SpareBank 1 SMN: Strengthened profit performance and sound growth
(Thomson Reuters ONE) -
SpareBank 1 SMN recorded a profit of NOK 1,185m in the first nine months of the
year compared with NOK 1,119m in the same period last year. The bank notes a
large customer influx and good growth in home mortgage lending.
The first nine months at SpareBank 1 SMN show good results for core business
featuring stable net interest income and increased commission income, a
continued low level of defaults, increased losses, a strengthened financial
position and good growth in home mortgage lending. The bank's subsidiaries are
on a positive trend, and financial assets have yielded high returns in the
period.
"The challenges related to the oil and offshore segment remain substantial, but
we see no signs of this feeding through to other sectors in our region. Profit
growth is robust and we stand by our earlier assessments of loss provisions"
says Group CEO Finn Haugan at SpareBank 1 SMN.
Strengthened market position
The bank increased its lending to personal borrowers by 10.8 per cent to NOK
87.4bn in the twelve months to end-September. The customer influx is substantial
- 9,200 new personal customers have joined the bank so far in 2016. The bank has
thus strengthened its leading market position in the region once again.
"It is gratifying that the personal market shows stronger growth than we could
hope for at the start of the year. Alongside strong growth in new home mortgage
loans, a good development is noted in sales of other products such as estate
agency, accounting services and insurance products. This gives us a broad
footing in relation to our customers and a diversified income platform" says
Finn Haugan.
Lending to corporate clients was broadly unchanged with an increase of 0.2 per
cent to NOK 47.1bn. This is in keeping with the bank's capital plan and also
reflects reduced demand for funding from business and industry. The bank is
seeing good customer growth among small and medium sized businesses.
Accounts for first nine months 2016 - key figures:
* Pre-tax profit: NOK 1,430m (1,389m in third quarter 2015)
* Post-tax profit: NOK 1,185m (1,119m)
* Return on equity: 11.0% (11.5%)
* Growth in lending: 6.6% (8.3%)
* Growth in deposits: 4.2% (9.5%)
* Loan losses: NOK 417m (112m)
* CET1 capital ratio: 14.3% (13.2%)
* Earnings per EC: NOK 7.33 (7.27)
Stable net interest income
Net interest income totalled NOK 1,391m in the first nine months of the current
year compared with NOK 1,399 in the same period last year. Increased volumes of
loans and deposits along with increased margins on deposits push up the total,
while reduced margins on home mortgage loans make the opposite contribution.
At end-September the CET1 ratio stood at 14.3 per cent. The bank assumes and
expects a CET1 ratio of 14.5 per cent to be reached by the target date, 31
December 2016.
Increased losses
While defaults remain at a low level, losses rose by NOK 130m in the third
quarter to reach NOK 417m at quarter-end. This is in all essentials down to a
small number of exposures in oil-related activity.
"As previously announced, we expect overall losses for the current year to be in
the region of NOK 500m. There are no loss challenges worthy of mention related
to other sectors" says Finn Haugan.
Trondheim, 24 October 2016
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
http://quarterlyreport.smn.no/2016/
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Report:
http://hugin.info/144/R/2050731/767161.pdf
Presentation:
http://hugin.info/144/R/2050731/767160.pdf
Supplementary information:
http://hugin.info/144/R/2050731/767162.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
" alt="Avino Completes New Resource Estimate for Bralorne Property in British Columbia, CanadaDatum: 24.10.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 502220
Anzahl Zeichen: 4974
contact information:
Town:
Trondheim
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 285 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SpareBank 1 SMN: Strengthened profit performance and sound growth"
steht unter der journalistisch-redaktionellen Verantwortung von
SpareBank 1 SMN (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
