Sparebank 1 Ostlandet · OSL:SPOL
Sparebank 1 Ostlandet — SpareBank 1 Østlandet — Q4 2017 Earnings Presentation
80 slides from Sparebank 1 Ostlandet's earnings presentation, Feb 12, 2018
Slide 1: Company presentation Q4 2017
Company presentation Q4 2017 Including supplementary information 12 February 2018
Slide 2: Disclaimer
• This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. • Although SpareBank 1 Østlandet believes that the expectations reflected in such forward-looking statements are reasonable, no a
Slide 3: Introduction
Introduction © crazybutterflys.com © berkutschi.com
Slide 4: A long and profitable history
A long and profitable history Norway's fourth largest savings bank * with a broad, established customer base History from 1845 – known as Sparebanken Hedmark ("SBHE") until 1 April 2017. Norway's fourth largest savings bank * with total adjusted assets (incl. covered bonds) of NOK 147 billion. Opera
Slide 5: Solid position and growth opportunities
Solid position and growth opportunities Market leader in Hedmark, market challenger in other counties Hedmark Oslo Population 197,000 Population 669,000 Market share* RM 49 % Market share RM 11 % Market share CM 45 % Market share CM 2% Position market leader Position growth market Unemployment 1.7 %
Slide 6: Financial results
Financial results 75 SpareBank, SpareBank © @STLANDET
Slide 7: Financial results for the fourth quarter of 2017
Financial results for the fourth quarter of 2017 (Last year's figures in brackets) Pre-tax profit in Q4-17 at NOK 422 million (NOK 294 million). Profitable Pre-tax profit in 2017 at NOK 1,618 million (NOK 1,371 million). ROE in Q4-17 at 10.4 % (9.4 %). Good return on equity ROE in 2017 at 10.2 % (10
Slide 8: The Group is delivering on its financial targets
The Group is delivering on its financial targets Targets and performance 2017 Profitability Return on equity at least 10% 10.2 % Dividends 50% pay-out ratio 50 % Solidity CET 1 at 16 % 16.8 % 8
Slide 9: Key financials – quarterly
Key financials – quarterly (1) Net interest income and commission fees from Pre-tax profit (NOK millions) the covered bond companies (NOK millions) 476 422 361 358 598 611 294 521 540 573 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Losses on loans and guarantees (NOK millions) Total
Slide 10: Key financials – quarterly
Key financials – quarterly (2) Return on equity (%) Core equity tier 1 capital ratio (%) 16.9 16.9 16.8 16.7 16.7 12.0 10.4 9.4 9.2 9.0 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Lending growth 12 months (incl. covered bond Deposit growth 12 months companies) 10.7% 9.3% 8.0% 7.9% 8.
Slide 11: Income statement Q4-2017
Income statement Q4-2017 Group Q4-2017 Q4-2016 2017 2016* Net interest income 501 452 1,956 1,490 Net commissions 285 252 1,095 759 Other operating income 29 43 168 180 Total operating costs 550 477 1,898 1,203 Profit banking operations before losses 265 270 1,321 1,226 Net losses and write-downs -1
Slide 12: Income statement Q4-2017
Income statement Q4-2017 Adjusted (pro forma) Group* Reported Adjusted 4Q- 2017 4Q- 2016 2017 2016* Net interest income 501 452 1,956 1,739 Net commissions 285 252 1,095 1,040 Other operating income 29 43 168 189 Total operating costs 550 477 1,898 1,573 Profit for banking operations before losses 2
Slide 13: Profit contributions from subsidiaries
Profit contributions from subsidiaries 2017 (2016) SpareBank 1 Finans Østlandet - Profit before tax NOK 158 million (NOK 115 million) - Good growth and increasing profitability EiendomsMegler 1 Hedmark - Profit before tax NOK 14 million (NOK 19 million) - Solid market position, good profitability Ei
Slide 14: Contribution from joint ventures
Contribution from joint ventures 2017 (2016) SpareBank 1 Gruppen - Profit before tax NOK 2,210 million (NOK 2,019 million) - Ownership 12.4 % SpareBank 1 Boligkreditt AS - Profit before tax NOK -238 million (NOK -146 million) - Ownership 21.1 % SpareBank 1 Næringskreditt - Profit before tax NOK 79 m
Slide 15: Solid growth in net interest income
Solid growth in net interest income Net interest income incl. commissions from covered bond companies • Strong development in net 140 0 1,8 8% 1.86% 1.86% 1.85% 120 0 1.84% 1,8 6% interest income in the last year 100 0 1,8 4% • Increase of NOK 90 million 1.79% 800 1,8 2% 573 598 611 from Q4-16 to Q4
Slide 16: Solid lending growth in 2017 as well
Solid lending growth in 2017 as well Lending volume, Group, incl. transferred to the covered bond companies (NOK billions) 127 129 122 124 119 • Lending growth in the Group in the last 38 39 37 37 37 12 months was 8.4 % • Lending growth retail 8.7 % • Lending growth corporates 7.7 % 83 85 88 89 90 Q
Slide 17: Lending margins
Lending margins Retail market and corporate market (parent bank) 2.76% 2.68% 2.66% 2.68% 2.56% 1.92% 1.93% 1.85% 1.71% 1.58% Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Lending margin, RM, incl. covered bond companies Lending margin, CM, incl. covered bond companies 17
Slide 18: Good utilisation of quotas in the mortgage regulation
Good utilisation of quotas in the mortgage regulation* Daily follow-up ensures that utilisation remain within the permitted quota Utilisation of flexibility quota in the fourth quarter of 2017 • Loan to Value (LTV): 85 % ‐ 75 % legal limit for cover pool City of Oslo • Secondary housing and flexible
Slide 19: High quality credit process (1)
High quality credit process (1) Percentage of granted mortgages per county and average LTV per quarter 2017 Proportion of granted volume per quarter Average LTV on granted loans per quarter 76% 72% 73% 72% 71% 69% 70% 71% 65% 65% 66% 66% 66% 65% 66% 67% 65% 62% 62% 60% 33% 32% 32% 31% 31% 30% 30% 30
Slide 20: High quality credit process (2)
High quality credit process (2) Percentage of granted mortgages and average LTV per county in 2015 and 2016 Proportion of granted volume per quarter in 2015 Average granted LTV on granted loans in 2015 81% 71% 72% 72% 74% 33% 30% 28% 4% 5% Oslo Akershus Hedmark Oppland Other Proportion of granted vo
Slide 21: High quality retail portfolio
High quality retail portfolio Loan to Value by exposure in the mortgage portfolio 100% 95.3% 80% 60% 40% 20% 3.9% 0.4% 0.4% 0% Under 70% 70-85% 85-100% Over 100% 21
Slide 22: Loan portfolio with a high proportion of retail market customers and SMEs
Loan portfolio with a high proportion of retail market customers and SMEs Lending to customers per sector (NOK millions) Business services Primary industries 4,368 4,179 Others 4,942 Wholesale and retail trade 1,316 Corporate Property lending management 26% Building and 12.860 construction Retail cu
Slide 23: Diversified portfolio
Diversified portfolio Mortgages and corporate loans by size (% share) Residential mortgages Corporate loans 41.0% 24.3% 33.3% 22.2% 17.5% 14.1% 11.7% 10.2% 12.7% 9.4% 3.7% <1 M 1-2.5 M 2.5-5 M 5-10 M >10 M <5 M 5-10 M 10-50 M 50-100 M 100-200 M >200 M 23 * Iincluding mortgages transferred to the cov
Slide 24: Satisfactory deposit coverage
Satisfactory deposit coverage Deposit volume, Group (NOK billions) 680 0,00% 670 0,00% • Deposit growth last 12 months 4.6 % 660 0,00% • Deposit growth - retail 0.6 % 650 0,00% • Deposit growth - corporates 10.9 % 640 0,00% • Deposit coverage ratio 72.9 % 67 66 • Deposit coverage ratio - including 6
Slide 25: Deposit margins
Deposit margins Retail market and corporate market (parent bank) 0.30% 0.27% 0.23% 0.16% 0.11% 0.13% 0.06% 0.09% -0.05% -0.04% Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Deposit margin RM Deposit margin CM 25
Slide 26: Net commissions and other income
Net commissions and other income Commissions and other operating income by type (NOK millions) 232 233 226 225 • Stable development in 15 15 207 commissions 17 10 16 14 16 17 15 Commission income from credit 41 cards 36 46 29 33 • Revenues from accounting Other income services and estate agency 73 s
Slide 27: Fourth quarter - marked by restructuring costs
Fourth quarter - marked by restructuring costs Operating costs per quarter (NOK millions) • The merger was completed in the fourth quarter (see next page). NOK 47 million was charged in costs in connection with the merger in the quarter. • Costs in EM1 rose by NOK 27 million compared with the previo
Slide 28: The merger project has been completed
The merger project has been completed Greater synergies identified and realised slightly ahead of schedule Synergies • Expected synergies of NOK 82 million in 2018 – Synergies operating costs compared with target of NOK 75 million 100,0 96 • Annual synergies are expected to rise to NOK 96 NOK millio
Slide 29: The contribution from financial items has increased
The contribution from financial items has increased Net result from financial assets and liabilities (NOK millions) 42 88 35 46 312,0 266,0 277,0 277 220 220,0 Net result from financial Net result from financial Valuation of debt Net result from ownership Dividends from long-term Net result from fin
Slide 30: Net reversals on losses
Net reversals on losses Net loan loss provisions (NOK millions) • Net reversals on losses NOK 13 million 100 72 75 66 56 in the fourth quarter 50 • Equal to - 0.1 % of gross lending*. 0 • Reversal of collective provisions by -20 NOK 23 million in the corporate -50 2013 2014 2015 2016 2017 division d
Slide 31: Low levels of problem loans
Low levels of problem loans Non-performing and other doubtful commitments* 1,64% 700 ,0 1,8 0% 1,6 0% 1,37% 600 ,0 1,4 0% • The proportion of problem 1,12% loans is stable at low levels 500 ,0 271 1,2 0% 209 400 ,0 1,17% 254 1,0 0% 257 272 0,98% 0,8 0% 0,61% 300 ,0 0,59% 0,80% 0,6 0% 200 ,0 0,4 0% 1
Slide 32: Solidity and capital adequacy
Solidity and capital adequacy Core equity tier 1 ratio, Group (%) • The Bank’s target core equity tier 1 ratio is 16.0 % • As of 31 December 2017, the core equity tier 1 ratio was 16.8 % • The regulatory requirement is 13.7 %, including a Pillar 2 requirement of 1.7% 17.2% • The Financial Supervisor
Slide 33: Regulations
Regulations IFRS 9 and Pillar 2 • The new loss model based on IFRS 9 has no significant effect on capital adequacy. Total loss provisions for the Group as of 1 January 2018 are estimated at NOK 389 million, NOK 22 million higher than the loss provisions as IFRS 9 of 31 December 2017. NOK 22 million
Slide 34: SPOL and dividend
SPOL and dividend A dividend of NOK 3.96 per equity certificate is proposed 31 December • The Board will propose to the Supervisory 2017 Board payment of a dividend of NOK 3.96 Equity certificates per equity certificate Market price (in NOK) 90.50 • The Supervisory Board will meet on 22 March (appro
Slide 35: Solid dividends for owners and customers
Solid dividends for owners and customers Allocation of profit ILLUSTRATIVE* Profit after tax in the Group 67.5% NOK 1,263 million 32.5% Donations Foundation OWNERS Primary capital NOK 231 million 54.4% Dividends Dividend equalisation Primary capital provision Customer dividends NOK 424 million fund
Slide 36: Macro and regional outlook
Macro and regional outlook 36
Slide 37: High economic activity in the region
High economic activity in the region Stable production growth and increasing profitability Growth in production, last 3 months and forecast for 6 months Change in operating margin last 3 months from same period year before 4 2,50 2,00 3 1,50 2 1,00 1 0,50 0 - 2003 2005 2007 2010 2013 2016 (0,50) -1
Slide 38: High capacity utilisation and low unemployment
High capacity utilisation and low unemployment Lower unemployment than the rest of Norway Registered unemployment rate Percentage of companies that could face challenges meeting growth in demand 5,0 80 4,5 70 4,0 60 3,5 50 3,0 2,5 40 2,0 30 1,5 20 1,0 10 0,5 HEDMARK OPPLAND AKERSHUS OSLO NORWAY INLA
Slide 39: Diversified housing market – good growth around Oslo
Diversified housing market – good growth around Oslo 12-month price growth – by county as of 31 December 2017 • Growth in all counties surrounding Oslo ‒ Oslo - 6.2 % ‒ Hedmark + 5.7 % ‒ Akershus + 0.8 % ‒ Oppland + 4.4 % • Sales records in Hedmark, Akershus and Oppland in 2017 • Turnover time up in
Slide 40: Housing prices level off with high activity
Housing prices level off with high activity House price developments for relevant areas compared with Norway House prices by area, 12-month growth House prices, indexed** 30,0% 145,00 JANUARY 2018 • Nominal + 2.0 %/seasonally adjusted -0.4 % 25,0% 140,00 • 12-month: -2.2 % • High activity and drop 1
Slide 41: Low interest rates reduces debt burden
Low interest rates reduces debt burden Household debt 230,00 10,00% Monthly installment (indexed)* Household debt/disposable income • Household debt in relation Interest rate (RHS)** 9,00% 210,00 to income has doubled 8,00% since 2000 190,00 7,00% • But falling interest rates 6,00% have reduced effe
Slide 42: ICT is the fastest growing industry in the Inland Region
The business cycle barometer ICT is the fastest growing industry in the Inland Region • ICT is the growth winner in the Inland Region, followed by building and construction. ICT grew by 14 % in the region between 2015 and 2016. • Small and medium-sized ICT companies have the strongest growth rate, w
Slide 43: High expectations for 2018
Expectations survey Inland Region High expectations for 2018 Increased business optimism • Strong growth in business revenues in Hedmark and Oppland. • More optimistic export companies. • One out of four companies have plans for innovation projects. • The corporates expects increased profitability w
Slide 44: Optimism prevails for 2018
Expectations survey Oslo & Akershus Optimism prevails for 2018 Increased optimism among businesses • Far greater expectations of increased sales and demand than of increased staffing and investment. • Three out of ten companies plan to implement one or more innovation projects in 2018. • Six out of
Slide 45: Strategy and ambitions
Strategy and ambitions SpareBank 1 — = @STLANDET
Slide 46: Successful merger and IPO
Successful merger and IPO Targets for synergies achieved • Acquisition of Bank 1 Oslo Akershus AS • Technical merger ‒ Completed on 29 June 2016 ‒ Successful implementation weekend 13-15 October 2017 • Legal merger ‒ All banking systems integrated into a common platform ‒ Successful legal merger 1 A
Slide 47: Continuous development of the Bank
Continuous development of the Bank Merger and IPO basis for future growth 2014 2015 2016 2017 2017 2017-> Decision to Evaluation, Equity issue to Merger IPO Revised evaluate conversion, and B1OA owners between B1OA strategy implementation and SH to Deliver on SpareBank 1 targets and Østlandet potent
Slide 48: Attractive market with growth opportunities
Attractive market with growth opportunities Major player in Eastern Norway with a main focus on Hedmark, Oppland, Oslo and Akershus CAPITAL REGION INLAND REGION Oslo and Akershus Hedmark and Oppland • 25 % of the • Around 8 % of the country’s population country’s population (1.26 million people) (39
Slide 49: A market area with long term growth potential
A market area with long term growth potential Population growth Population projection 2016-2040 Population projection, municipalities 2016-2040 2.250.000 2.000.000 +26% (0.9% yearly) 1.750.000 Oppland 1.500.000 Hedmark 1.250.000 1.000.000 Oslo 750.000 500.000 Akershus 250.000 0 2016 2017 2018 2019 2
Slide 50: By the end of 2021
By the end of 2021 Are we the third largest savings bank in Norway We have one of the most attractive equity certificates on Oslo Stock Exchange We have differentiated ourselves from the main competition and have increased our market share We have made banking easy for our customers and employees Be
Slide 51: Financial targets 2018
Financial targets 2018 Profitability Return on equity at least 10% Dividends 50% pay-out ratio Solidity CET1 at 16% Costs 5 % cost reduction* 51 *Nominal costs parent bank compared with 2017
Slide 52: The Group is preparing for the future
The Group is preparing for the future • VR/AR cooperation signed with world leader EON Reality Inc. The goal is to help increase financial understanding among today's youth and teach everyone how to manage their own finances. • Askelab AS was established as a separate company under the direction of
Slide 53: SpareBank 1 Østlandet's main differentiator
SpareBank 1 Østlandet’s main differentiator SpareBank 1 Østlandet is the bank that introduced customer dividends 53
Slide 54: The LO customers represent a significant potential
The LO customers represent a significant potential Number of LO members and customers in the Bank’s market area Region No. of Members Bank Market share customers Hedmark 44,682 27,590 62% Oppland* 39,430 1,371 3% Oslo 78,505 11,979 15% Akershus 73,934 8,871 12% Outside our market area 4,096 Total 23
Slide 55: We take sustainability seriously
We take sustainability seriously Among the first in providing green financing for retail customers 55
Slide 56: Summary of 2017
Summary of 2017 • Introduced customer dividends • Completed the merger with Bank 1 Oslo Akershus AS • Listed on Oslo Stock Exchange • Established new strategic destination • And at the same time, delivered a solid result in line with financial goals 56
Slide 57: Contact details
Richard Heiberg CEO Tel.: +47 902 06 018 richard.heiberg@sb1ostlandet.no Geir-Egil Bolstad Contact details CFO Tel.: +47 918 82 071 geir-egil.bolstad@sb1ostlandet.no Runar Hauge Investor relations Tel.: +47 482 95 659 runar.hauge@sb1ostlandet.no 57
Slide 58: Supplementary information
Supplementary information @STLANDET
Slide 59: Operating costs
Operating costs Operating costs per quarter and per year (reported, NOK millions) 600 2500 200 0 550 478 180 0 Total operating 69 437 500 2000 1.898 costs 433 21 160 0 63 66 Other operating 258 expenses 21 21 59 400 151 1.203 84 140 0 20 1500 Depreciation 122 154 206 547 120 0 120 300 61 65 Admin. a
Slide 60: Specification of consolidated profit after tax
Specification of consolidated profit after tax NOK million (reported) Q4-2017 Q3-2017 Q2-2017 Q1-2017 2017 2016 Parent Bank's profit after tax 276 263 373 190 1,102 964 Dividends received from subsidiaries and joint ventures -22 0 -159 -84 -266 -389 Profit /loss attributable to: SpareBank 1 Gruppen
Slide 61: The Bank's history
BANK 1 HEDMARK HOF 1845, VAALER 1861 @STERDALEN Fi ASNES 1862 1982. @- TRYSIL 1863 | L ENGERDAL 1910 NORD-@STERDAL HEDEMARKEN LOITEN 1855 ELVERUM 1846 | STRANDBYGDENS 1911 AMOT 1886 — STANGE 1871 OVRE RENDALEN 18955 —7 ROMEDAL 1891 YTRE RENDALEN 1889 === FOLLDAL 1907 r ——/ STOR-ELVDAL 1885 ALVDAL 19
Slide 62: Long history of profits
Long history of profits Net profit and profit pre-financials and loan losses (MNOK) 2016 Acquisition of 1400 Bank 1 1400 1200 1200 2010 1000 Financial gains 1000 Low losses 2007 800 Business cycle 800 1988-91 peak. 7 bps loss. High loan 600 losses in 600 1993 banking crisis, Bond gains and but no de
Slide 63: Long history of low loan losses
Long history of low loan losses In line with peers, but more stable than peer average Loan loss provisions, incl transfer to covered bond company (% of lending) 3,0 % 2,5 % 2,0 % 1,5 % 1,0 % 0,5 % 0,0 % -0,5 % 1988 2003 2016 1987 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Slide 64: Strong profitability adjusted for gearing
Strong profitability adjusted for gearing Return on equity (per cent) Development 1996-2016 Average 1996-2016 25% 25% 16% 15,2% 13,7% 14% 20% 20% 12% 10,3% 15% 15% 10% 8% 10% 10% 6% 5% 5% 4% 2% 0% 0% 1997 2000 2003 2006 2009 2012 2015 0% Hedmark, rep. Peers, rep. SB1 Østlandet Hedmark, rep. @ CET-1
Slide 65: Structure, The Alliance and strategy
Structure, The Alliance and strategy
Slide 66: Diversified Main Activities
Diversified Main Activities Several sources of income - parent bank, subsidiaries and other ownership interests Operational divisions ** Selected key subsidiaries Selected other ownership interests Retail EiendomsMegler 1 Totens Sparebank Hedmark Eiendom AS ~25% Segment 100% Savings bank ~ 370 emplo
Slide 67: Part of the SpareBank1 Alliance
Part of the SpareBank1 Alliance SpareBank 1 BV SpareBank 1 Gudbrandsdal SpareBank 1 Hallingdal Valdres SpareBank 1 Lom og Skjåk SpareBank 1 Modum SpareBank 1 Nord-Norge SpareBank 1 Nordvest SpareBank 1 Ringerike Hadeland SpareBank 1 SMN SpareBank 1 SR-Bank ASA SpareBank 1 Søre Sunnmøre 14 independen
Slide 68: The SpareBank 1 Alliance
SamSpar T h e A l l i a n c e SpareBank 1 Kredittkort AS (Credit Card) SPAREBANK 1 GRUPPEN AS SPAREBANK 1 BANKSAMARBEIDET DA SpareBank 1 Forsikring AS EiendomsMegler 1 Norge AS SpareBank 1 Boligkreditt AS (Life insurance) (Covered bond issuer) SpareBank 1 Skadeforsikring AS SpareBank 1 Kundesenter A
Slide 69: Part of the SpareBank 1 Alliance
Part of the SpareBank 1 Alliance Provides operational and financial economies of scale as well as diversified product offering Key comments Key joint ventures Key associated companies • The SpareBank 1 «SpareBank 1 Alliance» = 14 cooperating independent savings banks SpareBank 1 Betaling AS Alliance
Slide 70: Acquisition of Bank 1 Oslo Akershus (2016)
Acquisition of Bank 1 Oslo Akershus (2016) Strategic rationale • Strategic positioning towards the largest region in Norway - Oslo is the fastest growing capital in Europe • Integrated region for labour and housing • No overlapping branch network • Reduced costs through synergies • More professional
Slide 71: Norwegian banks have been leading the way
Norwegian banks have been leading the way Norwegian banks leading in FinTech 1970 1980 1990 2000 2010 2020 Payment cards Computers Internet bank Mobile bank mCash + Vipps + ATMs Payment terminals Bank ID Chatbots
Slide 72: We are in the forefront of digital banking
We are in the forefront of digital banking SpareBank 1 Østlandet launched Europe’s first internet bank in 1996 and remain in the forefront Banking customers Banking in SpareBank 1 Østlandet • Among our retail customers: • A long list of innovations ‒ Nine out of 10 use either internet – Norway’s fir
Slide 73: But we also believe in local banking
But we also believe in local banking Our largest competitor is closing many branch offices in the region • We believe that most people still want to discuss personal economy with their bank – even the millennials. • We believe that business leaders need discussion partners that understand their part
Slide 74: Equity certificates, governance and customer dividend
Equity certificates, governance and customer dividend
Slide 75: About equity capital certificates (ECCs)
About equity capital certificates (ECCs) • A savings bank that has issued equity capital certificates has two types of equity. One is its primary capital, or “ownerless” equity, which consists of retained earnings built up by the bank over the years. The other is certificate-holders’ equity, consist
Slide 76: About equity certificates (ECCs), cont'd
About equity certificates (ECCs), cont’d • Equity certificate holders own a share of the Overview of a savings bank's capital (equity certificate ratio) – 67.6 % bank's primary capital as of 31 Dec 2017. Subordinated loan capital • Annual profits is allocated amongst the owners of the equity capital
Slide 77: Governance structure
Governance structure • Board of Directors: manages Representation in Share the bank’s operations. supervisory board ‒ 8 members. 4 members 10 % ‒ Nominated by the Nomination 14 members 35 % committee, consisting of 5 members of the Supervisory 10 members 25 % Board, of which 1 represents the 12 memb
Slide 78: Conversion and ownership composition
Conversion and ownership composition Changes during conversion and IPO Equity capital before Equity capital after conversion Equity share capital after conversion (and Bank 1) and Bank 1 (pre-IPO) IPO ECC owned by others, ECC owned 30.8 % Primary by LO; capital; 14.8% 1/3 Primary capital 100% ECC ow
Slide 79: Staying innovative: The Customer dividend
Staying innovative: The Customer dividend Tool for keeping equity ratio stable. First bank to introduce in Norway ILLUSTRATIVE • Creating together is the bank’s vision: In Profits* line with our basic values as a savings MNOK 1,263 bank. EC-owners Primary capital MNOK 848 MNOK 408 • Provides simple
Slide 80: End
End SpareBank a @STLANDET
SpareBank 1 Østlandet — Q4 2017 Earnings Presentation on 6ix