Sparebank 1 SR Bank

Sparebank 1 SR Bank is a savings bank. Co.'s core activities are sales and brokering of financial products and services, as well as leasing and real estate brokering. Co. is organized in three divisions: The Retail Market Division; The Corporate Market Division; and The Capital Market Division Co. provides products and services in the fields of financing, investments, money transfers, pensions and life and non-life insurance.
  • TickerSRBANK
  • ISINNO0010631567
  • ExchangeOslo Bors
  • SectorBanks
  • CountryNorway

Analysts

Håkon Astrup

Riding the rate tide

We expect an ROE of 11–12% for the larger Norwegian banks in Q3, boosted by a sequential improvement in NII. The recent hike in key policy rates has allowed a fourth round of mortgage repricing for the sector, which should provide further support to interest margins going forward. Despite the near-term momentum and an appealing sector valuation of ~9x 2020e EPS, we reiterate our nuanced sector view favouring large banks with capital generation capabilities. Sbanken and SVEG are our top sector picks.

Håkon Astrup

Playing a key role in the transition to a low-carbon economy

Banks’ carbon footprints encompass more than just their operating activities, and we consider corporate lending the largest environmental factor. Despite meaningful exposure to carbon-intensive industries posing a transitional risk for the sector, most lending exposure is to real estate. Overall, we believe banks are playing a vital role as financial intermediaries for the society to succeed in the transition to a low-carbon economy. That said, banks look to be still integrating ESG into their credit processes and raising responsibility to a sufficient strategic level.

SPAREBANK 1 SR BANK ASA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SPAREBANK 1 SR BANK ASA (NO), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 20, 2019, the closing price was NOK 99.70 and its potential was estimated at NOK 107.17.

Håkon Astrup

Norwegian bank survey 2019 - Set for near-term NII tailwind

Our annual survey of Norway’s 50 largest banks revealed an upbeat margin outlook, with expectations of expanding combined margins and loan losses below normalised levels for the next 12 months. The survey revealed banks expect upheld payout ratios despite uncertainty ahead of the upcoming regulatory changes. We reiterate our positive sector view, but from a stock-picking perspective we now take a more nuanced stance, as we mainly prefer the larger names.

1 director maiden bought

A director at Sparebank 1 Sr-Bank Asa maiden bought 2,000 shares at 95.000NOK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

SpareBank 1 SR-Bank, SpareBank 1 SMN, SpareBank 1 Ostlandet and SpareBank 1 NN: FAQ: Sparebank 1 banks illustrate Moody's approach to non-consolidated covered bonds

FINANCIAL INSTITUTIONS ISSUER IN-DEPTH 15 January 2018 RATINGS SpareBank 1 SR-Bank ASA LT Senior Unsecured A1 negative LT Deposits A1 negative Baseline Credit Assessment baa1 CR Assessmen (LT/ST) Aa3(cr) / P-1(cr) SpareBank 1 SMN LT Senior Unsecured A1 negative LT Deposits A1 negative Baseline Credit Assessment baa1 CR Assessmen (LT/ST)

SpareBank 1 SR-Bank ASA: Regular update

FINANCIAL INSTITUTIONS CREDIT OPINION 11 December 2017 Update RATINGS SpareBank 1 SR-Bank ASA Domicile Norway Long Term Debt A1 Type Senior Unsecured - Fgn Curr Outlook Negative Long Term Deposit A1 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the 

SpareBank 1 SR-Bank ASA: Update following the upgrade of the bank's BCA to baa1 and ratings affirmations

FINANCIAL INSTITUTIONS CREDIT OPINION 28 September 2017 Update RATINGS SpareBank 1 SR-Bank ASA Domicile Norway Long Term Debt A1 Type Senior Unsecured - Fgn Curr Outlook Negative Long Term Deposit A1 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the 

SpareBank 1 SR-Bank ASA: Update Following Recent Affirmation at A1 Negative

FINANCIAL INSTITUTIONS CREDIT OPINION 13 July 2017 Update RATINGS SpareBank 1 SR-Bank ASA Domicile Norway Long Term Debt A1 Type Senior Unsecured - Fgn Curr Outlook Negative Long Term Deposit A1 Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the 

Moody's assigns (P)A1 senior unsecured debt rating to SpareBank 1 SR-Bank's new standalone EMTN program

Rating Action: Moody's assigns A1 senior unsecured debt rating to SpareBank 1 SR-Bank's new standalone EMTN program. Global Credit Research- 19 Jun 2017. Existing joint EMTN program ratings withdrawn.

Håkon Astrup

Riding the rate tide

We expect an ROE of 11–12% for the larger Norwegian banks in Q3, boosted by a sequential improvement in NII. The recent hike in key policy rates has allowed a fourth round of mortgage repricing for the sector, which should provide further support to interest margins going forward. Despite the near-term momentum and an appealing sector valuation of ~9x 2020e EPS, we reiterate our nuanced sector view favouring large banks with capital generation capabilities. Sbanken and SVEG are our top sector picks.

Håkon Astrup

Playing a key role in the transition to a low-carbon economy

Banks’ carbon footprints encompass more than just their operating activities, and we consider corporate lending the largest environmental factor. Despite meaningful exposure to carbon-intensive industries posing a transitional risk for the sector, most lending exposure is to real estate. Overall, we believe banks are playing a vital role as financial intermediaries for the society to succeed in the transition to a low-carbon economy. That said, banks look to be still integrating ESG into their credit processes and raising responsibility to a sufficient strategic level.

Håkon Astrup

Norwegian bank survey 2019 - Set for near-term NII tailwind

Our annual survey of Norway’s 50 largest banks revealed an upbeat margin outlook, with expectations of expanding combined margins and loan losses below normalised levels for the next 12 months. The survey revealed banks expect upheld payout ratios despite uncertainty ahead of the upcoming regulatory changes. We reiterate our positive sector view, but from a stock-picking perspective we now take a more nuanced stance, as we mainly prefer the larger names.

Håkon Astrup

Sparebank1 SR-Bank (Buy, TP: NOK114.00) - Convincing momentum

The Q2 results were strong in most aspects, with an underlying ROE of 13.2% and the main positive being a pick-up in fee income. While the near-term capital position may seem somewhat tight, we believe the bank should be able to sufficiently strengthen its capital positon in H2. We have upgraded our recommendation to BUY (HOLD) and raised our target price to NOK114 (NOK113). We have also increased our 2020–2021e EPS by ~1% on higher NII and fees.

Håkon Astrup

Sparebank1 SR-Bank Minor model adjustments

We have updated our estimates ahead of the Q2 report (due at c07:30 CET on 8 August), owing to the pre-announced contribution from Sparebank 1 Gruppen AS. SRBANK’s share of the result amounts to NOK186m. We believe this will be neutral to the bank’s Q2 CET1 ratio, but should increase the dividend capacity of the Sparebank 1 Gruppen in due course. We do not consider these changes to be material, and have not changed our HOLD recommendation. We reiterate our NOK113 target price.

1 director maiden bought

A director at Sparebank 1 Sr-Bank Asa maiden bought 2,000 shares at 95.000NOK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

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SPAREBANK 1 SR BANK ASA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SPAREBANK 1 SR BANK ASA (NO), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 20, 2019, the closing price was NOK 99.70 and its potential was estimated at NOK 107.17.

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