1st quarter 2017

First quarter 2017

(Consolidated figures. Figures in parenthesis refer to the same period of 2016 unless otherwise stated)

  • Pre-tax profit: NOK 454m (383m)
  • Net profit Q1: NOK 358m (311m)
  • Return on equity: 9.4 per cent (8.9 per cent)
  • Growth in lending: 8.1 per cent (5.4 per cent) in last 12 months
  • Growth in deposits: 9.9 per cent (5.4 per cent) in last 12 months
  • CET1 capital ratio: 14.8 per cent (13.6 per cent). Basis taken in 50 per cent payout ratio for 2017
  • Earnings per equity certificate (EC): NOK 1.73 (1.49).
  • Book value per EC: NOK 72.03 (67.37)

Good profit performance

Main points:

  • Strong underlying operations
  • Loan losses in keeping with the expected level and lower than last year
  • Restructuring of two sizeable offshore exposures completed in Q1
  • Good financial position
  • Stable growth in customer base and high growth in all product areas
  • SpareBank 1 SMN Regnskapshuset’s acquisition of Økonomisenteret Kunderegnskap in Molde has expanded the Group’s income and cost base
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