Brief: Sparebank 1 SR Bank Q1 Net Profit Down At NOK 221 Mln

Sparebank 1 Sor-Norge ASA

07/05/2020 06:34

May 7 (Reuters) - Sparebank 1 SR Bank ASA  SRBANK.OL :
    * SPAREBANK 1 SR-BANK POSTED A PRE-TAX PROFIT OF NOK 247
MILLION
AT END OF Q1, COMPARED WITH NOK 1,323 MILLION FOR SAME PERIOD
LAST YEAR
    * Q1 RETURN ON EQUITY AFTER TAX WAS NOK 3.4%, COMPARED WITH
21.2%
IN SAME QUARTER LAST YEAR
    * COMMON EQUITY TIER 1 CAPITAL RATIO AS AT 31 MARCH 2020 WAS
17.7%, TAKING INTO ACCOUNT DECISION TO POSTPONE PAYMENT OF
DIVIDEND
    * Q1 NET PROFIT FOR QUARTER: NOK 221 MILLION (NOK 1,146
MILLION)
    * Q1 NET INTEREST INCOME: NOK 1.081 MILLION (NOK 938
MILLION)
    * SPAREBANK 1 SR BANK ASA - Q1 OPERATING COSTS: NOK 592
MILLION
(NOK 583 MILLION)
    * Q1 IMPAIRMENTS ON LOANS AND FINANCIAL LIABILITIES: NOK 560
MILLION (NOK 49 MILLION)
    * GIVEN COVID-19 SITUATION AND UNCERTAINTY ASSOCIATED WITH
ECONOMIC DEVELOPMENTS, THERE HAS ALSO BEEN A NEED TO INCREASE
IFRS 9 PROVISIONS.

Source text for Eikon:  ID:nWkr9zw5kt 
Further company coverage:  SRBANK.OL 

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