SpareBank 1 SMN: Increased profit and strengthened financial position at SpareBank 1 SMN
(Thomson Reuters ONE) -
SpareBank 1 SMN recorded a profit of NOK 321m in the first quarter of 2013, an
increase of NOK 49m over the same period last year. SMN's financial position
also strengthened.
The quarterly accounts reflect a strong income trend on ordinary operations,
increased lending margins, low loan losses, good return on financial assets,
positive profit growth for SpareBank 1 Gruppen and dampened growth in lending to
business and industry.
"We are well satisfied with the quarter's profit performance. It contributes to
strengthening the bank's capital adequacy in keeping with forthcoming government
requirements," says Group CEO Finn Haugan at SpareBank 1 SMN.
Revised capital plan
The common equity tier 1 ratio has risen from 8.8% as of the first quarter 2012
to 10.4%. The Board of Directors adopted in December 2012 a new capital plan
targeting a new minimum common equity tier 1 ratio of 12.5% by the end of 2015.
The Board of Directors has now revised the capital plan.
"We are planning to increase the common equity tier 1 ratio to 14.5% by 1 July
2016. The level of ambition is new, whereas the measures proposed are
unchanged," says Finn Haugan.
Accounts first quarter 2013 - highlights:
· Profit before tax: NOK 390m (333m in first quarter 2012)
· Profit after tax: NOK 321m (272m)
· Return on equity: 12.7% (13.0%)
· Growth in lending: 9.7% (9.9%)
· Growth in deposits: 7.4% (14.2%)
· Loan losses: NOK 17m (8m)
· Common equity tier 1 ratio: 10.4% (8.8%)
· Earnings per equity certificate (EC): NOK 1.55 (1.41)
Dampened growth
In the first quarter 2013 overall growth in lending was 2.1% to the retail
segment and 1.4% to the corporate segment. Twelve-month growth to the same
segments was 12.5% and 5.8% respectively, and the bank has strengthened its
market position.
The bank has low losses and a low default rate, which reflect both the region's
economy and the bank's portfolio quality. Net losses measure only 0.06% of total
lending. Cost growth is reduced to 4%, with no growth recorded at the parent
bank. The growth is due to a planned activity increase at the subsidiaries
Eiendomsmegler 1 Midt-Norge and SpareBank 1 SMN Regnskap.
Commission income and other operating income rose by 35% to NOK 317m compared
with the first quarter 2012. The strong growth is ascribed in all essentials to
increased commissions from SpareBank 1 Boligkreditt resulting from higher
margins on home mortgage loans. The bank's subsidiaries show continued solid
progress.
At the end of the first quarter 2013 SpareBank 1 SMN's total assets came to NOK
141bn, including loans transferred to the co-owned SpareBank 1 Boligkreditt and
SpareBank 1 Næringskreditt.
Healthy regional and national economy
"Continued turbulence in international financial markets is increasing the
uncertainty in the national and the regional economy. Even so there are few
signs Trøndelag and Møre and Romsdal to suggest major changes in the risk
picture in the current year. We see continued good growth in home mortgage
lending, whereas in the business market we will devote our growth capital
chiefly to meeting our own group customers' needs in addition to a planned focus
on small and mid-sized businesses. This is in keeping with the bank's capital
plan," says Finn Haugan.
Trondheim, 25 April 2013.
Contact persons at SpareBank 1 SMN:
Group CEO Finn Haugan on +47 900 41 002
Executive Vice President, Finance, Kjell Fordal on +47 905 41 672
Executive Vice President, Corporate Communications, Hans Tronstad on
+47 941 78 322
About SpareBank 1 SMN
SpareBank 1 SMN is the region's leading financial services group. It leads the
retail and corporate market, and is positioned in 43 localities across the
region's municipalities with a total of 51 offices.
We aim to be the recommended bank for customers in Trøndelag and in Møre and
Romsdal. Being a local, independent savings bank we feel a special
responsibility for stimulating growth and prosperity in the region. We base our
business on closeness to our customers, good accessibility, a full product range
and comprehensive financial advisory services.
Our head office is in Trondheim. The Group employs about 1,200 staff and
includes the following subsidiaries: SpareBank 1 SMN Finans, EiendomsMegler 1
Midt-Norge, Allegro Finans and SpareBank 1 SMN Regnskap. It is the largest
shareholder in BN Bank with a 33% stake.
SpareBank 1 SMN is one of six owners of SpareBank 1 Gruppen. For further
information, visit our website at www.smn.no.
http://quarterlyreport.smn.no
Supplementary information Q1:
http://hugin.info/144/R/1696091/558438.pdf
Report Q1:
http://hugin.info/144/R/1696091/558436.pdf
Presentation Q1:
http://hugin.info/144/R/1696091/558435.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SpareBank 1 SMN via Thomson Reuters ONE
[HUG#1696091]
Unternehmensinformation / Kurzprofil:
Datum: 25.04.2013 - 08:02 Uhr
Sprache: Deutsch
News-ID 252765
Anzahl Zeichen: 5953
contact information:
Town:
Trondheim
Kategorie:
Business News
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