2st quarter 2019

Net profit of NOK 1,729m in first half of 2019

  • Pre-tax profit: NOK 2,003m (1,345m)
  • Post-tax profit: NOK 1,729m (1,209m)
  • Return on equity: 19.0 per cent (14.4 per cent)
  • CET1 ratio: 15.0 per cent (15.0 per cent)
  • Growth in lending: 5.7 per cent (7.6 per cent), and in deposits: 7.7 per cent (6.3 per cent) in the last 12 months
  • Growth in lending to retail borrowers: 6.7 per cent (10.6 per cent) in the last 12 months. Lending to retail borrowers accounts for 68 per cent (67 per cent) of total lending
  • Growth in lending to corporate borrowers: 3.6 per cent (2.0 per cent) in the last 12 months
  • Losses on loans and guarantees: NOK 126m (127m) - 0.16 per cent (0.17 per cent) of gross lending
  • Earnings per EC: NOK 8.23 (5.75). Book value per EC: NOK 87.04 (80.21)

Main points for the first half of 2019

  • The post-tax profit was NOK 1,729m – NOK 520m better than in the first half of 2018. The improvement is largely due to a gain of NOK 460m on the establishment of Fremtind Forsikring and an increase of NOK 116m in the value of properties of SpareBank 1 Forsikring. In the first half of 2018 one-time gains of NOK 240m were recorded (Vipps merger and sale of the head office building)
  • The core business delivered a good performance. Without one-time gains the profit would have been NOK 1,153m (969m) and return on equity would have been 12.4 per cent (11.5 per cent)
  • CET1 ratio as at 30 June 2019: 15.0 per cent (15.0 per cent)
  • Return on equity was 19.0 per cent (14.4 per cent)
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