Sparebanken Vest Boligkreditt AS

Transcription

1 EIENDOMSMEGLER VEST FRENDE FORSIKRING NORNE SECURITIES BRAGE FINANS KYTE NÆRINGSMEGLING Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

2 Profit and loss account Notes 30/ / /12-10 Interest income etc Interest expenses etc Net interest income and credit commissions Commissions receivable and income from banking services Commissions payable and cost of banking services Profit/Loss financial instruments Other operating income Net other operating income Net operating income Salaries and general administration expenses Depreciation Other operating expenses Total operating expenses Profit before write-downs and tax Write-downs and losses on loans and guarantees Profit before tax Taxes Profit after tax Profit per share 52,91 67,82 87,90 Diluted profit per share 52,91 67,82 87,90 Comprehensive income statement according to IAS 30/ / /12-10 Profit for the period Other income and expenses Comprehensive income for the period Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

3 Balance Sheet Assets Noters 30/ / /12-10 Loans to and receivables from credit institutions Net lendings Government securities Other intangible assets Financial derivatives Accrued income Total assets Liabilities and equity Loans to and deposits with credit institutions Securitised debt Financial derivatives Accrued expenses and prepaid income Deferred tax Tax provision Other liabilities Total liabilities Equity Total paid-up equity Other equity Total equity Total liabilities and equity Bergen, 30 September/24 October 2011 Board of directors for Sparebanken Vest Boligkreditt AS Knut Ravnå, Chairman pål Pedersen, Deputy chairman Inga Lise Moldestad Vibeke Knudsen Egil Mokleiv, CEO 3 Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

4 Statement of cash flows 30/ / /12-10 Cash flow from operations Interest, commission and fee income Interest, commissions and fees paid Payments for goods and services Payments to employees, pension schemes, national insurance, tax deductions etc Payment of taxes and public dues Payments on interest to credit institutions and securitised debt Net cash flow from operations Cash flow from investment activities Net growth in lendings Payments related to other assets Payments related to purchase of financial instruments Payments related to purchase of fixed assets Net cash flow from investment activities Cash flow from financing activities Net revenues/payments on receivables from and loans to financial institutions Income related to bond debt Payments related to bond debt Payments related to issue of equity Payment of group contributions Net cash flow from financing activities Net cash flow in period Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Equity movements Equity Other equity Total Equity at 31 December Capital Increase 9 April Capital Increase 21 June Profit for the period Group contribution Equity at 30 September Equity at 31 December Capital increase 5 January Capital increase 31 August Profit for the period Group contribution Equity at 30 September Equity constitutes shares with face value NOK 1 000, wholly owned by SPV. 4 Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

5 Notes Note 1 Accounting principles The accounts are prepared in accordance with the Norwegian Securities Trading Act, Finanstilsynet s (The Financial Supervisory Authorithy of Norway) regulations governing annual accounts and IAS 34. The accounts are prepared applying the same principles and methods of estimation as used in the annual report for The principles are described in the annual report for There has not been any changes in standards having an effect on Sparebanken Vest Boligkreditt AS accounts from 1 January The interim accounts have not been audited. All amounts are stated in NOK thousand unless stated otherwise. Note 2 Net interest income and credit commissions 01/ / / / Q Q / /09-11 vs 30/09-10 changes 3Q11-3Q10 Interest etc. on loans to and deposits with credit institutions Interest etc. on loans to and receivables from customers Interest etc. on securities Total Q11-2Q11 Interest etc. on loans from credit institutions Interest etc. on securities issued Other interest costs and commissions Interest costs Net interest income and credit commissions Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

6 Note 3 Operating expenses 01/ / / / Q Q / /09-11 vs 30/09-10 changes 3Q11-3Q10 3Q11-2Q11 Salaries Pensions Social security contributions IT costs Administration expenses Total Ordinary depreciation of intangible assets Depreciation Administration fee Other operating expenses Total other operating expenses Total Note 4 Write-downs and losses on loans Loan write-downs posted in the balance sheet 01/ / / / Q Q / /09-11 vs 30/09-10 changes 3Q11-3Q10 3Q11-2Q11 Individual write-downs Loan write-downs at 1 January (nominal values) Realised losses on loans covered by previous write-downs Increase in write-down of loans written down previously Write-down of loans not written down previously Reduction in previous years' write-downs of individually assessed loans Individual write-downs Group write-downs Write-down of loan groups at 1 January (nominal values) Increase in write-down of loan groups Reduction in write-down of loan groups Write-down of loan groups Total write-downs of commitments Realised losses on loans covered by previous write-downs Realised losses on loans not covered by previous write-downs Realised losses Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

7 Note 5 Loans 30/ / /12-10 Distribution of loans by sector - nominal amount of loan principal Overdraft facilities Instalment loans Gross loans to customers Individual loan write-downs Loans to customers after individual write-downs Write-down of loan groups Loans to and receivables from customers at amortised cost Market distribution of loans Wage earners Sole proprietorship mortgages Gross loans and receivables Write-down of loan groups Loans to and receivables from customers Net loans distributed by main industries and retail market Retail customers Foreign (retail clients) Total - retail clients Primary industries Manufacturing and mining Building and construction, power and water supply Commerce, hotels and restaurant operations Transportation, post and telecommunications Real estate operations Other Total - commercial sector Total Distribution of loans by geographical area Hordaland Sogn & Fjordane Rogaland Other Total - Norway Abroad Total - geographical areas Defaulted commitments - Individually assessed Defaulted commitments days days Over 90 days Total The table shows defaults older than 30 days. 7 Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

8 Note 6 Loans to and receivables from credit institutions 30/ / /12-10 Deposits with credit institutions with no agreed term or period of notice Net loans to and deposits with credit institutions Geographical areas Hordaland Total Note 7 Debt to credit institutions Debt to credit institutions is classified at amortised cost. 30/ / /12-10 No agreed term or period of notice Debt to credit institutions Note 8 Securitised debt Securitised debt is classified as being valued at amortised cost or recognised at fair value through profit or loss. Covered bonds ISIN code Currency Nominal value Interest Issue Matured 30/ / /12-10 NO NOK Floating 3M Nibor + 0,45 % NO NOK Floating 3M Nibor + 0,55 % NO NOK Floating 3M Nibor + 0,55 % NO NOK Floating 3M Nibor + 0,30 % XS ) EUR Fast 2,50 % NO NOK Floating 3M Nibor + 0,55 % NO ) NOK Fast 4,05 % NO NOK Floating 3M Nibor + 0,30% NO NOK Floating 3M Nibor + 0,48% XS ) EUR Fast 3,125 % NO ) NOK Fast 5,200 % NO NOK Floating 3M Nibor+0,50 % NO ) NOK Fast 4,960 % Adjustments Total securities issued Financial derivatives ranking pari passu with covered bond holders Sum liabilities with preference on cover pool Covered pool Mortgages 2)3) Commercial Papers and bonds Supplementary assets Total collateralised assets Over-collateralisation 121 % 121 % 130 % 1) Sparebanken Vest Boligkreditt AS has established hedge accounting related to the bonds in mention. 2) The pool of eligible loans consist of NOK 12,4 m in lending to Norwegian citizens living abroad with security situated in Norway. 3) NOK 208 m is not eligible for the cover pool due to LTV over 75%. This amounts to 0,681% of the cover pool. 8 Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

9 Note 9 Capital adequacy With effect from and including the second quarter of 2009, Sparebanken Vest Boligkreditt AS has been given permission to calculate the minimum capital base requirement for the credit risk associated with the mass property market under the IRB method. Under the terms of the permission given, the company will be required to apply the transitional rules in the capital requirement regulations. The transitional rules are based on previous Basel I rules, with a gradual de-escalation of the capital requirement. Net Capital base 30/ / /12-10 Equity Other equity Sum equity Intangible capital Group contribution Expected loss Deductions Core capital Net Supplementary capital Net subordinated capital Minimum capital requirements Basel II 30/ / /12-10 Credit risk Market risk Operational risk Minimum requirements IRB Additional requirements according to transitional rules Minimum requirement subordinated capital Capital adequacy, Basel II Basis of calculation, Basel II Net core capital (%) 52,9 % 51,6 % 39,8 % Net capital base (%) 52,9 % 51,6 % 39,8 % Calculated regulatory surplus, Basel II Capital adequacy, transitional scheme IRB-reporting of floor Basis of calculation, transitional scheme 80 % Net core capital (%) 10,5 % 10,8 % 9,3 % Net capital base (%) 10,5 % 10,8 % 9,3 % Calculated regulatory surplus Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

10 Note 10 Transactions with associated companies This information is provided in accordance with the provisions of IAS 24 concerning «Information about associated companies». Sparebanken Vest Boligkreditt AS is a wholly owned subsidiary of Sparebanken Vest and are defined as associated company. All intra-group transactions and transactions with associated companies are conducted in conformity with normal commercial terms and principles. Total intra-group transactions (NOK 1000) 30/ / /12-10 Profit and Loss Interest received from SPV on deposit Interest paid on debt to SPV CEO hire from SPV Administration fee Balance Sheet Deposits in SPV Debt to SPV Securitised debt Sparebanken Vest Boligkreditt AS Interim Report Q3 2011

11 Kaigaten 4 N-5016 Bergen Tel Foto: Knut Egil Wang