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P R E S S R E L E A S E

SpareBank 1 SR-Bank strengthens its market position • Group profit before tax of NOK 103 million

• 12-month growth in lending of 17 %

• Very good growth in deposits, 12-month growth of 18 %

• Significant growth in commission income from sale of securities

• Cost percentage of 1.69 %

• Securities affected by weak price trend in the market

• Steady default and few losses

Good growth in deposits and increased revenues

The SpareBank 1 SR-Bank group achieved a profit before tax of NOK 103 million in the first quarter. The group's regular operations show a healthy increase in other income; commission income in particular is positive with a growth of 28 %.

The group's profit is NOK 19 million lower than in 2000, and is affected by the development in the securities market and less favourable framework conditions linked to full guarantee fund charges and the changed value-dating rules of the Financial Contracts Act. The bank's share of the loss in the SpareBank 1 Gruppen AS amounts to NOK 14.5 million, which is mainly the result of weak development in the securities market as well as VAT and goodwill depreciation in connection with the acquisition of Vår Bank og Forsikring. The group's growth in lending is weak in comparison with the bank's goal, and the growth so far this year amounts to 2.3 %, corresponding to a 12-month growth of 17 %. The growth in deposits is very healthy with an increase of 3.3 % so far this year corresponding to a 12-month increase of 18 %.

Reduced interest margin

The interest margin is 2.05 % and has been reduced from the average in 2000 of 2.33 %. The reduced interest margin is to a large extent due to accounting considerations as the return of the bank's investments in interest funds and zero coupon bonds are recorded in the accounts as capital gain. In addition, this year's accounts are charged with full guarantee fund charges, which affects the interest margin.

Stronger market position

Good growth in lending and deposits over an extended period in combination with good sales of securities and insurance products has clearly strengthened the bank's market position. This is also confirmed through market surveys where the bank scores very high as regards customer satisfaction. During the first half of the year, the bank will establish new offices in Klepp, Mandal and Sauda, which will contribute to maintaining the market position. In order to further consolidate its position as the investment bank, the bank is now establishing a separate trust company – SR-Forvaltning ASA.

(2)

Higher commission income

Net commission income from the sale of money transfer services shows an increase of 12 % over a twelve-month period, while commission income from securities and insurance increased by 106 %. Integration of the portfolio from Vår Forsikring and commission income from the sale of SparX Global (share index bond) contribute to the high growth. The total capital gain of NOK 27 million includes gain on currency (NOK 6 million), certificates and bonds (NOK 17 million) and shares, primary capital certificates and securities (NOK 4 million).

Losses remain low

Operating costs for the group amounted to NOK 186 million during the first quarter. Measured in relation to the bank's total assets, this constitutes 1.69 %, compared with 1.67 % in the first quarter of 2000. The group's profit results in a return on equity capital of 11.2 % after tax. Defaults remain stable and there are few losses.

The Board expects satisfactory profit performance for the rest of the year.

Key figures, first quarter of 2001

31 March 2001 (31 March 2000)

Net interest income 227 (218)

Operating income 102 ( 83)

Operating profit before losses 143 (146)

Operating profit before tax 103 (122)

Profit 72 ( 92)

Stavanger, 26 April 2001

The Board of Sparebanken Rogaland

Please direct any questions to Managing Director Terje Vareberg, telephone +47 51 50 9553 / +47 911 00 448 or Financial Director Tor Dahle, telephone +47 51 50 95 56 / +47 915 47 503.

(3)

Highlights

Highlights SpareBank 1 SR-Bank Group

2001 2001 2000 2000 2000 2000

MAIN FIGURES NOK mill % NOK mill % NOK mill %

Net interest income 227 2,05 218 2,35 934 2,33

Net other operating income 102 0,93 83 0,90 332 0,83

Total operating income 329 2,98 301 3,25 1 266 3,16

Reorganization 0 0,00 0 0,00 47 0,12

Operating costs 186 1,69 155 1,67 658 1,64

Total operating costs 186 1,69 155 1,67 705 1,76

Result before losses and write-downs 143 1,30 146 1,58 561 1,40

Losses and write-downs 40 0,36 24 0,27 -72 -0,18

Result of ordinary activities 103 0,93 122 1,31 633 1,58

Taxes 31 0,28 30 0,32 170 0,42

Profit 72 0,65 92 0,99 463 1,16

Key figures SpareBank 1 SR-Bank Group

Average total assets 44 162 37 069 40 010

Total assets 44 674 38 051 43 624

Net loans to customers 39 705 34 012 38 789

Deposits from customers 22 850 19 347 22 120

Growth in loans 17 % 16 % 20 %

Growth in deposits 18 % 7 % 15 %

Capital adequacy ratio 0,00 11,42 11,65

Core capital ratio 0,00 8,13 8,15

Net equity and subordinated loan capital 0 3 028 3 444

Return on equity * 11,2 16,2 19,5

Income per cost krone ** 1,62 1,88 1,72

Number of man-years 779 680 711

Number of offices 50 54 50

Market price at the close of the quarter 237 245 247

Profit per primary capital certificate *** 6,1 8,0 40,4

* Profit as a percentage og average equity

** Total income excluding net exchange and capital gains divided by total operating costs.

*** Profit for the year multiplied by the primary capital certificate percentage and divided by the number of primary capital sertifikates.

All of

So far in 2001 Corresponding in 2000 All of 2000 Corresponding in

So far in

(4)

PROFIT AND LOSS ACCOUNT

All of Corresp. So far in So far in Corresp. All of

2000 2000 2001 (Amount in NOK million) 2001 2000 2000

2 813 610 822 Interest income 862 650 2 977

1 935 407 610 Interest costs 635 432 2 043

878 203 212 Net interest income 227 218 934

24 8 7 Dividends 7 8 24

15 15 -7 Income from ownership interests -14 6 -10

260 59 76 Commission income 77 60 264

-71 -16 -15 Commission costs -15 -17 -74

52 10 27 Net exchange and capital gains 27 10 52

8 2 1 Other operating income 20 16 76

288 78 89 Net other operating income 102 83 332

1 166 281 301 Total operating income 329 301 1 266

471 112 131 Wages and general administration costs 150 128 538

47 0 0 Reorganization 0 0 47

106 24 31 Other operating costs 36 27 120

624 136 162 Total operating costs 186 155 705

542 145 139 Profit before losses and write-downs 143 146 561

-207 1 12 Loss/gain finansiel fixed assets 12 0 -209

125 25 27 Loss on loans and guarantees 28 24 137

624 119 100 Result og ordinary activities 103 122 633

161 27 28 Taxes 31 30 170

463 92 72 Profit 72 92 463

40,4

8,0 6,1 Profit per primary capital certificate 6,1 8,0 40,4

BALANSE SpareBank 1 SR-Bank Group

31.12. 31.03. 31.03. 31.03. 31.03. 31.12.

2000 2000 2001 (Amount in NOK million) 2001 2000 2000

Assets

613 317 508 Cash and claims on central banks 508 317 613

1 154 773 1 277 Claims on credit institutions 333 438 186

36 851 32 017 37 823 Gross loans to customers 40 278 34 516 39 383

-270 -256 -259 -Specified loss provisions -265 -261 -286

-296 -232 -296 - Uspecified loss provisions -308 -243 -308

36 285 31 529 37 268 Net loans to customers 39 705 34 012 38 789

12 6 12 Acquired assets 18 8 21

3 286 2 681 3 356 Securities 3 146 2 470 3 083

393 349 386 Fixed assets 422 362 426

463 402 486 Other assets 542 444 506

42 206 36 057 43 293 Total assets 44 674 38 051 43 624

Liabilities and equity

5 183 5 186 5 254 Debt to credit institutions 5 246 5 583 5 177

21 022 18 228 21 770 Deposits from customers 22 850 19 347 22 120

11 124 8 296 11 051 Debt established on issue of securities 11 051 8 504 11 142

882 916 1 123 Other debt 1 360 1 114 1 118

1 456 1 124 1 484 Subordinated loan capital 1 556 1 196 1 528

2 539 2 215 2 539 Equity 2 539 2 215 2 539

92 72 Profit 72 92

42 206 36 057 43 293 Total liabilities and equity 44 674 38 051 43 624

Off-balance-sheet:

1 276 1 224 1 438 Contingent liabilities (guarantees) 1 438 1 224 1 276

Main Figures from the Profit and Loss Account and balance sheet

SpareBank 1 SR-Bank SpareBank 1 SR-Bank Group

SpareBank 1 SR-Bank

(5)

RESULTS FROM THE QUARTERLY ACCOUNTS

(Amounts in NOK million) 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q.

SpareBank 1 SR-Bank Group 2001 2000 2000 2000 2000 1999 1999 1999 1999

Net interest income 227 248 244 224 218 240 230 214 211

Net other operating income 102 63 111 75 83 106 90 82 103

Total operating income 329 311 355 299 301 346 320 296 314

Total operating costs 186 189 168 193 155 176 159 147 140

Result before losses and write-downs 143 122 187 106 146 170 161 149 174

Losses and write-downs 40 45 4 -145 24 31 24 7 -6

Result of ordinary activities 103 77 183 251 122 139 137 142 180

Taxes 31 26 46 68 30 42 37 37 31

Profit 72 51 137 183 92 97 100 105 149

BALANCE SHEET FIGURES FROM THE QUARTERLY ACCOUNTS

(Amounts in NOK million) 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q.

SpareBank 1 SR-Bank Group 2001 2000 2000 2000 2000 1999 1999 1999 1999

Deposits from customers 22 850 22 120 21 378 20 805 19 347 19 211 18 673 18 448 18 160 Gross loans to customers 40 278 39 383 37 823 36 126 34 516 32 873 31 501 30 407 29 748

Loan loss provisions 573 594 547 510 504 495 495 488 482

Net loans to customers 39 705 38 789 37 276 35 616 34 012 32 378 31 006 29 919 29 266 Total assets 44 674 43 624 41 737 39 459 38 051 36 397 34 589 33 940 32 771 Average total assets 44 162 40 010 39 003 38 041 37 069 33 965 33 355 32 889 32 328

NON-PERFORMING LOANS AND NON-ACCRUAL LOAN

(Amounts in NOK million) 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q.

SpareBank 1 SR-Bank Group 2001 2000 2000 2000 2000 1999 1999 1999 1999

Gross non-performing loans 296 320 299 254 287 275 233 244 259 Specified loan loss provisions -104 -132 -119 -92 -114 -121 -105 -83 -88 Net non-permorming loans 192 188 180 162 173 154 128 161 171 Gross non-accrual loans 136 172 114 113 137 159 157 133 127

Net non-accrual loans 50 60 39 45 48 60 70 58 53

CAPITAL ADEQUACY

(Amounts in NOK million) 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q.

SpareBank 1 SR-Bank Group 2001 2000 2000 2000 2000 1999 1999 1999 1999

The bank's reserves 0 1 033 847 836 836 837 720 730 740

Primary capital certificate 749 749 749 744 744 744 744 744 744

Other reserves 0 628 582 578 577 582 430 430 430

Core capital 749 2 410 2 178 2 158 2 157 2 163 1 894 1 904 1 914 Additional capital 0 1 402 1 339 1 102 1 102 1 102 1 095 743 743

Deductions 0 -368 -384 -231 -231 -228 -264 -263 -205

Net equity and subord.loan capital 749 3 444 3 133 3 029 3 028 3 037 2 725 2 384 2 452 Total basis for calculation 0 29 565 28 586 27 687 26 526 25 052 24 183 23 579 23 241

Capital adequacy ratio #DIV/0! 11,65 % 10,96 % 10,94 % 11,42 % 12,12 % 11,27 % 10,11 % 10,55 %

KEY FIGURES FOR 7.489.689 PRIMARY CAPITAL CERTIFICATES

(Amounts in NOK million) 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q.

SpareBank 1 SR-Bank Group 2001 2000 2000 2000 2000 1999 1999 1999 1999

Marked price at the close of the quarter 237 247 250 249 245 253 233 194 184 Book equity per primary capital certificate 214 214 195 193 193 193 172 172 172 Primary capital certificate ratio 63,0 63 65,3 64,8 64,8 64,8 66,6 66,6 66,6

(6)

Loans for which loss provisions have been made

31.12. 31.03. 31.03. 31.03. 31.03. 31.12.

2000 2000 2001 (Amounts in NOK million) 2001 2000 2000

Non-performing loans for which loss provisions have been made

287 262 266 Gross non-performing loans 296 287 320

120 112 102 Specified loss provisions 104 114 132

167 150 164 Net non-performing loans 192 173 188

42 % 43 % 38 % Loan loss provision ratio 35 % 40 % 41 % 143 121 116 Of which gross non-aaccrual loans 136 137 172

Performing loans for which loss provisions have been made

464 355 456 Performing loans with loss provision 463 361 472

150 144 157 Specified loss provisions 161 147 154

314 211 299 Net performing loans 302 214 318

32 % 41 % 34 % Loan loss provision ratio 35 % 41 % 33 % Total loans for a customer are regarded as non-performing and included in the bank's overviews of non-performing loans when due instalments or interest payments have not been paid within 90 days after the due date or a line of credit is overdrawn for 90 days or more. Loss assessments are made of loans that are non-performing for more than 60 days.

Loss provisions

31.12. 31.03. 31.03. 31.03. 31.03. 31.12.

2000 2000 2001 (Amounts in NOK million) 2001 2000 2000

Specified loss provisions:

259 256 270 Specified loss provision pr. 01.01. 286 262 265 - Actual loan losses during the period for which

-60 -15 -44 specified loss provisions have been made previously -55 -16 -62 71 15 33 +/- The period's specified loss provisions 34 15 83

270 256 259Specified loss provisions 265 261 286

Unspecified loss provisions:

222 222 296 Unspecified loss provisions pr. 01.01. 308 233 233 74 10 0 +/-The period's change in unspecified loss provision 0 10 75

296 232 296Unspecified loss provisions 308 243 308

Opening balance 2000 includes specified loss provisions from Vår Bank. Loans and losses in 2001

Loans and Gross Recoveries Net Loss

(Amounts in NOK million) guarantees loans of losses loss ratio

Corporate 15 322 39 7 32 0,21 %

Private customers 26 394 7 11 -4 -0,02 %

Transferred to unspecified 0 0 0

Sum 41 716 46 18 28 0,07 %

SpareBank 1 SR-Bank SpareBank 1 SR-Bank Group

SpareBank 1 SR-Bank SpareBank 1 SR-Bank Group

SpareBank 1 SR-Bank Group

References

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