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Sbanken ASA: Increased earnings in a competitive market

Bergen, 16 May 2019. The Sbanken group generated a profit before loan losses of NOK 242.8 million in the first quarter, compared with NOK 233.1 corresponding quarter last year. Net interest income increased by NOK 6.7 million, and net fee and commission income increased by NOK 3.7 million. Net profit in the quarter was NOK 171.6 (166.4) million.

Lending growth last twelve months was 6.3 per cent. At quarter-end, total customer lending was NOK 78.2 billion, compared with NOK 73.6 billion at the end of first quarter 2018. Return on equity in the first quarter was 11.6 per cent (12.5 per cent).

Net interest income increased to NOK 355.1 (348.4) million as a result of increased net lending to customers partly offset by a reduced net interest margin. The net interest margin was 1.57 per cent, down from 1.66 per cent in the first quarter of 2018. Compared to the previous quarter the net interest margin increased by 0.01 percentage points.   

· Continued strong momentum in consumer loans.
· Reduced mortgage growth due to strong price competition.
· EPS increased to 1.54 in the quarter (1.50).
· SME solution ready to launch.
· Cost development according to guiding.

"Our customers increase their savings at Sbanken, and end of quarter, funds under management passed NOK 13 billion. Compared to the previous quarter the net interest margin increased to 1.57 per cent. Volumes of home loans decreased in a quarter with strong price competition, while growth in consumer credit continued the positive trend with a growth rate of 14.2 per cent in the quarter. We are pleased to see that we increase our earnings in the quarter", says Magnar Øyhovden, CEO of Sbanken ASA.
Operating expenses amounted to NOK 162.5 (153.5) million in the quarter. The net cost of losses amounted to NOK 22.9 (14.9) million in the quarter, equivalent to a loan loss ratio of 0.12 (0.08) per cent.

At the end of the quarter, Sbanken had a CET 1 capital ratio of 14.9 (14.9) per cent, a Tier 1 capital ratio of 16.5 (16.4) per cent and a total capital ratio of 18.6 (18.3) per cent. The capital ratios for the first quarter include 70 per cent of net profit. 

"The Norwegian economy is sound. Both regulations and the underlying economic outlook indicates somewhat lower credit growth in both secure and unsecure lending. Sbanken will continue to balance the lending growth to profitability.
Our initiatives within payments, savings and SME supports the bank in increasing capital light revenue, growth in the customer base and deposits at attractive rates. Combined with our existing offering and proven track record of cost control, we are well positioned to reach our targets going forward", Øyhovden concludes.

A detailed financial report for the group and for Sbanken ASA is attached to this notice. The report for the wholly owned subsidiary, Sbanken Boligkreditt AS, is distributed separately.

Contact details, Investor Relations
Henning Nordgulen, CFO, Sbanken ASA, +47 952 65 990

Media contact
Geir Holen, Head of communications, Sbanken ASA, +47 959 68 286

About Sbanken ASA
In April 2000, Sbanken was launched as the first purely digital bank in Norway. Today, the bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short- term loans. The bank has no branches and all products and services are offered directly through the digital platform, which is available on a broad range of user devices. As of 31 March 2019, Sbanken had total assets of NOK 91.1 billion.

For more information, see

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.