Profit growth at SpareBank 1 SMN
(Thomson Reuters ONE) -
SpareBank 1 SMN posted a pre-tax profit of NOK 325m in the first quarter of
2011, an advance of NOK 70m over the same period last year.
The quarterly accounts reflect solid banking operations, net incomings on loan
losses and good return on financial investments. The Bank has achieved
satisfactory growth in lending and deposits alike with a net influx of 950
retail customers and 125 corporate customers in the first three months of the
year.
"We are very pleased with the profit trend at the Bank. A solid effort is being
made throughout the Group. This is producing sound growth and increased
revenues, and we are successfully expanding our market share from an already
very high level," says Group CEO Finn Haugan at SpareBank 1 SMN.
"The Bank's accounts confirm that things are going well in Trøndelag and in Møre
and Romsdal. Losses and defaults are insignificant and, thanks to the first-rate
work done on doubtful exposures, cases have been cleared up and amounts lost
have been returned to the accounts," Mr Haugan points out.
Ordinary banking operations have developed satisfactorily with a pre-loss profit
of NOK 200m on core business compared with NOK 171m in the same period last
year, adjusted for the change in the early retirement (AFP) scheme. The Bank's
financial investments have yielded an overall return of NOK 65m compared with a
negative NOK 5m last year.
Incomings on losses
SpareBank 1 SMN has taken to income NOK 6m, net, on loan losses as of the first
quarter compared with a net loss of NOK 68m in the same period last year. No
cause was found to revise collectively assessed impairment write-downs in the
period.
SpareBank 1 SMN continues to strengthen its market-leader position in Trøndelag
and in Møre and Romsdal. Overall lending growth in the corporate market came to
13.9% over the last 12 months compared with a general credit growth, according
to Statistics Norway, of 2.8% (as of 28.02.11). Just over half of the Bank's
lending growth is accounted for by loans taken over from BN Bank in Ålesund. In
the retail market the Bank shows 9.6% growth in lending to households. Here too
the Bank is gaining new market shares, confirmed by figures from Statistics
Norway showing general growth of 6.6% for households (as of 28.02.11).
The Bank's subsidiaries are also showing sound growth and profitability, in
particular EiendomsMegler 1 Midt-Norge and SpareBank 1 SMN Regnskap.
Increased focus on insurance
Over the past year SpareBank 1 SMN has sustantially boosted its competence in
the insurance area, and has gained an edge in the market by obtaining
authorisation for all its roughly 300 advisers in the retail market through the
industry's approval scheme (GSR). The Bank's insurance portfolio has grown by
15% in the past 12 months.
"We have strengthened our position as an insurance services provider. Our
ambition is to establish a market position in insurance just as strong as in
traditional banking services, and we are getting close. Customers appreciate
good advice and good service. According to Norsk Kundebarometer 2011, SpareBank
1 Skadeforsikring is the best liked insurer in Norway", Group CEO Finn Haugan at
SpareBank 1 SMN points out.
First quarter 2011 - highlights:
· Pre-tax profit: NOK 325m (225m first quarter 2010)
· Post-tax profit: NOK 255m (188m)
· Return on equity: 13.2% (12.1%)
· Growth in lending: 11.4% (10.0%)
· Loan losses: NOK -6m (68m)
· Growth in deposits: 14.1% (4.8%)
· Tier 1 capital adequacy: 10.6% (11.0%)
· Earnings per equity capital certificate: NOK 1.64 (1.09)
Total assets at SpareBank 1 SMN as of the fourth quarter come to NOK 114.1bn,
including loans transferred to co-owned SpareBank 1 Boligkreditt.
Read the entire quarterly report at smn.no here!
Trondheim, 6 May 2011.
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 with a total of 54 offices.
We aim to be the recommended bank for customers in Trøndelag and in Møre and
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 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.
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#1513114]
Unternehmensinformation / Kurzprofil:
Datum: 06.05.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 54344
Anzahl Zeichen: 6179
contact information:
Town:
Trondheim
Kategorie:
Business News
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