- SpareBank1 Østfold Akershus reported positive financial results for the second quarter and first half of 2012, with profits up significantly from the same period in 2011.
- Net interest income, commission income, and returns on financial instruments all increased compared to the previous year.
- Lending growth was 31.1% for the first half of the year, though reduced by transfers to SpareBank 1 Boligkreditt AS. Deposit growth was 38.2% for the first half.
- The bank maintained a solid capital adequacy ratio of 13.75% and a high deposit coverage ratio of 77.9% as of the second quarter.
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
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Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
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Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
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Graphic designer, Andy Fuller talks about icons.What icons are and where they come from. He will also talk about an area of his particular specialism which is the use of icons in interfaces, apps and mobile platforms. What makes a good icon? What makes a bad icon? How do you go about developing iconography for your, or your Client's brand?
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Kemira's organic revenue growth and profitability improvement continues
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Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
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3. SpareBank1 Østfold Akershus Second quarter report 2012
All numbers regard the Group unless otherwise specified.
POSITIVE DEVELOPMENT IN UNDERLYING OPERATIONS AND
POSITIVE QUARTERLY RESULT
Year to date:
• Profit before tax: NOK 104.8 million (40.8)
• Profit after tax: NOK 80.2 million (31.6)
• Core capital adequacy: 13.75% (13.10)
• Return on equity: 11.36% (6.23%)
• Net interest income: NOK 132.8 million (98.8)
• Net interest income: 1.55% (1.45)
• Net commission income and other income: NOK 93.2 million
(61.6)
• Net return on financial instruments: NOK 51.8 million (4.7)
• Profit per primary capital certificate, year to date: 7.96 (4.16)
• Lending growth including transfers to SpareBank 1 Boligkreditt
AS: 31.11% (3.0)
• Lending growth after transfers to SpareBank 1 Boligkreditt AS:
21.72% (-2.74)
• Deposit growth: 38.20% (8.74)
• Deposit coverage: 77.90% (68.61)
Second quarter:
• Profit before tax: NOK 58.0 million (28.2)
• Positive development in net interest income
• Positive development in commission income
• Positive development in deposit coverage
• Lending growth including transfer to SpareBank 1 Boligkreditt
in the quarter was 1.42%
• Deposit growth in the quarter was 4.63%
(Result to date. Numbers in brackets shows numbers for the same period in 2011.)
INCOME STATEMENT
Rygge-Vaaler Sparebank and Halden
Sparebank merged with effect from 1 Several of the corresponding figures in the
November 2011. Rygge-Vaaler Sparebank official quarterly report are misleading.
was defined as the takeover party of the This is a consequence of the
merger and the name of the merged bank circumstances mentioned above. We
was at the same time changed to recommend that the reader uses the pro
SpareBank 1 Østfold Akershus. The forma quarterly report to get the full
accounts to date and for the second benefit of these corresponding figures.
quarter 2012 make up SpareBank 1
Østfold Akershus. In comparison, the Second quarter
corresponding numbers for 2011 only Profit before tax for the quarter was NOK
contain numbers for the former Rygge- 58.0 million (28.2). Result on business
Vaaler Sparebank. activities was NOK 43.9 million (26.7).
The performance was influenced by an
In addition to the official quarterly report, increase in net interest income and growth
a pro forma quarterly report indicating in commission income compared with the
result and balance sheet as if the two first quarter of 2012.
banks were merged effectively from 1
January 2010 was prepared. The pro The return on equity estimated on total
forma quarterly report is published at the result after tax was 13.57% (8.77).
same time as the official quarterly report.
-3-
4. SpareBank 1 Østfold Akershus Second quarter report 2012
Year to date market is still high and costs for long-term
Profit before tax was NOK 104.8 million financing increased during the quarter.
(40.8). The performance is influenced by The bank’s financing cost in the money
an improvement in underlying operations market is therefore still increasing through
through a reduction in funding costs, refinancing of money market financing.
increase in commission income, positive
return on financial instruments and At year to date, lending in the balance
positive development in the performance sheet is reduced by NOK 972.2 million. At
in SpareBank 1 Gruppen. the end of the first quarter, the loan
balance transferred to SpareBank 2
Profit from business activities was NOK Boligkreditt AS was NOK 5,292.5 million
68.2 million (47.3) at the end of the (3,238.2). Earnings from these loans
second quarter of 2012. appear under the item net commission
income and amounted to NOK 19.9 million
The return on equity estimated on total (10.4) as of the second quarter 2012.
result after tax was 11.36% (6.23).
The Parent bank’s profit before tax was Net commission income and other
NOK 115.3 million. Profit after tax was income
NOK 75.8 million and is significantly Net commission income and other income
influenced by two conditions that together amounted to NOK 93.2 million (61.6) at
constitute a high tax liability. Previous the end of the second quarter 2012. The
write-downs in connection with companies increase from last year mainly consists of
in the Fasett Eiendom group have been higher income on payment transfers of
entered as income of NOK 52.3 million. NOK 8.3 million, higher income from
The write-down was previously set aside insurance of NOK 5.1 million, higher
for deductions in taxable income – hence, commission from SpareBank 1 Boligkreditt
this income is taxable to the same degree AS of NOK 9.5 million and higher income
and influences the tax cost in its entirety. from real estate brokerage activities of
Furthermore, shares in Fasett Eiendom AS NOK 2.9 million.
are written-down by NOK 48.0 million.
This write-down is not tax deductible and
will not influence the tax cost. Regarding Net return on financial instruments
the accounts, the Parent bank has the Net return on financial instruments,
same write-down of the Fasett group as including profit share in associated
earlier. However, the write-down is now companies and joint ventures, amounted
entered under shares, while earlier it was to a profit of NOK 51.8 million (4.7) as of
entered under lending. This problem is the second quarter.
eliminated regarding Group.
The bank’s share and bond portfolio has at
year to date had a net profit on price of
Net interest income NOK 5.5 million. SpareBank 1 Østfold
Net interest income at the end of the Akershus follows a highly conservative
second quarter 2012 was NOK 132.8 investment philosophy. The share portfolio
million (98.8). Net interest income is very small and the bond portfolio
amounted to 1.55% (1.45) of average consists entirely of high quality bonds
total assets. Development in net interest from solid issuers with low market
income is influenced by transfer of loans volatility.
to SpareBank 1 Boligkreditt AS. The
increase in net interest income from the Net profit from the bank’s fixed rate
first quarter may mainly be contributed to lending amounts to a total of NOK 11.9
reduced funding costs, which is a million, net profit from the bank’s fixed
consequence of choosing to increase rate debt as a consequence of Fair Value
transfers of lending to SpareBank 1 Option valuation amounts to NOK 13.4
Boligkreditt AS instead of acquiring new million, while dividend and income from
external funding. Hence, the external currency amounts to NOK 4.3 and 2.4
funding in the period was reduced. million respectively.
The general level of the market interest The Group’s share of the profit from joint
was reduced, but credit mark-up in the ventures amounted to a total of NOK 14.4
-4-
5. SpareBank 1 Østfold Akershus Second quarter report 2012
million at the end of the second quarter. Capital acquisition
This was distributed on NOK 9.5 million The European crisis was all-important
(3.5) from Samarbeidende Sparebanker regarding development in most markets in
AS, NOK 2 million (2.5) from the second quarter. Insecurity was great
Samarbeidende Sparebanker Bankinvest through the period, but the risk situation
AS and NOK 2.9 million (0.7 million) from was worsened further in June.
Samarbeidende Sparebanker Bankinvest
II AS. However, liquidity in the Norwegian
financing market was good, but the
Total income at the end of the second European crisis led to lower emission
quarter was NOK 277.8 million (165.1). activities in Norway as well, at the same
time as prices increased.
Operating costs Through the entire period, SpareBank 1
At the end of the second quarter of 2012, Østfold Akershus has had easy access to
the Group’s costs were NOK 157.9 million financing in the market and issued a bond
(113.1), which was 1.84 per cent (1.66) loan in the amount of NOK 300 million
of average total assets. The increase in which falls due in 2015 at the end of the
operating costs from the same period last quarter. In addition, the Group has chosen
year is mainly due to a larger organisation to take advantage of SpareBank 1
after the merger. Boligkreditt to replace the bank’s
borrowing maturity. In the second
quarter, a further NOK 619 million was
Losses and defaults transferred to the housing credit
At the end of the second quarter of 2012, company. As of 30 June 2012, loans
the Group's losses amounted to NOK 15.2 amounted to a total of NOK 5,292 million
million (11.2). This amounted to 0.18% (3,238) transferred to SpareBank 1
(0.17) of average total assets. Losses in Boligkreditt
per cent of gross lending amounted to
0.23% (0.20) at the end of the second The Group’s debt incurred from issuance
quarter of 2012. of securities amounted to NOK 3,961
million (4,255.8) at the end of the second
Individual write-downs amounted to NOK quarter.
66.5 million (76) at the end of the second
quarter of 2012. Group write-downs were In addition, the Group has a subordinated
NOK 25.9 million (18.4). Group write- loan of a total of NOK 255.7 million and a
downs in total amount to 0.68% (0.84) of hybrid capital of a total of NOK 204.9
gross lending. million. The bank has not issued new
subordinated loan capital in the last
quarter (note 10).
Profit on activities and fixed assets
held for sale The pricing level for borrowing in the
Profit on activity held for sale amounted to Norwegian market has increased in this
a profit of NOK 0.6 million after taxes and quarter and credit mark-up is significantly
wholly relates to Fasett Eiendom AS. higher than credit mark-up traditionally
was for Norwegian banks. This means that
refinancing of the bank’s money market
BALANCE SHEET financing causes an increased cost of
Total assets including SpareBank 1 borrowing.
Boligkreditt AS amounted to NOK
22,338.8 million at the end of the first The bank's liquidity risk has been reduced
quarter, which is an increase of NOK through spreading the borrowing over
832.2 million since the turn of the year. various markets, lenders, instruments and
Total assets after transfers were NOK terms of maturity. The Group will further
17,296.2 million and amounted to a adapt to the new liquidity and capital
reduction of NOK 387.5 million since the demands that are expected to be
turn of the year. The collective reduction introduced sometime in the next few
is mainly due to a reduction in lending. years, for example through increasing the
Large transfers to SpareBank 1 share of lending with longer lifetime.
Boligkreditt AS were carried out in 2012.
-5-
6. SpareBank 1 Østfold Akershus Second quarter report 2012
The bank's Executive Board has adopted a 2012. The Board regards the capital
liquidity strategy which includes adequacy and the solidity to be
contingency plans and stress analyses. satisfactory.
Deposit coverage developed in a positive
manner and is at the end of the year SUBSIDIARIES
77.9% (68.61). The SpareBank 1 Østfold Akershus Group
consists of the Parent bank and the wholly
The Board evaluates the liquidity situation owned subsidiaries Nekor Gårdselskap AS,
as good, but the still demanding outlook EiendomsMegler 1 Østfold og Akershus
for the European economy may quickly AS, EiendomsMegler 1 Sarpsborg AS, as
influence financing possibilities for well as EiendomsMegler 1 Østfold AS, as
Norwegian banks. As a consequence, the well as Uden Holding Ltd. In addition, the
Board and the administration will be very wholly owned Fasett Eiendom AS is
attentive towards the area in the time to consolidated under activity and fixed
come as well. assets classified for sale.
Nekor Gårdselskap achieved a profit after
Lending tax of NOK 1.1 million (0.8) at the end of
Gross lending including the transfer to the second quarter of 2012.
SpareBank 1 Boligkreditt AS amounted to EiendomsMegler 1 Østfold og Akershus AS
NOK 18,863.8 million at the end of the achieved a profit after tax of NOK 0.8
second quarter 2012. This equals a 12 million (0.6), EiendomsMegler 1 Sarpsborg
month lending growth of 31.11% (3.0), a AS NOK 0.6 million and EiendomsMegler 1
growth so far this year of 1.33% and a Østfold AS NOK 0.5 million.
lending growth in the last quarter of
1.42%. Looking back at a period of time Profit before tax for the subsidiaries was
where we have had inward focus due to NOK 1.5 million, NOK 1.1 million, NOK 0.8
the merger, the Group is now rigged and million and NOK 0.7 million respectively.
ready to utilise their exciting market
potential. The last quarter is a positive
confirmation of our potential. After the SIGNIFICANT TRANSACTIONS WITH
transfer to SpareBank 1 Boligkreditt AS, CLOSELY RELATED PARTNERS
gross lending amounted to NOK 13,571.3 SpareBank 1 Østfold Akershus took over
million, equalling an increase of 21.7% (- the shares of Fasett Eiendom AS in the
2.74) in the last 12 months. At year to fourth quarter of 2011. These shares have
date, lending, exclusive SpareBank 1 still not been sold, but we have
Boligkreditt AS was reduced by NOK 972.2 implemented measures to secure an
million. appropriate realisation in the time to
come. The take-over is classified as assets
held for sale in the consolidated accounts
Deposits and amounts to NOK 94.7 million.
The Group's deposits from customers have
increased by 38.20% (8.74) during the SpareBank 1 Østfold Akershus is the
last 12 months, to NOK 10,572.4 million regular bank service provider for all
(7,650.2). Deposit coverage was 77.9% subsidiaries. Any significant transactions
(68.61) at the end of the second quarter that may be mentioned, is that Nekor
2012. At year to date, deposits from Gårdselskap AS has a loan of NOK 31.6
customers have increased by NOK 346.9 million in SpareBank 1 Østfold Akershus,
million (3.39%) and in the last quarter, while subsidiaries of Fasett Eiendom AS
deposits increased by NOK 467.4 million has a loan of NOK 115.0 million. Also,
(4.63%). SpareBank 1 Østfold Akershus has
guarantee liabilities of NOK 60.5 million
regarding EiendomsMegler 1 Sarpsborg AS
Capital adequacy and EiendomsMegler 1 Østfold AS.
At the end of this quarter, the core capital
adequacy was 13.75% (13.10) and capital
adequacy was 14.24% (14.54). Pure core DIVIDEND POLICY PARENT BANK
capital adequacy amounted to 11.61% Under consideration of the bank’s equity
(11.28) at the end of the second quarter development and solidity, the bank may
-6-
7. SpareBank 1 Østfold Akershus Second quarter report 2012
use up to 50% of this year’s profit as continued internal focus on risk
returns (cash dividend and endowments to management is that the solid credit
publicly beneficial purposes). It is an quality in the Group's portfolio is
objective for the bank to treat the bank’s maintained. Most of the portfolio has
two groups of owners equally in line with security in real estate. Coverage of
the intentions in current legislations. This security is good, which means that there
involves that the bank will take measures is a limited potential for loss as long as
to avoid unwanted dilution effects as a the value of the security is not
result of unequal treatment of the two considerably diminished.
groups of owners.
The quality of the corporate market
portfolio is also good.
RISK MANAGEMENT Development is positive and the portfolio’s
risk profile was strengthened since the
Credit risk and development of turn of the year. The average probability
portfolio for default of the portfolio is developing in
The Group is working to achieve unified a positive direction, especially the share of
risk management. The risk management commitments highly exposed to risk.
process aims to reflect how the Expected loss is stable and a significant
management conducts the Group's share is secured in real estate. The
business. Each risk category / area of Group's low share of the corporate market
business is allocated to the responsible portfolio at 22% (incl. Boligkreditt) makes
manager who is responsible for carrying the total risk profile low as well. The
out risk management in line with the Group’s largest concentration is in the
Group's policy. The bank’s organisational industry involving buying, selling and
structure supports the risk management operating real estate.
policy and provides the framework for
planning, execution, control and
monitoring of strategies, measures and Liquidity risk
activities. Clearly defined areas of Liquidity risk is defined as the risk of the
responsibility and practical chains of Group not being able to fulfil its
reporting are emphasised. We have obligations and/or finance increases in the
established efficient routines to ensure assets without significant extra costs
good management, control and arising.
compliance.
The Board has adopted a strategy for
In order to achieve the Group’s adopted controlling liquidity. It will be reviewed at
objectives and strategic developments, least once a year. The strategy contains
the Board and the daily management work specific limits and governance parameters,
actively with the Group’s risk situation, so diversification guidelines and reporting
that the Group can choose goal-oriented guidelines. The strategy also includes a
risk management strategies. The quality liquidity contingency plan. We carry out
of the risk handling is followed up with quarterly stress test analyses for the
continuous reporting to the management liquidity risk.
and the Board.
The Group reduces its liquidity risk
The credit risk for the loan portfolio is the through spreading its borrowing on
bank’s largest risk area. The risk situation various markets, lenders and due dates.
for the lending portfolio is therefore Insecurities in the financial markets are
closely followed up by using models that still apparent and the bank will keep a
monitor and calculate any fluctuations. high liquidity reserve in the time to come
as well.
The Group’s moderate risk profile remains
unchanged in the wake of the merger. The
portfolio’s risk profile in Rygge-Vaaler Market risk
Sparebank and Halden Sparebank were Market risk is the risk of losses as a result
practically identical. A continuous low of changes in market prices such as
interest rate level contributes to stability. interest rates, exchange rates and
The quality of the retail market portfolio is securities listings.
very good, and a consequence of the
-7-
8. SpareBank 1 Østfold Akershus Second quarter report 2012
Market risk in the Group mainly arises can result in significant costs. The Group
from the Group's investments in bonds, must therefore always utilise efficient risk
certificates and shares, and as a result of management and monitoring to ensure
activities carried out to support the that isolated incidents caused by
banking operations, such as funding and operational risk cannot seriously harm the
interest and currency trading. Group's position. The Group has a
moderate operational risk profile, and is
The market risk management takes place working continuously to implement risk-
through detailed limits to factors such as reducing measures.
investments in shares, bonds and
positions in interest rate and currency
markets. The limits are continuously OUTLOOK
reviewed and adopted by the Executive The crisis in Europe has developed in a
Board at least once a year. The risk size is negative direction in the second quarter
monitored continuously and followed up and the main reason for this development
through periodic reports to the Board. was increased fear for political and
economic chaos in Greece and great
The bank utilises a market leading insecurity regarding the capitalization in
securities system to manage and control Spanish banks.
the bank’s market risk.
Despite the clarifications, SpareBank 1
Interest risk mainly arises from fixed rate Østfold Akershus expects that it will take a
lending and funding in fixed rate long time before the situation in the
securities. financial markets are normalised and we
expect times of great uncertainty to come.
As part of the continuing liquidity Greece is facing the implementation of a
management, SpareBank 1 Østfold very demanding programme – a
Akershus must dispose of a reserve of programme that it is likely that they will
securities that can be utilised in several have big problems living up to in practical
ways to regulate the Group's need for life. The crisis in Spanish banks will
liquidity and as basis for collateral pledged probably roll over us in waves, and we can
in Norges Bank. The bank only has also expect some political insecurity as the
bounds to own high quality bonds. The election in Italy approaches.
holding of securities was NOK 1,415.5
million (1,215.8) at the end of the second However, the financial situation in
quarter and is reported at fair value in the Norway, where Sparebank 1 Østfold
balance sheet. Akershus carry out their activities, is very
positive and prospects for the future are
The currency activities are mainly in positive and stable.
connection with customers' trading. This
means that limited currency positions An important objective for the Board and
must be held. The Group is not much the administration after the merger was to
involved in currency-related instruments improve customer orientation in the
and the bank’s aggregate foreign currency Group. During this quarter, it has been
is significantly below the maximum limits. confirmed on many occasions that we are
on the right track through numerous
attractive customers wishing to enter into
Operational risk a long-term collaboration with SpareBank
Operational risk can be defined as the risk 1 Østfold Akershus.
of loss as a result of:
Underlying development in banking
• Human failure and insufficient operations is a good foundation for
expertise optimistic belief in the future. The bank is
• ICT systems failure well-equipped to strengthen their market
• Unclear policies, strategies or routines position in an attractive, growing
• Crime and internal fraud geographical area.
• Other internal causes
The competitive situation and
Both in the long and short term, developments in the funding market will
operational risk represents a threat which
-8-
9. SpareBank 1 Østfold Akershus Second quarter report 2012
continue to be important parameters for
the bank’s profit developments.
Collectively, SpareBank 1 Østfold
Akershus expects that development in the
Group is positive in the time to come.
The Board's opinion is that the bank is
well-equipped to meet the volatile
markets we foresee in the near future.
Moss, 14th August 2012
The Board of Directors of SpareBank1 Østfold Akershus
Jan A. Sannem Øystein Falch Jørgen Cato Broch
Chair Nestleder
Tom Grip Randi Sæter Tormod Melnæs
Trond Anstensrud Tove Mangård Janne-Gerd Kanebog
Employee rep.
Ivar Listerud
CEO
-9-
10. SpareBank 1 Østfold Akershus Second quarter report 2012
Statement from the Board of Directors and Managing Director
The Board and Managing Director have the information provides a correct image
today considered and decided the of the company’s and the Group’s assets,
accounts for the second quarter, the debts and financial position as a whole as
summarised company accounts and the of 30 June 2012 and 30 June 2011.
consolidated accounts for the second
quarter for Sparebank 1 Østfold Akershus The semi-annual report provides a correct
as of 30 June 2012, including summarised overview of important events in the
corresponding figures for 30 June 2011. accounting period and their influence on
the semi-annual accounts. The description
The semi-annual report was submitted in of the most important risk factors and
accordance with the requirements of IAS uncertainties that the enterprise faces in
34 interim reporting as determined by the the next accounting period, as well as the
EU as well as further Norwegian descriptions of important transactions
requirements in the legislation on trading made by closely related parties, will
securities (verdipapirhandelloven). provide a true overview.
In accordance with the best intentions of
the Board of Directors and the Managing
Director, the semi-annual accounts for
2011 have been prepared in agreement
with applicable accounting standards and
Moss, 14th August 2012
The Board of Directors of SpareBank1 Østfold Akershus
Jan A. Sannem Øystein Falch Jørgen Cato Broch
Chair Nestleder
Tom Grip Randi Sæter Tormod Melnæs
Trond Anstensrud Tove Mangård Janne-Gerd Kanebog
Employee rep.
Ivar Listerud
CEO
- 10 -
11. List of contents for the quarterly accounts
Key figures group ………………………………………………………………………………. 12
Income statement ……………………………………………………………………………… 13
Balance sheet ........................…………......................................... 14
Changes in equity..................................................................... 15
Equity certificates ratio.............................................................. 15
Cash flow statement.................................................................. 16
Results and key figures from group quarterly account.................... 17
Notes to the accounts
Note 1 Accounting principles.................................................. 18
Note 2 Losses on loans and guaranties.................................... 18
Note 3 Deposits by sector and industry................................... 19
Note 4 Gross lending by sector and industry............................ 19
Note 5 Segment informations................................................ 20
Note 6 Derivatives parent bank/group .................................... 21
Note 7 Capital adequacy parent bank/group............................. 22
Note 8 Other assets.............................................................. 22
Note 9 Other liabilities and pension liabilities............................ 23
Note 10 Debt raised by issue of securities................................. 23
Note 11 Investments in bonds ................................................ 24
Note 12 Equity certificate holders and distribution of equity capital 24
- 11 -
12. KEY FIGURES, GROUP
MAIN FIGURES 1/1-30/06-2012 1/1-30/06-2011 Year 2011
(thousand NOK) % % %
Net interest income 132 794 1.55 98 814 1.45 204,409 1.44
Net commission income and other income 93 242 1.09 61 628 0.91 196,595 1.39
Net return on financial instruments 51 776 0.60 4 700 0.07 10,137 0.07
Total income 277 812 3.24 165 142 2.43 411,142 2.90
Total operating expenses 157 855 1.84 113 132 1.66 252,313 1.78
Operating profit before losses 119 956 1.40 52 010 0.77 158,829 1.12
Loss on loans and guarantees 15 186 0.18 11 235 0.17 29,724 0.21
Profit before tax 104 771 1.22 40 775 0.60 129,104 0.91
Income tax expense 25 139 0.29 9 210 0.14 12,021 0.08
Income from continuing operations 79 631 0.93 31 565 0.46 117,083 0.83
Profit from operations held for sale, net of tax 600 0.01 0.00 -8,263 -0.06
Net profit 80 232 0.94 31 565 0.46 108,820 0.77
KEY FIGURES 30.06.2012 30.06.2011 31.12.2011
Profitability
1)
Return on equity after tax 11.36 % 6.23 % 9.85 %
Return on equity (total comprehensive income) 11.19 % 6.17 % 9.11 %
2)
Cost ratio 56.82 % 68.51 % 61.37 %
Statement of Financial Position
Gross loans to customers 13 571 264 11 149 572 14 543 513
Gross loans to customers including SpareBank 1 Boligkreditt 18 863 793 14 387 736 18 616 353
Deposits from customers 10 572 461 7 650 187 10 225 580
Deposit-to-loan ratio 77.90 % 68.61 % 70.31 %
Growth in loans last 12 months 21.72 % -2.74 % 27.61 %
Growth in loans including SB 1 Boligkreditt last 12 months 31.11 % 3.00 % 30.20 %
Growth in deposits last 12 months 38.20 % 8.74 % 41.04 %
Average total assets 17 200 829 13 702 829 14 170 077
Total assets 17 296 239 13 940 239 17 683 749
Total assets inkluding SpareBank 1 Boligkreditt 22 338 768 16 928 403 21 506 589
Losses and non-performing commitments
3)
Impairment losses ratio 0.23 % 0.20 % 0.20 %
Non-performing commitments as a percentage of gross loans 1.63 % 0.84 % 1.56 %
Other doubtful commitments as a percentage of gross loans 0.90 % 2.25 % 0.61 %
Non-performing commitments as a % of loans incl. Sp.b. 1 Boligkreditt 1.17 % 0.65 % 1.22 %
Other doubtful commitments as a % loans incl. Sp.b.1 Boligkreditt 0.64 % 1.74 % 0.48 %
Solidity
Capital adequacy ratio 14.24 % 14.54 % 14.51 %
Core capital ratio 13.75 % 13.10 % 13.67 %
Net equity and subordinated loan capital 1 264 026 1 040 038 1 333 529
Core capital 1 220 349 936 769 1 255 773
Branches and staff
Number of branches 13 11 13
Number of employees (full-time equivalents, annualised) 227.6 160.8 221
Equity Certificates ratio 5) 30.06.2012 2011 2010 2009 2008
Equity Certificates ratio 92.10 % 92.08 % 20.37 % 20.42 % 21.60 %
Market price 63.00 77.50 74.00 90.00 137.00
Market value mill NOK 585 720 109 133 202
Book equity per EC 6) 135.60 139.02 128.78 122.57 125.03
4)
Earnings per equity certificates (NOK) 7.96 10.79 8.57 5.25 10.68
Dividend per equity certificates (NOK) 0.00 2.00 2.36 1.60 10.50
Price/Earnings per EC - annualized 3.94 7.18 8.64 17.15 12.82
Price/Book equity 0.46 0.56 0.57 0.73 1.10
1) Profit as a percentage of average equity
2) Total operating expenses as a percentage of total operating income
3) Net losses expressed as a percentage of average gross loans year to date, annualized
4) Profit multiplied by the equity certificates percentage divided by the average number of certificates outstanding.
5) All figures except for the EC fraction is consolidated. Amended as of 2011, comparative figures have been restated.
6) Excl earnings so far this year
- 12 -
13. INCOME STATEMENT
PARENT BANK GROUP
30.06.2012 30.06.2011 Q2 2012 Q2 2011 2011 Income statement 30.06.2012 30.06.2011 Q2 2012 Q2 2011 2011
385 983 295 431 187 385 147 506 637 411 Interest income 382 115 294 482 186 912 146 992 633 457
249 724 196 269 118 141 98 233 431 286 Interest expenses 249 321 195 667 118 192 97 901 429 048
136 259 99 162 69 244 49 273 206 125 Net interest income 132 794 98 814 68 720 49 091 204 409
73 425 49 915 38 510 25 475 105 663 Commission income 97 965 64 457 52 784 33 445 138 336
6 943 4 388 3 173 1 991 9 185 Commission costs 6 967 4 388 3 186 1 991 9 196
896 121 876 113 58 410 Other operating income 2 244 1 558 1 578 801 67 455
67 378 45 648 36 214 23 598 154 889 Net commission income and other income 93 242 61 628 51 175 32 255 196 595
4 265 10 729 793 10 710 10 731 Dividend 4 265 2 921 793 2 902 2 923
21 425 218 21 425 218 Income from ownership interests 14 395 6 638 4 071 4 125 17 286
- 42 469 3 817 - 1 247 984 1 530 Net gain from securities trading 5 495 3 817 - 1 247 984 1 530
Net change in value on financial assets/liabilities
29 256 8 081 16 291 2 193 13 182 assessed at fair value: 29 256 8 081 16 291 2 193 13 749
Net change in value on currency and financial
- 1 634 - 16 757 1 411 - 2 773 - 25 351 derivatives assessed at fair value: - 1 634 - 16 757 1 411 - 2 773 - 25 351
10 842 6 087 38 674 11 114 310 Net return on financial instruments 51 776 4 700 21 319 7 432 10 137
214 479 150 897 144 132 83 985 361 324 Total income 277 812 165 142 141 214 88 778 411 142
70 688 47 806 32 478 22 100 105 565 Personnel expenses 84 364 56 331 39 585 26 521 125 694
32 948 22 326 15 951 11 413 56 152 Administration expenses 37 575 25 222 18 678 13 007 63 200
32 824 29 134 16 355 13 861 58 777 Other operating expenses 35 917 31 580 17 733 15 118 63 418
136 460 99 265 64 784 47 375 220 493 Total operating expenses 157 855 113 132 75 996 54 646 252 313
78 019 51 632 79 347 36 611 140 831 Operating profit before losses 119 956 52 010 65 218 34 132 158 829
- 37 296 11 235 7 171 5 954 29 724 Losses on loans and guarantees 15 186 11 235 7 171 5 954 29 724
115 315 40 397 72 177 30 656 111 107 Profit before tax 104 771 40 775 58 047 28 177 129 104
39 557 8 770 14 785 5 512 10 891 Income tax expenses 25 139 9 210 15 032 5 774 12 021
75 758 31 627 57 392 25 144 100 216 Income from continuing operations 79 631 31 565 48 190 22 403 117 083
Profit from operations held for sale, net of tax 600 - 8 263
75 758 31 627 57 392 25 144 100 216 Net profit 80 232 31 565 48 190 22 403 108 820
Comprehensive income statement
75 758 31 627 57 392 25 144 100 216 Net profit 80 232 31 565 48 190 22 403 108 820
Other comprehensive income
Changes in fair value of joint ventures - 27 - 27
Changes in market value of financial assets
- 1 193 - 262 - 1 728 - 283 1 472 available-for-sale - 1 193 - 293 - 1 728 - 283 1 441
Income tax on comprehensive income
- 1 193 - 262 - 1 728 - 283 1 472 Other comprehensive income - 1 220 - 293 - 1 755 - 283 - 8 191
74 566 31 365 55 664 24 861 101 688 Total comprehensive income 79 012 31 272 46 436 22 120 100 629
Profil distribution:
Majority 78 905 99 956
Not controlling interest 107 673
PARENT BANK GROUP
30.06.2012 30.06.2011 Q2 2012 Q2 2011 2011 Income statement as a percentage of average assets 30.06.2012 30.06.2011 Q2 2012 Q2 2011 2011
1.60 1.47 1.64 1.46 1.51 Net interest income 1.55 1.45 1.62 1.45 1.48
0.79 0.68 0.86 0.70 1.13 Net commission income and other income 1.09 0.91 1.21 0.95 1.42
0.13 0.09 0.92 0.33 0.00 Net return on financial instruments 0.60 0.07 0.50 0.22 0.07
2.52 2.24 3.42 2.50 2.64 Total income 3.24 2.43 3.33 2.62 2.98
1.60 1.47 1.54 1.41 1.61 Total operating expenses 1.84 1.66 1.79 1.61 1.83
0.91 0.77 1.88 1.09 1.03 Operating profit before losses 1.40 0.77 1.54 1.01 1.15
-0.44 0.17 0.17 0.18 0.22 Losses on loans and guarantees 0.18 0.17 0.17 0.18 0.22
1.35 0.60 1.71 0.91 0.81 Profit before tax 1.22 0.60 1.37 0.83 0.93
0.46 0.13 0.35 0.16 0.08 Income tax expenses 0.29 0.14 0.35 0.17 0.09
0.89 0.47 1.36 0.75 0.73 Income from continuing operations 0.93 0.46 1.01 0.66 0.85
0.00 0.00 0.00 0.00 0.00 Profit from operations held for sale, net of tax 0.01 0.00 0.12 0.00 0.00
0.89 0.47 1.36 0.75 0.73 Net profit 0.92 0.46 0.89 0.66 0.85
- 13 -
17. PERFORMANCE FROM QUARTERLY ACCOUNTS FOR THE GROUP
RESULTS Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
(thousand NOK) 2012 2012 2011 2011 2011 2011 2010 2010 2010
Interest income 186 912 195 203 184 869 154 106 146 992 147 490 157 719 156 661 150 466
Interest expenses 118 192 131 130 128 689 104 692 97 901 97 766 99 894 102 176 94 920
Net interest income 68 720 64 074 56 181 49 414 49 091 49 724 57 826 54 485 55 547
Commission income 52 784 45 181 38 830 35 049 33 445 31 013 32 818 34 604 34 707
Commission costs 3 186 3 781 2 598 2 211 1 991 2 397 2 274 2 637 2 504
Other operating income 1 578 666 65 307 590 801 757 1 179 604 605
Net commission income and other income 51 175 42 067 101 539 33 428 32 255 29 373 31 723 32 572 32 808
Dividend 793 3 472 2 2 902 18 2 2 1 174
Income from ownership interests 4 071 10 324 8 690 1 958 4 125 2 513 5 400 5 315 3 696
Net gain from securities trading - 1 247 6 743 1 166 - 3 453 984 2 833 2 912 3 810 6 695
value: 16 291 12 964 6 387 - 719 2 193 5 888 4 622 1 134 1 887
Net change in value of currency and financial derivatives
assessed at actual value: 1 411 - 3 045 - 15 035 6 442 - 2 773 - 13 984 - 3 305 - 4 562 5 866
Net return on financial investments 21 319 30 457 1 208 4 229 7 432 - 2 732 9 631 5 699 19 319
Total income 141 214 136 598 158 928 87 072 88 778 76 365 99 179 92 755 107 673
Personnel costs 39 585 44 779 39 888 29 476 26 521 29 810 38 361 28 060 28 788
Administration costs 18 678 18 897 19 754 18 223 13 007 12 215 14 739 10 233 12 354
Other operating expenses 17 733 18 183 24 772 7 067 15 118 16 461 20 955 12 463 12 590
Total operating expenses 75 996 81 859 84 414 54 766 54 646 58 486 74 055 50 756 53 733
Operating profit before loss 65 218 54 738 74 513 32 305 34 132 17 878 25 125 41 999 53 941
Loss on loans and guarantees 7 171 8 015 6 506 11 984 5 954 5 280 4 653 629 6 234
Profit before tax 58 047 46 724 68 008 20 321 28 177 12 598 20 471 41 370 47 707
Income tax expense 15 032 10 108 - 2 835 5 646 5 774 3 436 578 13 330 11 922
Income from continuing operations 73 079 56 831 65 172 14 675 22 403 9 163 19 893 28 039 35 785
Profit from operations held for sale, net of tax 5 175 - 4 574 - 8 263
Net profit 48 190 32 042 62 580 14 675 22 403 9 163 19 893 28 039 35 785
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
(thousand NOK) 2012 2012 2011 2011 2011 2011 2010 2010 2010
KEY FIGURES
Profitability
Return on equity after tax 1) 13.57 % 9.15 % 20.20 % 5.59 % 8.77 % 3.66 % 7.81 % 11.22 % 14.92 %
Return on equity (total comprehensive income) 13.54 % 9.30 % 20.22 % 5.83 % 9.02 % 3.65 % 8.21 % 10.67 % 13.90 %
Cost ratio 53.82 % 59.93 % 53.11 % 62.90 % 61.55 % 76.59 % 74.67 % 54.72 % 49.90 %
Statement and financial Position
Gross loans to customers 13 571 264 13 926 418 13 895 419 11 019 370 11 149 572 11 466 990 11 396 696 11 349 793 11 463 228
Gross loans to customers including SpareBank 1 Boligkreditt 18 863 793 18 599 506 17 968 259 14 548 915 14 387 736 14 248 338 14 298 288 14 116 251 13 968 496
Customer deposits 10 572 461 10 105 013 10 110 794 7 472 206 7 650 187 7 216 286 7 250 272 7 009 672 7 035 210
Deposit-to-loan ratio 77.90 % 72.56 % 72.76 % 67.81 % 68.61 % 62.93 % 63.62 % 61.76 % 61.37 %
Growth in loans last 12 months 21.72 % 24.91 % 21.92 % -2.91 % -2.74 % 0.23 % 0.77 % -1.83 % -1.63 %
Growth in loans including SB 1 Boligkreditt last 12 months 31.11 % 29.27 % 25.67 % 3.06 % 3.00 % 3.14 % 4.41 % 3.42 % 4.13 %
Growth in deposits last 12 months 38.20 % 44.16 % 44.24 % 6.21 % 13.20 % 6.78 % 8.82 % 8.71 % 8.69 %
Average total assets 17 000 494 17 224 223 15 484 303 13 774 287 13 612 374 13 795 130 13 716 020 13 968 296 13 815 380
Total assets 17 296 239 17 096 276 17 683 749 13 317 620 13 940 239 13 502 174 13 830 087 13 553 846 14 069 784
Total assets including SpareBank 1 Boligkreditt 22 338 768 21 519 364 21 506 589 16 597 166 16 928 403 16 033 523 16 481 679 16 070 304 16 325 052
Losses and non-performing commitments
Impairment losses ratio 3) 0.11 % 0.23 % 0.19 % 0.43 % 0.21 % 0.19 % 0.16 % 0.02 % 0.22 %
Non-performing commitments as percentage of gross loans 1.63 % 1.62 % 1.63 % 0.98 % 0.84 % 0.65 % 0.61 % 1.97 % 1.47 %
Other doubtful commitments as percentage of gross loans 0.90 % 0.98 % 0.64 % 2.31 % 2.25 % 2.13 % 2.16 % 0.94 % 2.33 %
Solidity
Capital adequacy ratio 14.24 % 14.61 % 14.51 % 14.46 % 14.54 % 14.75 % 14.63 % 13.75 % 13.78 %
Core capital ratio 13.75 % 14.01 % 13.67 % 13.01 % 13.10 % 13.17 % 13.05 % 12.04 % 12.01 %
Net equity and subordinated loan capital 1 264 026 1 298 183 1 333 529 1 040 529 1 040 038 1 060 341 1 063 042 1 005 060 1 017 856
Core capital 1 220 349 1 244 308 1 255 773 936 055 936 769 947 144 948 646 880 336 887 143
Branches and staff
Number of branches 13 13 13 11 11 11 11 11 11
Number of employees (full-time equivalents, annualised) 227.6 224.6 220.5 158.2 160.8 161.5 161.6 165.7 165.9
PRIMARY CAPITAL CERTIFICATES 5)
Market price 63.00 73.50 77.50 85.50 107.00 102.50 101.00 92.00 92.00
Number of issued certificates 9 288 399 9 288 399 9 288 399 1 472 600 1 472 600 1 472 600 1 472 600 1 472 600 1 472 600
Book equity per PCC 135.60 136.38 133.27 132.15 132.05 133.43 138.70 115.73 115.54
Earnings per primary capital certificate per quarter (NOK) 4) 4.78 3.18 -0.13 1.95 2.95 1.20 2.95 3.81 5.17
Price/Earnings per PCC - annualized 3.28 5.77 12.98 10.47 12.77 21.02 7.00 6.00 5.96
Price/book equity 0.46 0.54 0.58 0.65 0.81 0.77 0.73
1) Profit as a percentage of average equity
2) Total operating expences as percentage of total operating incom e
3) Net losses expressed as a percentage of gross lending year to date, annualized
4) Group profit per quarter m ultiplied by the equity certificate percentage divided by the average number og certificates outstanding
5) All figures except earnng per equity certificate is consolidated. Changed from 2011, com parative figures have been restated.
6) Eksl resultat hittil i år
- 17 -
18. Note 1 Accounting policies
The consolidated accounts and the parent bank accounts for SpareBank 1 Østfold Akershus have
been prepared in accordance with international standards for financial reporting (IFRS). The
foundation for the quarterly report is IAS 34 Interim Financial Reporting.
We have followed the same principles for reporting and calculation in this quarterly report as in
the previous annual accounts.
The quarterly report was not revised.
Note 2 Loan losses, guarantees, etc.
Parent bank Loss costs for the period Group
30.06.12 30.06.11 31.12.11 (thousand NOK) 30.06.12 30.06.11 31.12.11
- 56 543 6 173 8 480 Change in individual write-downs in the period - 4 061 6 173 8 480
2 545 - 1 300 - 4 325 Change in group write-downs in the period 2 545 - 1 300 - 4 325
2 517 1 417 3 908 Change in amortisation effects 2 517 1 417 3 908
13 754 6 314 14 104 Actual losses in the period where loss provisions had previously been made 13 754 6 314 14 104
2 740 1 543 10 295 Actual losses in the period where loss provisions had not previously been made 2 740 1 543 10 295
- 2 309 - 2 911 - 2 737 Additions to previous actual losses in the period - 2 309 - 2 911 - 2 737
- 37 296 11 235 29 724 Loss costs for the period 15 186 11 235 29 724
Parent bank Individual write-downs Group
30.06.12 30.06.11 31.12.11 (thousand NOK) 30.06.12 30.06.11 31.12.11
124 308 81 361 81 361 individual write-downs at the beginning of the period 71 826 81 361 81 361
32 794 + Increase in write-downs as a cpmsequence of merging of enterprices - 19 688
- Actual losses on lending, guarantees etc in the period, where
- 13 753 - 6 314 - 14 104 individual write-downs have previously been made - 13 753 - 6 314 - 14 104
- 60 598 - 5 126 - 10 206 - reversal of write-downs made in previous years - 8 116 - 5 126 - 10 206
8 800 6 580 9 018 + loss provisions on commitments where loss provisions had not previously been made 8 800 6 580 9 018
+ increase in write-downs on commitments where individual
9 008 10 326 23 772 write-downs had previously been made 9 008 10 326 23 772
- 1 222 707 1 673 amortisation effects - 1 222 707 1 673
66 542 87 534 124 308 individual write-downs at the end of the period *) 66 542 87 534 71 826
*) induvidual write-downs on guarantees are recordet in the balance as debt under "Other liabilities" and is as of 31.03.2012 mNOK 0 (mNOK 7.2 in 2011) for
parent bank and the Group. As of 31.12.2011 the write-downs were mNOK 11.6 for the parent bank and mNOK0.1 for the Group
Parent bank Group write-downs Group
30.06.12 30.06.11 31.12.11 (thousand NOK) 30.06.12 30.06.11 31.12.11
23 367 19 700 19 700 Group write-downs to cover loan losses, losses on guarantees, etc. OB 23 367 19 700 19 700
7 992 + Increase in write-downs as a cpmsequence of merging of enterprices 7 992
2 545 - 1 300 - 4 325 + Group write-down for the period to cover loan losses, losses on guarantees, etc. 2 545 - 1 300 - 4 325
25 912 18 400 23 367 Group write-downs to cover loan losses, losses on guarantees, etc. CB 25 912 18 400 23 367
Parent bank Defaulted loans Group
30.06.12 30.06.11 31.12.11 (thousand NOK) 30.06.12 30.06.11 31.12.11
221 319 93 957 356 710 Gross defaulted loans 221 319 93 957 226 710
- 33 390 - 7 759 - 78 510 Individual write-downs - 33 390 - 7 759 - 40 977
187 930 86 198 278 200 Net defaulted loans 187 930 86 198 185 733
15 % 8% 13 % Provision rate 15 % 8% 13 %
Parent bank Other doubtful commitments Group
30.06.12 30.06.11 31.12.11 (thousand NOK) 30.06.12 30.06.11 31.12.11
121 523 250 589 101 003 Other doubtful commitments 121 523 250 589 88 549
- 33 153 - 68 082 - 34 238 Individual write-downs - 33 153 - 68 082 - 30 749
88 370 182 508 66 766 Net doubtful commitments 88 370 182 508 57 801
27 % 27 % 29 % Provision rate 27 % 27 % 29 %
- 18 -