April 24, 2018 1:10 PM ET

Banks

Company Overview of SpareBank 1 SR-Bank ASA

Company Overview

SpareBank 1 SR-Bank ASA, together with its subsidiaries, provides various financial products and services for personal and corporate customers in Southern and Western Norway. The company offers its products and services in the areas of savings, loans, advice, insurance, and pensions. Its activities also include proprietary and customer trading in interest rate instruments, and foreign exchange; facilitates debt and equity funding; and provides administrative securities services. In addition, the company sells real estate properties comprising holiday homes, new builds, and used homes, as well as offers commercial properties brokerage services; purchases home mortgages and funds by issuing co...

Bjergsted Terrasse 1

Postboks 250

Stavanger,  4066

Norway

Founded in 1839

1,142 Employees

Phone:

47 91 50 20 08

Key Executives for SpareBank 1 SR-Bank ASA

Chief Executive Officer
Age: 61
Total Annual Compensation: 4.0M NOK
Chief Financial Officer
Age: 46
Total Annual Compensation: 2.4M NOK
Executive Vice President of Corporate Market
Total Annual Compensation: 2.4M NOK
Executive Vice President of Retail Market
Total Annual Compensation: 2.3M NOK
Executive Vice President of Communications
Total Annual Compensation: 1.7M NOK
Compensation as of Fiscal Year 2016.

SpareBank 1 SR-Bank ASA Key Developments

SpareBank 1 SR-Bank ASA to Propose Change of Articles of Association

SpareBank 1 SR-Bank ASA announced that at the AGM to be held on April 19, 2018, will propose change of Articles of Association.

SpareBank 1 SR-Bank ASA Reports Audited Group and Parent Earnings Results for the Full Year Ended December 31, 2017; Provides Impairment Guidance for the Year 2018

SpareBank 1 SR-Bank reported audited group and parent earnings results for the full year ended December 31, 2017. For the full year, on group basis, the company reported net interest income of NOK 3,162 million against NOK 2,871 million a year ago. The increase was due to a combination of increased lending and deposit volumes, as well as lower funding costs due to a 33-basis point reduction in the 3-month NIBOR during 2017. Operating profit before impairment losses on loans was NOK 3,153 million against NOK 2,936 million a year ago. Pre-tax profit was NOK 2,610 million against NOK 2,158 million a year ago. Net profit was NOK 2,086 million against NOK 1,755 million a year ago. Return on equity was 11.0% against 10.0% a year ago. Diluted earnings per share were NOK 8.16 against NOK 6.86 per share a year ago. Interest income was NOK 5,747 million against NOK 5,563 million a year ago. Net income from financial investments was NOK 634 million against NOK 654 million a year ago. Total net income was NOK 5,320 million against NOK 4,968 million a year ago. Shareholders' share of the earnings was NOK 2,084 million against NOK 1,755 million a year ago. Net cash used in operating activities was NOK 9,091 million against NOK 6,026 million a year ago. Investments in tangible fixed assets were NOK 156 million against NOK 167 million a year ago. Book equity per share was NOK 77.24 against NOK 71.54 a year ago. For the full year, the parent company reported net interest income of NOK 2,768 million against NOK 2,461 million a year ago. Operating profit before impairment losses on loans was NOK 2,840 million against NOK 2,948 million a year ago. Pre-tax profit was NOK 2,298 million against NOK 2,264 million a year ago. Net profit was NOK 1,859 million against NOK 1,921 million a year ago. Basic and diluted earnings per share were NOK 7.27 against NOK 7.51 per share a year ago. Interest income was NOK 4,863 million against NOK 4,868 million a year ago. Total net income was NOK 4,516 million against NOK 4,482 million a year ago. Shareholders' share of the earnings was NOK 1,857 million against NOK 1,921 million a year ago. Net cash from operating activities was NOK 3,992 million against NOK 11,720 million a year ago. Investments in tangible fixed assets were NOK 50 million against NOK 85 million a year ago. The company expects need for impairments in 2018 is expected to amount to around NOK 400 million to NOK 500 million.

SpareBank 1 SR-Bank ASA Announces Unaudited Group and Parent Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Return on Equity Guidance for the Full Year of 2018; Reports Impairment Losses for the Fourth Quarter Ended December 31, 2017

SpareBank 1 SR-Bank ASA announced unaudited group and parent earnings results for the fourth quarter and year ended December 31, 2017. For the year, on group basis, the company reported interest income of NOK 5,747 million against NOK 5,563 million a year ago. Net interest income was NOK 3,162 million against NOK 2,871 million a year ago. Net commission and other income was NOK 1,524 million against NOK 1,443 million a year ago. Net income on financial investments was NOK 634 million against NOK 654 million a year ago. Total income was NOK 5,320 million against NOK 4,968 million a year ago. Operating profit before impairment losses was NOK 3,153 million against NOK 2,936 million a year ago. Pre-tax profit was NOK 2,610 million against NOK 2,158 million a year ago. Profit after tax was NOK 2,086 million against NOK 1,755 million a year ago. Earnings per share were NOK 8.16 against NOK 6.87 a year ago. Net change in liquidity from operations was negative NOK 9,092 million against negative NOK 6,026 million a year ago. Investments in tangible fixed assets were NOK 158 million against NOK 167 million a year ago. Return on equity was 11.0% against 10% a year ago. For the quarter, on group basis, the company reported interest income of NOK 1,463 million against NOK 1,400 million a year ago. Net interest income was NOK 819 million against NOK 733 million a year ago. Net commission and other income was NOK 367 million against NOK 355 million a year ago. Net income on financial investments was NOK 204 million against NOK 139 million a year ago. Total income was NOK 1,390 million against NOK 1,227 million a year ago. Operating profit before impairment losses was NOK 820 million against NOK 687 million a year ago. Pre-tax profit was NOK 700 million against NOK 525 million a year ago. Profit after tax was NOK 559 million against NOK 429 million a year ago. Earnings per share were NOK 2.18 against NOK 1.68 a year ago. Return on equity per quarter was 11.4% against 9.5% a year ago. Book equity per share (including dividends) was NOK 77.24 against NOK 71.54 a year ago. For the year, on parent basis, the company reported interest income of NOK 4,863 million against NOK 4,868 million a year ago. Net interest income was NOK 2,768 million against NOK 2,461 million a year ago. Net commission and other income was NOK 1,001 million against NOK 991 million a year ago. Net income on financial investments was NOK 747 million against NOK 1,030 million a year ago. Total income was NOK 4,516 million against NOK 4,482 million a year ago. Operating profit before impairment losses was NOK 2,840 million against NOK 2,948 million a year ago. Pre-tax profit was NOK 2,298 million against NOK 2,264 million a year ago. Profit after tax was NOK 1,859 million against NOK 1,921 million a year ago. Net change in liquidity from operations was NOK 3,989 million against NOK 11,720 million a year ago. Investments in tangible fixed assets were NOK 85 million against NOK 50 million a year ago. For the quarter, on parent basis, the company reported interest income of NOK 1,212 million against NOK 1,203 million a year ago. Net interest income was NOK 695 million against NOK 622 million a year ago. Net commission and other income was NOK 253 million against NOK 248 million a year ago. Net income on financial investments was NOK 59 million against NOK 323 million a year ago. Total income was NOK 1,007 million against NOK 1,193 million a year ago. Operating profit before impairment losses was NOK 552 million against NOK 779 million a year ago. Pre-tax profit was NOK 432 million against NOK 661 million a year ago. Profit after tax was NOK 321 million against NOK 559 million a year ago. For the quarter, on group basis, the company reported impairment losses on loans and guarantees of NOK 120 million against NOK 162 million a year ago. For the quarter, on company basis, the company reported impairment losses on loans and guarantees of NOK 120 million against NOK 118 million a year ago. Return on equity of 11% after tax is expected in 2018. The longer term (2020) target is a minimum of 12%.

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