Interim report Q3 2019 Headlines Q3 2019 (Figures in brackets are - - PowerPoint PPT Presentation
Interim report Q3 2019 Headlines Q3 2019 (Figures in brackets are for the same period last year) Solid growth in loans to customers: 5,7 % over the past year Growth in net interest income: NOK 241 mill. (NOK 211 mill.) Cost/income ratio: 37,0 %
Solid growth in loans to customers: 5,7 % over the past year Growth in net interest income: NOK 241 mill. (NOK 211 mill.) Cost/income ratio: 37,0 % (34,2 %). Low impairment loss: NOK 9 mill. (NOK 15 mill) Good liquidity and solidity:
Return on equity: 11,2 % (11,4 %)
(Figures in brackets are for the same period last year)
13,5 % 7,9 % 10,8 % 10,1 % 12,5 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 14,7 % 15,4 % 15,3 % 14,8 % 14,7 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 % 18,0 %
Q3 2018 4Q 2018 Q1 2019 Q2 2019 Q3 2019 0,03 %
0,00 % 0,02 % 0,02 %
0,00 % 0,05 % 0,10 % 0,15 % 0,20 % 0,25 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 34,2 % 56,8 % 43,3 % 41,6 % 37,0 %
0,0 % 10,0 % 20,0 % 30,0 % 40,0 % 50,0 % 60,0 % 70,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Development important key figures
Cost/income ratio Impairment loss Return on equity Core Tier 1 capital adequacy ratio
Growth in net interest income
213 228 220 230 241
50 100 150 200 250 300
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 1,57 1,67 1,62 1,65 1,69
0,00 0,20 0,40 0,60 0,80 1,00 1,20 1,40 1,60 1,80
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Net interest income Net interest income as a precentage of average assets
Solid growth in the retail market
Deposits retail market Loans retail market
Purchase of a portfolio of mortgage loans from Eiendomskreditt in June 2018.
35,6 36,1 36,4 37,2 37,7 7,3 % 7,2 % 7,3 % 5,4 % 5,8 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 5 10 15 20 25 30 35 40
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 NOK billion 12 months growth in % 16,7 16,7 17,0 17,7 17,5 4,9 % 4,7 % 5,9 % 4,4 % 4,9 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 5 10 15 20 25 30
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 NOK billion 12 months growth in %
10,6 10,5 10,6 11,0 10,6
2,2 % 0,3 %
0,0 % 5,0 % 10,0 % 15,0 % 20,0 % 2 4 6 8 10 12 14
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 NOK billion 12 months growth in %
Solid growth in lendings to the corporate market
Loans corporate market Deposits corporate market
. 12,1 12,3 12,4 12,6 12,7 5,0 % 5,2 % 3,9 % 6,5 % 4,8 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 2 4 6 8 10 12 14
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 NOK billion 12 months growth in %
35 36 32 37 36 51
30 20 45 86 13 62 56 81
20 40 60 80 100 120 140
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Other oper. income
Growth in total income
Total income
Figures per quarter in mill. NOK.
Other income
213 228 220 230 241 86 13 62 56 81 299 241 282 286,4 322
20 70 120 170 220 270 320
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Net interest income Other operating income
Cost efficient operations
Operating expenses Cost/income ratio
Figures per quarter in mill. NOK. Low costs in Q3 due to impact from holiday pay. Accrued over the year from 2019.
102 137 122 119 119
20 40 60 80 100 120 140 160
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 34,2 % 56,8 % 43,3 % 41,6 % 37,0 %
0,0 % 10,0 % 20,0 % 30,0 % 40,0 % 50,0 % 60,0 % 70,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Low impairment loss. Solid loan loss reserves
Impairment loss Impairment provisions
Figures per quarter in mill. NOK.
15
1 8 9
10 20 30 40
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 301 291 295 301 306
0,63 % 0,60 % 0,61 % 0,60 % 0,61 %
0,00 % 0,20 % 0,40 % 0,60 % 0,80 % 1,00 % 50 100 150 200 250 300 350
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
As a % of gross lending
Profit before tax
Figures per quarter in mill. NOK.
Solid performance in Q3 2019
182 117 159 159 194
50 100 150 200 250
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Solid comprehensive income and return on equity
Total comprehensive income Return on equity
Figures for the quarters in NOK mill. Return on equity is calulated based on the opening equity excl. hybrid capital.
149 90 126 117 148
20 40 60 80 100 120 140 160
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 13,5 % 7,9 % 10,8 % 10,1 % 12,5 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
14,7 % 15,4 % 15,3 % 14,8 % 14,7 % 0,9 % 0,9 % 0,9 % 0,8 % 0,8 % 2,1 % 2,1 % 2,1 % 2,6 % 2,6 % 17,7 % 18,4 % 18,2 % 18,2 % 18,1 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 % 18,0 % 20,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Tier 1 capital adequacy ratio Hybrid capital Suplementary capital
Solid capital adequacy ratio
Capital adequacy ratio Leverage ratio
7,9 % 8,5 % 8,3 % 8,0 % 8,0 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Capital adequacy and leverage ratio are measured without including net profit year to date. If we include net profit year to date less a proportion of expected dividends, the core tier 1 capital adequacy ratio would be 15,6 %
High leverage ratio compared to IRB banks
Leverage ratio Return on equity
If SSF had the same leverage ratio as the average of norwegian savings banks with advance IRB, we would have reported an ROE so far this year of 12,7 % 8,47 % 7,42 % SSF Average norwegian savings banks with advanced IRB 11,2 % 1,6 % 12,7 % 30.09.2019 Return on Equity Adjusted for high leverage ratio
Segments and industries
Lending segments Lendings to the corporate market
25 % 75 % Corporate market Retail market
309 509 644 786 821 920 1.284 1.522 1.840 4.026
Transport Hotels/tourism Commerce Electrical power Services Industry and mining Building and construction Farming and forestry Fishing and fish farming Property managment
Corporate market credit risk
Loans to the corporate market at high risk Loans to the corporate market in default
9,1 % 9,2 % 10,2 % 10,1 % 10,0 %
0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 1,67 % 0,77 % 0,79 % 0,90 % 0,82 %
0,00 % 1,00 % 2,00 % 3,00 % 4,00 % 5,00 % 6,00 % 7,00 % 8,00 % 9,00 % 10,00 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Loans to the RM in default (%) Composition of risk for loans to RM
69,1 % 69,3 % 71,3 % 70,1 % 69,9 % 27,5 % 27,0 % 25,2 % 26,1 % 26,4 % 3,4 % 3,6 % 3,5 % 3,8 % 3,7 %
0,0 % 10,0 % 20,0 % 30,0 % 40,0 % 50,0 % 60,0 % 70,0 % 80,0 % Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Low risk Middle risk High risk
0,19 % 0,22 % 0,33 % 0,32 % 0,36 %
0,00 % 0,50 % 1,00 % 1,50 % 2,00 %
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Maturity structure of funding
Figures in NOK mill.
267 1.887 2.200 2.100 800 400 400 1.009 2.500 2.500 2.500 2.500 2.225 500 430 182 150 100 200 200 200 1.000 2.000 3.000 4.000 5.000 6.000 2019 2020 2021 2022 2023 2024 2025 2033 2034 Senior bonds and commercial papers Covered bonds Subordinated debt and hybrid capital (call date)
Nr 1 in gender equality! The newest SHE Index ranks SSF as number one amongst 91 large companies in Norway.
Corvus Energy given the first DRIV award, an environmental award initiated by, amongst others, SSF
Sparebanken Sogn og Fjordane
Visiting address: Langebruvegen 12 6801 Førde Website: www.ssf.no E-mail address: kundesenter@ssf.no Organisation no: 946 670 081 Tel no. 57 82 97 00 Contact: Trond Teigene Frode Vasseth CEO CFO
6,7 4,1 5,6 5,3 6,6
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Posted equity per equity certificate
Posted equity per equity certificate Comprehensive income per equity certificate
Figures in NOK per quarter
205,9 209,2 207,8 212,9 219,4
0,0 50,0 100,0 150,0 200,0
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019