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SVEG - increased loan loss provisions for fourth quarter 2013

January 22, 2014

As part of the year end financial statements a review of Sparebanken Vest's credit commitment has been undertaken in the corporate market. On the basis of this review the bank is to increase individual write-downs with NOK 110 million , mainly in commitments in the shipping segment. In addition, for the fourth quarter of 2013 collective write-downs of NOK 68 million will be recognized. Furthermore, net provisions and recoveries are done in the retail and corporate markets with a total negative effect of NOK 11 million . It should be noted that the losses mentioned are provisions and not actual losses. Total loan loss provisions for the quarter will thus affect bank profits negatively with NOK 189 million . Write-downs on loans and guarantees for all of 2013 will total NOK 280 million . The risk profile of the bank's corporate portfolio as a whole is expected to be in line with what was reported in the third quarter of 2013. However, the level of loan loss provisions has increased. Regarding the results for the fourth quarter and preliminary figures for 2013, the bank will present this on February 6, 2014 . Other income statement items and capital structure will be largely in line with what was outlined in the quarterly presentation for the third quarter of 2013. Contact persons Jan Erik Kjerpeseth, Managing director Tel: +47 951 98 430 Frank Johannesen , Director of Finance and Risk Management Tel: +47 952 65 971 This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act. Click here for more information: http://www.newsweb.no/index.jsp?messageId=344300


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Source: Oslo Bors Newsfeed


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