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Sparebank 1 SR-Bank Annual Report 2018

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Sparebank 1 SR-Bank Annual Report 2018 Annual Report 2018 Photo: Greater Stavanger SpareBank 1 SR-Bank EXPANDS ITS ACTIVITIES SpareBank 1 SR-Bank presents the geographically and opens branch in Oslo. Business Barometer for 2018. Minister of Petroleum and Energy Minister of Education and Integration Terje Søviknes is there. Companies Jan Tore Sanner, visits SpareBank 1 SR-Bank in THE FIRST SMALL AND are expecting HIGH TURNOVER Stavanger to learn more about how the bank MEDIUM-SIZED ENTERPRISE GROWTH, GOOD ORDERS ON has collaborated with NTNU to DEVELOP A (SME) CUSTOMER APPLIES HAND GROWTH AND TO HIRE BESPOKE TECHNOLOGY PROGRAMME FOR FOR A LOAN VIA THE MORE PEOPLE, concludes chief THE BANK and to hear what the students’ ONLINE BANK – it is a economist Kyrre M. Knudsen. thought of the course. red-letter day for digital loans. JANUARY MARCH MAY FEBRUARY APRIL JUNE The annual results for 2017 are SpareBank 1 THE published. SpareBank 1 SR-Bank Skadeforsikring merges SR-BANK SHARE, achieved a pre-tax profit of NOK with DNB Forsikring. The start of year, 2 January 2018: 2,610 million for 2017, compared new company, Fremtind, NOK 87.00 with NOK 2,158 million for 2016. becomes THE THIRD A STRONG RESULT with significant LARGEST INSURANCE income growth, good cost COMPANY IN THE control and lower losses COUNTRY, the second largest in the retail Fintech company Monner, market, and by far the in which SR-Bank owns a stake, largest to distribute its gets a licence. Monner is products via banks. NORWAY’S FIRST DIGITAL PLATFORM FOR LOAN BROKING between individuals and small and medium-sized enterprises. OFFICIAL OPENING OF SR-BANKArena, formerly Viking Stadium. SR-Bank has stood side-by-side with Viking since they were founded almost 119 years ago. In the new agreement between Viking and SR-Bank, SR-Bank had the chance to put its name on the stadium. Contents Highlights and key figures 4 The SR-Bank share 17 Report of the Board of Directors 38 The CEO’s article 6 Sustainability 20 Annual financial statements 49 SpareBank 1 SR-Bank ASA 8 Group executive management 28 GRI Index 128 Employees 12 The board of directors 30 Key figures last five years 132 Business areas 15 Corporate governance 32 SpareBank 1 SR-Bank awards the inaugural GRÜNDERHUB PRIZE WORTH NOK 250,000 to the best entrepreneurial company at Nordic Edge Expo. The prize goes to entrepreneur Kim Iversen and the company Zendera. Hottest and driest summer in decades – lots of sun. But this also creates SUSTAINABILITY IS HIGH ON THE CHALLENGES FOR GROUP’S STRATEGIC AGENDA. A MANY OF THE decision is made to report in line with BANK’S FARMING the Global Reporting Initiative (GRI) CUSTOMERS. Standards and Environmental, Social and Governance (ESG) principles are implemented in investment processes. JULY SEPTEMBER NOVEMBER THE SR-BANK SHARE, end of year, AUGUST OCTOBER DECEMBER 29 December 2018: NOK 89.20 The SR-BANK SHARE PASSES THE NOK 100 MARK for the first time. This gives SpareBank 1 SR-Bank a quotation value of more than NOK 24 billion, the highest market value SRBANK has achieved. The Business Barometer for August shows that the OPTIMISM IN THE BUSINESS SECTOR CONTINUES. The target of 50% The oil and gas industry and the building of all loans to the retail and construction industry are the most market (RM) being started optimistic. The Business Barometer online is far exceeded. has not recorded levels of IN DECEMBER, 92% optimism this high since 2014. OF ALL RM LOANS WERE We have to go right back to 2012 STARTED ONLINE. to find similar growth. Operating profit(NOK millions) 3,000 2,892 2,601 2,610 2,500 SpareBank 1 SR-Bank 2,146 2,158 achieved a pre-tax profit of 2,000 NOK 2,892 , 1,500 million for 2018 1,000 compared with NOK 2,610 500 million for 2017. 0 2014 2015 2016 2017 2018 Highlights (Figures in NOK millions) 2018 2017 Net interest income 3,439 3,162 Net commissions and other operating income 1,437 1,524 Net income from financial investments 569 634 Total operating costs 2,229 2,167 Operating profit before impairments 3,216 3,153 Impairments on loans and financial liabilities 324 543 Pre-tax profit 2,892 2,610 Key figures Profitability Return on equity % 11.3 11.0 Cost/income ratio 40.9 40.7 Average interest margin % 1.54 1.52 Balance Sheet figures Gross loans to customers 192,105 172,554 Gross loans to customers, incl. SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt 201,399 187,137 Deposits from customers 98,814 95,384 Lending growth, incl. SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt 7.6% 2.6% Deposit growth 3.6% 11.0% Total assets 31.12. 234,061 216,618 Financial strength Common equity tier 1 capital ratio % 14.7 15.1 Tier 1 capital ratio % 15.9 16.0 Capital ratio % 17.6 17.9 Leverage ratio % 7.7 7.4 Tier 1 capital 20,743 19,278 Liquidity Liquidity coverage ratio (LCR) % 167 168 Deposit-to-loan ratio 51.4% 55.3% Deposit coverage ratio including SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt 49.1% 51.0% Branches and staffing No. of FTEs, incl. temps 1,251 1,218 No. of branches 36 36 SpareBank 1 SR-Bank share Market price at year end 89.20 87.00 Earnings per share 8.98 8.16 Dividend per share 4.50 4.25 Effective yield on share % 7.4 46.9 Please also refer to the complete overview of key figures and definitions on pages 19 and 132. 4 Return on equity (%) 14.2 10.8 11.0 11.3 10.0 2014 2015 2016 2017 2018 Common equity tier 1 capital ratio (%) 15.1 14.7 14.7 13.3 11.5 2014 2015 2016 2017 2018 2,296 Group income after tax (MNOK) 2,095 2,086 1,746 1,755 2014 2015 2016 2017 2018 1,151 1,087 Dividends (MNOK) 575 512 384 2014 2015 2016 2017 2018 5 Nearly 180 years of long-term thinking and sustainable operations A lot of good things happened in 2018. SpareBank 1 SR-Bank started the year with a visit from the then Minister of Oil and Energy, Terje Søviknes, in connection with the presentation of our Business Barometer. The Business Barometer’s main index improved each quarter of the year. A sense of optimism prevails throughout Southern Norway and the business sector is enjoying strong growth in Southern and Western Norway, although some industries are still having a difficult time. The fact that most companies and most people are doing The UN climate report showed that average temperatures better is evident from the figures that make up the annual continued to rise rapidly in 2018 and that climate change results for 2018. This is true of the pre-tax profit of NOK 2,892, is not an issue we can put off. Climate change and higher the lending growth of 15.7% in the corporate market, and the temperatures are here, right around the next corner. So we NOK 219 million reduction in overall impairments in 2018 must not fall asleep at the wheel. In the past year, we surveyed compared with the year before. what our stakeholders think the group should focus on when it comes to sustainability. This is important when it comes to Our Oslo initiative also become fully operational in 2018. prioritising our work going forward. Climate risk is one area Perhaps it is the international influence here in Southern and we will particularly focus on. Because of our financing and Western Norway that inspire us to dare to think big. We call investing activities, we have a responsibility to steer companies ourselves a challenger who is taking on our larger colleagues and people in a sustainable direction. That is why we made in the industry head-on. This is producing results. We achieved a strategic decision in 2018 to hire dedicated resources that a milestone in 2018. We surpassed NOK 200 billion in loans. It will ensure sustainability becomes an integral part of both took us 165 years from 1839 to reach the first NOK 50 billion our investment and our financing processes. We accept the in total loans. It then took just five years to lend out a further 17 UN Sustainable Development Goals and support the UN NOK 50 billion. At the start of 2019, the year the group marks Global Compact’s ten principles for sustainability. The climate, 180 years of banking, we have again doubled our lending environment and gender equality were key areas we volume from NOK 100 billion to NOK 200 billion. Meanwhile, systematically focused on in 2018. the number of employees in the bank has remained relatively unchanged since 1990. This demonstrates how the group’s The biggest and most important changes we have been pace of change has accelerated and how technological through and measures we initiated in 2018 include geographic advances have streamlined operations. expansion, increasing the scope of our current business model, skills training across the group, and a major effort We have to think big and we have to think broad so we can in the area of sustainability. This resulted in more investment continue to stand firmly by our customers in demanding and higher costs. Nevertheless, total costs increased by just times. That is why our ambition is to become a bank for the NOK 62 million compared with 2017. The group remains whole of Southern Norway. At the same time, we have to efficient with a cost/income ratio of 40.9%.
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