Fourth quarter and the year 2011 The Sparebanken Vest Group

Transcription

1 Fourth quarter and the year 2011 The Sparebanken Vest Group 15 February 2012 Stein Klakegg, Managing Director 1

2 The year 2011 Greater customer satisfaction and a stronger market position Good underlying banking operations in a turbulent capital market Increased nominal net interest despite higher financing costs Good growth in commission income Greater capital adequacy 2

3 Fourth quarter 2011 Volatile capital market and continued increased credit spreads Higher contribution from payment services Continued good growth in customers and premiums in Frende Forsikring Moderate losses Integration of Sparebanken Hardanger on schedule 3

4 Good core banking operations Year Operating profit/loss before write-downs and tax Pre-tax profit Profit/diluted profit per equity certificate Net interest (annualised) Cost ratio (annualised) Annualised return on equity (ROE) The Board s proposed dividend per equity certificate The Board s proposed donations for the public benefit Liquidity indicator Common equity Total capital Common equity (Basel II fully implemented) Total capital (Basel II fully implemented) 2011 NOK 858 mill. NOK 732 mill. NOK % 1.22% 8.7% NOK 2.00 NOK 30 mill % 9.6% 11.6% 12.9% 15.6% *2010 NOK 927 mill. NOK 800 mill. NOK % 1.2% 11.3% NOK 3.50 NOK 30 mill % 9.4% 11.6% 12.2% 15.0% Dividend, donations and capital adequacy presume that profit is allocated in accordance with the Board's proposal 4 Fourth quarter NOK 254 mill. NOK 215 mill. NOK 199 mill. NOK 168 mill. NOK 1.24 NOK % 1.44% 1.28% 1.26% 9.9% 8.3% * Incl. implementation effect AFP (NOK 62 mill.) and oneoff profit Nordito/PBS (NOK 105 mill.)

5 Historical growth and profits ROE and profits (group) ,0 % 7,0 % ROE (annualized) Profit NOKm 8,7 % 11,3 % 8,0 % ,0 % Average ROE of 11,1 % since ROE (annualised) ROE (annualisert) Profit after Resultat etter taxes skatt 650 4,9 % ,2 % ,0 % 12,1 % 11,8 % ,0 % 455 3,0 % 4,4 % Average annual growth in total assets of 13,1 % since 1997 Source: Sparebankforeningen and annual reports ,4 % ,0 % ,9 % ,7 % ,4 % ,0 % Total assets NOKm Total assets under management -3,0 %

6 Profit/loss development

7 Profit/loss development fourth quarter

8 Increased nominal net interest from Q despite increasing borrowing costs and strong competition Net interest per quarter (incl. full consolidation of Sparebanken Vest Boligkreditt AS) 8

9 Change in net interest

10 Change in net interest Q Q

11 Interest margin maintained in 2011 Interest margin per quarter *) * Product margins and interest margins (parent bank and housing credit company) seen in relation to the bank's intragroup interest 11

12 Continued productivity improvement in core banking development and restructuring costs in the fourth quarter Cost/income ratio and costs in percentage of average assets under management.. 12 The organic increase in expenses for the year is NOK 49 million, corresponding to 3.3 % (2010 figure adjusted for AFP effect)

13 Good growth in deposits Growth in deposits in the last 12 months 9.0% (RM 13.4% and CM 3.5%) Sparebanken Hardanger 13

14 Assets under management of NOK 116 billion balanced growth in lendings and good diversification Growth in lendings in the last 12 months 12.3% Commitment volume by industry (RM 12.5% and CM 11.2%), incl. Sparebanken Hardanger 0,9 % 1,4 % 1,8 % 1,8 % 4,3 % 1,3 % 1,3 % 1,1 % 0,6 % 0,5 % 0,5 % Retail market Real estate Shipping Other 4,0 % Primary industries Building and construction 10,4 % Shipyard Wholesale and retail trade Fish farming Fisheries/seafood industry Energy Mainland transportation 70,2 % Agriculture and forestry Hotels and restaurants 14

15 The RM portfolio - large proportion secured by mortgage - good security coverage with low LTV ratios 95% of RM exposed to housing loans Good security coverage 100,0 % 95,0 % 90,0 % 80,0 % 70,0 % 66,4 % 4,9 % 60,0 % 95,1 % 50,0 % 40,0 % 33,6 % 30,0 % 20,0 % Other Retail Mortgages Instalment loans 10,0 % Flexible loans 95% of the RM portfolio consists of loans secured by mortgage* 34% of housing loans are flexible loans (overdraft facilities), the remainder are ordinary instalment loans Flexible loans have been furnished for up to 75% of the house's market value; to be changed to 70%, cf. the new guidelines *Including housing credit company, group figures 1,8 % % LTV > 90 % 0,0 % LTV <= 75 % 15 3,2 % Ordinary instalment loans are normally furnished for up to 90% of a house's value (85% pursuant to the new guidelines) Up to 100% LTV ratio permitted if additional security is furnished, and following a separate assessment of creditworthiness. 95% of all house loans are within 75% of the house's value

16 Risk profile low in the retail market, moderate in the corporate market the risk profile of the portfolio is largely unchanged in 2011 High RM share makes positive contribution to the overall low risk profile 6,0 % 6,6 % 6,8 % 14,3 % 14,7 % 14,1 % 14,1 % 70 % 60 % 50 % 80,7 % 80,5 % 79,9 % 78,8 % 78,9 % 40 % 80,1 % 16 Almost 80% of the overall portfolio has low risk 5,5 % 6,4 % 79,7 % - The 2010 accounts give a slightly weaker CM classification 5,7 % 78,0 % - Affected by cyclical developments 5,4 % 12,9 % 80 % 5,9 % 14,2 % - Improved risk profile in 2011 the low interest rate and low unemployment make a positive contribution 90 % 14,9 % 100 % 16,0 % - Large proportion secured by mortgage and low LTV ratio Somewhat weakened risk profile in CM in 2011: Expected losses: Debt-servicing ability + security coverage (PD/LGD) 1Q Q 2010 Q Q Q Q Q Q % 20 % 10 % 0% < 0,2 % 0,2 % > < 0,75 % > 0,75 %

17 Moderate write-downs and reduced defaults Increased write-downs and stable percentage provided for Positive trend for default of payment for more than 90 days Payment defaults 90 days, gross loans 1,60 % 1,40 % 1,20 % 1,00 % 0,80 % 0,60 % 0,40 % 0,20 % 0,00 % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Default rate 90 days, Retail Default rate 90 days, Total 17 Default rate 90 days, Corporate

18 Moderate losses Quarterly write-downs The loss cost for 2011 is NOK 126 million: 0.13 (0.15)% per annum of average gross lendings Confirmed losses: NOK 107 million, NOK 70 million of which has previously been provided for 18

19 Liquidity within control limits - tight management reduces structural liquidity increased proportion of covered bonds in the portfolio Mill. Mnd Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q State Local and county authoroties Banks Others Covered bonds Equities Interbank "Used as collateral in NB" Structural liquidity

20 Gross liquidity portfolio in the fourth quarter over 50% of the portfolio consists of covered bonds Interbank 2,3 % State 0,1 % Local and county authoroties 4,1 % Equities 5,5 % Banks 27,1 % Covered bonds 56,1 % 20 Others 4,9 % Gross liquidity portfolio of NOK 13.4 billion NOK 1.7 billion used as security for loans from Norges Bank.

21 Capital market financing Capital market financing totalling NOK 52.5 billion (excl. the swap arrangement with Norges Bank) The swap arrangement NOK 3.4 billion 26% of the financing comes from outside Norway kr kr SPV Boligkreditt, fourth quarter 2011: Issue of NOK 1 billion, 5 years, 3-month NIBOR +69 bp Increase of existing loans by NOK 1 billion, 4.25 years (remaining time to maturity), 3-month NIBOR +55 bp In January 2012, Sparebanken Vest raised NOK 1.6 billion in the senior market MNOK kr kr kr year 21 SPV Boligkreditt carried out a very successful covered bonds issue of EUR 500 million in January years 5+ years kr (3.000) Capital market funding* 1-3 years Covered Bonds * Ex. Covered Bonds and swap arrangenment NB Coverd bonds used in swap arrangement NB

22 Capital adequacy transitional arrangement strengthened in 2011 and above the Financial Supervisory Authority of Norway's requirement for 9% Core Tier 1 capital In the fourth quarter, the bank strengthened its total capital adequacy by 0.1 percentage points and its Core Tier 1 capital by 0.2 percentage points. The recommendation for 9% Core Tier 1 capital is to be regarded as a Pillar 2 requirement: 'Comply or explain. The bank's own capital adequacy target is above the 9% requirement, and the regulatory requirement therefore does not affect the bank's business plans. In January 2012, Sparebanken Vest issued NOK 325 million in new subordinated bond capital and NOK 375 million in new subordinated loan capital. 22 From 2013, current subordinated loans will no longer count as own funds 18,0 % Captial Ratio - transitional scheme 16,0 % 14,0 % 12,0 % 9 % requirement Core Tier 1 capital 10,0 % 11,6 % 11,8 % 0,8 % 0,9 % 11,5 % 11,5 % 11,6 % 1,4 % 0,8 % 1,2 % 0,8 % 1,3 % 0,8 % 1,3 % 1,2 % 9,4 % 9,6 % 9,5 % 9,4 % 9,6 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % 2010 Q Q Q Q Q4 Total Capital 11,6 % 11,8 % 11,5 % 11,5 % 11,6 % Additional Capital 0,8 % 0,9 % 0,8 % 0,8 % 0,8 % Hybrid Capital (Tier 1) 1,4 % 1,3 % 1,2 % 1,3 % 1,2 % Common Equity 9,4 % 9,6 % 9,5 % 9,4 % 9,6 %

23 Capital adequacy Basel II well equipped to meet a new capital adequacy regime in CRD IV 23 In 2011, Sparebanken Vest's capital adequacy was strengthened by 0.6 percentage points. With buffers in full effect, the Core Tier 1 capital level is 9.5% to ensure full room for manoeuvre. As of Q4 2011, Sparebanken Vest is 3.4 percentage points above this target. The bank is 3.1 percentage point above the Core Tier 1 capital level and 2.2 percentage points above the capital adequacy level. Sufficient Core Tier 1 capital to cover both the conservation buffer and the countercyclical capital buffer means that Sparebanken Vest is robust and will also have room for manoeuvre in a recession. 18,0 % Total capital requirement CRD IV Tier 1 requirement CRD IV 16,0 % 14,0 % Capital Ratio - Basel II (CRD IV) 15,6 % 15,0 % 15,3 % 15,4 % 15,2 % 1,1 % 1,2 % 1,1 % 1,1 % 1,7 % 1,7 % 1,6 % 1,7 % 12,2 % 12,4 % 12,7 % 12,4 % 12,9 % 1,0 % 1,7 % 12,0 % 10,0 % Core Tier 1 requirement CRD IV including capital conservation buffer and countercyclical buffer at full effect. 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % 2010 Q Q Q Q Q4 Total Capital 15,0 % 15,3 % 15,4 % 15,2 % 15,6 % Additional Capital 1,1 % 1,2 % 1,1 % 1,1 % 1,0 % Hybrid Capital (Tier 1) 1,7 % 1,7 % 1,6 % 1,7 % 1,7 % Common Equity 12,2 % 12,4 % 12,7 % 12,4 % 12,9 %

24 Product and supplier strategy in collaboration with a number of other independent savings banks Fully integrated financial services group with a wide range of financial services Increase of 24% in the number of sales assignments in the fourth quarter Sold a total of 3,488 properties in 2011 (+3% from 2010) Market leader in Hordaland and number two in Rogaland. Wholly-owned manager of housing loans. Issues covered bonds (AAA). At 31 Dec. 2011, NOK 31.1 billion in housing loans had been transferred to Sparebanken Vest Boligkreditt AS, which has issued covered bonds for NOK 28.3 billion. Frende Skade A total of NOK 819 million in premiums divided between 76,300 customers. Market share in Hordaland is 13.5%. Frende Liv A total of NOK 460 million in premiums divided between 34,252 customers. Write down of book values in the fourth quarter of NOK 30.6 million Implemented operational measures and an infusion of NOK 45 million Profit/loss1 NOK 24.4 mill. NOK mill. Minus NOK 19.0 mill. Minus NOK 27.0 mill. in new capital Owned by nine independent savings banks and Sparebanken Vest (49.9%) New sales volume in the first year of operation of NOK 424 million Minus NOK 5.0 mill. Housing credit company owned by eight independent savings banks in the Frende cooperation and Sparebanken Vest (40%) The company is run by Sparebanken Vest Boligkreditt AS. NOK 1.0 mill For associated companies, see Sparebanken Vest s share of the companies' profit/loss after tax as of 31 Dec. 2011

25 Frende Skadeforsikring still good growth, with 17,400 new customers in 2011 Sparebanken Vest Frende's biggest distributor Premiums of NOK 819 mill. (+39%) Sparebanken Vest's share of total premiums is 43% The combined ratio was reduced from 118.5% to 105.1% during The loss ratio at the end of the year was 76.1 (83.4)% 25 Customers Frende Forsikring started operations in spring 2008 Premium basis NOKm Development in Frende Skadeforsikring (overall) Premium basis Customers

26 High, stable customer satisfaction in 2011 Sparebanken Vest has never had more satisfied retail customers than in 2011 CSI value of 75 High and stable customer satisfaction in the corporate market, with a CSI value of 70 in the corporate market. Sparebanken Vest maintains its position as the leading bank in Western Norway* CSI RM * Position survey in mid CSI CM

27 Merger with Sparebanken Hardanger from A successful technical merger was carried out from 10 to 12 February. Branch in Voss moves into modern premises in March Will also include real estate. Synergies as a result of the merger are already noticeable, particularly ICT-costs and funding. Will increase throughout

28 Dividends Parent bank % of profit withheld strenghtens capital ratio Primary capital s share of profit NOK 470,5 mill (primary capital corresponds to 81,4% of total equity) Result after taxes NOK 578 mill* Equity certificates share of profit NOK 107,7 mill (equity certificates corresponds to 18,6% of total equity) 28 NOK 30 mill. transferred to gifts (6,4% of primary capital s share of profit) NOK 440,5 mill transferred to primary capital strengthens capital ratio NOK 52,2 mill. in cash dividends (corresponds to 56,8%** of equity certificates share of profit) NOK 55,5 mill. transferred to equalisation reserve strengthens capital ratio Presumption None of the equity certificate holders decide to participate in dividend issue Ratios according to bank s dividend policy Strengthens capital ratio and diminish need for new rights issue of equity certificates *Adjusted for reserve for unrealised gains **Assuming 100 % dividends to Stiftelsen Sparebanken Hardanger, with 50 % dividends, 48,4%

29 Outlook External factors Western Norway Sparebanken Vest Expected stable development in the national/regional economy International turbulence can affect growth and earnings for CM customers Low unemployment Continued strong competition International risk factors Increased contribution from subsidiaries/associated companies Continue the ongoing efforts to further develop competence and rationalise operations Well equipped to meet volatile markets High level of activity in oil and energy investments and building and construction investments Good demand for oil products, metals and fish The debt situation in Europe A downturn in the US economy A slowdown in new emerging economies The situation in the Middle East 29

30 Appendix

31 Good underlying operations in the fourth quarter affected by international financial unrest and integration of Sparebanken Hardanger Profit before tax ex one-off items One-off item AFP/Nordito 2010 One-off item badwill 2011, other One-off item badwill 2011, shares 31

32 Good income growth in basic operations 32

33 Deposits/loans ratio 33

34 Real Estate 10,4 % of total Well-diversified CM portfolio Corporate market 29,8 % of total 4,4 % 1,9 % 3,5 % 1,6 % 1,5 % 8,0 % 1,8 % Resort/holiday homes 26,6 % Hotel 3,6 % Industrial Real estate 2,0 % Shop/shopping centre 2,5 % Office Shipping Other 3,0 % 34,8 % 4,3 % Primary industries 14,3 % Building and construction Wholesale and retail trade Shipping 4 % of total Fish farming 6,2 % 12,6 % Fisheries and seafood industry Energy 5,9 % 0,0 % 0,9 % 11,9 % 0,4 % 1,4 % 14,6 % Ferry/cruise Offshore Agriculture and forestry Tank Hotels and restaurants Bulk, small Wellboat 19,0 % 35,2 % 18,5 % 34 Container Reefer Mainland transportation 13,5 % Other commercial Non-classified 18,4 % Shipyard 4,6 % 22,7 % Commercial apartment letting Housing cooperatives Chemicals Non-classified

35 Capitalised write-downs and percentage provided for by segment RM 35 CM

36 Risk profile expected losses RM low and stable risk, 96% within 0.2% in expected losses 100 % 1,3 % 3,7 % 1,2 % 3,3 % 1,2 % 3,4 % 1,2 % 3,4 % 1,1 % 3,2 % 1,0 % 2,8 % 1,1 % 3,0 % 0,9 % 2,7 % 95,0 % 95,4 % 95,3 % 95,4 % 95,7 % 96,2 % 95,9 % 96,4 % 1Q Q 2010 Q Q Q Q Q Q % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% < 0,2 % 36 0,2 % > < 0,75 % > 0,75 %

37 Risk profile expected losses CM moderate loss profile, somewhat weakened in % 90 % 16,7 % 15,0 % 16,1 % 18,8 % 15,7 % 41,5 % 39,9 % 35,1 % 39,8 % 17,7 % 19,7 % 20,6 % 42,5 % 41,4 % 80 % 70 % 60 % 44,9 % 40,5 % 50 % 40 % 30 % 20 % 38,5 % 43,5 % 44,0 % 46,1 % 44,5 % 41,9 % 37,8 % 38,0 % 2Q 2010 Q Q Q Q Q Q % 0% 1Q 2010 < 0,2 % 37 0,2 % > < 0,75 % > 0,75 %

38 Liquidity ratio* new housing loans in line with policy, loans with a liquidity ratio below 1.1 are granted with a recommendation to refrain Liquidity ratio - new instalment loans Liquidity ratio - new flexible loans 70 % 70 % 60 % 60 % 50 % 50 % 40 % 40 % 30 % 30 % 20 % 20 % 10 % 10 % 0% <0,79 0,8-1,09 1,1-1, Q Q3 1,2-1, Q4 * * Including loans applied for and interest mark-up 38 Based on the SIFO (National Institute for Consumer Research) model > 1,5 0% <0,79 0,8-1, Q4 1,1-1,19 1,2-1, Q Q4 > 1,5

39 Capital adequacy meets current and future capital requirements The regulatory regime for capital requirements is changing. Future capital requirements are more stringent with respect to the quality of the capital. The quantitative requirements also increase. In the short term, the transitional arrangement still applies, and from 30 June 2012, the Financial Supervisory Authority of Norway's recommendation of 9% Core Tier 1 capital will also apply. High priority is given to capital planning both in the short and the long term to ensure optimal composition of the capital base given the bank's business goals, taking both the current and future regulatory regime into account. Sparebanken Vest is concerned that a lack of harmony in the interpretation of the capital adequacy regulations will result in distortion of competition and that Norwegian banks will be perceived as less financially sound than they actually are. Q Transitional arrangement Basel II Tier 1 core capital 9.6% 12.9% Total capital adequacy 11.6% 15.6%

40 Capital adequacy future regulatory regime will the Norwegian authorities follow Sweden's solution? 40 18,0 % The Swedish authorities have announced earlier introduction of Basel III than the rest of the EU. In addition to the capital requirements that follow from CRD IV, the Swedish authorities have ordered the Swedish banks to hold a further 3% Core Tier 1 capital from 2013 and 5% from These additional requirements are referred to as the system requirements. If the Norwegian authorities decide that Norway and Sweden shall harmonise on this point, Sparebanken Vest already meets the minimum regulatory requirements for Core Tier 1 capital for both 2013 and If both the conservation buffer and the countercyclical capital buffer were in full effect, Sparebanken Vest would, in order to have full room for manoeuvre, have to increase its Core Tier 1 capital by 1.6 percentage points up until ,0 % 2015: 14,5 % 14,0 % 2013: 12,5 % 12,0 % Core Tier 1 requirement with swedish system buffers and including capital conservation buffer and countercyclica l buffer at full 10,0 % Capital Ratio - CRD IV "the swedish approach" 15,6 % 15,0 % 15,3 % 15,4 % 15,2 % 1,1 % 1,2 % 1,1 % 1,1 % 1,7 % 1,7 % 1,6 % 1,7 % 12,2 % 12,4 % 12,7 % 12,4 % 12,9 % 1,0 % 1,7 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % 2010 Q Q Q Q Q4 Kapitaldekning 15,0 % 15,3 % 15,4 % 15,2 % 15,6 % Tilleggskapital 1,1 % 1,2 % 1,1 % 1,1 % 1,0 % Fondsobligasjon 1,7 % 1,7 % 1,6 % 1,7 % 1,7 % Ren kjernekapital 12,2 % 12,4 % 12,7 % 12,4 % 12,9 %

41 Macroeconomic outlook European sovereign debt crisis creates great uncertainty the forecasts for 2012 somewhat reduced from Q3 The world Growth of 4% is expected in the global economy in This growth estimate is based on a assumption of weak growth in the industrialised countries, and the new emerging economies are therefore expected to be important driving forces in the development of the global economy. Risk must be seen as being part of the downside and the most important risk factors (ranked) are: - (Complete) meltdown in Europe due to the sovereign debt situation - Risk of recession in the USA - Weaker growth impulses from the new emerging economies Norway Weak growth in the global economy also affects Norway despite our special position - The forecast for the GDP in mainland Norway in 2012 has been reduced from 3.4% to 3% - The growth forecast for private consumption has been reduced + Low unemployment + The interest rate path from Norges Bank has been adjusted downwards. Western Norway 41 Hordaland and Rogaland are Norway's two biggest export counties and are therefore more affected by the international economic situation than the rest of Norway (the risk is therefore also higher) + High activity in the petroleum sector and the building and construction industry indicates somewhat higher growth than the national average + Development in unemployment about on a par with the rest of the country + The development in house prices in Hordaland in line with the national average and somewhat higher in Rogaland.

42 New regulations and status Sparebanken Vest currently satisfies the Basel III requirements by a good margin Common Equity (Core Tier 1 capital) Tier 1 Capital (Core capital) Total Capital (Own funds) Minimum 4.5% 6.0% 8.0% Conservation Buffer 2.5% 2.5% 2.5% Minimum + Conservation buffer 7.0% 8.5% 10.5% Countercyclical buffer range 0-2,5% Sparebanken Vest 31 Dec SPV BASEL II* 12.9% 14.5% 15.6% SPV Transition* 9.6% 10.8% 11.6%

43 Rating Status Moodys Long-term Short-term Sparebanken Vest Sparebanken Vest Boligkreditt AS Covered bond programme 43 A2 P-1 Fitch Outlook Long-term Short-term Outlook Stable A- F2 Moodys Fitch Rating Rating Aaa AAA Stable

44 44 Avkastning fra 2006 justert for utbytte Fitch Fitch 40 Rating Rating Aaa AAA Moodys F Outlook Long-term Short-term Outlook A Moodys Stable P Sparebanken Vest Boligkreditt 20 AS Covered bond programme Long-term Short-term A Sparebanken Vest SVEG adjusted for dividend as of 31 Dec SVEG OSEEX Stable 80 0

45 Share price performance this year for SVEG vs. OSEEX/peers Sparebank 1 SMN 95 Sparebank 1 SR-Bank Sparebanken Møre Sparebank 1 Nord-Norge Sandnes Sparebank Helgeland Sparebank Sparebanken Øst Sparebanken Pluss 65 OSEEX Sparebanken Vest

46 Biggest equity certificate holders as of 31 Dec største largest owners of egenkapitalbevis ECs 20 eiere av SPAREBANKSTIFTINGA HARDANGER SPARBANKSTIFTELSEN SAUDA MP PENSJON FRANK MOHN AS SKAGEN VEKST BERGEN KOMMUNALE PENSJONSKASSE ODIN NORGE HERFO FINANS AS FONDSFINANS SPAREBANKEN VEST HOLBERG NORGE VERDIPAPIRFONDET KOMMUNAL LANDPENSJONKASSE VPF NORDEA NORGE KLP AKSJE NORDEN VPF KLP AKSJE NORGE VPF TERRA UTBYTTE VPF HELGELAND SPAREBANK VPF NORDEA KAPITAL VPF NORDEA AVKASTNING SKUDENES OG AAKRA SPAREBANK Sum 46 Proportion of equity Andel av EANumber of ECs share capital Antall EKB kapital %% ,48 9,72 4,66 3,55 3,25 3,10 2,63 2,47 2,23 1,61 1,58 1,45 1,20 1,07 1,07 1,06 0,64 0,63 0,55 0, ,50

47 Trading (SVEG) Turnover statistics, last Omsetningsstatistikk siste12 12months måneder Month Måned Januar Februar Mars April Mai Juni Juli August September Oktober November Desember Volume Volum OSE OSE (number) (antall) Market price (ultimo) Kurs ultimo ,00 47,20 44,50 43,50 41,50 41,00 41,00 39,50 36,00 37,30 33,90 31,70 Sparebanken Vest has paid a dividend of NOK 3.50 per equity Egenkapitalbevisene i Sparebanken Vest har i 2011, i tillegg til overnevnte kursutvikling, certificate in The certificatesegenkapitalbevisene was traded ex dividend as of betalt et utbytte på NOK 3,5 equity pr egenkapitalbevis. i Sparebanken Vest ble notert eksklusive utbytte fra og med