SpareBank 1 Nord-Norge - Result per third quarter 2009: Very good
result and effective cost-control
(Thomson Reuters ONE) - Today, SpareBank 1 Nord-Norge presents a pre-tax operating result ofNOK 671 million per third quarter 2009. This is the Bank's bestquarterly result ever, constituting an earnings improvement of NOK296 million on the same period last year."The good result is primarily attributable to income from financialinvestments of NOK 269 million, compared with a loss of NOK 111million in third quarter 2008. Income from sales of products andservices to our customers has remained at the same level as in 2008,"says CEO of the Bank, Hans Olav Karde. Another important factor isthat costs are under control, having been reduced by 3.9 per centcompared with 2008.The figures for the third quarter indicate good underlying bankingoperations and low losses on loans, taking into account the currentmacro-economic situation."Lending growth in the retail market has risen. The deposit-to-loanratio of 69.3 per cent indicates that our customers are confident inthe financial strength of the Bank. The return on equity after taxwas 15.8 per cent, compared with 7.8 per cent last year," adds MrKarde.Here are the key figures (same period in 2008 in brackets): * Operating result before tax for the third quarter totalled NOK 671 million (NOK 375 million). * Return on Equity Capital after tax was 15.8 per cent (7.8 per cent). * Result per Equity Certificate so far this year (parent bank): NOK 10.51 (NOK 5.56). * The underlying banking operations remain good. The result from core operations before credit losses amounted to NOK 543 million (555 million). * The Group's subsidiaries made a total contribution of NOK 19 million towards the overall result so far this year. * Net result from financial investments totalled NOK 269 million (NOK -111 million). * The contribution to the overall result from SpareBank 1 Gruppen AS amounted to NOK 139 million (NOK 49 million). * Amortisation of net lesser value in connection with the acquisition of BNbank ASA, NOK 6 million. BNbank's contribution towards the overall result at the end of the third quarter, NOK 18 million. The Bank's share of SpareBank 1 Boligkreditt's result totalled NOK 9 million. * Net gain from the Bank's share portfolio included in the accounts totalled NOK 34 million. * Gains on interest-bearing portfolio (including related financial derivatives transactions) amounted to NOK 23 million. * Income from other foreign exchange and financial derivatives and assets totalled NOK 34 million. * Cost performance under control, with a reduction of NOK 28 million or 3.9 per cent compared with the same interim period in 2008. Cost-income ratio: 46.2 per cent (62.0 per cent). * Low losses on loans in light of the macro-economic situation: Net losses totalled NOK 141 million (NOK 69 million). * Lending growth in the private market has risen. Total lending growth during the last 12 months (including loans transferred to SpareBank 1 Boligkreditt): 5.6 per cent (9.0 per cent). * Private market: 8.8 per cent (incl. SpareBank 1 Boligkreditt). * Corporate banking market: -0.9 per cent. * The accounts show a reduction in lending over the last 12 months of 2.0 per cent (3.0 per cent). * Development of deposits remains very good: Growth in deposits in the last 12 months: 6.6 per cent (6.1 per cent). * Deposit-to-loan ratio: 69.3 per cent (63.8 per cent). * The Bank has good financial strength with a core capital coverage ratio (group) of 10.1 per cent (9.3 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/1350920/326225.pdfhttp://hugin.info/147/R/1350920/326227.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 7585
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result and effective cost-control"
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