SpareBank 1 Nord-Norge - Result for the second quarter and first half
of 2009: Result improves by ne
(Thomson Reuters ONE) - Today, SpareBank 1 Nord-Norge presents a pre-tax operating result ofNOK 359 million for the first half-year. This involves a NOK 97million improvement compared with the first half-year of 2008."We have produced a good result for the second quarter and first halfof 2009. The Bank's financial strength is good and its liquidity issatisfactory," concludes Hans Olav Karde, SpareBank 1 Nord-Norge'sChief Executive Officer.Furthermore, during the last 12 months, SpareBank 1 Nord-Norgeenjoyed strong deposit growth, amounting to 6.9 per cent, up from 4.3per cent for the same interim period last year."This shows that people save during unsettled economic times. Forus, this means that our equity financing has been substantiallystrengthened, and this is very positive," explains Karde.During the last 12 months, lending growth (including loanstransferred to SpareBank 1 Boligkreditt) amounted to 5.1 per cent, asagainst 11 per cent for the same interim period last year. Theretail banking market accounted for 8.2 per cent of aggregate growth,whereas the corporate- and public sectors together posted a reductionof 0.8 per cent. Including transferred loans to SpareBank 1Boligkreditt, the share of loans made to the retail banking marketfinished up somewhat higher than at the end of the fourth quarter of2008, accounting for 68 per cent of total lending as at 30.06.2009."The financial crisis, with falling economic growth and uncertaintyin the housing market, has, as expected, brought about weak growth inlending. We also expect that the time ahead will be characterised bya weak macro-economy, coupled with weak growth in loans. However, wewould still wish to see lending growth and increased market shares,"says Karde.Net losses ended up at NOK 102 million, as opposed to NOK 28 millionfor the corresponding interim period last year. In view of theeconomic situation, this is low.Here are the key figures (same period in 2008 in brackets): * Operating result before tax for the first half-year of 2009 totalled NOK 359 million (NOK 262 million). * Return on equity capital after tax was 12.6 per cent (8.7 per cent). * Result per Primary Capital Certificate (PCC) so far this year (Parent Bank): NOK 7.10 (NOK 4.45). * The underlying banking operations remain good. The result from core operations before credit losses amounted to NOK 338 million (NOK 345 million). * The Group's subsidiaries made a total contribution of NOK 31 million towards the overall result for the first half-year of 2009. * Net result from financial investments for the first half-year totalled NOK 123 million (a NOK 55 million loss). * Overall cost control under control, with a reduction of NOK 22 million or 4.5 per cent compared with the same interim period in 2008. Cost ratio: 50.4 per cent (62.9 per cent). * Low losses on loans bearing in mind the macro-economic situation: Net losses totalled NOK 102 million (NOK 28 million). * Continued low lending growth: Lending growth during the last 12 months (including loans transferred to SpareBank 1 Boligkreditt): 5.1 per cent (11 per cent). * Retail banking market - 8.2 per cent (including SpareBank 1 Boligkreditt) * Corporate banking market - NOK 0.8 per cent * During the last 12 months, the accounts show lending growth of 1.1 per cent (4.3 per cent). * Development of deposits remains very good: Deposit growth in last 12 months: 6.9 per cent (4.3 per cent) * Deposit coverage ratio: 71.6 per cent (67.6 per cent) * The Bank has good financial strength with a core capital coverage ratio (Group) of 9.7 per cent (9.4 per cent). * Liquidity remains satisfactory.More detailed information about the Group's operations may be foundin the attached reports.Any questions may be directed to Hans Olav Karde, CEO, telephone 90151 981, or to Deputy CEO Oddmund Aasen, telephone 906 72 757.Reference is also made to the Bank's home page: www.snn.noSome brief background information on SpareBank 1 Nord-NorgeSpareBank 1 Nord-Norge is a leading provider of financial productsand services to the retail banking- and corporate markets and to thepublic sector in the region. The Bank has an aggregate customer baseof some 244,000 retail banking customers, about 36,500 corporatecustomers, including public sector entities, clubs and association,and approximately 101,000 insurance product customers. The Bank has81 branches in Finnmark, Troms, Nordland and on Svalbard(Spitzbergen). SpareBank 1 Nord-Norge has its own representativeoffice in Murmansk and is a shareholder in the Russian bank,Tavrichesky OJSC, whose head office is located in St. Petersburg.http://hugin.info/147/R/1333995/316462.pdfhttp://hugin.info/147/R/1333995/316464.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.08.2009 - 08:01 Uhr
Sprache: Deutsch
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