November 28, 2014 8:53 PM ET

Banks

Company Overview of Sparebanken Sogn Og Fjordane

Company Overview

Sparebanken Sogn og Fjordane provides banking products and services to retail customers, small and medium sized enterprises, and the public sector in the county of Sogn og Fjordane, Norway. It operates through Corporate Banking Market/Public Sector, Retail Market, Residential Mortgages, Finance, Estate Agency, and Other segments. The company offers various deposit products; and financing, investment, estate agency, insurance, and foreign currency services, as well as interest rate instruments. It also provides loans for various industries, including farming and forestry; fish farming; fishing; building/construction and power/water supply; commerce; hotels and restaurants; and property manage...

Langebruvegen 12

Postboks 113

Førde,  6801

Norway

263 Employees

Phone:

47 57 82 97 00

Fax:

47 57 82 97 01

Key Executives for Sparebanken Sogn Og Fjordane

Chief Executive Officer and Managing Director
Chief Financial Officer
Director of Communications & Community Contact
Director of Human Resources
Director of Strategy and Business Development
Compensation as of Fiscal Year 2014.

Sparebanken Sogn Og Fjordane Key Developments

Sparebanken Sogn Og Fjordane Announces Earnings Results for Third Quarter of 2014

Sparebanken Sogn Og Fjordane announced earnings results for third quarter of 2014. For the quarter, the company reported net interest income of $536, operating income of $93, profit before loan impairment charge of $372, profit before taxation of $413, profit after taxation of $313, return on equity of 12.93% compared to the net interest income of $482, operating income of $97, profit before loan impairment charge of $331, profit before taxation of $335, profit after taxation of $241, return on equity of 12.09% for the same quarter a year ago.

Sparebanken Sogn Og Fjordane Reports Unaudited Consolidated and Parent Financial Results for the Six Months Ended June 30, 2014

Sparebanken Sogn Og Fjordane reported unaudited consolidated and parent financial results for the six months ended June 30, 2014. For the six months, the group reported interest income of NOK 852 million against NOK 805 million for the same period of last year. Net interest income was NOK 351 million against NOK 306 million for the same period of last year. The reasons for this increase were higher customer margins, lower funding costs and strong growth in customer deposits and loans. Total revenues were NOK 418 million against NOK 402 million for the same period of last year. Profit before loan impairment charge and net gain on fixed assets was NOK 244 million against NOK 233 million for the same period of last year. Profit before taxation was NOK 229 million against NOK 206 million for the same period of last year. Profit for the reporting period was NOK 168 million against NOK 148 million for the same period of last year. Net cash flow from operating activities was NOK 500 million against NOK 447 million for the same period of last year. Return on equity (comprehensive income) was 13.66% against 10.79% for the same period of last year. For the six months, the parent company reported interest income of NOK 698 million against NOK 678 million for the same period of last year. Net interest income was NOK 273 million against NOK 245 million for the same period of last year. Total revenues were NOK 431 million against NOK 333 million for the same period of last year. Profit before loan impairment charge and net gain on fixed assets was NOK 263 million against NOK 170 million for the same period of last year. Profit before taxation was NOK 242 million against NOK 143 million for the same period of last year. Profit for the reporting period was NOK 205 million against NOK 103 million for the same period of last year. Net cash flow from operating activities was NOK 540 million against NOK 451 million for the same period of last year. Return on equity (comprehensive income) was 16.78% against 7.7% for the same period of last year.

Sparebanken Sogn Og Fjordane Reports Unaudited Consolidated and Parent Earnings Results for the First Quarter Ended March 31, 2014; Reports Impairment Charge for the First Quarter Ended March 31, 2014

Sparebanken Sogn Og Fjordane reported unaudited consolidated and parent earnings results for the first quarter ended March 31, 2014. For the quarter, on consolidated basis, the company reported net interest income of NOK 176 million compared to NOK 146 million a year ago. Profit before loan impairment charge (incl. securities) was NOK 115 million compared to NOK 96 million a year ago. Profit before loan impairment charge (excl. securities) was NOK 115 million compared to NOK 87 million a year ago. Profit before taxation was NOK 108 million compared to NOK 76 million a year ago. Profit after taxation was NOK 79 million compared to NOK 55 million a year ago. Return on equity (comprehensive income) was 24.67% compared to 5.51% a year ago. Annualized return equity was 14.8% compared to annualized return equity of 8.2% a year ago. Net cash flow from operating activities was NOK 53 million against NOK 209 million for the same period a year ago. Investments in fixed assets, intangible assets and goodwill was NOK 6 million against NOK 4 million for the same period a year ago. For the quarter, the parent company reported net interest income of NOK 136 million compared to NOK 118 million a year ago. Profit before loan impairment charge (incl. securities) was NOK 175 million compared to NOK 69 million a year ago. Profit before loan impairment charge (excl. securities) was NOK 74 million compared to NOK 59 million a year ago. Profit before taxation was NOK 162 million compared to NOK 48 million a year ago. Profit after taxation was NOK 146 million compared to NOK 35 million a year ago. Return on equity (comprehensive income) was 14.83% compared to 8.24% a year ago. Net cash flow from operating activities was NOK 124 million against NOK 187 million for the same period a year ago. Investments in fixed assets, intangible assets and goodwill was NOK 6 million against NOK 4 million for the same period a year ago. The company reported impairment for the first quarter of 2014. For the quarter, on consolidated basis, the company reported loan impairment charge of NOK 7 million compared to NOK 20 million a year ago. On parent basis, the company reported loan impairment charge of NOK 13 million compared to NOK 21 million a year ago.

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