Storebrand Bank ASA: Annual report 2018

The bank group achieved a profit before tax of NOK 199 million for 2018 compared with NOK 194 million in 2017 for continued operations. Net interest income in 2018 was at approximately the same level as in 2017, with an increase of NOK 2 million compared to the previous year.

There was a positive effect of NOK 18 million on the result linked to increased number of mortgage managed on behalf of Storebrand Livsforsikring AS, as well as reduced operating expenses of NOK 36 million in 2018 compared with 2017. The decrease in operating expenses was primarily due to a reduction in purchased group services and lower personnel costs. The reduction in other income negatively impacted the result by NOK 48 million in 2018 due to lower profits from financial instruments compared with 2017. The result was also negatively affected by NOK 19 million due to increased loan losses in 2018. The bank group reached a profit after tax of NOK 147 million in 2018, compared with NOK 146 million in 2017.

For further information contact:

CEO, Bernt Uppstad, mobile +47 901 68 821

Head of IR, Kjetil Ramberg Krøkje, mobile +47 934 12 155