Good result for SpareBank 1 SMN
(Thomson Reuters ONE) -
With good banking operations and reduced loan losses, SpareBank 1 SMN achieved a
pre-loss profit of NOK 582m in the first half of 2010, an increase of NOK 223m
over the same period last year.
The improved performance is ascribable to satisfactory profit growth generated
by the Bank's core business and one-off effects totalling NOK 187m.
"We are very pleased with the first-half performance, showing profit growth from
the first to the second quarter. Banking operations are developing in line with
plans with substantial customer growth, falling costs and a low level of
defaults. In addition, our financial position strengthened in the period, thanks
partly to a successful rights issue, and the Bank has satisfactory funding and
good liquidity," says CEO Finn Haugan at SpareBank 1 SMN.
Despite general uncertainty with regard to the economy, the Board of Directors
expects 20101 to be a good year for the Bank.
First half 2010 - highlights:
High deposits-to-loans ratio
As of the first half 2010 SpareBank 1 SMN has a deposits-to-loans ratio of 64
per cent compared with 59 per cent at the same point last year. Increased
deposits and loan transfers to SpareBank 1 Boligkreditt have strengthened the
Bank's self-funding ratio. This is in keeping with the changes announced in the
regulatory conditions for the financial industry.
Strong customer growth
The substantial influx of new, good corporate customers continues. Overall
growth in lending to corporates was 18.6 per cent in the 12 months to mid-June
compared with a general credit growth of 0.4 per cent according to Statistics
Norway. Just over half of the Bank's lending growth comprises loans taken over
from BN Bank in Ålesund.
SpareBank 1 SMN maintains a very strong position in the retail market with 8.3
per cent growth in lending to residential purposes. Here too the Bank is taking
new market shares, cf. figures from Statistics Norway showing a general growth
of 6.2 per cent in the same period. The Bank's lending growth quickened in the
period, in the second quarter at a rate of 1 per cent per month.
SpareBank 1 SMN's total assets are NOK 113.2bn as of the first quarter,
including loans transferred to the part-owned SpareBank 1 Boligkreditt.
Trondheim, 11 August 2010.
Contact persons at SpareBank 1 SMN:
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
field in the retail and corporate market, and has 55 offices positioned in 47
localities across the region's municipalities.
Our aim is to be the recommended bank for customers in the counties of Trøndelag
and Møre og Romsdal, and as 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 1,100 staff and
includes the following subsidiaries: SpareBank 1 SMN Finans, EiendomsMegler 1
Midt-Norge, Allegro Finans and SpareBank 1 SMN Regnskap. It is also the largest
shareholder in BN Bank with a stake of 33 per cent.
SpareBank 1 SMN is one of six owners of SpareBank 1 Gruppen. For further
information, visit our website at www.smn.no
Downloadable photo here.
[HUG#1437021]
Presentation:
http://hugin.info/144/R/1437021/381919.pdf
Report:
http://hugin.info/144/R/1437021/381918.pdf
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Source: SpareBank 1 SMN via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 11.08.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 39331
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contact information:
Town:
Trondheim
Kategorie:
Business News
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