Strong results characterised by good underlying operations and significantly lower impairment provisions

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SpareBank 1 SR-Bank ASA (SRBNK) achieved profit growth of 52% with a pre-tax profit of NOK 1,073 million for the fourth quarter of 2021, compared with NOK 705 million for the same quarter in 2020. The results were characterised by increases in net interest income, commissions, and financial income, as well as lower losses, compared with the same period in 2020.

The return on equity after tax was 14.0% for the quarter, compared with 9.7% for the fourth quarter of 2020, and up from 11.7% in the third quarter of 2021.

A net NOK 24 million of impairments on loans and financial liabilities were reversed in the fourth quarter, compared with NOK 270 million in impairment provisions in the same quarter in 2020. Total impairment provisions for 2021 amounted to NOK 192 million.

“2021 was a year of unpredictability due to the development of the Covid-19 pandemic, but both our retail and corporate customers demonstrated an impressive ability to manage this uncertainty. In addition to producing good results at a challenging time, the companies also continued to work on their sustainable reorientation. I am, therefore, optimistic on the business sector’s behalf when looking ahead,” says Benedicte Schilbred Fasmer, CEO of SpareBank 1 SR-Bank.

Operating costs for the fourth quarter were NOK 755 million, up from NOK 629 million for the same quarter in 2020 and NOK 666 million in the third quarter. Operating costs for 2021 amounted to NOK 2,714 million, compared with NOK 2,386 million in 2020. A significantly higher level of activity throughout the year, costs in acquired businesses and higher variable remuneration costs due to a good result for the year overall contributed to the increase. The group’s cost/income ratio was 40.2% in 2021, compared with 38.3% in 2020.

Overall, the pre-tax profit for 2021 was NOK 3,838 million and the profit after tax was NOK 3,156 million. This is a return on equity after tax of 12.6%.

“We have delivered strong results for 2021 and I am very pleased with the activity levels we have seen in all business areas. I would especially like to extol the efforts and flexibility demonstrated by our employees in what was a difficult year. It is also pleasing that the results of the companies in SpareBank 1 Gruppen have provided significant profit contributions,” says Benedicte Schilbred Fasmer.

“As far as expectations for 2022 are concerned, a majority of the companies in Southern Norway expect growth and positive developments. With an improving economy, low unemployment, and less uncertainty, we expect high levels of activity going forward too.”

Q4 2021

  • Pre-tax profit: NOK 1,073 million (NOK 705 million)
  • Net profit for the quarter: NOK 889 million (NOK 608 million)
  • Return on equity after tax: 14.0% (9.7%)
  • Earnings per share: NOK 3.41 (NOK 2.30)
  • Net interest income: NOK 1,005 million (NOK 994 million)
  • Net commissions and other operating income: NOK 455 million (NOK 370 million)
  • Net income from financial investments: NOK 344 million (NOK 240 million)
  • Operating costs: NOK 755 million (NOK 629 million)
  • Impairments on loans and financial liabilities: NOK -24 million (NOK 270 million)
  • Common Equity Tier 1 capital ratio: 17.4% (18.3%) 
  • The board proposes a dividend of NOK 6.00 per share for the 2021 financial year (NOK 3.10)
    (Q4 2020 in brackets)

The full interim report is available for download from

Stavanger, 9 February 2022


Benedicte Schilbred Fasmer, CEO, Tel. +47 950 60 034

Inge Reinertsen, Chief Financial Officer, Tel. +47 909 95 033

Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173

Øyvind Knoph Askeland, Director of Communications, Tel. +47 922 32 639

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