Storebrand ASA - Earnings Release 2018

Storebrand Bank ASA: Annual report 2018

The bank group achieved a profit before tax of NOK 199 million for 2018 compared

with NOK 194 million in 2017 for continued operations. Net interest income in

2018 was at approximately the same level as in 2017, with an increase of NOK 2

million compared to the previous year.

There was a positive effect of NOK 18 million on the result linked to increased

number of mortgage managed on behalf of Storebrand Livsforsikring AS, as well as

reduced operating expenses of NOK 36 million in 2018 compared with 2017. The

decrease in operating expenses was primarily due to a reduction in purchased

group services and lower personnel costs. The reduction in other income

negatively impacted the result by NOK 48 million in 2018 due to lower profits

from financial instruments compared with 2017. The result was also negatively

affected by NOK 19 million due to increased loan losses in 2018. The bank group

reached a profit after tax of NOK 147 million in 2018, compared with NOK 146

million in 2017.

For further information contact:

CEO, Bernt Uppstad, mobile +47 901 68 821

Head of IR, Kjetil Ramberg Krøkje, mobile +47 934 12 155

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