SpareBank 1 SR-Bank reports strong income growth
The group's total income increased by NOK 348 million, compared with the same period last year, to NOK 1,922 million. This represents an increase of 22.1%. We are particularly satisfied with the 78% increase in income from savings and investment products compared with last year. This income totals NOK 153 million now, compared with NOK 86 million for the same period in 2006.
- In the third quarter we strengthened our position in savings and investment further. We managed to do so in spite of the unrest in the financial markets this autumn, says Terje Vareberg, CEO of SpareBank 1 SR-Bank.
The group achieved a profit/loss before tax of NOK 948 million for the first nine months of the year. This is an improvement of NOK 179 million compared with 2006. The return on equity after tax was 20.6%.
The group's strong focus on existing and new markets - Agder and Hordaland - is showing results. The group's subsidiaries are still performing well.
- We are making a focused effort so that we can deliver top class results in the future as well. This autumn we have implemented an extensive restructuring programme for all levels of the organisation. Our goal is to strengthen our position further. We have great expectations for the results of this, says Vareberg.
Highlights for this year's first three quarters:
- Group profit before tax: NOK 948 million (NOK 769 million).
- Return on equity after tax: 20.6% (20.6%).
- Income growth: 22.1% (4.2%).
- Net interest income: NOK 967 million (NOK 830 million).
- Net commission and other income: NOK 635 million (NOK 494 million).
- Net return on investment securities: NOK 320 million (NOK 250 million).
- Growth in loans: 27.2 % (19.5%) over last 12 months, which breaks down into 15.5% RM and 50.5% CM.
- Growth in deposits: 15.5% (12.6%) over last 12 months, which breaks down into 10.3% RM and 19.9% CM.
- Earnings per primary capital certificate: NOK 16.6 (NOK 13.5).
(Year-to-date results. Figures for corresponding period in 2006 are shown in parentheses.)
The quarterly report can be downloaded from www.sr-bank.no.
Stavanger, 25 October 2007
Questions may be addressed to:
Terje Vareberg, CEO of SpareBank 1 SR-Bank
Telephone 51 50 95 53/911 00448
Lisbet K. Nærø, CFO
Telephone 51 50 95 61/952 65960
Thor-Christian Haugland, Executive Vice President Communications
Telephone 51 50 92 81/480 31633