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September 01, 2015 4:58 PM ET

Banks

Company Overview of SpareBank 1 SR-Bank

Company Overview

SpareBank 1 SR-Bank ASA, together with its subsidiaries, provides a range of financial services for personal and corporate customers in Southern and Western Norway. The company offers its products and services in the areas, such as loans, savings, advice, insurance, and pensions. It‘s activities also include own account and customer trading in interest rate instruments, foreign exchange, and equities; and provides advice and facilitates debt and equity funding, as well as administrative securities services. In addition, the company sells real estate properties comprising commercial real estate, holiday homes, new builds, and existing homes, as well as provides brokerage services; offers leas...

Bjergsted Terrasse 1

PO Box 250

Stavanger,  4066

Norway

Founded in 1839

1,133 Employees

Fax:

47 51 57 12 60

Key Executives for SpareBank 1 SR-Bank

Chief Executive Officer
Age: 59
Total Annual Compensation: $4.3M
Chief Financial Officer
Total Annual Compensation: $2.5M
Executive Vice President of Corporate Market
Total Annual Compensation: $2.5M
Executive Vice President of Retail Market
Total Annual Compensation: $2.4M
Executive Vice President of Communications
Total Annual Compensation: $1.8M
Compensation as of Fiscal Year 2014.

SpareBank 1 SR-Bank Key Developments

SpareBank 1 SR-Bank Reports Unaudited Parent and Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Impairment Losses on Loans and Guarantees for the Second Quarter of 2015

SpareBank 1 SR-Bank reported unaudited parent and company earnings results for the second quarter and six months ended June 30, 2015. For the quarter on consolidated basis, the company reported net interest income of NOK 569 million against NOK 528 million a year ago. Total income was NOK 1,332 million against NOK 1,261 million a year ago. Pre-tax profit was NOK 882 million against NOK 837 million a year ago. Profit after tax was NOK 780 million against NOK 708 million a year ago. Return on equity after tax was 10.8% against 14.5% a year ago. For the six months on consolidated basis, the company reported net interest income of NOK 1,133 million against NOK 1,022 million a year ago. Total income was NOK 2,259 million against NOK 2,346 million a year ago. Pre-tax profit was NOK 1,322 million against NOK 1,482 million a year ago. Profit after tax was NOK 1,104 million against NOK 1,240 million a year ago. Net change in liquidity from operations was NOK 4,069 million against net change in liquidity from operations negative of NOK 3,456 million a year ago. Investments in tangible fixed assets were NOK 66 million against NOK 26 million a year ago. Return on equity after tax was 11.7% against 16.5% a year ago. As on date, book value per share was NOK 62.56 against NOK 57.63 per share for the same period a year ago. For the quarter on parent basis, the company reported net interest income of NOK 639 million against NOK 581 million a year ago. Total income was NOK 1,132 million against NOK 1,226 million a year ago. Pre-tax profit was NOK 552 million against NOK 684 million a year ago. Profit after tax was NOK 431 million against NOK 534 million a year ago. Earnings per share were NOK 1.69 against NOK 2.09 per share a year ago. For the six months on parent basis, the company reported net interest income of NOK 1,266 million against NOK 1,128 million a year ago. Total income was NOK 2,378 million against NOK 2,572 million a year ago. Pre-tax profit was NOK 1,180 million against NOK 1,471 million a year ago. Profit after tax was NOK 927 million against NOK 1,193 million a year ago. Earnings per share were NOK 3.63 against NOK 4.67 per share a year ago. Net change in liquidity from operations was NOK 19 million against net change in liquidity from operations negative of NOK 4,582 million a year ago. Investments in tangible fixed assets were NOK 92 million against NOK 29 million a year ago. The bank announced impairment losses on loans and guarantees for the second quarter of 2015 of NOK 44 million compared to NOK 41 million for the last year.

SpareBank 1 SR-Bank ASA Elects Kate Henriksen and Bergen as New Board Members

On June 4, 2015, the Supervisory Board of SpareBank 1 SR-Bank ASA elected Kate Henriksen and Bergen as a new board members of the company.

SpareBank 1 SR-Bank ASA Approves Dividend for 2014, Payable on May 7, 2015

SpareBank 1 SR-Bank ASA announced that at the AGM held on April 28, 2015, the company approved the payment of a dividend for 2014 of NOK 2.00 per share for those who are shareholders as of 28 April 2015, with payment on May 7, 2015. The shares of SpareBank 1 SR-Bank ASA will be traded ex-dividend from April 29, 2015.

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