SpareBank 1 SR-Bank - Good profit development for SpareBank 1 SR-Bank
"I am very pleased. All business areas in the Group have delivered good results through solid income growth and good cost control. In spite of hard competition, the Group's income grew by 10.8 per cent compared to the corresponding period last year," says Terje Vareberg, CEO of SpareBank 1 SR-Bank.
The Group's efforts in the savings and placement area have yielded good dividends.
"The income from this area has increased by 68.1 per cent, to NOK 52 million, compared to 2006. This is due to an enthusiastic and sales-oriented organisation," says Vareberg.
Key facts, first quarter of 2007:
- Group profit before tax: NOK 287 mill. (NOK 251 mill.).
- Return on Equity after tax: 20.8% (21.3%).
- Net interest income: NOK 288 mill. (NOK 268 mill.).
- Net commission received and other income: NOK 190 mill. (NOK 156 mill.).
- Net return on financial investments: NOK 104 mill. (NOK 101 mill.).
- Growth in lending: 24.3% (14.6%) last 12 months, 16.0% in the retail market (RM), and 41.8% in the corporate market (CM).
- Growth in deposits: 13.3% (14.8%) last 12 months, RM 8.5%, and CM 17.3%.
- Profit per primary capital certificate: NOK 5.10 (NOK 4.60).
- Rights issue fully subscribed - significant interest.
(Figures for the corresponding period in 2006 shown in parentheses)
SpareBank 1 SR-Bank will become even better. This is why we focus on the development of new business areas. We are now establishing a separate division for specialised and transaction-oriented financing, based on the significantly increased rate of change in the business sector in general, as well as more and larger acquisitions of companies in the region. Combined with the establishment of a new capital market division in March, this is proof of the Group's pro-active efforts.
Stavanger, 26 April 2007
Questions can be directed to:
Terje Vareberg, CEO of SpareBank 1 SR-Bank
Telephone +47 51 50 95 53/+47 911 00448
Lisbeth K. Nærø, CFO
Telephone +47 51 50 95 61/+47 952 65960
Thor-Christian Haugland, Executive Vice-President Communications
Telephone +47 51 50 92 81 /+47 480 31633.
The full report including tables can be downloaded from the following link: