SpareBank 1 SR-Bank First Quarter 2024 Earnings: Misses Expectations

SpareBank 1 SR-Bank (OB:SRBNK) First Quarter 2024 Results

Key Financial Results

• Revenue: kr2.33b (up 15% from 1Q 2023).
• Net income: kr1.19b (up 29% from 1Q 2023).
• Profit margin: 51% (up from 46% in 1Q 2023). The increase in margin was driven by higher revenue.
• EPS: kr4.26 (up from kr3.61 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

SpareBank 1 SR-Bank Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 5.4%.

Looking ahead, revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Banks industry in Norway.

Performance of the Norwegian Banks industry.

The company's shares are up 2.7% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 2 warning signs for SpareBank 1 SR-Bank that you should be aware of.

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