SpareBank 1 SMN : High growth and solid operations brought increased profit.
(Thomson Reuters ONE) -
Accounts for the first nine months of 2017 at SpareBank 1 SMN:
High growth and solid operations brought increased profit
SpareBank 1 SMN recorded a profit of NOK 1,250m in the first nine months of the
current year compared with NOK 1,185m in the same period last year. High growth
and a large influx of new customers again made their mark on the quarter.
The year's first nine months at SpareBank 1 SMN feature strengthened operating
profit, reduced loan losses, good sales in all product areas, a strong financial
position along with high growth and many new customers.
"We are well pleased with the fact that as many as 8,250 personal customers and
450 firms have opted for us as their new main bank so far this year. We view
this as an expression of confidence and confirmation of our strong position as a
digital bank with a local and personal signature", says Finn Haugan, Group CEO
at SpareBank 1 SMN.
Market position strengthened
The bank increased its lending to personal customers by 10.3 per cent to NOK
96.4bn in the twelve months to end-September. Lending to corporate customers
rose by 7.9 per cent to NOK 50.8bn, the growth stemming mainly from small
businesses. This is in keeping with the bank's plan for differentiated growth
with a focus on small and medium-sized businesses.
"SpareBank 1 SMN is reinforcing its position in Trøndelag and in Møre and
Romsdal through solid growth among retail customers and firms alike. The lending
growth is evidence that our region is faring well and that we are competitive
throughout the Group," says Finn Haugan.
Reduced CET1 capital adequacy
As of the third quarter the bank has a CET1 capital ratio of 14.7%. This a
reduction of 0.25 percentage points in the quarter, and is due to regulatory
factors along with relatively high growth on the corporate customer front. The
targeted CET1 ratio of 15.0% stands firm.
Net interest income rose by NOK 212m to NOK 1,603m compared with the same period
last year. The increase is due mainly to lending growth and increased lending
margins.
Group costs increased by NOK 230m, largely due to the subsidiary SpareBank 1 SMN
Regnskapshuset's acquisition of Økonomisenteret in Molde in January this year.
Parent bank costs have risen by NOK 16m. Staff costs are reduced, but the
overall increase is attributable to the introduction of a new tax on financial
sector employers and to a changed pension scheme. The target of zero growth in
parent bank costs in 2017 is retained.
Lower losses
Losses are considerably reduced compared with the same period last year with a
decline of NOK 154m to NOK 263m. The losses relate mainly to the offshore
segment.
"We are keeping a close eye on economic developments in Trøndelag and Møre and
Romsdal, and a considerable improvement is in evidence, also in those parts of
the region that have faced challenges. Our economic barometer, which takes the
pulse of the region's business and industry, shows that businesses are more
optimistic and prospects are brighter. This is also reflected in lower losses
for the bank," says CEO Finn Haugan.
Growing optimism in the region
This year's edition of SpareBank 1 SMN's economic barometer for Trøndelag and
Møre and Romsdal was presented earlier this week. The main points in this year's
barometer are:
* The oil slump appears to be over this time round, and optimism is again
growing across all three counties in our region
* The bank has analysed the financial statements of some 40,000 businesses in
our region. The conclusion is clear: the region has a robust industry
structure which holds its own both in good and more challenging times
* The 2016 accounts show sound growth and increased profitability in
Trøndelag. In Møre and Romsdal overall turnover is receding, but
profitability remains stable
* The sea gives and the sea takes away: seafarming and fisheries are blooming
as never before, while maritime industry and offshore are finding the going
tough.
Read more at smn.no/konjunkturbarometeret
Accounts for first nine months of 2017 - key figures:
* Pre-tax profit: NOK 1,568m (1,430m same period 2016)
* Post-tax profit: NOK 1,250m (1,185m)
* Return on equity: 10.8% (11.0%)
* Growth in lending: 9.4% (6.6%)
* Growth in deposits: 10.3% (4.2%)
* Loan losses: NOK 263m (417m)
* CET1 capital ratio: 14.7% (14.3%)
* Earnings per EC: NOK 6.06 (5.70)
Link to the quarterly report: http://quarterlyreport.smn.no/2017/
Trondheim, 26 October 2017
Contact persons at SpareBank 1 SMN:
Executive Vice President, Finance, Kjell Fordal on +47 905 41 672
Vice President, Corporate Communications, Hans Tronstad on +47 941 78 322
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Quarterly report SpareBank 1 SMN :
http://hugin.info/144/R/2144948/822129.pdf
Supplementary Information Q3 2017:
http://hugin.info/144/R/2144948/822130.pdf
Presentation Q3 2017:
http://hugin.info/144/R/2144948/822127.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:
Datum: 26.10.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 565449
Anzahl Zeichen: 6155
contact information:
Town:
Trondheim
Kategorie:
Business News
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