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SPAREBANKEN VESTSTIG VANGEN
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BRIEF INFORMATION ABOUT SPAREBANKEN VEST
The bank was established in 1823 and has been listed on Oslo Børs since 1995 Norway's second oldest savings bank Third biggest Norwegian-owned bank Head office in Bergen, Hordaland Thirty-eight branch offices in Hordaland, Sogn og Fjordane and
Rogaland The Group offers a wide range of services, incl. insurance,
stockbroking and estate agency activities More than NOK 160 billion in assets under management, and more
than 260.000 retail customers and 10.000 corporate customers Return on equity target: > 11%
MARKET AREA
SPAREBANKEN VEST
Sogn og FjordaneMarket share*: 17.0%
HordalandMarket share*: 26.9%
RogalandMarket share*: 5.0%
* Market share Retail Market 2
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STRONG POSITION IN THE RETAIL MARKET- WELL-DIVERSIFIED POSITION IN THE CORPORATE MARKET
Lending portfolio NOK 133.9 bill. Breakdown by sector in the corporate market NOK 32.4 bill.
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Loans broken down by LTV ratio Broken down by region
74%
14%
7% 5%0%
HORDALAND ROGALAND SOGN OG FJORDANE
RESTEN AV NORGE
UTLAND
GROSS LENDING RETAIL MARKET- 94% WITHIN LTV RATIO OF 70%, 74% OF THE PORTFOLIO IN HORDALAND
94.3 %
4.2 % 1.4 %
LTV <= 70 % 70 - 85 % LTV > 85 % ABROADREST OFNORWAY
4
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RETAIL BANK-FOCUS ON DIGITAL INNOVATION
5
E-signing of loan documents on Iphone and IpadMobilbankingRobotsValue creation
Contributes to:Customer efficiencyIncreased profitabilityDiffrentiate Sparebanken Vest
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2017: WELL CAPITALISED AND ATTRACTIVE DIVIDEND LEVEL
A high proportion of retail market customers gives a considerable capital effect when excluding the Basel 1 floor
Final phase of A-IRB in the corporate market will have a further positive capital effect
Good credit quality, low exposure in industries exposed to cyclical fluctuations
Good development in associated companies
Owner fractions provide a basis for retention of a relatively larger proportion of profits
Adapted dividend policy – 50–80% of the equity certificate holders' share of profits
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'The world is changing very fast. Big will not beat smallanymore. It will be the fast beating the slow'
- Rupert Murdoch
Bilde av kunde……SPING
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'A long history is no guarantee that you won't be historytomorrow'
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Source: Report from Heads! and Deloitte Digital.
DIGITAL SHIFT AFFECTS INDUSTRIES DIFFERENTLY
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'INDEPENDENCE IS THE GOAL –PROFITABILITY IS THE ANSWER’
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Total profit for the second quarter
2016
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STRONGER RETURN ON EQUITY
Return on equity as percentage Return on equity excl. non-recurring effects*
*Non-recurring effects, second quarter 2016: Restructuring costs NOK 55 million, Visa gain NOK 94 million, sale of property NOK 20 million
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STABLE PROFITABILITY OVER YEARS- RETURN ON EQUITY ABOVE TARGET
17.9%
16.2%
4.9%
8.0%
11.3%
8.7%
14.1%.
11.7%
13.7%
11.0%
8.8%
15.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 16 Q2 16
14
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KEY DEVELOPMENTS IN THE SECOND QUARTER
NOK 504 MILL. (348)
15% (11.1%)
NOK 16 MILL. (38)
NOK 418 MILL. (367)
PRE-TAX OPERATING PROFIT
LOW WRITE-DOWNS
GOOD RETURN ON EQUITY
FLAT COST DEVELOPMENT
Figures in brackets: second quarter 2015
NOK 445 MILL. (290)
12.4% (10.9%)
NOK 16 MILL. (38)
NOK 362 MILL. (367)
PROFIT PERFORMANCE
PROFIT PERFORMANCE EXCL.
NON-RECURRING EFFECTS*
*Non-recurring effects, second quarter 2016: Restructuring costs NOK 55 million, Visa gain NOK 94 million, sale of property NOK 20 million
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PROFIT AND BOOK VALUE OF EQUITY CERTIFICATES
Profit per equity certificate Book equity per equity certificate
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DEVELOPMENT IN MARGINS
Lending Deposits
Measured against average 3-month NIBOR
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INCREASED NOMINAL NET INTEREST
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GOOD GROWTH IN THE RETAIL MARKET
Retail marketLending NOK 101.5 billion
Corporate marketLending NOK 32.4 billion
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VERY STRONG RESULT FROM FRENDE FORSIKRING
NOKmQ2 2016 Q2 2015 1H 2016 1H 2015
Frende Forsikring 36 14 42 22
Norne Securities -2 2 -5 3
Brage Finans 4 3 7 6
Verd Boligkreditt 1 2 4 4Share of profit/loss from associated companies 39 20 47 34
The companies' profit/loss after tax Profit contribution, associated companies
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BREAKDOWN OF LENDING, CORPORATE MARKET- GROWTH IN COMMITMENTS UNDER MNOK 150 MILL.
Breakdown by sector in the corporate market NOK 32.4 bill.By volume*
* Measured by commitments excl. the Jonsvoll company. Breakdown by sector refers to gross lending
21,466
9,642
6,871
22,209
10,264
6,397
0-50 mill 50-150 mill over 150 mill
1H 15 1H 16
38 %
16 %
11 %
10 %
8 %
5 %
5 %4 %
2 % REAL ESTATE
BUILDING AND CONSTRUCTION
AGRICULTURE AND FORESTRY
SERVICE
WHOLESALE AND RETAILTRADE
SHIPPING
ENERGY
INDUSTRY
HOTELS AND RESTAURANTS
OTHER FINANCIALS
PUBLIC SERVICES
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22
Total exposure of NOK 1.4 bill. constitutes 1.1% of the total portfolio
Offshore mainly comprises construction ships
LTV: Average of 62%, down from 64% in Q1 2016
The biggest commitments have good contract coverage
Many of the big commitments have already been restructured with long-term capital
Comments
LIMITED LENDING TO THE OFFSHORE SEGMENT- INCLUDING SEISMIC SECTOR AND CONSTRUCTION
Loans to the corporate market NOK 32.4 billion
Segment Lending MNOK # of vessels LTVConstruction/Subsea 945 7Seismic 148 6PSV 158 2ERRV 105 5Barge 86 1SUM 1.442 21 62 %
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DECREASE IN DEFAULTS AND OTHER POTENTIAL BAD DEBT*
*) Includes all defaults, not just defaults of payment. Includes commitments with individual write-downs, calculated as a percentage of the total lending volume.
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LOW INDIVIDUAL LOSSES- INCREASED GROUP WRITE-DOWNS TO OFFSET UNCERTAIN MACROECONOMIC SITUATION
Quarterly development Breakdown in the period Q2 2015–Q2 2016
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ROBUST PROVISION LEVEL
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Capital
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IMPROVED FINANCIAL STRENGTH – CORE TIER 1 CAPITAL RATIO 14.1%
Basel 1 floor IRB
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CAPITAL DEVELOPMENT 2016 – ON SCHEDULE IN RELATION TO TARGET OF 14.5%
Core Tier 1 capital taking into account Basel I floor
Stable lending margins in CM, pressure in RM
Other income and expenses in line with earlier expectations/plan
Lower restructuring costs and non-recurring items on the income side
Growth slightly higher than originally planned
Expected loss cost of NOK 150–200 mill.
Change in pension scheme
Assumptions
13.7 13.814.1
14.5
Q4 15 Q1 16 Q2 16 Q3 16 Q4 16
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A flexible organisation
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‘If the rate of change on the outside (of an organization)
exceeds the rate of change on the inside, the end is near’
- Jack Welch
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MAIN GROUPS OF MEASURES UNDER ‘CUSTOMER 2016’
CSR
Innovation and
customer experienc
e
Operational
services
Risk Manage
ment
Retail market
Corporate market
General managemen
t
New organisation and new service concepts
Increased investments in technology
Downsizing and adjusted expertise
31
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2011: 3 offices
2012: 4 offices
2013: 11 offices
2014/15: 9 offices
2016: 9 offices
Shift in resources and expertise About 130 full-time equivalents out About 30 new full-time equivalents in
CHANGE IN COST STRUCTURE AND COMPETENCE PROFILE
Number of branch offices Historical development
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FLAT COST DEVELOPMENT
729MNOK
728MNOK
H1 14 H1 16
Cost control better than 2% target
Development full-time equivalents and 2017 targetCost development over the last two years
Costs excl. restructuring costs
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Everything we do, we do to make life in Western Norway even better
Independence is the core of everything we do – the savings bank model
One of the top two banks in terms of return on equityTrust, simplicity and local commitment – because it makes a difference
Teamw
ork • Bold • Inquisitive
Faster response time
Fix thebasics
The battle for families
The self-service customer
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MEASURES
76% retail market portfolio means lower risk
Flat cost development in 2016 and 2017
Low direct exposure to the oil and offshore sector
Robust provision level, 3.1% provision in the corporate market portfolio
Losses for 2016 estimated to be between NOK 150 and 200 million
Solid capital base with a 14.1% Core Tier 1 capital ratio
Ambitious measures to prepare for the digital revolution
Attractive dividend policy and expectation of a high direct return from 2017
OUTLOOK
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2017: WELL CAPITALISED AND ATTRACTIVE DIVIDEND LEVEL
A high proportion of retail market customers gives a considerable capital effect when excluding the Basel 1 floor
Final phase of A-IRB in the corporate market will have a further positive capital effect
Good credit quality, low exposure in industries exposed to cyclical fluctuations
Good development in associated companies
Owner fractions provide a basis for retention of a relatively larger proportion of profits
Adapted dividend policy – 50–80% of the equity certificate holders' share of profits
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37
20 largest owners Antall EKB Andel %SPAREBANKSTIFTINGA HARDANGER 14.954.394 25,33SPAREBANKSTIFTELSEN SAUDA 4.900.354 8,30PARETO AS 3.923.368 6,65
VPF NORDEA NORGE VER C/O JPMORGAN EUROPE 2.724.239 4,61
MP PENSJON PK 2.663.458 4,51WIMOH INVEST AS 2.196.699 3,72BERGEN KOMMUNALE PENSJONSKASSE 1.625.000 2,75BERA AS 1.120.000 1,90
EIKA UTBYTTE VPF C/O EIKA KAPITALFORV. 1.034.912 1,75
WENAASGRUPPEN AS 790.629 1,34SPAR SHIPPING AS 743.480 1,26
VPF NORDEA KAPITAL C/O JPMORGAN EUROPE 649.423 1,10
VPF NORDEA AVKASTNIN C/O JPMORGAN EUROPE 614.169 1,04
FRAMAR AS C/O A. G. REGNSKAP A 549.800 0,93FONDSFINANS NORGE 515.000 0,87LANDKREDITT UTBYTTE 500.000 0,85TROVÅG AS 483.700 0,82AW CAPITAL INVEST AS 472.558 0,80
MERRILL LYNCH PROF. MLPRO SEG FOR EXCLSV 424.673 0,72
LARRE EIENDOM 2 AS 382.194 0,65
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VI ER HER.
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DEVELOPMENT IN NET INTEREST IN THE SECOND QUARTER
584
-35 2616
5 -13 -119
601
400
450
500
550
600
650
Q2 2015
Utlånsm
argin
Innskuddsmargin
Utlånsvolum
Innskuddsvolum
Likviditet
Sikringsfondsavg
Andre poster
Q2 2016