September 21, 2014 9:48 PM ET

Banks

Company Overview of Sparebanken Hedmark

Company Overview

Sparebanken Hedmark provides retail and commercial banking products and services in Norway. It offers deposits, loans, insurance, and pensions and payment transmission services, as well as leasing, real estate brokerage, and accounting services. It also provides various financial products and services. The company serves retail and corporate banking customers. It operates 25 branches in the county of Hedmark and 2 branches in the county of Oppland. The company was founded in 1845 and is headquartered in Hamar, Norway.

Strandgata 15

Postboks 203

Hamar,  2302

Norway

Founded in 1845

656 Employees

Phone:

47 91 50 29 99

Key Executives for Sparebanken Hedmark

Chief Executive Officer
Age: 58
Chief Financial Officer
Director of Operations & IT
Head of Information and Director of PR
Head of Treasury
Compensation as of Fiscal Year 2014.

Sparebanken Hedmark Key Developments

Sparebanken Hedmark Reports Parental Earnings Results for the First Half Year Ended June 30, 2014 and Group Earnings Results for the Second Quarter and First Half Year Ended June 30, 2014

Sparebanken Hedmark reported parental earnings results for the first half year ended June 30, 2014 and group earnings results for the second quarter and first half year ended June 30, 2014. For the quarter, the group reported net interest income of NOK 259 million, total net income of NOK 501 million, profit before tax was NOK 241 million against net interest income was NOK 252 million, total net income of NOK 486 million, profit before tax was NOK 82 million a year ago. For the period, the group net interest income was NOK 499 million, total net income of NOK 1,020 million, profit before tax was NOK 506 million against net interest income was NOK 479 million, total net income of NOK 802 million, profit before tax was NOK 319 million a year ago. Cash flow used in operations was NOK 54 million compared to cash flow from operations was NOK 1,583 million a year ago. Investments in fixed assets and intangible assets were NOK 30 million compared to NOK 54 million a year ago. For the period, the parental net interest income was NOK 401 million, total net income of NOK 748 million, profit before tax was NOK 362 million against net interest income was NOK 396 million, total net income of NOK 671 million, profit before tax was NOK 306 million a year ago. Cash flow from operations was NOK 64 million compared to NOK 1,811 million a year ago. Investments in fixed assets and intangible assets were NOK 27 million compared to NOK 50 million a year ago.

Sparebanken Hedmark Reports Unaudited Group and Parent Earnings Results for the First Quarter Ended March 31, 2014

Sparebanken Hedmark reported unaudited group and parent earnings results for the first quarter ended March 31, 2013. For the quarter, on group basis, results for the accounting period were NOK 227 million on net interest income of NOK 240 million compared to results for the accounting period of NOK 74 million on net interest income of NOK 277 million of prior year period. Profit before tax was NOK 265 million against NOK 83 million for the same period last year. Net commission and other income was NOK 186 million against NOK 123 million for the comparable period last year. This increase is attributed to the growth in commission income from covered bond companies of NOK 22 million, as well as commissions of NOK 5 million from the credit card company. Total income was NOK 519 million against NOK 317 million of prior year period. Total profit for the accounting year was NOK 103 million against NOK 112 million of prior year period. Cash flow from operations was NOK 492 million against NOK 1,218 million for he same period a year ago. Investment sin fixed assets and intangible assets were NOK 5 million against NOK 26 million of prior year period. The return on equity was 13.4% against 4.9% ayear ago. For the quarter, on parent basis, results for the accounting period were NOK 227 million on net interest income of NOK 240 million compared to results for the accounting period of NOK 74 million on net interest income of NOK 227 million for the corresponding period last year. Profit before tax was NOK 265 million against NOK 83 million for the same period last year. Net commission and other income was NOK 186 million against NOK 123 million for the comparable period last year. This improvement is attributed primarily to a gain of NOK 25 million on the sale of the credit card portfolio to SpareBank 1 Kredittkort AS and an increase of NOK 22 million in commissions from loans transferred to the covered bond companies. Total net income was NOK 519 million against NOK 317 million of prior year period. Total profit for the accounting year was NOK 336 million against NOK 103 million of prior year period. Cash flow from operations was NOK 587 million against NOK 1,184 million for the same period a year ago. Investment sin fixed assets and intangible assets were NOK 70 million against NOK 25 million of prior year period.

Sparebanken Hedmark Announces Un-Audited Group and Parent Earnings Results for the Year and Group Earnings for the Fourth Quarter Ended December 31, 2013

Sparebanken Hedmark announced un-audited group and parent earnings results for the year and group earnings for the fourth quarter ended December 31, 2013. On group basis, for the quarter, the company reported net interest income of NOK 263 million against NOK 242 million a year ago. Total net income was NOK 528 million against NOK 334 million a year ago. Profit before tax was NOK 250 million against NOK 88 million a year ago. The Group's profit in isolation was NOK 212 million against loss in isolation of NOK 59 million after tax. Net return on investment securities was NOK 120 against net loss on investment securities of NOK 26 million a year ago. Compared with the same quarter last year, net interest income was NOK 21 million higher, which is attributed primarily to higher lending margins. Net commission income was NOK 28 million higher compared with the previous year. This increase is attributed essentially to higher income from loans transferred to the covered bond companies. For the year, the company reported net interest income of NOK 1,008 million against NOK 955 million a year ago. Total net income was NOK 1,828 million against NOK 1,433 million a year ago. Profit before tax was NOK 840 million against NOK 527 million a year ago. Results for the accounting period were NOK 693 million against NOK 403 million a year ago. Return on equity capital after tax was 11.0 % against 7.0 % a year ago. On parent basis, for the year, the company reported net interest income of NOK 1,008 million against NOK 955 million a year ago. Net commission and other income was NOK 559 million against NOK 435 million a year ago. Total net income was NOK 1,828 million against NOK 1,433 million a year ago. Profit before tax was NOK 840 million against NOK 527 million a year ago. Total profit for the accounting year was NOK 693 million against NOK 516 million a year ago. Cash flow from operations was NOK 547 million against NOK 2,251 million a year ago.

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