and lower income from financial investments pulled the overall result down in the first quarter, where a weaker result for SpareBank 1 Gruppen AS also had a negative impact. Net income from financial investments amounted to NOK 71 million in the first quarter, down from NOK 187 million in the first quarter of 2022. 

The group's operating costs increased by NOK 67 million from the first quarter last year to NOK 761 million. Higher levels of activity in the parent bank and subsidiaries, wage growth and investments in new market areas were the main reasons for the increase. The group’s cost/income ratio was 39.5%, compared with 42.6% in the first quarter of 2022. 

“Business has experienced a better start to the year than expected. In the coming period, activity in the southern part of Vestland is expected to remain at a higher level than in the rest of the country. Even though unemployment may rise somewhat, the fact that many people are in work means that households have good control of their personal finances, despite higher prices and interest rates,” says Benedicte Schilbred Fasmer.


Q1 2023

  • Pre-tax profit: NOK 1,131 million (NOK 921 million)
  • Net profit for the quarter: NOK 881 million (NOK 753 million)
  • Return on equity after tax: 12.3% (11.4%)
  • Earnings per share: NOK 3.31 (NOK 2.87)
  • Net interest income: NOK 1,402 million (NOK 1,014 million)
  • Net commissions and other operating income: NOK 455 million (NOK 430 million)
  • Net income from financial investments: NOK 71 million (NOK 187 million)
  • Operating costs: NOK 761 million (NOK 694 million)
  • Impairment provisions on loans and financial liabilities: NOK 35 million (NOK 15 million)
  • Common Equity Tier 1 capital: 17.42% (17.60%)
  • Capital ratio: 21.05% (20.71%)
    (Q1 2022 in brackets)

The full interim report is available for download from www.sr-bank.no.


Stavanger, 4 May 2023.


Contact people:

Benedicte Schilbred Fasmer, Group CEO, Tel. +47 950 60 034
Inge Reinertsen, Chief Financial Officer, Tel. +47 909 95 033
Morten Forgaard, Financial Director, Tel. +47 916 21 425
Øyvind Knoph Askeland, Director of Communications, Tel. +47 922 32 639


This information is disclosed in compliance with section 5-1 of the Securities Trading Act.

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