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SpareBank 1 SR-Bank - Our concerted efforts have been successful - the best result in the history of the bank

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SpareBank 1 SR recorded a profit of NOK 1 265 million, a rise of NOK 95 million compared to 2006
 
"All areas in the group reported sound progress. The result of ordinary banking operations was very good, despite pressure on margins being heavier than ever. The fact that we succeeded in our concentration on savings and investment products is also very satisfying. The second half of the year was characterised by financial unrest, but the customers showed great faith in us, says Terje Vareberg, Chief Executive Officer. 
 
Here are the key figures for 2007:
  • Group profit before tax NOK 1 256 NOK million (NOK 1 161 million).
  • Return on equity after tax: 20.0 % (23.1 %).
  • Net interest income: NOK 1 340 NOK million (NOK 1 128 million).
  • Net commission and other income: NOK 895 million (NOK 678 million).
  • Net return on financial investments:  NOK 388 million (NOK 441 million).
  • Growth in lending: 19.8 % (25.7 %) last 12 months, of which retail market (RM) 14.8 % and corporate market (CM) 28.3 %.
  • Growth in deposits: 18.0 % (13.4 %) last 12 months RM 11.8 % and CM 23.2 %.   
  • Earnings per primary capital certificate: NOK 7.9 (NOK 7.8).
  • The Board proposes a dividend of NOK 4.75 (NOK 4.4) per primary capital certificate.
  • The Board proposes allocating NOK 95 million (NOK 88 million) to the endowment fund.
  • The Board proposes a private placement (share dividend) with primary capital certificate holders.
 (Figures in brackets are corresponding figures for 2006.)
 
"We are garnering market shares in Rogaland, Agder and Bergen, in both the retail and corporate markets", explains Vareberg, who also points to the results of the bank's subsidiaries as one of the main reasons for the record result.
 
SpareBank 1 SR-Finans: NOK 43.4 million (35.4).
EiendomsMegler 1 SR-Eiendom AS: NOK 36.8 million (30.6).
SR-Investering AS: NOK 49.8 million (28.7).
SR-Forvaltning ASA: NOK 54.4 million (41.1)
(The figures quoted represent profit before tax.)
 
"We are focusing sharply on reporting top results in the future as well. This year we will see the results of the comprehensive improvement measures we instituted in 2007. These will increase our efficiency as well as our focus on our customers", says Vareberg.
 
The full report can be downloaded from the following link:  www.sr-bank.no

Stavanger, 7 February 2008
 
Questions should be submitted to:
  • Terje Vareberg, CEO,  SpareBank 1 SR-Bank
    Telephone +47 51 50 95 53/+ 47 911 00448
  • Lisbeth K. Nærø, Group Director Economy & Finance
    Telephone + 47 51 50 95 61/+ 47 952 65960 
  • Thor-Christian Haugland, Group Director Communications
    Telephone + 47 51 50 92 81/+ 47 480 31633

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