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March 28, 2015 8:42 PM ET

Banks

Company Overview of Sparebanken Vest

Company Overview

Sparebanken Vest, a financial services company, provides banking and financing services to private and corporate sectors primarily in Hordaland, Rogaland, and Sogn og Fjordane. It operates through the Corporate Market, Retail Market, Treasury, and Estate Agency business segments. The company has 53 sales outlets. It is also involved in estate agency, property management, and home mortgage businesses. The company was founded in 1823 and is headquartered in Bergen, Norway.

Kaigaten 4

Bergen,  5016

Norway

Founded in 1823

813 Employees

Key Executives for Sparebanken Vest

Managing Director and Chairman of Validation Committee
Age: 43
Total Annual Compensation: $2.7M
Executive Vice President and Member of Validation Committee
Age: 55
Total Annual Compensation: $1.8M
Director of Business Support and Development
Age: 45
Total Annual Compensation: $1.6M
Director of Retail Market and Member of Validation Committee
Age: 58
Total Annual Compensation: $1.9M
Director of Corporate Communication & CSR
Age: 43
Total Annual Compensation: $1.6M
Compensation as of Fiscal Year 2013.

Sparebanken Vest Key Developments

Sparebanken Vest Approves to Distribute Dividend for 2014

Sparebanken Vest approved the Board of Directors' proposal to distribute a dividend of NOK 4.00 pr equity certificate for 2014. Thus, the equity certificates of Sparebanken Vest (SVEG) will be traded ex dividend as of Thursday 19 March 2015.

Sparebanken Vest Proposes Cash Dividend for 2014; Reports Group Earnings Results for the Fourth Quarter and Group and Parent Earnings Results for the Year Ended December 31, 2014

Sparebanken Vest Board of Directors proposed a cash dividend of NOK 4.00 per equity certificate for 2014 against NOK 3.0 per equity certificate a year ago. That means a total dividend payment of NOK 127 million, which corresponds to a distribution percentage of 52.9% against NOK 95.3 million a year ago. At the meeting of the Supervisory Board, the Board of Directors will recommend that the dividend for 2014 be paid as a cash dividend. The company reported group earnings results for the fourth quarter and group and parent earnings results for the year ended December 31, 2014. For the year, the group reported interest income and similar income of NOK 5,265 million compared to NOK 5,074 million, net interest and credit commission income of NOK 2,320 million compared to NOK 2,161 million, net operating income of NOK 3,230 million compared to NOK 2,929 million, profit before write-downs and tax of NOK 1,760 million compared to NOK 1,501 million, pre-tax profit of NOK 1,493 million compared to NOK 1,221 million, profit of NOK 1,188 million or NOK 7.66 per diluted share compared to NOK 908 million or NOK 6.13 per diluted share, return on equity after tax of 12.2% compared to 9.8%, net cash flow from operations of NOK 1,244 million compared to NOK 876 million and payments made on purchases of operating assets etc. of NOK 372 million compared to NOK 271 million for the last year. For the quarter, the group reported interest income and similar income of NOK 1,319 million compared to NOK 1,308 million, net interest and credit commission income of NOK 603 million compared to NOK 580 million, net operating income of NOK 747 million compared to NOK 776 million, profit before write-downs and tax of NOK 381 million compared to NOK 435 million, pre-tax profit of NOK 356 million compared to NOK 246 million, profit of NOK 278 million or NOK 1.79 per diluted share compared to NOK 197 million or NOK 1.33 per diluted share and return on equity after tax of 13.7% compared to 11.7% for the last year. For the year, the parent company reported interest income and similar income of NOK 3,594 million compared to NOK 3,636 million, net interest and credit commission income of NOK 1,562 million compared to NOK 1,499 million, net operating income of NOK 2,908 million compared to NOK 2,476 million, profit before write-downs and tax of NOK 1,646 million compared to NOK 1,253 million, pre-tax profit of NOK 1,226 million compared to NOK 973 million, profit of NOK 1,121 million or NOK 7.23 per diluted share compared to NOK 842 million or NOK 5.68 per diluted share for the last year.

Sparebanken Vest, Q4 2014 Earnings Call, Feb 04, 2015

Sparebanken Vest, Q4 2014 Earnings Call, Feb 04, 2015

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Recent Private Companies Transactions

Type
Date
Target
Buyback
April 29, 2014
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