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Interim report Q3 2012

Interim report Q3 2012. CONTENTS. Introduction. SPAREBANKEN SOGN OG FJORDANE. The largest bank in the county of Sogn og Fjordane Total assets of NOK 36,3 billion Merchant bank oriented towards the retail- and corporate banking market

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Interim report Q3 2012

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  1. Interim report Q3 2012

  2. CONTENTS

  3. Introduction SPAREBANKEN SOGN OG FJORDANE • The largest bank in the county of SognogFjordane • Total assets of NOK 36,3 billion • Merchant bank oriented towards the retail- and corporate banking market • 21 sales offices in the county of SognogFjordane and one sales office in Bergen • 18 ”bank in grocery store” agreements in Sogn ogFjordane • 269 full-time employees • Active contributor to the local communities in the county

  4. MARKET LEADER • SSF is the largest bank in the county with 21 offices and 18 “bank in grocery stores” • The biggest competitor is Sparebanken Vest with 10 branches • Three large national banks and four small saving banks are located in the county

  5. Introduction HIGHLIGHTS 30.09.2012 • • Pre-tax profit of NOK 345 million (129 million) • • Comprehensive income of NOK 252 million (102 million) • • Net interest income rose by 12.6 % • • Operating expenses reduced by 7,5 % • • Impairment charge of NOK 33 million (85 million) • • Annualized return on equity of 13.9 % (5,7%). The figures in the brackets are the figures for the same period last year

  6. Financial development PROFITS The figure illustrates the profit after tax and comprehensive income for the Group (NOK million)

  7. Financial development PROFITS The figure illustrates the profit before impairment charge and the profit after tax (NOK million) for the Group .

  8. PROFITS

  9. Financial development PROFITS QUARTERLY The figures illustrate the quarterly development in total comprehensive income for the Group. The figures are in NOK million and as a percentage of average total assets annualized.

  10. Financial development PROFITS FROM CORE BUSINESS Ex. dividends and changes in values of financial instruments

  11. Financial development RETURN ON EQUITY The figure illustrates return on equity after tax and return on equity after tax incl. result from long-term shareholdings available for sale for the Group.

  12. Income NET INTEREST INCOME • Net interest income is NOK 454 million, 51 NOK million higher than at Q3 2011 • As a percentage of average total assets this is 0.10 percentage points higher than Q3 2011 • The increase in net interest as a percentage of average total assets is mainly due to higher margins against customers. The figure illustrates the net interest income as a percent of average total assets for the Group.

  13. Income NET INTEREST INCOME QUARTERLY The figure illustrates the quarterly development of net interest in NOK million and in percent of average total assets for the Group

  14. Income OTHER OPERATING INCOME • Other operating income of NOK 94 million • NOK 4 million lower than same period last year • The reduction is due to lower value of services provided to Gjensidige Bank The figure illustrates the development of other operating income (excl. dividend and value changes in financial instruments ) as a percentage of average total assets for the Group. Quarterly figures are annualized.

  15. Income OTHER OPERATING INCOME QUARTERLY The figures illustrate the quarterly development of other operating income for the Group (excl. dividend and changes in values on financial instruments). The figures are in NOK million and are also shown as a percentage of average total assets (annualized)

  16. Income TOTAL INCOME • Total income at Q3 2012 is NOK 142 million higher than at Q3 2011 • The increase mainly is due to gain from financial instruments and higher net interest income The figure illustrates the development in total income (net interest + net other income) for the Group .

  17. Income TOTAL INCOME QUARTERLY The figures illustrate the development in total income for the Group. The figures are presented in NOK million and as a percentage of average total assets (annualized)

  18. Expenses OPERATING EXPENSES • At Qhe expenses are reduced by NOK 20 million or 7,5% compared to the equivalent period last year • Strong focus on cutting costs has been effective The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme

  19. Expenses OPERATING EXPENSES AS A % OF INCOME • At Q3 2012 the total operating expenses as a percentage of total income is reduced by 15,6percentage points compared to Q3 2011. • The change is due to a strong increase in the gain from financial instruments, increase in net interest income and a reduction in the expenses. The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme

  20. Expenses OPERATING EXPENSES QUARTERLY The figures illustrate the quarterly development in operating expenses for the Group. Figures are presented in NOK million and as a percentage of average total assets (annualized)

  21. Expenses TOTAL ASSETS AND EMPLOYEES The figure illustrates the development in total assets (pillars) and number of full time employees (points) for the Group

  22. Loan impairment charge and loans in default LOAN IMPAIRMENT CHARGE The figure illustrates the development in recoveries (-)/ impairment charge(+) on loans and guarantees for the Group.

  23. Loan impairment charge and loans in default LOAN IMPAIRMENT CHARGE The figure illustrates the development in recoveries(-) /impairment charge on loans and guarantees as a percentage of gross loans for the Group. Numbers in % are not annualized.

  24. Loan impairment charge and loans in default LOAN IMPAIRMENT CHARGE QUARTERLY The figures illustrate the quarterly development in impairment charge on loans and guarantees (including net profit realised on the sale of fixed assets) for the Group. Figures are presented in NOK million and as a percentage of average total assets and are annualized.

  25. Loan impairment charge and loans in default LOANS IN DEFAULT The figure illustrates the quarterly development in loans in default (more than 90 days) as a percentage of gross loans to the respective sectors (RM and CM/PS/FS)

  26. Deposits, loans and balancesheet IMPAIRMENT PROVISIONS • Almost unchanged provisions at Q3.12 compared to Q4.11 The figure illustrates the development in total individually assessed impairment provisions and collectively assessed impairment provisions (NOK million). Collectively assessed provisions are estimated using a model that takes into account the quality, size and composition of the loan portfolio

  27. Financial development TOTAL ASSETS 2005- 2012 • Total assets rose by 5,7 % compared to Q3 2011 • The increase is mainly due to growth in loans to retail customers

  28. BALANCE • Increase in gross lending from Q3 2011 by NOK 2.0 billion • Increase in deposits from Q3 2011 by NOK 1.0 billion The figure shows the 12 months development of gross loans and deposits for the Group (NOK billion)

  29. Deposits, loans and balancesheet BALANCE - GROWTH The figure illustrates the yearly growth in total assets, net loans and deposits for the Group

  30. Deposits, loans and balancesheet LOANS TO CUSTOMERS • Gross loans increased by NOK 2.0 billion from Q3 2011 which equals an increase of 6,5 % • Increase in the RM by almost NOK 2,0 billion or 9,8% • Increase in loans to CM/PS/FS almost the same The figure illustrates the development in loans to the RM, CM/PS/FS. (Figures in NOK billion)

  31. Deposits, loans and balancesheet LOANS BY SECTOR The figures illustrate the distribution of gross loans to the RM (retail market), CM/PS/FS (corporate market, public secor, financial sector)

  32. Deposits, loans and balancesheet DEPOSITS FROM CUSTOMERS • Deposits grew by NOK 1.0 billion from Q3 2011 equivalent to an increase of 5.9% • Increase in the RM rose by 9,1% • Increase in deposits from the CM/PS/FIN rose by 1.5% The figure illustrates the development in deposits from the RM and CM/PS/FS (NOK billion)

  33. Deposits, loans and balancesheet DEPOSITS BY SECTOR The figures illustrate the deposits by sector as a percentage of total deposits

  34. Deposits, loans and balancesheet DEPOSITS VS GROSS LENDING The figure illustrates deposits from customers as a percentage of gross lending both for the Group and for the mother bank (mother bank is excl. BustadkredittSognogFjordane AS which was made operative with residental mortgage loans in 2009)

  35. Deposits, loans and balancesheet EQUITY AND CORE CAPITAL • The core capital ratio includes in addition to booked equity, also hybrid capital of NOK 313 million at Q3 2012. • The result for 2012 is not included in the core capital ratio • Included the result for 2012 and after deduction of estimated dividend for 2012, the core capital ratio was14,9% at Q3 2012 The figure illustrates the development in equity (pillars) and core capital ratio (points) for the Group

  36. Deposits, loans and balancesheet CAPITAL ADEQUACY RATIO • The result for the period is not included in the capital adequacy ratio at Q3 2012 • Included the result for 2012 and after deduction of estimated dividend for 2012, the capital adequacy ratio was 14.9% at Q3 2012 The figure illustrates the development in the capital adequacy ratio for the Group.

  37. Deposits, loans and balancesheet MATURITY STRUCTURE OF FUNDING The figure illustrates the maturity structure for the different sources of funding. (NOK million)

  38. Deposits, loans and balancesheet LIQUIDITY BUFFER • At 30.09.2012, the Group had a liquidity buffer of NOK 3.8 billion in short term deposits with Norges Bank and other banks and in marketable bonds and certificates The figure illustrates the liquidity buffer given no new funding and given growth in customer deposits and loans to customers according to budget/projections

  39. SUMMARY AND FUTURE PROSPECTS • The profit for the first nine months of 2012 is substantially better than for the same period last year • The change in the profit is due to: • Strong growth in the net interest income • Gain from financial instruments • Cost-saving measures have given effect • Lower loan impairment charge • Positive development in capital adequacy ratio • Very satisfied with the performance in the first nine month of 2012 • Expecting a satisfactory result for the rest of 2012

  40. Financial development KEY FIGURES PROFIT AND LOSS ACCOUNT

  41. Financial development KEY FIGURES BALANCE SHEET

  42. Financial development KEY FIGURES

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