Lukk <p>For at skal fungere optimalt lagrer vi cookies. Cookies brukes ogs&aring; til trafikkm&aring;ling. Fortsett &aring; bruke siden som normalt om du godtar dette. Les mer om v&aring;r <a title="Bruk av cookies" href="/link/59dde7e3f4684e9a9233dcee6dc34cfd.aspx">bruk av cookies her</a>.</p>

Sbanken ASA: Loan growth and positive margin development

Bergen, 14 November 2019. The Sbanken group generated a profit before tax of NOK 283.2 million in the third quarter. Net interest income increased by NOK 87.5 million while net fee and commission income increased marginally, compared to the third quarter of 2018.

Lending growth in the quarter was 2.2 per cent. At quarter-end, total customer lending was NOK 81.6 billion, compared with 78.8 billion at the end of the third quarter of 2018. Return on equity in the third quarter was 14.0 per cent. The bank’s contribution to the resolution fund was confirmed lower than previously estimated and provisioned for, positively affecting net interest income by NOK 36.0 million in the quarter.

· Loan book repricing supports improvement in net interest margin
· Robust lending growth, 2.2 per cent from previous quarter
· Launched new platform and pricing model for fund
· Øyvind Thomassen new CEO

“The third quarter was characterised by robust loan growth and strong profitability. Our new price model for fund distribution reconfirms Sbanken’s position as Norway’s most transparent and innovative bank for private customers. Going forward, we will also deliver innovative banking solutions to the SME market. I am excited about leading the bank going forward”, says Øyvind Thomassen, new CEO of Sbanken.

Net interest income increased to NOK 420.8 (333.3) million as a result of lending growth, loan book repricing and contribution to the resolution fund below previous estimates. The net interest margin was 1.77 per cent, up from 1.45 per cent in the third quarter of 2018. Compared to the previous quarter the net interest margin increased by 0.20 percentage points.

Operating expenses amounted to NOK 175.9 (195.6) million. The net cost of losses amounted to 37.1 (19.7) million, equivalent to a loan loss ratio of 0.18 per cent. Losses related to consumer loans increased slightly in the quarter, while development in the mortgage portfolio was stable with low losses.

At the end of the quarter, Sbanken had a CET 1 capital ratio of 15.0 per cent, up 0.1 percentage points from the previous quarter, a Tier 1 capital ratio of 16.5 per cent and a total capital ratio of 18.6 per cent. The capital ratios include 70 per cent of retained earnings for the first nine months of 2019.

“The Norwegian economy is sound. Sbanken has a unique market position and we are passionate about delivering innovative and customer friendly solutions. I am really looking forward to the next chapter”, Thomassen 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
Jesper M. Hatletveit, Head of IR, Sbanken ASA, +47 959 40 045
Henning Nordgulen, CFO, Sbanken ASA, +47 952 65 990

Media Contact
Kristian K. Fredheim, Head of Communications, Sbanken ASA, +47 924 47 407

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, households and SMEs 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 30 September 2019, Sbanken had total assets of NOK 94.1 billion. For more information, see

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