SpareBank 1 SR-Bank ASA (SRBANK): Increased loan impairments impact on results for second quarter 2020

In advance of the presentation of the result for the second quarter of 2020, SpareBank 1 SR-Bank ASA wants to notify stakeholders of a certain accounting matter. The group’s net impairments on loans and financial liabilities are expected to be around NOK 830 million for the second quarter of 2020. The higher impairments are a result of ongoing demanding market conditions for offshore related activities, where also larger impairments have been required for some commitments.

Return on equity after tax for the second quarter is then expected to end at a level around 4%.

The level of impairments on loans and financial liabilities is expected to be much lower going forward, but there at still uncertainty in the market conditions.

The final results, updated targets and estimates, and further details will be published in connection with the presentation of the results for the second quarter on 6 August at 07:30 AM.

Stavanger, 17 July 2020
 

Contact persons:
Inge Reinertsen, CFO, Tel. +47 909 95 033
Arne Austreid, CEO, Tel. + 47 900 77334
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173


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