Interim report Q1 2014
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- Dwain Bond
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1 Interim report Q1 2014
2 CONTENTS Introduction Financial development Income Expenses Loan impairment charge and loans in default Deposits, loans and balance sheet Summary and future prospects Tables 2
3 SPAREBANKEN SOGN OG FJORDANE The largest bank in the county of Sogn og Fjordane Total assets of NOK 40,5 billion Merchant bank oriented towards the retail- and corporate banking market 22 sales offices in the county of Sogn og Fjordane + one sales office in Bergen 17 bank in grocery store agreements in Sogn og Fjordane 260 full-time employees Active contributor to the local communities in the county
4 MARKED LEADER SSF is the largest bank in the county with 22 offices and 17 bank in grocery stores The biggest competitor is Sparebanken Vest with 7 branches Three large national banks and four small saving banks are located in the county
5 HIGHLIGHTS Pre-tax profit of NOK 108 million (76 million) Comprehensive income of NOK 112 million (56 million) Net interest income of NOK 176 million (146 million) Net gain on financial instruments of NOK 0 million (8 million) Operating expenses of NOK 91 million (88 million) Impairment charge of NOK 7 million (20 million) Annualized return equity of 14,8% (8,2%) Figures in brackets refer to corresponding period last year
6 FINANCIAL DEVELOPMENT Comprehensive income 400 (quarter) The figures illustrate the comprehensive result after taxation for the Group in NOK million
7 FINANCIAL DEVELOPMENT COMPREHENSIVE RESULT (quarterly) The figure illustrate the comprehensive result (quarterly) in NOK million.
8 FINANCIAL DEVELOPMENT Profit before taxation (quarter)
9 CORE BUSINESS The figure illustrates the result from the core business. Gain/losses from financial instruments and loan impairment charge are excluded.
10 RETURN ON EQUITY 16,0 % 14,0 % 13,9 % 12,8 % 14,8 % 12,0 % 10,0 % 8,0 % 6,0 % 8,5 % 9,9 % 4,0 % 2,8 % 2,0 % 0,0 % The figure illustrates the return on equity after taxation (comprehensive income)
11 NET INTEREST INCOME % of avg. total assets Mill. NOK 2,00 1,90 1,80 1,66 1,68 1,77 1,74 1,57 1,63 1,81 1,88 1, , , , , , , , ,00 0 The figure illustrates the net interest income in NOK million and as a percent of average total assets.
12 MARGINS OF LENDING AND DEPOSIT 4,00 3,50 3,00 2,50 2,00 1,50 1,00 Lending margins aginst 3 months NIBOR 3,22 3,34 3,42 3,51 3,53 3,43 3,14 2,87 2,94 2,86 2,47 2,66 2,69 2,53 2,47 2,34 2,23 1,75 1,92 1,99 2,15 2,31 2,42 2,44 2,41 2,09 1,47 1,21 1,17 1,35 1,27 1,12 1,17 1,06 1,00 0,50 0,00-0,50 0,51 0,50 0,41 0,42 0,41 0,26 0,29 0,29 0,31 0,36 0,43 0,39 0,32 0,02 0,18 0,18-0,08 0,11 Deposit margins against 3 months NIBOR -0,25-0,21-0,36-0,38-0,48-0,48-0,60-0,55-0,54-0,56 0,50-0,62-0,69-0,78-0,78-0,81-0,82 0,00-1,00 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 Q1-10 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 Q1-11 Q4-10 Q3-10 Q2-10 Q1-10 CM/PS/FS RM CM/PS/FS RM The figures illustrate the average interest towards the customers less the average of 3 months NIBOR (quarterly).
13 OTHER OPERATING INCOME (quarterly) ,31 % ,38 % 0,37 % 0,36 % 29 0,31 % 33 0,34 % 35 0,37 % 30 0,31 % 29 0,29 % 0,45 % 0,40 % 0,35 % 0,30 % 10 0,25 % 5 0 0,20 % The figures illustrate other operating income (excl. income from financial instruments) in NOK million and as a percentage of average total assets
14 TOTAL INCOME (quarterly) Net interest Other operating income Financial instruments
15 OPERATING EXPENSES AS A % OF INCOME 80,0 % 70,0 % 68,9 % 60,0 % 58,8 % 56,3 % 50,0 % 40,0 % 38,6 % 47,8 % 44,2 % 30,0 % 20,0 % 10,0 % 0,0 % Green part of culumn refers to time effect implementing AFP
16 OPERATING EXPENSES AS A % OF INCOME (excl. income from fin. instr.) 70,0 % 62,2 % 60,0 % 50,0 % 56,8 % 54,6 % 50,5 % 50,1 % 44,2 % 40,0 % 30,0 % 20,0 % 10,0 % 0,0 % Green part of column refer to time effect implementing AFP
17 OPERATING EXPENSES (quarterly) ,99 % 84 0,95 % 73 0,81 % 95 1,04 % 88 0,93 % 81 0,85 % 78 0,81 % 93 0,95 % 91 0,91 % 1,20 % 1,00 % 0,80 % ,60 % ,40 % 20 0,20 % ,00 % The figure illustrates the operating expenses as a percentage of average total assets
18 LOAN IMPAIRMENT CHARGE The figures illustrate the development of impairment charge of loans and guarantees in NOK million
19 LOAN IMPAIRMENT CHARGE 0,60 % 0,50 % 0,40 % 0,30 % 0,20 % 0,10 % 0,06 % 0,11 % 0,03 % 0,02 % 0,06 % 0,02 % 0,00 % The figures illustrate the development in impairment charge of loans and guaranties as a percentage of gross loans (yearly and quarterly. Quarterly numbers are not annualized.
20 4,00 % 3,50 % 3,00 % 2,78 %2,75 % LOANS IN DEFAULT 3,51 % 3,31 %3,32 % 3,19 % 3,07 % 3,15 %3,14 % 3,05 % 3,11 % 3,19 % 2,90 % 2,50 % 2,00 % 1,50 % 1,00 % 1,73 % 1,56 % 1,31 %1,28 % 1,31 % 1,17 % 1,24 %1,27 % 1,15 %1,14 %1,14 % 1,11 % 1,12 % 1,02 % 0,89 % 0,50 % 0,41 % 0,46 % 0,43 % 0,51 % 0,33 % 0,26 %0,21 % 0,24 %0,21 %0,23 % 0,28 % 0,25 % 0,19 % 0,23 % 0,00 % RM CM/PS/FS TOTAL The figure illustrate the quarterly development of loans in default (more than 90 days) as a percentage of gross loans to the respective sectors (RM and CM/PS/FS)
21 TOTAL ASSETS 45,0 40,0 35,0 32,8 35,2 37,1 39,6 40,5 30,0 27,9 25,0 20,0 15,0 10,0 5,0 0, Q1.14 The figure illustrate the development of total assets in NOK billion
22 LOANS - DEPOSITS 40,0 59,19 % 59,58 % 60,00 % 35,0 30,0 25,0 56,29 % 58,01 % 58,23 % 58,29 % 58,00 % 56,00 % 20,0 15,0 10,0 5,0 25,1 14,1 28,9 30,5 32,7 16,8 17,8 19,0 34,8 35,3 20,6 21,0 54,00 % 52,00 % 0, Q1.14 Gross loans Deposits Deposit as a % of gross lending 50,00 % The figure illustrates the 12 months development of gross loans and deposits in NOK billion
23 LOANS - DEPOSITS (growth) 20,0 % 18,0 % 16,0 % 15,1 % 18,6 % 14,0 % 12,0 % 10,0 % 8,0 % 6,0 % 5,2 % 6,2 % 5,8 % 6,2 % 6,9 % 7,0 % 6,6 % 8,3 % 4,0 % 2,0 % 1,2 % 1,9 % 0,0 % Q1.14 Gross loans Deposits The figure illustrates the yearly growth. The percentage for the quarter is the growth for the current year.
24 LOANS TO CUSTOMERS 40,0 35,0 31,0 33,1 35,3 30,0 25,0 20,0 20,4 23,0 24,9 15,0 10,0 10,6 10,1 10,3 5,0 0,0 Gross loans RM CM/PS/FS Q1.12 Q1.13 Q1.14 The figure illustrates the mixture and development of gross loans to the respective sectors (RM and CM/PS/FS)
25 LOANS BY SECTOR 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 37,4 % 34,1 % 31,5 % 29,7 % 29,3 % 62,6 % 65,9 % 68,5 % 70,3 % 70,7 % Q1.14 RM CM/PS/FS
26 DEPOSITS FROM CUSTOMERS 25,0 20,0 17,8 19,4 21,0 15,0 10,5 11,5 12,4 10,0 7,3 7,9 8,7 5,0 0,0 Totale innskot PM BM /OFF./FIN Q1.12 Q1.13 Q1.14 The figure illustrates the mixture and development of deposits from the respective sectors (RM and CM/PS/FS)
27 GROSS LOANS - FUNDING 100 % 90 % 80 % 43,7 % 38,4 % 33,5 % 26,1 % 22,1 % 21,6 % 70 % 60 % 50 % 0,0 % 3,6 % 8,2 % 15,6 % 18,7 % 18,9 % 40 % 30 % 20 % 56,3 % 58,0 % 58,2 % 58,3 % 59,2 % 59,6 % 10 % 0 % Q1.14 Deposits Covered bonds Others The figure illustrate how gross loans are funded
28 CAPITAL ADEQUACY RATIO 18,0 % 16,0 % 14,0 % 12,0 % 10,0 % 8,0 % 6,0 % 4,0 % 13,8 % 12,9 % 1,1 % 11,9 % 1,0 % 1,5 % 10,8 % 10,9 % 11,2 % 14,6% % 15,3 % If we at Q ,6 % 14,6 % include net profit for the period and add 1,0 % 0,6 % 1,6 % dividends from the 1,4 % 1,4 % 1,4 % subsidiaries for 2014, the Core Tier 1 capital adequancy ratio is estimatet to 13.0% and the Capital adequacy ratio to 16.0%. 12,2 % 12,6 % 12,3 % 2,0 % 0,0 % At Q1.14 Core tier 1 capital Hybrid capital Subordinated dept
29 MATURITY STRUCTURE OF FUNDING The figure illustrates the maturity structure for the different sources of funding (NOK million)
30 LIQUDITY BUFFER The figure illustrates the liqudity buffer given no new funding and growth in customer deposits and loans according to plan
31 SUMMARY AND FUTURE PROSPECTS Comprehensive income better than expected and significantly higher than Q Improvement in net interest income Healthy growth in deposits and loans Customer margins are improved External funding costs are reduced Lower loan impairment charge Valuation gain on shares in Nets, classified as available-for-sale Cost/income ratio reduced to 44,2% (47,8% at Q1 2013) Positive development in capital adequacy ratio Thanks to strong capital position, good customer margin and low expenses, the Bank is in a good position to continue growing and developing
32 KEY FIGURES PROFIT AND LOSS PROFIT AND LOSS ACCOUNT Net interest income Dividends and net income/loss from financial instruments Other operating income Operating expenses Profit/loss before loan impairment charge (incl. securities) Profit/loss before loan impairment charge (excl. securities) Net profit realised on the sale of fixed assets Loan impairment charge Profit/loss before taxation Tax expense Profit/loss after taxation Other comprehensive income Comprehensive income
33 KEY FIGURES BALANCE BALANCE SHEET Assets Gross loans and advances to customers Loan impairment charge Security investments (shares, commercial paper and b d ) Debt and equity Deposits from and debt to customers Debt securities and debt to credit institutions Equity Total assets Average total assets
34 KEY FIGURES Profitability Net interest income as a % of average total assets 1,79 % 1,57 % 1,74 % Dividends and gains/losses on financial instruments 0,00 % 0,09 % 0,17 % Other operating inc. (excl. inc. from fin. instr.) as a % of average total 0,29 % 0,31 % 0,33 % Operating expenses as a % of average total assets 0,91 % 0,93 % 0,89 % Profit before impairment charge as a % of average total assets 1,15 % 1,02 % 1,35 % Profit before tax as a % of average total assets 1,08 % 0,81 % 1,24 % Comprehensive income as a % of average total assets 1,12 % 0,59 % 0,90 % Oper. exp. as a % of oper. income excl. inc. from fin. instr. 44,20 % 50,12 % 42,90 % Oper. exp. as a % of oper. income incl. inc. from fin. instr. 44,20 % 47,82 % 39,63 % Impairment charge as a % of total loans 0,02 % 0,06 % 0,12 % Return on equity before tax 14,25 % 11,20 % 17,55 % Return on equity (comprehensive income) 14,83 % 8,24 % 12,81 % Financial strength Capital adequacy ratio 15,29 % 14,21 % 14,59 % Core capital adequacy ratio 13,68 % 13,24 % 13,97 % Core Tier 1 capital adequacy ratio 12,26 % 11,78 % 12,56 % Equity ratio 7,64 % 7,08 % 7,63 % Balance sheet history Growth in total assets (year-on-year) 6,65 % 7,69 % 6,57 % Growth in loans to customers (year-on-year) 6,66 % 6,71 % 6,62 % Growth in customer deposits (year-on-year) 8,21 % 9,18 % 8,27 % Deposits as a % of gross lending 59,58 % 58,72 % 59,19 % Employees Full-time equivalent administrative staff Full-time equivalent cleaning, canteen staff, etc
35 CORE BUSINESS MNOK Q2.12 Q3.12 Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Net interest income Net commision income Other income Operating expenses Basic operations before imp. charge Loan impairment charge Basic operations after imp. charge Excl. dividends and changes in values of financial instruments
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