Press release - preliminary 2013 accounts

The board of directors of the “new” Sparebanken Sør has reviewed the preliminary 2013 accounts for Sparebanken Pluss and the “old” Sparebanken Sør. 2013 was a very good year for the now merged banks and both banks have presented accounts showing strong results from operations.

At the end of 2013, profit before tax was MNOK 389 for “old” Sparebanken Sør. As a result of changes in value of, among other things, shareholdings in Nets and Frende totalling MNOK 172, the total result is MNOK 456, which is the highest total result in the history of the bank.

In 2013, the highlights of the “old” Sparebanken Sør’s operations were as follows: 

• Deposit and lending growth higher than market growth 
• Enhanced net interest and improved lending margin 
• Strong result from underlying operations 
• Core capital ratio of 14.6 %

At the end of 2013, profit before tax was MNOK 413 for Sparebanken Pluss, which is also the highest result achieved in the history of the bank.

IN 2013, the highlights of Sparebanken Pluss’ operations were as follows: 

• Deposit and lending growth higher than market growth 
• Enhanced net interest and improved lending margin 
• Low cost percentage 
• Strong result from underlying operations 
• Core capital ratio of 13.9 %

Executive Chairman Stein Hannevik said: ‘The figures presented today underpin what we said when we announced that these two strong, well-run banks wanted to merge.’

CEO Geir Bergskaug said: ‘I am very pleased that both banks have presented record results despite a year of demanding merger work.’

Read more about the banks’ results from 2013 in the interim reports.

Interim reports are published here, and will be available through Oslo Stock Exchange at www.newsweb.no.