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 73.3 per cent. As a consequence, the result as of 31 December 2015 is solely the result for the second to fourth quarter. The stake was increased to 73.46 per cent in the fourth quarter as a result of a stock issue.

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.

Group 31 Dec 2015  
Profit and loss account (NOKm) RM                               CM SB1  Markets EM 1 SB 1 Finans MN SB 1 Regnskaps- huset SMN SB1 Gruppen BN Bank Uncollated Total
Net interest  907 922 -2 4 154 -0 -  -  -112 1,872
Interest from the allocated capital 41 48 -  -  -  -  -  -  -89 -
Total interest income 948 971 -2 4 154 -0  -   -  -202 1,872
Commission income and other income 715 180 56 360 33 197 -  -  5 1.545
Net return on financial investments ***)  1 13 50 - - - 251 41 101 458
Total income * 1,663 1,164 104 364 187 197 251 41 -96 3,876
Total operating expenses 779 353 188 317 97 162 -  -  35 1,931
Ordinary operating profit 884 810 -85 47 91 35 251 41 -131 1,945
Loss on loans, guarantees etc.  11 151 - - 8 - - - -2 169
Result before tax including held for sale 873 659 -85 47 83 35 251 41 -129 1,776
Post-tax return on equity **) 15.8% 12.4%               10.7%
                     
Balance (NOKm)                      
Loans and advances to customers  84,981 37,226 - - 4,376 - - - 796 127,378
Adv. of this to SB1 Boligkreditt and SB1 Næringskreditt  -32,061 -1,343 - - - - - - - -33,404
Individual allowance for impairment on loan  -28 -146 - - -7 - - - -2 -183
Group allowance for impairment on loan  -95 -264 - - -18 - - - 1 -376
Other assets  140 3 1,456 281 4 144 1,509 1,157 33,803 38,499
Total assets 52,937 35,476 1,456 281 4,355 144 1,509 1,157 34,598 131,914
Deposits to customers  33,534 30,367 - - - - - - 188 64,090
Other liabilities and equity  19,402 5,108 1,456 281 4,355 144 1,509 1,157 34,410 67,824
Total liabilities 52,937 35,476 1,456 281 4,355 144 1,509 1,157 34,598 131,914

 

Group 31 Dec 2014  
Profit and loss account (NOKm) RM CM      Markets EM 1 SB 1 Finans MN SB 1 Regnskaps- huset SMN SB1 Gruppen BN Bank Uncollated Total
Net interest  873 840 -9 5 130 6  -   -  -55 1,790
Interest from the allocated capital 40 67 -0 - - -  -   -  -107 -
Total interest income 913 906 -9 5 130 6  -   -  -162 1,790
Commission income and other income 762 159 19 359 -4 182  -   -  35 1.512
Net return on financial investments ***)  1 29 27 - - - 358 93 212 720
Total income * 1,675 1,095 37 364 126 188 358 93 85 4,021
Total operating expenses 809 318 58 313 50 148 - - 93 1,789
Ordinary operating profit 867 777 -21 51 75 40 358 93 -7 2,232
Loss on loans, guarantees etc.  6 77 - - 8 - - - -2 89
Result before tax including held for sale 861 699 -21 51 68 40 358 93 -6 2,144
Post-tax return on equity **) 19.2% 10.0%               15.1%
                     
Balance (NOKm)                     
Loans and advances to customers  78,388 36.872 - - 3.637 -  -   -  1,537 120,435
Adv. of this to SB1 Boligkreditt and SB1 Næringskreditt  -28,490 -1.366 - - - -  -   -  -1 -29,857
Individual allowance for impairment on loan  -25 -139 - - -8 -  -   -  -0 -172
Group allowance for impairment on loan  -90 -188 - - -16 -  -   -  -0 -295
Other assets  240 457 - 284 11 139 1,421 1,201 32,218 35,936
Total assets 49,987 35,636 - 284 3,625 139 1,421 1,201 33,754 126,047
Deposits to customers  31,589 28,463 - - - - - - 629 60,680
Other liabilities and equity  18,398 7,173 - 284 3,625 139 1,421 1,201 33,125 65,367
Total liabilities 49,987 35,636 - 284 3,625 139 1,421 1,201 33,754 126,047
*) 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 including held for sale (NOKm)    2015 2014
Capital gains/dividends, shares 62 202
Bonds and derivatives -90 -66
Change in discount factor in fair value model for fixed interest loans -64 - 
Forex and fixed income business, Markets 102 57
Sum verdiendringer finansielle eiendeler 11 193
SpareBank 1 Gruppen 251 358
SpareBank 1 Boligkreditt  80 38
SpareBank 1 Næringskreditt 30 41
BN Bank 41 93
SpareBank 1 Kredittkort 21 2
Companies owned by SpareBank 1 SMN Invest 27 31
Other companies -2 -34
Income from investment in related companies 448 527
Total 458 720
© SpareBank 1 SMN