SpareBank 1 SR-Bank ASA (SRBANK): Postponement of final decision concerning the dividend for 2019
Reference is made to item 4 of the notice of the Annual General Meeting of SpareBank 1 SR-Bank ASA on 1 April 2020 concerning “Approval of the annual financial statements and annual report for 2019, including distribution of profit/loss for the year.”
The board of SpareBank 1 SR-Bank ASA considered the annual financial statements and annual report for 2019 at the board meeting held on 5 March 2020 and the annual report was published on the bank’s website prior to the Annual General Meeting. As stated in both its introduction and under item 4 of the notice, the board of SpareBank 1 SR-Bank ASA intended to reassess the allocation of the profit for 2019 by 17 April because of the COVID-19 crisis.
SpareBank 1 SR-Bank ASA is a solid bank. Both the Financial Supervisory Authority of Norway and the Norwegian Ministry of Finance have made it clear to Norwegian financial institutions that they expect the distribution of dividends to be postponed until uncertainty about the current economic situation has decreased. The European Central Bank (ECB) also published a recommendation on 27 March this year (ECB/2020/19) advising financial institutions not to pay out dividends before 1 October 2020 at the earliest.
Consequently, the board will propose to the Annual General Meeting that dividend for 2019 will not be distributed at this time. The board will, however, propose to the General Meeting that it is granted a power of attorney to distribute a dividend, at a later stage, limited to NOK 5.50 per share based on the 2019 annual accounts. The power of attorney will expire at the date of the Annual General Meeting 2021.
SpareBank 1 SR-Bank ASA will keep the market apprised of any further important information about dividends.
Please see the attachment regarding the updated information to the Annual General Meeting 2020.
Stavanger, 15 April 2020
Inge Reinertsen, CFO, Tel. +47 909 95 033
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173
Thor-Christian Haugland, Executive Vice President Communications, Tel. +47 480 31 633
This information is disclosed in compliance with section 5-12 of the Securities Trading Act.