Note 3 - Account by business line

For the subsidiaries the figures refer to the respective company accounts, while for joint ventures incorporated by the equity method the Group’s profit share is stated, after tax, as well as book value of the investment at group level.

The segment SB1 Markets comprises the subsidiary SpareBank 1 Markets as from the second quarter of 2015. SpareBank 1 Markets became a subsidiary on 1 April 2015 when SpareBank 1 SMN integrated its markets activity into SpareBank 1 Markets and at the same time increased its holding to 73.4 per cent. As a consequence, the result as of 30 June 2015 is solely the result for the second quarter.

In the reporting on the first quarter of 2015 and previously, the segment Markets comprised SpareBank 1 SMN's own markets activity in the parent bank. The result for the first quarter of 2015 is now, in the second quarter, moved to the column 'uncollated'. For 2014 the segment Markets continues to comprise the bank's own markets activity. For a further description of the transaction involving SpareBank 1 Markets, see note 2 - critical estimates and assessment concerning the use of accounting principles.

Group 30 June 2015
Profit and loss account (NOKm) RM CM SB1 Markets EM1 SB1 Finans MN SB1 Regnskaps huset SMN SB1 Gruppen BN Bank Uncollated Total
Net interest 442 450 -1 1 73 -0 - - -32 934
Interest from allocated capital 31 37 - - - - - - -68 -
Total interest income 473 487 -1 1 73 -0 - - -100 934
Commission income and other income 348 84 23 191 0 117 - - 26 790
Net return on financial investments ***) 0 7 26 - - - 128 35 166 362
Total income *)  821 578 49 193 73 117 128 35 93 2,086
Total operating expenses 370 175 59 164 27 97 - - 58 950
Ordinary operating profit 451 403 -10 29 46 20 128 35 35 1,137
 Loss on loans, guarantees etc.  3 49 - - 3 - - - 1 56
Result before tax including held for sale 448 354 -10 29 43 20 128 35 33 1,080
Post-tax return on equity**) 17.0 % 13.0 %               13.7 %
                     
Balance (NOKm)                     
Loans and advances to customers 81,352 38,090 - - 3,937 - - - 1,140 124,519
Adv. of this to SB1 Boligkreditt and SB1 Næringskreditt -29,057 -1,283 - - - - - - -1 -30,340
Individual allowance for impairment on loan -22 -136 - - -8 - - - -2 -168
Group allowance for impairment on loan -90 -188 - - -17 - - - -0 -296
Other assets  171 8 1,471 264 18 144 1,381 1,149 32,570 37,174
Total assets 52,353 36,490 1,471 264 3,930 144 1,381 1,149 33,707 130,888
                     
Deposits to customers  33,915 31,552 - - - - - - 719 66,186
Other liabilities and equity 18,438 4,939 1,471 264 3,930 144 1,381 1,149 32,988 64,702
Total liabilites  52,353 36,490 1,471 264 3,930 144 1,381 1,149 33,707 130,888

 

 

Group 30 June 2014
Profit and loss account (NOKm) RM CM Markets EM1 SB1 Finans MN SB1 Regnskaps huset SMN SB1 Gruppen BN Bank Uncollated Total
Net interest 404 411 -3 1 62 -0  -   -  -33 843
Interest from allocated capital 21 33 0 - - -  -   -  -54 -
Total interest income 425 444 -3 1 62 -0  -   -  -87 843
Commission income and other income 383 80 12 177 -2 106  -   -  25 780
Net return on financial investments ***) 0 13 20 - - - 150 55 219 459
Total income *)  809 537 30 178 60 106 150 55 156 2,081
Total operating expenses 380 150 31 152 26 87 - - 57 884
Ordinary operating profit 428 387 -2 26 34 19 150 55 99 1,197
 Loss on loans, guarantees etc.  1 28 0 - 3 - - - 0 32
Result before tax including held for sale 427 359 -2 26 32 19 150 55 99 1,165
Post-tax return on equity**) 39.3 % 18.0 %               16.8 %
                     
Balance (NOKm)                     
Loans and advances to customers 75,564 34,812 - - 3,516 -  -   -  927 114,819
Adv. of this to SpareBank 1 Boligkreditt -28,208 -1,146 - - - -  -   -  -1 -29,355
Individual allowance for impairment on loan -28 -134 - - -13 -  -   -  -0 -176
Group allowance for impairment on loan -90 -188 - - -16 -  -   -  - -294
Other assets  165 -22 - 256 7 138 1,228 1,164 30,828 33,765
Total assets 47,403 33,322 - 256 3,494 138 1,228 1,164 31,753 118,758
                     
Deposits to customers  32,150 25,867 - - - - - - 1,386 59,402
Other liabilities and equity 15,253 7,455 - 256 3,494 138 1,228 1,164 30,367 59,356
Total liabilites  47,403 33,322 - 256 3,494 138 1,228 1,164 31,753 118,758
*) A portion of capital market income (Markets) is distributed on RM and CM
**) As from the third quarter 2014, calculation of capital employed in Retail Banking and Corporate Banking is based on regulatory capital. This capital is grossed up to 13.5 percent to be in line with the capital plan

 

***) Specification of net return on financial investments (NOKm) 30 June 2015 30 June 2014
Capital gains/dividends, shares 70 214
Bonds and derivatives -21 -3
Forex and fixed income business, Markets 64 34
Net return on financial investments 114 245
SpareBank 1 Gruppen 128 150
SpareBank 1 Boligkreditt  50 12
SpareBank 1 Næringskreditt 15 20
BN Bank 35 55
SpareBank 1 Markets -2 -18
SpareBank 1 Kredittkort   10 -5
Companies owned by SpareBank 1 SMN Invest   13 -
Other companies -0 -1
Income from investment in related companies 248 214
Total 362 459
© SpareBank 1 SMN