Storebrand Bank ASA: Annual Report 2019

The bank group achieved a profit before tax of NOK 272 million for 2019, compared with NOK 199 million in 2018 for continued operations. The principal reason for the improvement in profit from 2018 was increased net interest income of NOK 58 million compared with 2018 due to increased deposit margins. Other operating income increased by NOK 15 million in 2019, compared with the previous year as a result of increased profits on financial instruments at fair value. Operating expenses ended at NOK 7 million higher in 2019 than in 2018 through increased depreciation and write-downs on intangible assets. Losses on loans were NOK 11 million lower in 2019 compared with 2018. The bank group achieved a profit after tax of NOK 207 million in 2019, compared with NOK 147 million in 2018.

Lysaker, 30 March 2020

For further information contact:

CEO, Camilla Leikvoll, mobile +47 979 89 128
Group Head of Finance, Strategy and M&A, Kjetil R. Krøkje, mobile +47 934 12 155
 Head of Investor Relations and Rating, Daniel Sundahl, mobile +47 913 61 899

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.