September 23, 2017 4:29 AM ET

Banks

Company Overview of Sparebanken Vest

Company Overview

Sparebanken Vest, a financial services company, provides banking and financing services in the counties of Hordaland, Rogaland, and Sogn og Fjordane, Norway. It operates through Corporate Market, Retail Market, Treasury, and Estate Agency Activities segments. The company has approximately 35 points of sale outlets. It is also involved in estate agency and home mortgages activities. The company was founded in 1823 and is headquartered in Bergen, Norway.

Jonsvollsgaten 2

Bergen,  5011

Norway

Founded in 1823

697 Employees

Phone:

47 0 55 55

Key Executives for Sparebanken Vest

Chief Executive Officer
Age: 46
Total Annual Compensation: 4.5M NOK
Director of CSR
Age: 61
Total Annual Compensation: 2.4M NOK
Director of Risk Management
Age: 58
Total Annual Compensation: 2.3M NOK
Director of Operational Services
Age: 46
Total Annual Compensation: 2.3M NOK
Director of Retail Market
Age: 48
Total Annual Compensation: 2.2M NOK
Compensation as of Fiscal Year 2016.

Sparebanken Vest Key Developments

Sparebanken Vest Reports Group and Parent Earnings Results for the Second Quarter and Six Months Ended June 30, 2017

Sparebanken Vest reported group and parent earnings results for the second quarter and six months ended June 30, 2017. For the quarter, on group basis, the company announced net interest and credit commission income of NOK 631 million compared to NOK 601 million a year ago. Net operating income was NOK 817 million compared to NOK 918 million a year ago. Profit before write-downs and tax was NOK 457 million compared to NOK 500 million a year ago. Pre-tax profit was NOK 457 million compared to NOK 504 million a year ago. Profit for the period was NOK 334 million or NOK 1.28 per diluted share compared to NOK 418 million or NOK 1.73 per diluted share a year ago. Return on equity (annualized) was 10.7% compared to 15.0% a year ago. The profit performance was positively influenced by an increase in nominal net interest, good cost control and low losses. Financial instruments show a contribution of zero. Dividend of NOK 94 million from VISA was taken to income in the second quarter 2016. For the six months, on group basis, the company announced net interest and credit commission income of NOK 1,241 million compared to NOK 1,210 million a year ago. Net operating income was NOK 1,633 million compared to NOK 1,636 million a year ago. Profit before write-downs and tax was NOK 918 million compared to NOK 848 million a year ago. Pre-tax profit was NOK 868 million compared to NOK 826 million a year ago. Profit for the period was NOK 666 million or NOK 2.54 per diluted share compared to NOK 660 million or NOK 2.71 per diluted share a year ago. Net cash flow from operations was NOK 590 million compared to NOK 669 million a year ago. Payments made on purchases of operating assets etc. was NOK 62 million compared to NOK 55 million a year ago. Return on equity (annualized) was 10.7% compared to 11.9% a year ago. For the quarter, on parent basis, the company announced net interest and credit commission income of NOK 476 million compared to NOK 463 million a year ago. Net operating income was NOK 703 million compared to NOK 747 million a year ago. Profit before write-downs and tax was NOK 398 million compared to NOK 399 million a year ago. Pre-tax profit was NOK 378 million compared to NOK 382 million a year ago. Profit for the period was NOK 288 million or NOK 1.10 per diluted share compared to NOK 329 million or NOK 1.35 per diluted share a year ago. For the six months, on parent basis, the company announced net interest and credit commission income of NOK 948 million compared to NOK 918 million a year ago. Net operating income was NOK 1,454 million compared to NOK 1,247 million a year ago. Profit before write-downs and tax was NOK 843 million compared to NOK 590 million a year ago. Pre-tax profit was NOK 795 million compared to NOK 549 million a year ago. Profit for the period was NOK 600 million or NOK 2.29 per diluted share compared to NOK 453 million or NOK 1.84 per diluted share a year ago.

Sparebanken Vest Announces Group and Parent Company Earnings Results for the First Quarter Ended March 31, 2017; Reports Write-Downs on Loans and Guarantees for the First Quarter Ended March 31, 2017

Sparebanken Vest announced group and parent company earnings results for the first quarter ended March 31, 2017. For the quarter, the group reported net interest income and credit commissions was NOK 610 million against NOK 609 million a year ago. Net operating income was NOK 816 million against NOK 718 million a year ago. Profit before write-downs and tax was NOK 461 million against NOK 348 million a year ago. Profit before tax was NOK 432 million against NOK 322 million a year ago. Profit for the period was NOK 332 million against NOK 242 million a year ago. Diluted profit per equity certificate was NOK 1.26 against NOK 0.99 a year ago. Net cash flow from operations from NOK 31 million against NOK 103 million a year ago. Payments made on purchases of operating assets etc. was NOK 32 million for the both comparative year. Return on equity after tax was 10.6% against 8.8% a year ago. For the quarter, the parent company reported net interest income and credit commissions was NOK 472 million against NOK 455 million a year ago. Net operating income was NOK 751 million against NOK 500 million a year ago. Profit before write-downs and tax was NOK 445 million against NOK 191 million a year ago. Pre-tax profit was NOK 417 million against NOK 167 million a year ago. Profit for the period was NOK 312 million against NOK 124 million a year ago. Diluted profit per equity certificate was NOK 1.19 against SEK 0.49 a year ago. The company reported write-downs on loans and guarantees of NOK 29 million against NOK 26 million a year ago.

Sparebanken Vest, Q1 2017 Earnings Call, May 03, 2017

Sparebanken Vest, Q1 2017 Earnings Call, May 03, 2017

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
December 9, 2016
Tide ASA
Merger/Acquisition
October 4, 2016
Sparebanken Vest, Portfolio Of Non-Performing Loans
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