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Annual Report 2018 Sigve Knutson

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Annual Report 2018 Sigve Knutson Årsrapport 2017 Annual report 2018 Sigve Knutson WINNER OF SPAREBANKEN SØR ARTIST AWARD, 2018. Sigve Knutson (b. 1999, from Lillesand) has, despite his young age, received a lot of attention for working in an innovative and playful way. His objects are often in a landscape between art, architecture and design, and even though they are reminiscent of sculptures, they are also meant for practical use. All his works are handmade, and the tools and methods used reveal themselves as traces in his works. Knutson is educated at the architect and design college in Oslo and at the Design Academy in Eindhoven in the Netherlands. His career got a kick start in 2017 when his creation ended up on the New York Times list of 16 best things they had seen during the furniture fair in Milano. 2 Contents 4 The year 2018 6 Key figures group 7 Board of Director’s report 2018 22 Income statement 23 Balance sheet 24 Statement of changes in equity 25 Cash flow statement 26 Notes 96 Calculations 97 Alternative performance measures 98 Corporate governance 104 Corporate social responsibility report 109 Declaration from the Board of Director’s and CEO 110 Auditor’s report for 2018 115 Organisation 115 The Bank’s branches 116 The Group management 3 The year 2018 STRONG MARKET POSITION IN A REGION OF POSITIVE ECONOMIC DEVELOPMENT Trade and industry in the region developed positively throughout 2018, and a number of businesses and sectors have experienced increasing economic growth. Businesses in the region have shown a high level of adaptability after the economic downturn that followed the fall in oil prices in 2014, and we are now seeing growth in production and investments, falling unemployment and growth in the employment rate. A continued low exchange rate for the Norwegian krone (NOK) has resulted in improved competitiveness and, together with a low level of interest rates and expansive financial policy, this has resulted in positive growth impulses in the region’s trade and industry. Sparebanken Sør has maintained its leading market position in the region, and we are experiencing positive effects from an improved economic climate resulting in very low losses on loans, reduced level of default and increasing demand for credit, driven by growth in business investments. of NOK 36 million. Along with a sharp decline in losses on loans in recent years, the quality of the loan portfolio has LEADING IN CUSTOMER improved steadily, clearly visualised by a strong reduction in SATISFACTION non-performing commitments. In the late autumn of 2018, Sparebanken Sør achieved very SOLID CAPITAL ADEQUACY good results in the largest and most respected annual customer satisfaction survey in Scandinavia. The survey was carried out by EPSI. The Bank is among the best Norwegian Sparebanken Sør has substantially strengthened its equity and Scandinavian banks in the retail market, and came out through several years of solid profits. The Bank’s unweighted on top in the corporate market. The Bank achieves very good leverage ratio of 9.1 percent places the Bank among the most results in important areas such as quality of service, value for solid of the major banks in Norway, and therefore among money, product quality and reputation. the best in Europe. The Bank’s common equity tier 1 capital ratio (including partly-owned companies) at the end of the year amounted to 14.8 percent, exactly in line with the Bank’s SATISFACTORY FINANCIAL RESULTS target and well within authorities’ requirements and market expectations. Based on the Bank’s high unweighted leverage ratio and the reduction in income from financial instruments, Profit from Sparebanken Sør’s ordinary operations is a return on equity of 8.5 percent in 2018 is considered satisfactory, and in line with the good results achieved in satisfactory. the previous year. The profit of NOK 1 224 million (before tax) has come as a result of good lending growth and positive developments in net interest income, an increase in SATISFACTORY LENDING GROWTH commission income and profit contributions from associated companies, as well as entries in losses on loans. The Bank upheld its strong position in its main market through the year. The lending growth over the year was satisfactory, HISTORICALLY GOOD DEVELOPMENT and in line with the national credit growth. Net loans to customers totalled NOK 103 billion, while deposits totalled IN LOSSES ON LOANS NOK 56.5 billion. The deposit-to-loan ratio is therefore in line with the Bank’s target of 55 percent. The Bank has good Net losses on loans totalled NOK 50 million in 2016, and NOK capacity for growth, and a long-term ambition for growth 20 million in 2017. The equivalent figure in 2018 was an entry just above the rate of credit growth in our market area. 4 DIVERSIFIED FINANCING ENSURES value creation deriving from these investments and result in a more diversified and robust earnings model. STABLE FUNDING In June 2018, we became the first Norwegian bank to be certified in the area of equality and diversity. The project The financial markets experienced a negative trend in 2018, measured the Bank’s efforts in the area of equality, with increased credit spreads in wholesale funding. At the recruitment, equal pay, inclusive working environment, same time, the NIBOR rate increased by a relatively large workplace adaptation, the number of full-time jobs offered amount, resulting in higher funding costs. Over the course and life-phase flexibility. There is still some work to be done of the year, the Bank’s funding structure was strengthened before we reach our goals in equality and diversity, and new through issuances of subordinated bonds, and further and better tools and instruments have been established diversified funding in EUR through issuances of new senior through the certification process that makes it possible to bonds and covered bonds. achieve the goals more quickly. We made significant advances in corporate social AMONG THE MOST COST-EFFECTIVE responsibility in 2018. Among other things, we have BANKS committed ourselves to supporting the UN’s sustainability goals by signing the UN Global Compact, and have tightened our requirements with respect to ethics, anti-corruption and The Bank is upholding its position as one of the most cost- sustainability. A substantial element of the Bank’s work in effective banks in the country. The cost-to-income ratio at the area of corporate social responsibility is transparency year-end was 42.7 percent, compared with 38.7 percent at and openness. The Bank’s corporate social responsibility the end of the previous year. The increase was partly due report, corporate social responsibility and equality balance to one-time expenses, and partly due to an investment in sheets are attached to this annual report, and our climate competence building and new digitalisation and analysis balance sheet and key governing documents in the area of systems. Measured as a percentage of total assets, the sustainability are published on the Bank’s website. cost ratio is 0.75 percent, which is in line with the previous year. The good cost position has been developed through The Bank aspires to be the relationship oriented bank of the continuous adaptation of the business and operational region, with one of the best customer satisfaction ratings. efficiency improvements, and the Bank is firmly resolved to A long-term approach, close proximity and local decision- continue this work in the future. making are characteristic features of our operation. At the same time, we will adapt to alterations in customer behaviour through continuous change and improvement, STRATEGIC MOVES WILL GIVE and exploit the opportunities presented by digitalisation and new technology for better customer experiences and a POSITIVE EFFECTS strengthened cost position. The Bank implemented a strategic shift in competence With strong customer relations, cost-effectiveness, good through 2018. A number of new employees with top- credit quality, future-oriented digital solutions and a strong level competence in digitalisation and analysis have been market position, Sparebanken Sør is well positioned to realise recruited, while the Bank’s planned reduction in full-time the Bank’s vision of generating growth and development in equivalents has continued. The number of employees in the region. the Bank is thus at the same level as in the previous year, while an extensive raising of skill levels in new focus areas has been implemented. Combined with investments in new technology, these strategic moves will safeguard our position with respect to the digitalised bank customers of the future, Geir Bergskaug provide a better customer experience in all channels and CEO strengthen the Bank’s future profitability and ability to grow. Sparebanken Sør has increased its ownership interest to 20 percent in the insurance company Frende in the second half of 2018, and after the turn of the year increased its shareholding to 20 percent of the leasing and financing company Brage. The Bank will in the future be able to consolidate its share of profits from both these companies. This will have a noticeably positive impact on the Bank’s profit, underline the 5 Key figures group NOK MILLION 31.12.2018 31.12.2017 31.12.2016 31.12.2015 31.12.2014* 31.12.2013* Profit Proforma Net interest income 1 729 1 679 1 565 1 544 1 511 1 443 Net commission income 318 312 293 300 284 252 Net income from financial instruments 2 88 224 -66 184 201 Other operating income 23 18 28 14 23 22 Total net income 2 072 2 097 2 110 1 792 2 002 1 918
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