December 08, 2016 2:18 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 and Fjordane, Norway. It operates through Corporate Market, Retail Market, Treasury, and Estate Agency Activities segments. As of December 31, 2015, the company operated through 44 points of sale outlets. It is also involved in estate agency, home mortgages, and property management activities, as well as renting out premises to external tenants. The company was founded in 1823 and is headquartered in Bergen, Norway.

Jonsvollsgaten 2

Bergen,  5011

Norway

Founded in 1823

803 Employees

Phone:

47 0 55 55

Key Executives for Sparebanken Vest

Chief Executive Officer and Chairman of Validation Committee
Age: 45
Total Annual Compensation: 4.2M NOK
Director of Risk Management and Member of Validation Committee
Age: 57
Total Annual Compensation: 2.5M NOK
Director of CSR and Member of Validation Committee
Age: 60
Total Annual Compensation: 2.4M NOK
Director of Operational Services
Age: 45
Total Annual Compensation: 2.2M NOK
Director of Retail Market
Age: 47
Total Annual Compensation: 2.0M NOK
Compensation as of Fiscal Year 2015.

Sparebanken Vest Key Developments

Sparebanken Vest To Reportedly Sell Stake In Verd Boligkreditt

Sparebanken Vest (OB:SVEG) is reportedly in talks with the owners in Verd Boligkreditt AS regarding the partial transfer of its 40% stake in Verd Boligkreditt.

Sparebanken Vest Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016 and Parent Earnings Results for the Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Year 2016

Sparebanken Vest reported consolidated earnings results for the third quarter and nine months ended September 30, 2016 and parent earnings results for the nine months ended September 30, 2016. For the quarter, on consolidated basis, the company reported net interest and credit commission income of NOK 592 million against NOK 593 million a year ago. Net operating income was NOK 826 million against NOK 676 million a year ago. Profit before write-downs and tax was NOK 730 million against NOK 327 million a year ago. Pre-tax profit was NOK 769 million against NOK 300 million a year ago. Profit for the period was NOK 591 million or 2.44 per diluted share against NOK 214 million or 1.31 per diluted share a year ago. Return on equity after tax was 20.0% against 8.9% a year ago. For the nine months, on consolidated basis, the company reported net interest and credit commission income of NOK 1,802 million against NOK 1,763 million a year ago. Net operating income was NOK 2,462 million against NOK 2,231 million a year ago. Profit before write-downs and tax was NOK 1,578 million against NOK 1,159 million a year ago. Pre-tax profit was NOK 1,595 million against NOK 1,055 million a year ago. Profit for the period was NOK 1,251 million or 5.15 per diluted share against NOK 781 million or 4.78 per diluted share a year ago. Net cash flow from operations was NOK 1,169 million against NOK 1,541 million a year ago. Payments made on purchases of operating assets etc. was NOK 95 million against NOK 247 million a year ago. Return on equity after tax was 14.7% against 11.2% a year ago. For the nine months, on parent basis, the company reported net interest and credit commission income of NOK 1,387 million against NOK 1,267 million a year ago. Net operating income was NOK 1,940 million against NOK 1,496 million a year ago. Profit before write-downs and tax was NOK 1,254 million against NOK 605 million a year ago. Pre-tax profit was NOK 1,251 million against NOK 503 million a year ago. Profit for the period was NOK 984 million or 4.04 per diluted share against NOK 369 million or 2.26 per diluted share a year ago. For the year, the company estimated losses for 2016 between NOK 100 and 150 million.

Sparebanken Vest, Q3 2016 Earnings Call, Oct 27, 2016

Sparebanken Vest, Q3 2016 Earnings Call, Oct 27, 2016

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Recent Private Companies Transactions

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

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