Bank 1 Oslo Akershus (group) 3rd quarter presentation 2014

Transcription

1 Bank 1 Oslo Akershus (group) 3rd quarter presentation Oslo, September 22nd

2 MNOK Bank 1 Oslo Akershus (group) Increased profitability Pre-tax profit of MNOK 99 (MNOK 142) in Q3. Profit pre-tax year to date amounted to MNOK 435 (MNOK 319). Return on equity was 17.9 % (14.5 %). Profits are increased due to the revaluation of the bank's shares in Nets Holding and higher commission income from SpareBank 1 Boligkreditt. Lending grew by 3.2 % and deposits grew by 19.3 % over the last 12 months. Pre-tax profit from real estate broker EiendomsMegler 1 was MNOK 9 (MNOK 1) Pre-tax profit, quarterly Pre-tax profit - Q 1 Pre-tax profit - Q 2 Pre-tax profit - Q 3 Pre-tax profit - Q 4 99

3 Bank 1 Oslo Akershus (group) Profits and ratios Q 3 Q 2 Q 1 Q 3 Per Q 3 Year MNOK Net interest income Other operating income Operating expences Operating profit before losses Loan losses Operating profit before tax Tax Net profit Key figures Q 3 Q 2 Q 1 Q 3 Per Q 3 Year Net interest income 1.34 % 1.39 % 1.52 % 1.69 % 1.41 % 1.62 % 1.63 % Cost-income ratio (Parent) 58. % 55.8 % 51.6 % 52.2 % 56.6 % 56.1 % 54.7 % Cost-income ratio (Group) 61. % 65.3 % 41.4 % 54.8 % 53.9 % 61.7 % 61.3 % Return on equity (Parent) 31.9 %. % 17.4 % 12.1 % 14.3 % Return on equity (Group) 32. % 1.6 % 17.9 % 14.5 % 14. % Deposit to loan ratio (Group) 75.1 % 75.5 % 8.7 % 7.6 % 76.7 % Capital adequacy ratio (Group) 13.3 % 12.3 % 14.3 % 15.6 % 14.9 % Core capital adequacy ratio (Group) 13. % 1.2 % 13.6 % 14.1 % 14. % Core tier one (Group) 13.6 %. % 13.6 % 13.2 % 13.1 %

4 MNOK Bank 1 Oslo Akershus (group) Reduced lending growth Lending incl. mortgages transferred to SpareBank 1 Boligkreditt grew by 3.2 % (Billion NOK 1.3) the last 12 months. Year to date the growth was Billion NOK 1.2. Retail market (RM) lending increased by billion NOK 1.8 (5.5 %) and Corporate market (CM) decreased by billion NOK.6 (-7.9 %). Net interest income in Q3- was MNOK 114 (MNOK 128). Net interest income year to date was MNOK 343 (MNOK 357) % 117 Q Net interest income 1.5% 19 Q % Q % Q % Q % Q % 1.34% Q 2 Q % 1.7 % 1.6 % 1.5 % 1.4 % 1.3 % 1.2 % 1.1 % 1. % Net interest income year to date was 1.41 % (1.62 %) of average assets. Net interest income Net interest income (% of assets)

5 MNOK Bank 1 Oslo Akershus (parent) Decreased lending margins 28, 27, 26, 25, 2.5 % 2. % 1.5 % 24, 23, 22, 21, 1. %.5 %. % 2, Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q % Lending Lending margin Deposit margin The reference interest rate used in the margin calculation is 3 months NIBOR

6 MNOK Bank 1 Oslo Akershus (group) Commissions and other income Q Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Net gain FX, securities and fin.derivatives Guarantee commissions/others Net money transfer fees SpareBank 1 Boligkreditt Real estate agency commision Commissions revenues from insurance and savings

7 Bank 1 Oslo Akershus (group) Higher commissions from SpareBank 1 Boligkreditt MNOK Change Net money transfer fees C ommissions revenues from insurance and savings SpareBank 1 Boligkreditt Real estate agency commision Guarantee commissions/others Total commission and other income Commissions and other income amounted to MNOK 472 year to date, representing an increase of 6.9 % compared to. The increase is mainly due to higher commissions from SpareBank 1 Boligkreditt.

8 Bank 1 Oslo Akershus (group) Solid capital gains from equity stakes MNOK Change Capital gain and dividend from shares Fixed income securities Derivatives Revaluation investment property Net income from financial investments Net income from financial investments year to date amounted to MNOK 157 (MNOK 34). Capital gains mainly from equity stakes increased due to the revaluation of the bank's shares in Nets Holding.

9 MNOK Bank 1 Oslo Akershus (group) Decreasing cost/income Operating expenses in Q3 were MNOK 174 (MNOK 172). Year to date operating expences amounted to MNOK 524 (MNOK 513) an increase of 2.1%. The increase in expenses is mainly due to personell cost as there are 3 more employees in Q3 compared to Q Operating expences, quarterly Q Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 7% 6% 5% 4% 3% 2% 1% % Operating expences Cost-Income ratio

10 Q Q Q Q 1 - Q 2 - Q 3 - Q 4 - Q 1 - Q 2 - Q 3 - MNOK % of gross lending Bank 1 Oslo Akershus (group) Defaults and doubtful commitments 1. kv Defaults and non-performing loans Loss ratio Defaulted commitments are loans that have been in default for more than 9 days, and other commitments that are not in default but where loan loss provisions have been made.

11 MNOK Bank 1 Oslo Akershus (group) Low loan losses Individual writedowns Group writedowns Net write-offs and incomings on previous writeoffs Total loss on lending

12 Bank 1 Oslo Akershus (group) Key figures Key figures Q 2 Q 2 Q Q Q Q Return on equity after tax (%) 17.9 % 21.7 % 32. % 14. % 14.5 % 6.2 % 1.9 % 6.5 % 6.5 % 13.9 % Net interest margin (%) 1.41 % 1.46 % 1.52 % 1.63 % 1.62 % 1.56 % 1.53 % 1.48 % 1.51 % 1.62 % Cost/Income ratio (%) 53.9 % 51. % 41.4 % 61.3 % 61.7 % 67.3 % 68.4 % 77. % 77.1 % 64.2 % Impairment losses on loans and guarantees in % of gross loans.5 %. %.1 %.7 %. %.64 %.16 %.24 %.7 %.38 % Non-performing and other problem commitments in % of gross loans 1.19 % 1.13 % 1.26 % 1.21 % 1.41 % 1.5 % 1.18 % 1.45 % 1.8 % 2.62 % Annual growth in loans to customers, gross (incl. SpareBank 1 Boligkreditt) 3.2 % 5. % 9.3 % 13.6 % 16.2 % 18.6 % 19.3 % 11.5 % 1.2 % 11.1 % Annual growth in deposits from customers 19.3 % 1.5 % 12.8 % 4.6 % 1.5 % 1.1 % 4.1 % 4.6 % 11.7 % 8.4 % Deposit coverage 8.7 % 78.1 % 75.1 % 76.7 % 7.6 % 77.9 % 75.5 % 75.1 % 75.3 % 71.3 % Total assets, MNOK 34,671 33,518 31,766 31,711 3,585 29,24 28,73 28,22 28,523 26,931 Mortgage loans transferred to SpareBank 1 Boligkreditt, MNOK 15,226 15,134 15,543 15,599 15,32 12,199 11,418 7,955 6,666 4,726 Total assets including mortgages transferred to SpareBank 1 Boligkreditt, MNOK 49,897 48,652 47,38 47,31 45,617 41,43 4,148 36,175 35,189 31,658 Capital adequacy ratio 14.4 % 13.3 % 13.3 % 14.9 % 15.6 % 12.8 % 12.3 % 13.3 % 13. % 13.5 % Core capital ratio 13.6 % 13.3 % 13. % 14. % 14.1 % 1.9 % 1.2 % 1.9 % 1.4 % 1.9 % Core tier one 13.6 % 11.5 % 11.1 % 13.1 % 13.2 % 9.9 % 9.2 % 9.9 % 9.4 % 9.8 %