SpareBank 1 SR-Bank reports strong result
(Thomson Reuters ONE) - The group has reported the best result in its history, a result created by amotivated and efficient organisation and not least by a significantlystrengthened market position. During the past year the group has acquired15,000 new retail customers and 1,200 new corporate customers. At the same time,EiendomsMegler 1 sold some 1,000 housing units more than in 2008.On 2009, SpareBank 1 SR-Bank achieved a pre-tax profit of NOK 1,432 million (NOK643 million in 2008). The tax charge was NOK 321 million. This gives a profitafter tax of NOK 1,111 million (NOK 480 million in 2008) and a return on equityafter tax of 17.5 per cent (8.0 per cent in 2008)."I am well satisfied. The group has come through a turbulent year in a goodmanner. The 2009 result is extremely good, especially taking into considerationthe uncertainty we experienced at the beginning of the year", says TerjeVareberg, SpareBank 1 SR-Bank's chief executive.The underlying banking operations developed well in 2009. The interest marginhas gone down a little as result of economic fluctuations and higher fundingcosts. The positive performance of the finance markets contributed to the netreturn on the group's investment securities rising sharply from 2008 to 2009. In2009, loan loss provisions were slightly lower than in 2008.Through capital inflow from the market, the capital base was strengthened, bynew equity amounting to NOK 1,228 million and a Tier 1 perpetual bond issue ofNOK 800 million. The core capital ratio rose during 2009 from 6.4 per cent to9.6 per cent in 2009."The fact that private investors place their capital at our disposal, and viewSpareBank 1 SR-Bank as an attractive investment must be seen as a vote ofconfidence. It was therefore unnecessary to avail ourselves of capital from theNorwegian State Finance Fund", says Vareberg.The profit before tax in the 4th quarter of 2009, seen in isolation, was NOK437 million (NOK 10 million in the 4th quarter of 2008). Return on equity aftertax was 18.2 per cent (2.0 per cent). Provisions for loan losses were moderate.Key figures 2009: * Group profit before tax: NOK 1,432 million (NOK 643 million). * Profit after tax: NOK 1,111 million (NOK 480 million). * Return on equity after tax: 17.5 % (8.0 %). * Net loan loss provisions: NOK 368 million (NOK 386 million). * Net interest income: NOK 1,676 million (NOK 1,644 million). * Net commission and other income: NOK 998 million (NOK 796 million). * Net return on investment securities: NOK 705 million (NOK 42 million). * Growth in lending last 12 months (incl.Boligkreditt): 5.3 % (20.2 %) * Growth in deposits last 12 months: 2.4 % (5.5 %). * Earnings per equity certificate: NOK 6.88 (NOK 3.00). * The Board proposes a dividend of NOK 1.75 (NOK 0.83) per equity certificate. * The Board proposes that NOK 158 million (NOK 20 million) be allocated to the Endowment Fund. * Core capital ratio (taking into account the Board's proposal relating to dividend): 9.6% (6.4%). (2008 in parentheses)The group is well positioned for growth and new business opportunities. Themarket is showing clear signs of improvement, national and international."Most countries in the Western world are now out or on their way out ofrecession. The levels of petroleum investments, which are important for theactivity in the group's market areas, are expected to remain high. We are readyto exploit such positive market development", says Vareberg, who is impressed bythe effectiveness of the group's employees."During the year under review we reduced manpower by about 80 man-years.Simultaneously, sick-leave declined. Lending grew by 5 per cent. On top of whichwe got 15,000 new private customers and 1,200 new corporate customers. Thisshows that we are an efficient and forward looking organisation", says Vareberg.The full report can be downloaded from the following link:www.sr-bank.no
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Datum: 04.02.2010 - 08:00 Uhr
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