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August 27, 2015 11:03 PM 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 operates through 48 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.

Kaigaten 4

Bergen,  5016

Norway

Founded in 1823

799 Employees

Phone:

47 0 55 55

Key Executives for Sparebanken Vest

Managing Director and Chairman of Validation Committee
Age: 44
Total Annual Compensation: $3.3M
Director of HR and Corporate Communication
Age: 44
Total Annual Compensation: $1.9M
Director of Business Support and Development
Age: 46
Total Annual Compensation: $1.8M
Director of Retail Market and Member of Validation Committee
Age: 59
Total Annual Compensation: $2.1M
Director of Finance & Risk and Member of Validation Committee
Age: 56
Total Annual Compensation: $2.1M
Compensation as of Fiscal Year 2014.

Sparebanken Vest Key Developments

Sparebanken Vest Reports Group Earnings Results for the Second Quarter and Six Months and Parent Earnings Results for the Six Months Ended June 30, 2015

Sparebanken Vest reported group earnings results for the second quarter and six months and parent earnings results for the six months ended June 30, 2015. For the quarter, the company announced net interest and credit commission income of NOK 584 million compared to NOK 575 million a year ago. Net operating income was NOK 753 million compared to NOK 778 million a year ago. Profit before write-downs and tax was NOK 386 million compared to NOK 413 million a year ago. Pre-tax profit was NOK 348 million compared to NOK 433 million a year ago. Profit for the period was NOK 260 million or NOK 1.59 per diluted share compared to NOK 360 million or NOK 2.32 per diluted share a year ago. Return on equity after tax was 11.1% compared to 16.8% a year ago. The NOK 9 million increase in net interest income is primarily a result of lower interest expenses and higher volume. For the six months, the company announced net interest and credit commission income of NOK 1,170 million compared to NOK 1,141 million a year ago. Net operating income was NOK 1,555 million compared to NOK 1,715 million a year ago. Profit before write-downs and tax was NOK 832 million compared to NOK 986 million a year ago. Pre-tax profit was NOK 755 million compared to NOK 959 million a year ago. Profit for the period was NOK 567 million or NOK 3.47 per diluted share compared to NOK 772 million or NOK 4.98 per diluted share a year ago. Net cash flow from operations was NOK 933 million compared to NOK 1,163 million a year ago. Payments made on purchases of operating assets etc. was NOK 183 million compared to NOK 140 million a year ago. Return on equity after tax was 12.3% compared to 18.3% a year ago. For the six months, on parent basis, the company announced net interest and credit commission income of NOK 829 million compared to NOK 755 million a year ago. Net operating income was NOK 1,036 million compared to NOK 1,203 million a year ago. Profit before write-downs and tax was NOK 428 million compared to NOK 576 million a year ago. Pre-tax profit was NOK 352 million compared to NOK 395 million a year ago. Profit for the period was NOK 265 million or NOK 1.62 per diluted share compared to NOK 314 million or NOK 2.03 per diluted share a year ago.

Sparebanken Vest, Q2 2015 Earnings Call, Aug 13, 2015

Sparebanken Vest, Q2 2015 Earnings Call, Aug 13, 2015

Sparebanken Vest, Q1 2015 Earnings Call, Apr 29, 2015

Sparebanken Vest, Q1 2015 Earnings Call, Apr 29, 2015

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