DOCSLIB.ORG

Sparebank 1 Næringskreditt As

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sparebank 1 Næringskreditt As SPAREBANK 1 NÆRINGSKREDITT AS (incorporated with limited liability in Norway) €3,000,000,000 Euro Medium Term Covered Note Programme Under this €3,000,000,000 Euro Medium Covered Term Note Programme (the “Programme ”), SpareBank 1 Næringskreditt AS (the “Issuer ”) may from time to time issue notes (the “Notes ”) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued in bearer form (“Bearer Notes ”), registered form (“Registered Notes ”) (the Bearer Notes together with the Registered Notes, the “Ordinary Notes ”) or uncertificated book entry form (the “VPS Notes ”) cleared through the Norwegian Central Securities Depositary, the Verdipapirsentralen ASA (the “VPS ”). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €3,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to the Dealer specified under “General Description of the Programme ” and any additional Dealer appointed under the Programme from time to time by the Issuer (each a “Dealer ” and together the “Dealers ”), which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the “relevant Dealer ” shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see “Risk Factors ”. Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF ”) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities to approve this Base Prospectus as a base prospectus for the purposes of Article 5.4 of Directive 2003/17/EC, as amended, to the extent that such amendments have been implemented in a Member State of the European Economic Area (the “Prospectus Directive ”). The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Prospectus Act 2005. Application has also been made to the Luxembourg Stock Exchange for Ordinary Notes issued under the Programme during the period of 12 months of the date of this Base Prospectus to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the official list of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market (the “Regulated Market ”) is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC). References in this Base Prospectus to Notes being “listed ” (and all related references) shall mean that such Notes have been admitted to trading on the Luxembourg Stock Exchange’s Regulated Market and have been admitted to the official list and admitted to trading on the Luxembourg Stock Exchange’s Regulated Market. Such application for approval relates only to the Notes which are to be admitted to trading on the Regulated Market and which have a minimum denomination of at least €100,000 (or its equivalent in any other currency as at the date of issue of those Notes). Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined under “Terms and Conditions of the Ordinary Notes ” (the “Ordinary Note Conditions ”) and “Terms and Conditions of the VPS Notes ”) (the “VPS Conditions ” which, when taken together with the Ordinary Note Conditions, are referred to as the “Conditions ”)) of Notes will be set out in a final terms document (the “Final Terms ”) which, with respect to Notes to be listed on the Luxembourg Stock Exchange will be delivered to the CSSF and with respect to Notes to be listed on any other stock exchange or market will be delivered to such other stock exchange or market, on or before the date of issue of the Notes of such Tranche. The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchanges or markets as may be agreed between the Issuer and the relevant Dealer. The Issuer may also issue unlisted Notes and/or Notes not admitted to trading on any market. The Notes issued under the Programme are expected on issue to be assigned an “Aa1” rating by Moody's Investors Service Limited (“Moody's ” and, the “Rating Agency ”). A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating organisation. As of the date of this Base Prospectus, Moody's is a credit rating agency established in the European Union and is registered under the Regulation (EC) No 1060/2009 (as amended) (the “CRA Regulation ”). The date of this Base Prospectus is 28 May 2014. Arranger and Dealer Citigroup This Base Prospectus comprises a base prospectus (the “Base Prospectus ”) for the purposes of Article 5.4 of Directive 2003/71/EC as amended (which includes the amendments made by Directive 2010/73/EU (the “2010 PD Amending Directive ”) to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area) (the “Prospectus Directive ”). The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms for each Tranche of Notes issued under the Programme. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The reference relating to the “Ministry of Finance Market Report" dated 25 April 2014 (Finansmarknadsmeldinga 2014) has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from such information, no facts have been omitted which would render the reproduced information inaccurate or misleading. An investment in the Notes involves a reliance on the creditworthiness of the Issuer only and not that of any other SpareBank 1 alliance (as defined below) entities or any other entities. The Notes will not be obligations of, and will not be guaranteed by, the Shareholders, the Originators, the Arranger, the Dealers, the Swap Providers, any company in the same group of companies as such entities or any other party to the transaction documents relating to the Programme. No liability whatsoever in respect of any failure by the Issuer to pay any amount due under the Notes will be accepted by any of the Shareholders, the Originators, the Arranger, the Dealers, the Swap Providers, any company in the same group of companies as such entities or any other party to the transaction documents relating to the Programme. Copies of Final Terms will be available from the registered office of the Issuer and (in the case of Ordinary Notes) the specified office set out below of each of the Paying Agents (as defined herein) and (in the case of Ordinary Notes listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the Luxembourg Stock Exchange) will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see “Documents Incorporated by Reference ”) and the applicable Final Terms. This Base Prospectus shall be read and construed on the basis that such documents are incorporated and form part of this Base Prospectus. The Arranger and the Dealers have not independently verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Dealers as to the accuracy or completeness of the information contained or incorporated in this Base Prospectus or any other information provided by the Issuer in connection with the Programme. No Dealer or Arranger accepts any liability in relation to the information contained or incorporated by reference in this Base Prospectus or any other information provided by the Issuer in connection with the Programme. No person is or has been authorised by the Issuer to give any information or to make any representation not contained in or not consistent with this Base Prospectus or any other information supplied in connection with the Programme or the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Arranger or any of the Dealers. Neither this Base Prospectus nor any other information supplied in connection with the Programme or any Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer, the Arranger or any of the Dealers that any recipient of this Base Prospectus or any other information supplied in connection with the Programme or any Notes should purchase any Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the 2 financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Base Prospectus nor any other information supplied in connection with the Programme or the issue of any Notes constitutes an offer or invitation by or on behalf of the Issuer, the Arranger or any of the Dealers to any person to subscribe for or to purchase any Notes.
Load more

Recommended publications
  • Sustainability in Sparebank 1 SR-Bank
    Sustainability in SpareBank 1 SR-Bank Sustainability in SpareBank 1 SR-Bank 1 1. SpareBank 1 SR-Bank’s approach to sustainability 1.1 SpareBank 1 SR-Bank is a responsible corporate citizen and a driving force behind the green shift ................................................................................................................................................................................................. 3 1.2 SpareBank 1 SR-Bank’s global responsibilities – organisations and international principles supported by the group ........................................................................................................................................................ 3 1.2.1 Global initiatives .................................................................................................................................................................................................. 3 1.3 Frameworks SpareBank 1 SR-Bank complies with: ............................................................................................................... 4 1.3.1 OECD Guidelines for Multinational Enterprises .......................................................................................................... 4 1.3.2 Global Reporting Initiative (GRI) ..................................................................................................................................................... 4 1.3.3 CDP reporting ......................................................................................................................................................................................................
    [Show full text]
  • Sparebank 1 Nord-Norge Annual Report 2019 006
    SPAREBANK 1 NORD-NORGE ANNUAL REPORT 2019 006 010 012 014 016 017 018 022 048 049 050 052 053 142 146 154 158 160 162 177 182 190 196 198 202 204 213 225 226 Table of contents NORD-NORGE 1 SPAREBANK 006 From the CEO SpareBank 1 Nord-Norge 010 Strategic compasss 012 Our history 014 Important events 016 Branches 017 Organization and company structure 018 Annual report 022 Annual report from the board ANNUAL ACCOUNTS ANNUAL Annual accounts 2019 048 Annual Report – Income statement 049 Annual Report – Balance Sheet 050 Annual Report – Changes in equity 052 Annual Report – Cash Flow Statement 053 Annual accounts – Notes 142 Statement from the Board of Directors and Chief Executive Officer 146 Auditor’s report Operations 154 Group Management 158 Board of Directors 160 Governing bodies OPERATIONS 162 Corporate governance 177 Risk management and internal control 182 Ownership 190 Operations 196 Markets 198 The SpareBank 1- alliansen CORPORATE SOCIAL RESPONSIBILITY SOCIAL CORPORATE 202 The foundations 204 Organisation and HR Corporate social responsibility 213 Sustainability 225 Samfunnsløftet 226 Index Global Reporting Intiative Continued Added Value Uncertainty dominated 2019. Trade wars, Brexit, esc- The financial results for SpareBank 1 Nord-Norge alating levels of conflict in the Middle East as well are affected by the economic temperature of the as climate change resulting in floods and wildfires. region. In addition, SpareBank 1 Nord-Norge have Paradoxically, Northern Norway, and SpareBank 1 gained a good effect by merging insurance compa- Nord-Norge profits from this uncertainty due to nies of SpareBank 1 and DNB. being an export driven region.
    [Show full text]
  • Supplementary Information Q2 2017
    Chief Executive, CEO Arne Austreid For further information, please contact Inge Reinertsen, Chief Financial Officer [email protected] +47 909 95 033 Stian Helgøy, VP Investor Relations [email protected] +47 906 52 173 Address SpareBank 1 SR-Bank, Postboks 250, 4066 Stavanger Visiting address: Bjergsted Terrasse 1, 4001 Stavanger SpareBank 1 SR-Bank Switchboard: +47 915 02002 Information on the Internet SpareBank 1 SR-Bank’s homepage www.sr-bank.no Financial Calendar Second quarter 2017 9 August Third quarter 2017 27 October Table of Contents 1. SpareBank 1 SR-Bank ASA .............................................................................. 1 1.1 Financial highlights ....................................................................................... 1 1.2 Business description: leading financial institution in Rogaland, Hordaland and Agder ........................................................................................................................ 3 Retail Market ................................................................................................................................................. 3 Corporate Market .......................................................................................................................................... 3 Capital Market ............................................................................................................................................... 3 Vision and strategy .......................................................................................................................................
    [Show full text]
  • Annual Report 2020 2 SPAREBANK 1NORD-NORGE Table of Contents
    Annual Report 2020 2 SPAREBANK 1 NORD-NORGE 1 SPAREBANK Table of contents SPAREBANK 1 NORD-NORGE 04 From the CEO 08 Strategic compass 10 Our history 12 Timeline 14 Important events 16 Branches 20 Organisation chart 22 Company structure 23 Annual report 24 Group profit analysis 27 Annual report of the Board 28 ANNUAL ACCOUNTS 2020 60 Income statement 62 Balance sheet 63 Changes in equity 64 Cash flow statement 66 Notes 67 Statement by the Bord og Directors and the Group CEO 160 Alternative performance measures 161 Auditor’s report 164 3 Table of contents NORD-NORGE 1 SPAREBANK OPERATIONS 170 Group Management 172 Board of Directors 174 Governing bodies 176 Corporate governance 180 Risk management and internal control 198 Ownership 204 Operations 210 SpareBank1 Nord-Norge Capital markets 218 The SpareBank 1-alliansen 221 The foundations 224 Organisation and HR 226 CORPORATE SOCIAL RESPONSIBILITIY 234 Sustainability in SpareBank 1 Nord-Norge 236 Climate risk (TCFD) 241 Annex 1: Global reporting initiative (GRI) index 256 Annex 2: Carbon exposure in the credit portfolio 262 Annex 3: Stakeholder analysis 2020 264 Annex 4: ‘Samfunnsløftet’s’ contribution to the UN sustainability goals 266 Samfunnsløftet across all Northern Norway 268 4 SPAREBANK 1 NORD-NORGE 1 SPAREBANK Sparebank 1 Nord-Norge SpareBank 1 Nord-Norge is the leading finance house in Northern Norway. The group is part of SpareBank 1-alliansen, an alliance of 14 independent savings banks across the entire country. 5 SPAREBANK 1 NORD-NORGE 1 SPAREBANK Photo: Marius Fiskum DIGITALISATION 2020 was the year that video meetings – up to then meeting between people remains at centre-stage.
    [Show full text]
  • Sparebank 1 SR-Bank Annual Report 2019
    Annual Report 2019 Milestones in the past year • SpareBank 1 SR-Bank’s • SpareBank 1 SR-Bank Business Barometer shows that a enters into a strategic 1 surprisingly high number of 3 partnership with a start-up company called companies in Southern Justify regarding the provision of digital Norway expect higher legal services to retail customers. profitability in 2019. • Bergen-based Shrimp Vision wins this • Subsidiaries and startup factory, year’s Gründerhub Prize and NOK 250,000. FinStart Nordic, open in new premises in The company is developing a system for Oslo. The Minister of Finance, Siv Jensen, producing fresh, locally-produced, tropical holds the opening speech and praises the shrimp. financial services industry for its focus on innovation and restructuring. • SR-Boligkreditt issues its first green home mortgage bond. • SpareBank 1 SR-Bank chooses three UN The EUR 500 million quickly Sustainable Development Goals that the becomes fully subscribed to. group will make an extra contribution to achieving. The UN Sustainable Development Goals are the world’s first joint plan to eradicate poverty, combat inequality and • SpareBank 1 SR-Bank moves into a new stop climate change by 2030. climate-neutral head office GENDER EQUALITY DECENT WORK CLIMATE CHANGE AND ECONOMIC 4 in Stavanger named GROWTH Finansparken. Northern Europe’s largest wooden office building. • On 29 November, • SpareBank 1 Regnskapshuset SR acquires SpareBank 1 SR- Agder Økonomi thus strengthening the Bank marks its 180th 2 group’s overall focus on Southern Norway. anniversary. The bank’s oldest roots stretch back to the establishment of Egersund • SpareBank 1 SR-Bank Sparebank in 1839.
    [Show full text]
  • Sustainability
    Sustainability SPAREBANK 1 SR-BANK’S APPROACH TO SUSTAINABILITY SpareBank 1 SR-Bank is a responsible corporate citizen SpareBank 1 SR-Bank has practised a philosophy of long-term sustainability ever since the establishment of Egersund Sparebank in 1839. Sustainability remains a key part of the group’s overarching strategy and is well-integrated into all parts of the group’s operations. SpareBank 1 SR-Bank takes a proactive approach to sustainability and has chosen to particularly prioritise responsibility for the climate and OUR CHOSEN UN SUSTAINABLE environmental challenges society is facing. DEVELOPMENT GOALS To ensure that the group continues to develop sustainably, we Our targets and work on these: systematically focus on three different areas of sustainability: the climate and environment, the economy, and social Gender equality conditions. Account is taken of these areas in our products 1. Ensure women full and genuine and services, advice on investment and credit decisions, participation, and equal opportunities marketing, purchases, corporate governance model, and to gain senior positions at all levels. group executive management team. Our internal work on 2. Equal pay HSE, ethics and environmental efficiency is also influenced 3. Strengthen the role of women in personal by the same areas of sustainability. Extensive communication finances work was done during the year, via websites and external news hubs, to clarify the group’s work on sustainability to customers, Measures: owners and other stakeholders. Internal communication In 2019, the group’s diversity and equal opportunities committee measures were also implemented as part of the training in implemented a number of measures in line with Sustainable relevant sustainability themes.
    [Show full text]
  • From Grain to Group
    ANNUAL REPORT 2020 From grain to group A bank for people and businesses in towns and villages for 175 years Content Page How to read our report 3 SpareBank 1 Østlandet in brief 4 Financial targets and achievement 6 A word from the CEO 8 The macro picture 10 1. About SpareBank 1 Østlandet 12 1.1 Key figures from the Group 14 1.2 The equity capital certificate 18 1 1.3 Our strategic focus 22 1.4 A look back at 2020 28 1.5 Our proud history - from grain to group 30 2. Group Management 38 Organisation chart and stakes 40 Group Management 41 Financial Advisers Elisabeth Færevaag and Joachim Vorkinn. Oslo. 2 Business areas and support functions 42 2.1 Corporate governance 44 2.2 Business description 56 How to read our report 2.3 The Bank's social role 68 2.4 Our employees 76 This annual report is an integrated includes the Board of Directors’ Report, report based on the IIRC’s principles for Income Statement, Balance Sheet, 3. Our material sustainability topics 80 integrated reporting. It describes how Changes in Equity, Cash Flow Statement, Framework for our sustainability initiative 82 SpareBank 1 Østlandet contributes to Notes, Statement from the Board of 3.1 Responsible lending 84 sustainable growth and the development Directors and CEO, Auditor’s Report 3 3.2 Combating economic crime 92 of our customers, owners, employees and and Subsidiaries. society as a whole. 3.3 Ethics and anti-corruption 94 The main part is followed by a number of 3.4 Requirements for providers of financial services 96 The Chapter ‘About SpareBank 1 appendices, including ‘Further facts about 3.5 Ethical marketing of products and services 98 Østlandet’ presents key figures from the SpareBank 1 Østlandet’s sustainability Group and an overview of the develop- work’.
    [Show full text]
  • Enter Title Here
    Banks EMEA Norway The Major Sparebanken of the SpareBank 1 Alliance The Sparebanken Benefit from a Supportive Operating Environment Special Report │ 13 January 2020 fitchratings.com 1 Banks EMEA Norway The Major Sparebanken of the SpareBank 1 Alliance The Sparebanken Benefit from a Supportive Operating Environment SpareBank 1 Alliance Regional Market Shares Strong Franchises, Regional Concentrations The ratings for SpareBank 1 SR-Bank (SR-Bank; A-/Stable), SpareBank 1 SMN (SMN; A-/Stable) and SpareBank 1 Nord-Norge 37% (SNN; A/Stable), which are members of the Sparebank 1 Alliance 35% (collectively: the Sparebanken), reflect their stable and low-risk business models, healthy profitability, resilient asset quality and sound capital ratios. The ratings also factor in risks arising from volatility in oil prices, high property prices, geographically 22% concentrated lending and liquidity management in the context of the banks’ wholesale funding reliance. SNN’s ratings are one notch higher than its Sparebanken peers’, 30% reflecting better asset-quality metrics, limited oil exposure and a more retail-oriented business model. 23% 39% 27% 3% Supportive Operating Environment 18% 8% Oslo: The Sparebanken’s performances are closely linked to that of the 9% 12% 24% 12% 31% 16% Norwegian economy and their respective regions, given their 9% regional focus. Fitch Ratings expects the Norwegian banking sector to continue to benefit from the country’s favourable economic Shading reflects strength of market share in the region. environment. However, the Sparebanken remain dependent on oil- Source: Fitch Ratings, SpareBank 1 Group Research related industries, although to varying degrees. A major part of impaired loans at end-September 2019 was related to this industry.
    [Show full text]
  • Sparebank 1 Create a Flexible Data Center
    Helping you Optimize. Store. Secure. CASE STUDY technology equipment ... How the “Lego Approach” Helped Norway Giant SpareBank 1 Create a Flexible Data Center Oslo, the most populated city in Norway, is the hub of the country’s governmental, economic, manufacturing and shipping industries. At its center is an alliance of banking, insurance and holding companies under the brand “SpareBank 1.” With 15 independent banks and 6,300 employees, SpareBank 1 is Norway's second largest bank alliance. Amongst others, the banks collaborate within SpareBank 1's state-of-the-art data center gives them the flexibility to cool the equipment and maintain the continuity of operations. IT, which is handled through SpareBank 1 Gruppen AS (SpareBank 1 Group). At the SpareBank 1 Gruppens office building in Oslo, they plan, develop and approach to business that SpareBank 1 began the mission to upgrade their support the deployment of their own IT operations systems and software data center operations into state-of-the-art facilities that were tailored processes for the entire organization. A few years ago, with business specifically to their organizational needs. growing and the demand for data security and preservation on the rise, IT experts and executives at SpareBank 1 began the mission to improve the Planning for a Safe and Cool Data Center infrastructure of their data centers. It was in the spirit of their self-reliant Creating the best design to support the alliance, SpareBank 1’s executives and IT experts planned for a two-year process that would include the design, development and implementation of their very own highly-tailored They used what they called the data center.
    [Show full text]
  • Sparebank 1 Alliance the Sparebank 1 Alliance Consists of 14 Independent Savings Banks, Who Cooperate on Branding and Providing a Joint Platform
    SpareBank 1 Alliance The SpareBank 1 alliance consists of 14 independent savings banks, who cooperate on branding and providing a joint platform. SpareBank 1 is Norway’s second largest finance group in terms of assets. The alliance was created in 1996 to strengthen each local bank’s competitiveness, profitability and solvency, as well as to ensure each bank’s future independence and regional ties. These banks are in the SpareBank 1 alliance • SpareBank 1 BV • SpareBank 1 Gudbrandsdal • SpareBank 1 Hallingdal Valdres • SpareBank 1 Lom og Skjåk • SpareBank 1 Modum • SpareBank 1 Nord-Norge • SpareBank 1 Nordvest • SpareBank 1 Ringerike Hadeland • SpareBank 1 SMN • SpareBank 1 SR-Bank • SpareBank 1 Søre Sunnmøre • SpareBank 1 Telemark • SpareBank 1 Østfold Akershus • SpareBank 1 Østlandet These companies are also affiliated with the alliance and owned by several of SpareBank 1 banks: SpareBank 1 Betaling AS, SpareBank 1 Boligkreditt AS, SpareBank 1 Kredittkort AS, SpareBank 1 Markets AS, SpareBank 1 Næringskreditt AS, BN Bank ASA Additionally, the Norwegian Confederation of Trade Unions (LO) is a strategic partner of the SpareBank 1 alliance and a co-owner of SpareBank 1 Gruppen AS. How the alliance is organized The alliance is organized through the jointly owned companies SpareBank 1 Gruppen AS and SpareBank 1 Banksamarbeidet DA with their subsidiaries. In addition, a number of other companies are directly owned by SpareBank 1 banks. SpareBank 1 Gruppen AS SpareBank 1 Gruppen AS is the parent company of 8 subsidiary companies, which all develop and supply products to banks in the alliance, which in turns offer these to customers in their local markets.
    [Show full text]
  • Regnskap 4. Kvartal 2019 4
    Regnskap 4. kvartal 2019 4. kvartal 2019 Innholdsfortegnelse Hovedtall ............................................................................................................. 3 Styrets beretning ................................................................................................. 5 Resultatregnskap .............................................................................................. 24 Balanse ............................................................................................................. 26 Kontantstrømoppstilling ..................................................................................... 27 Endring i egenkapital ......................................................................................... 28 Noter ................................................................................................................. 31 Resultater fra kvartalregnskapene .................................................................... 56 Nøkkeltall fra kvartalregnskapene ..................................................................... 57 Egenkapitalbevis ............................................................................................... 58 Side 2 av 59 4. kvartal 2019 Hovedtall Januar - Desember 2019 2018 Resultatsammendrag mill. kr % 1) mill. kr % 1) Netto renteinntekter 2.687 1,63 2.403 1,53 Netto provisjons- og andre inntekter 2.290 1,39 2.177 1,39 Netto avk. på finansielle investeringer 1.201 0,73 757 0,48 Sum inntekter 6.178 3,74 5.337 3,40 Sum driftskostnader 2.797 1,69 2.624
    [Show full text]
  • DNB, SB1 SR-Bank, SB1 SMN, SB1 Nord- Norge, Sparebanken Vest & Sparebanken More
    FINANCIAL INSTITUTIONS ISSUER IN-DEPTH DNB, SB1 SR-Bank, SB1 SMN, SB1 Nord- 19 October 2020 Norge, Sparebanken Vest & Sparebanken More Norway’s oil-exposed lenders are insulated against weak oil prices Contacts We expect the six Moody’s-rated Norwegian banks with exposure to the oil sector to Nondas Nicolaides +357.2569.3006 preserve their current strong capitalisation and creditworthiness, despite an increase in their VP-Sr Credit Officer [email protected] problem loans due to a steep coronavirus-induced drop in oil prices. The lenders' oil exposure remains relatively limited, and their core profitability is solid, helped by continued good Niclas Boheman +46.8.5179.6561 VP-Senior Analyst income generation from their dominant mortgage lending operations. While downside risks [email protected] remain, their strong capital buffers are also supportive of their solvency and ratings. Katarzyna +44.20.7772.1047 Oil price slump pushes up problem loans. The price of Brent crude oil fell by 78% Szymanska Associate Analyst between February and April 2020 as the coronavirus-related economic downturn led to a [email protected] sharp fall in global energy demand, although it later partly recovered. The decline triggered Simon James Robin +44 207 772 5347 loan repayment difficulties among some Norwegian oil sector borrowers, including owners of Ainsworth offshore service vessels. This was a key factor behind an increase in the six banks’ weighted Associate Managing Director average non-performing loan (NPL) ratio to around 1.9% in Q2 2020 from 1.4% a year [email protected] earlier. DNB Bank, one of the largest banks and the most exposed to the oil sector, suffered Sean Marion +44.20.7772.1056 the most significant asset quality deterioration.
    [Show full text]