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Transcript of Interim report Q3 2012. CONTENTS IntroductionFinancial developmentIncomeExpenses Loan impairment...
Interim report
Q3 2012
CONTENTS
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tables
• Information about Sparebanken Sogn og Fjordane• Highlights 30.09.2012
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
SPAREBANKEN SOGN OG FJORDANE
The largest bank in the county of Sogn og Fjordane Total assets of NOK 36,3 billion Merchant bank oriented towards the retail- and corporate
banking market 21 sales offices in the county of Sogn og Fjordane and
one sales office in Bergen 18 ”bank in grocery store” agreements in Sogn og
Fjordane 269 full-time employees Active contributor to the local communities in the county
Introduction
MARKET LEADER
SSF is the largest bank in the county with 21 offices and 18 “bank in grocery stores”
The biggest competitor is Sparebanken Vest with 10 branches
Three large national banks and four small saving banks are located in the county
HIGHLIGHTS 30.09.2012
• Pre-tax profit of NOK 345 million (129 million)
• Comprehensive income of NOK 252 million (102 million)
• Net interest income rose by 12.6 %
• Operating expenses reduced by 7,5 %
• Impairment charge of NOK 33 million (85 million)
• Annualized return on equity of 13.9 % (5,7%).
Introduction
The figures in the brackets are the figures for the same period last year
Introduction
• Development• Key figures
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
PROFITS
The figure illustrates the profit after tax and comprehensive income for the Group (NOK million)
Financial development
151 16
4
221
117 13
1
221
52
166
77
248
151 16
4
214
113
163
209
67
142
102
252
0
50
100
150
200
250
300
Profit after taxation Comprehensive income
PROFITS
The figure illustrates the profit before impairment charge and the profit after tax (NOK million) for the Group .
Financial development
27
6
26
3
26
9
41
1
28
7 32
0
21
5
37
7
22
1
11
6
13
1
22
1
52
16
6
77
24
8
0
50
100
150
200
250
300
350
400
450
Profit before impairment charge Profit after taxation
PROFITS
1,34
%
1,09
%
0,98
%
1,37
%
0,84
%
1,45
%
0,85
%
1,41
%
1,07
%
0,48
%
0,48
% 0,73
%
0,15
%
0,75
%
0,31
%
0,93
%
0,00 %
0,20 %
0,40 %
0,60 %
0,80 %
1,00 %
1,20 %
1,40 %
1,60 %
1,80 %
Profit before impairment charge Profit after taxation
PROFITS QUARTERLY
The figures illustrate the quarterly development in total comprehensive income for the Group. The figures are in NOK million and as a percentage of average total assets annualized.
Financial development
25
56
43
76
18
8
-36
94
73
85
-60
-40
-20
0
20
40
60
80
100
120
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.1
2
Q2.1
2.
Q3.1
2
0,35 %
0,77 %
0,55 %
0,96 %
0,22 %
0,10 %
-0,42
%
1,06 %
0,82 %
0,95 %
-0,60 %
-0,40 %
-0,20 %
0,00 %
0,20 %
0,40 %
0,60 %
0,80 %
1,00 %
1,20 %
Q2. 10
Q3. 10
Q4. 10
Q1. 11
Q2. 11
Q3. 11
Q4. 11 Q1.12
Q2.12
.
Q3.12
PROFITS FROM CORE BUSINESS
Financial development
Ex. dividends and changes in values of financial instruments
108
76
92
83
75 73
88
71
86
97
120
0
20
40
60
80
100
120
140
Q1. 10
Q2. 10
Q3. 10
Q4. 10
Q1. 11
Q2. 11
Q3. 11
Q4. 11 Q1.12
Q2.12
.
Q3.12
Basic operation (before loan impairment charge)
80
43
64
44
68
56
27
-4
81
91
99
-20
0
20
40
60
80
100
120
Q1. 1
0
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
Basic operation (after loan impairment charge)
RETURN ON EQUITY
The figure illustrates return on equity after tax and return on equity after tax incl. result from long-term shareholdings available for sale for the Group.
Financial development
13,5
%
6,4
%
6,8
%
10,4
%
2,2
%
10,6
%
4,3
%
13,8
%
11,2
%
6,2
%
8,5
% 9,9
%
2,8
%
9,1
%
5,7
%
13,9
%
0,0 %
2,0 %
4,0 %
6,0 %
8,0 %
10,0 %
12,0 %
14,0 %
16,0 %
Return on equity after taxation Return on equity (total)
Introduction
Financial development
Income• Net interest income• Other operating income• Total income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
NET INTEREST INCOME
The figure illustrates the net interest income as a percent of average total assets for the Group.
Net interest income is NOK 454 million, 51 NOK million higher than at Q3 2011
As a percentage of average total assets this is 0.10 percentage points higher than Q3 2011
The increase in net interest as a percentage of average total assets is mainly due to higher margins against customers.
Income
2,28
%
2,05
%
2,00
%
2,10
%
1,72
%
1,75
%
1,59
%
1,76
%
1,59
%
1,69
%
0,00 %
0,50 %
1,00 %
1,50 %
2,00 %
2,50 %
NET INTEREST INCOME QUARTERLY
The figure illustrates the quarterly development of net interest in NOK million and in percent of average total assets for the Group
Income
124
135
137
133
130
140
136
146
148
160
1,73
1,85
1,76
1,62
1,56 1,
65 1,57 1,66 1,
68
1,77
0
20
40
60
80
100
120
140
160
180
200
1,00
1,10
1,20
1,30
1,40
1,50
1,60
1,70
1,80
1,90
2,00
Q2.
10
Q3.
10
Q4.
10
Q1.
11
Q2.
11
Q3.
11
Q4.
11
Q1.
12
Q2.
12
Q3.
12
% OF AVG. TOTAL ASSETS NOK MILL.
OTHER OPERATING INCOME
The figure illustrates the development of other operating income (excl. dividend and value changes in financial instruments ) as a percentage of average total assets for the Group. Quarterly figures are annualized.
Other operating income of NOK 94 million
NOK 4 million lower than same period last year
The reduction is due to lower value of services provided to Gjensidige Bank
Income
0,52
%
0,48
%
0,42
%
0,41
%
0,39
%
0,40
%
0,39
%
0,35
%
0,00 %
0,10 %
0,20 %
0,30 %
0,40 %
0,50 %
0,60 %
OTHER OPERATING INCOME QUARTERLY
The figures illustrate the quarterly development of other operating income for the Group (excl. dividend and changes in values on financial instruments). The figures are in NOK million and are also shown as a percentage of average total assets (annualized)
Income
28 29
32
35
30
33 34 34
28
33 330
5
10
15
20
25
30
35
40
Q1. 1
0
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
0,40 %
0,40 % 0,4
4 %
0,45 %
0,38 % 0,4
0 % 0,41 %
0,39 %
0,31 %
0,38 %
0,37 %
0,00 %
0,10 %
0,20 %
0,30 %
0,40 %
0,50 %
Q1. 1
0
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
TOTAL INCOME
The figure illustrates the development in total income (net interest + net other income) for the Group .
Total income at Q3 2012 is NOK 142 million higher than at Q3 2011
The increase mainly is due to gain from financial instruments and higher net interest income
Income
427 506 472 526 539 390 403 454
12274 127
176 111
89 77
168549 581 599
702650
479 480
622
0
100
200
300
400
500
600
700
800
Net interest income Other income Total
TOTAL INCOME QUARTERLY
Income
The figures illustrate the development in total income for the Group. The figures are presented in NOK million and as a percentage of average total assets (annualized)
187
186
181
158 16
4
158 17
1
227
177
217
0
50
100
150
200
250
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
2,60 %
2,55 %
2,32 %
1,99 %
1,97 %
1,86 % 1,9
6 %
2,58 %
2,01 %
2,43 %
0
0,005
0,01
0,015
0,02
0,025
0,03
År
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
Introduction
Financial development
Income
Expenses• Operating expenses• Total assets and employees
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
OPERATING EXPENSES
At Qhe expenses are reduced by NOK 20 million or 7,5% compared to the equivalent period last year
Strong focus on cutting costs has been effective
The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme
Expenses
1,61
%
1,41
%
1,32
%
1,32
%
1,20
%
0,97
%
1,12
%
1,07
%
0,91
% 1,07
%
1,04
%
0,91
%
0,00 %
0,20 %
0,40 %
0,60 %
0,80 %
1,00 %
1,20 %
1,40 %
1,60 %
1,80 %
OPERATING EXPENSES AS A % OF INCOME
At Q3 2012 the total operating expenses as a percentage of total income is reduced by 15,6 percentage points compared to Q3 2011.
The change is due to a strong increase in the gain from financial instruments, increase in net interest income and a reduction in the expenses.
The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme
Expenses
49,7 %54,6 %55,1 %
41,4 %
48,2 %
55,9 %
38,5 %
45,6 %
55,0 %
39,4 %
0,0 %
10,0 %
20,0 %
30,0 %
40,0 %
50,0 %
60,0 %
OPERATING EXPENSES QUARTERLY
The figures illustrate the quarterly development in operating expenses for the Group. Figures are presented in NOK million and as a percentage of average total assets (annualized)
Expenses
49
77 75
90 89 89 86
99
88 84
730
20
40
60
80
100
120
Q1. 1
0
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
0,70 %
1,07 %
1,03 %
1,15 %
1,12 %
1,07 %
1,02 %
1,14 %
0,99 %
0,95 %
0,81 %
0,00 %
0,20 %
0,40 %
0,60 %
0,80 %
1,00 %
1,20 %
1,40 %
Q1.10
Q2. 10
Q3. 10
Q4. 10
Q1. 11
Q2. 11
Q3. 11
Q4. 11 Q1.12
Q2.12
.
Q3.12
TOTAL ASSETS AND EMPLOYEES
Expenses
The figure illustrates the development in total assets (pillars) and number of full time employees (points) for the Group
23
27
28
33
35
36
26
9
29
8
30
4
29
7
27
9
26
9
100
150
200
250
300
350
0
5
10
15
20
25
30
35
40
Number employedBank total assets
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
• Loan impairment charge• Loans in default
Deposits, loans and balance sheet
Summary and prospects
Tabels
LOAN IMPAIRMENT CHARGE
The figure illustrates the development in recoveries (-)/ impairment charge(+) on loans and guarantees for the Group.
Loan impairment charge and loans in default
-29
-34 -31
59
80
130
163
90 85
33
-50
0
50
100
150
200
LOAN IMPAIRMENT CHARGE
The figure illustrates the development in recoveries(-) /impairment charge on loans and guarantees as a percentage of gross loans for the Group. Numbers in % are not annualized.
Loan impairment charge and loans in default
-0,2
0 %
-0,2
0 %
-0,1
5 %
0,25
%
0,32
% 0,45
%
0,53
%
0,32
%
0,28
%
0,10
%
-0,60 %
-0,40 %
-0,20 %
0,00 %
0,20 %
0,40 %
0,60 %
0,80 %
LOAN IMPAIRMENT CHARGE QUARTERLY
The figures illustrate the quarterly development in impairment charge on loans and guarantees (including net profit realised on the sale of fixed assets) for the Group. Figures are presented in NOK million and as a percentage of average total assets and are annualized.
Loan impairment charge and loans in default
28
33
28
39
7
17
61
75
5 6
210
10
20
30
40
50
60
70
80Q1
.10
Q2. 1
0
Q3. 1
0
Q4. 1
0
Q1. 1
1
Q2. 1
1
Q3. 1
1
Q4. 1
1
Q1.12
Q2.12
.
Q3.12
0,10 % 0,11 %
0,38 %
0,50 %
0,09 %
0,20 %
0,72 %
0,86 %
0,06 %
0,06 %
0,23 %
0,00 %
0,10 %
0,20 %
0,30 %
0,40 %
0,50 %
0,60 %
0,70 %
0,80 %
0,90 %
1,00 %
Q1.10
Q2. 10
Q3. 10
Q4. 10
Q1. 11
Q2. 11
Q3. 11
Q4. 11 Q1.12
Q2.12
.
Q3.12
LOANS IN DEFAULT
The figure illustrates the quarterly development in loans in default (more than 90 days) as a percentage of gross loans to the respective sectors (RM and CM/PS/FS)
Loan impairment charge and loans in default
0,37 % 0,37 % 0,41 % 0,46 % 0,43 % 0,51 %0,33 % 0,26 % 0,21 % 0,24 %
3,27 %
2,66 %2,78 % 2,75 %
1,73 %
3,51 %
3,19 %3,07 %
3,31 % 3,32 %
1,57 %
1,25 % 1,31 % 1,28 %
0,89 %
1,56 %
1,31 %1,17 % 1,24 % 1,27 %
0,00 %
0,50 %
1,00 %
1,50 %
2,00 %
2,50 %
3,00 %
3,50 %
4,00 %
Q2. 10 Q3. 10 Q4. 10 Q1. 11 Q2. 11 Q3. 11 Q4. 11 Q1. 12 Q2. 12 Q3.12
RM CM TOTAL
IMPAIRMENT PROVISIONS
The figure illustrates the development in total individually assessed impairment provisions and collectively assessed impairment provisions (NOK million). Collectively assessed provisions are estimated using a model that takes into account the quality, size and composition of the loan portfolio
Almost unchanged provisions at Q3.12 compared to Q4.11
Deposits, loans and balance sheet
88 112 165 225 169 160
57
77
79
94
87 92
145
189
244
319
256252
0
50
100
150
200
250
300
350
Individually assessed impairment provisions Collectively impairment provisions
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet• Balance sheet • Deposits and loans• Funding
Summary and future prospects
Tabels
TOTAL ASSETS 2005- 2012 Total assets rose by
5,7 % compared to Q3 2011
The increase is mainly due to growth in loans to retail customers
Financial development
15,8 18
,8
22,5
26,7 27
,9
32,8 35
,2
31,9 34
,4 36,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
2005 2006 2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12
BALANCE20
,3 23,8 25
,1
28,9 30
,5
28,1 30
,1 32,1
12,0 13
,3
14,1 16
,8
17,8
16,8
17,3 18
,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12
Gross loans to customers Deposits from customers
The figure shows the 12 months development of gross loans and deposits for the Group (NOK billion)
Increase in gross lending from Q3 2011 by NOK 2.0 billion
Increase in deposits from Q3 2011 by NOK 1.0 billion
BALANCE - GROWTH
The figure illustrates the yearly growth in total assets, net loans and deposits for the Group
Deposits, loans and balance sheet
19,4
%
17,6
%
5,2
%
15,1
%
5,8
%
14,6
%
7,1
%
6,5
%
17,0
%
10,6
%
6,2
%
18,6
%
6,2
%
12,4
%
9,8
%
5,9
%
0,0 %
5,0 %
10,0 %
15,0 %
20,0 %
25,0 %
2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12
Loans Deposits
LOANS TO CUSTOMERS
The figure illustrates the development in loans to the RM, CM/PS/FS. (Figures in NOK billion)
Gross loans increased by NOK 2.0 billion from Q3 2011 which equals an increase of 6,5 %
Increase in the RM by almost NOK 2,0 billion or 9,8%
Increase in loans to CM/PS/FS almost the same
Deposits, loans and balance sheet
28,1
17,5
10,7
30,1
19,8
10,4
32,1
21,7
10,4
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
Gross loans RM CM/PS/FS
Q3.2010 Q3.2011 Q3.2012
LOANS BY SECTOR
The figures illustrate the distribution of gross loans to the RM (retail market), CM/PS/FS (corporate market, public secor, financial sector)
Deposits, loans and balance sheet
66 %
34 %
30.09.2011
RM CM/PS/FS
68 %
32 %
30.09.2012
RM CM/PS/FS
DEPOSITS FROM CUSTOMERS
The figure illustrates the development in deposits from the RM and CM/PS/FS (NOK billion)
Deposits grew by NOK 1.0 billion from Q3 2011 equivalent to an increase of 5.9%
Increase in the RM rose by 9,1%
Increase in deposits from the CM/PS/FIN rose by 1.5%
Deposits, loans and balance sheet
15,7
9,2
6,5
17,3
10,1
7,2
18,3
11,0
7,3
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
Total deposits RM CM/PS/FS
Q3.2010 Q3.2011 Q3.2012
DEPOSITS BY SECTOR
The figures illustrate the deposits by sector as a percentage of total deposits
Deposits, loans and balance sheet
58 %
42 %
30.09.2011
RM CM/PS/FS
60 %
40 %
30.09.2012
RM CM/PS/FS
DEPOSITS VS GROSS LENDING
Deposits, loans and balance sheet
The figure illustrates deposits from customers as a percentage of gross lending both for the Group and for the mother bank (mother bank is excl. Bustadkreditt Sogn og Fjordane AS which was made operative with residental mortgage loans in 2009)
59,3
%
55,8
%
56,3
%
58,0
%
58,2
%
55,9
%
57,3
%
57,0
%
59,3
%
55,8
%
59,7
%
63,8
%
69,4
%
60,5
%
65,8
% 73,3
%
0,0 %
10,0 %
20,0 %
30,0 %
40,0 %
50,0 %
60,0 %
70,0 %
80,0 %
2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12
Deposits vs. lending (Group) Deposits vs. lending (Mother)
EQUITY AND CORE CAPITAL
The figure illustrates the development in equity (pillars) and core capital ratio (points) for the Group
The core capital ratio includes in addition to booked equity, also hybrid capital of NOK 313 million at Q3 2012.
The result for 2012 is not included in the core capital ratio
Included the result for 2012 and after deduction of estimated dividend for 2012, the core capital ratio was14,9% at Q3 2012
Deposits, loans and balance sheet
1.83
5
1.92
8
2.07
7
2.38
1
2.41
0
2.31
5
2.44
6
2.64
1
11,3 %10,5 % 10,8 %
12,1 %12,8 %
10,4 %12,0 %
12,8 %
0,00 %
2,00 %
4,00 %
6,00 %
8,00 %
10,00 %
12,00 %
14,00 %
0
500
1.000
1.500
2.000
2.500
3.000
2007
2008
2009
2010
2011
Q3.
10
Q3.
11
Q3.
12
Core capital ratio (%)Equity (NOK mill.)
CAPITAL ADEQUACY RATIO
The figure illustrates the development in the capital adequacy ratio for the Group.
Deposits, loans and balance sheet
The result for the period is not included in the capital adequacy ratio at Q3 2012
Included the result for 2012 and after deduction of estimated dividend for 2012, the capital adequacy ratio was 14.9% at Q3 2012
10,5
%
10,8
%
10,9
%
11,2
%
11,1
%
10,9
%
11,4
%
1,0 %1,5 % 1,5 % 1,5 % 1,5 %
1,1 %
1,0 %1,1 % 1,0 % 1,0 %
1,0 %
10,5 %
11,9 %12,9 %
13,8 % 13,6 % 13,4 % 13,9 %
0,0 %
2,0 %
4,0 %
6,0 %
8,0 %
10,0 %
12,0 %
14,0 %
16,0 %
2008 2009 2010 2011 Q1 .12 Q2.12 Q3.12
Subordinated debt
Hybrid capital
Core tier 1 capital
Sum
MATURITY STRUCTURE OF FUNDING
The figure illustrates the maturity structure for the different sources of funding. (NOK million)
Deposits, loans and balance sheet
LIQUIDITY BUFFER
The figure illustrates the liquidity buffer given no new funding and given growth in customer deposits and loans to customers according to budget/projections
At 30.09.2012, the Group had a liquidity buffer of NOK 3.8 billion in short term deposits with Norges Bank and other banks and in marketable bonds and certificates
Deposits, loans and balance sheet
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
SUMMARY AND FUTURE PROSPECTS
The profit for the first nine months of 2012 is substantially better than for the same period last year
The change in the profit is due to: Strong growth in the net interest income Gain from financial instruments Cost-saving measures have given effect Lower loan impairment charge
Positive development in capital adequacy ratio Very satisfied with the performance in the first nine
month of 2012 Expecting a satisfactory result for the rest of 2012
Introduction
Financial development
Income
Expenses
Loan impairment charge and loans in default
Deposits, loans and balance sheet
Summary and future prospects
Tabels
KEY FIGURES PROFIT AND LOSS ACCOUNT
Financial development
PROFIT AND LOSS ACCOUNT 30.09.2012 30.09.2011 31.12.2011Net interest income 454 403 539Dividends and changes in the value of financial instruments 74 -21 -20Other operating income 94 98 131Operating expenses -245 -265 -363Profit before impairment charge (incl. securities) 377 215 287Net profit realised on the sale of fixed assets 1 -1 2Loan impairment charge 33 85 163Profit/ loss before tax 345 129 126Tax expense 97 36 39Profit/ loss after tax on operation and assets held for sale 0 -16 -34Profit/ loss after taxation 248 77 52Gain/ loss on financial assets available for sale 3 25 14Comprehensive income 252 102 67
(Amounts in NOK million, consolidated)
KEY FIGURES BALANCE SHEET
Financial development
BALANCE SHEET 30.09.2012 30.09.2011 31.12.2011Loans and advances to credit institutions 42 103 272Gross loans and advances to customers 32.096 30.136 30.547I ndividually assessed impairment provisions 160 104 164Collectively assessed impairment provisions 92 105 87Security placements 3.754 3.567 3.852Debt to credit institutions 1.260 2.189 1.824Deposits from and debt to customers 18.304 17.280 17.789Debt securities 12.698 11.186 12.204Equity 2.641 2.446 2.410Total assets 36.335 34.389 35.223Average total assets 35.763 33.745 33.955
(Amounts in NOK million, consolidated)
KEY FIGURES
Financial development
KEY FIGURES 30.09.2012 30.09.2011 31.12.2011Profitability
Net interest rate as a % of average total assets 1,69 % 1,59 % 1,59 %Other operating income as a % of average total assets 0,35 % 0,39 % 0,39 %Operating expenses as a % of average total assets 0,91 % 1,04 % 1,07 %Oper. exp. as a % of oper. income excl. inc. from fin. instr. 44,67 % 52,69 % 54,23 %Oper. exp. as a % of oper. income incl. income from fin. instr. 39,37 % 55,00 % 55,90 %Profit before impairment charge as a % of average total assets 1,41 % 0,85 % 0,84 %Profit before tax as a % of average total assets 1,29 % 0,51 % 0,37 %Profit after tax as a % of average total assets 0,93 % 0,31 % 0,15 %Return on equity before tax 19,09 % 7,22 % 5,24 %Return on equity after tax 13,75 % 4,31 % 2,17 %Return on equity after tax incl. gain/ loss on fin. assets available for sale 13,92 % 5,71 % 2,80 %
BASIC OPERATIONS
Financial development
Ex. dividends and changes in values of financial instruments
MNOK Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12
Net interest incom 135 138 133 130 140 136 146 148 160
Commision income 17 18 21 20 21 22 21 21 24Other income 15 17 10 12 13 12 7 12 9Operating expences 75 90 89 89 86 99 88 84 73
Basic operations before imp. charge 92 83 75 73 88 71 86 97 120
Loan impaiment charge 28 39 7 17 61 75 5 6 21
Basic operations after imp. charge 64 44 68 56 27 -4 81 91 99