Quarterly report Q4 2024
SpareBank 1 Helgeland 07-02-2025
Quarterly report Q4 2024 | Table of Contents
Table of Contents
Main features group
Accounts SpareBank 1 Helgeland 4th quarter 2024
6 General information
- Main features 4th quarter
- Main features so far this year
- Profit
- Net interest
- Net commission earnings and other income
- Net value change and profit/loss from financial investments
- Operating costs
- Write-downs on lending
- Allocation of the profit
11 The equity certificate - HELG
- Balance development per 31.12.24
- Commitments
- Deposits from customers
- Funding
- Cash flow
- Rating
- Subsidiaries and joint ventures
- Risk and capital management
- Credit risk
- Market risk
- Operational risk
- Liquidity risk
- Solidity
- Sustainability
- Prospects ahead
PLA (MNOK)
Balance sheet (MNOK)
Change in equity (MNOK)
Cash flow statement
Notes
- Note 1 Accounting principals
- Note 2 Segment
- Note 3 Specification of net change in value of financial instruments
- Note 4 Specification of total operating costs
- Note 5 Write-downs on loans
- Note 6 Profit per equity certificate and dividend basis
- Note 7 Geographical exposure of the lending portfolio
- Note 8 Commitments allocated on sector/ industry.
- Note 9 Net non-performing and impaired commitments
- Note 10 Change in gross lending and loss provisions in the balance sheet.
- Note 11 Conditional commitments
- Note 12 Subsidiaried and associated companies
- Note 13 Operating funds
- Note 14 Disclosures and related parties
- Note 15 Fair value on financial instruments
- Note 16 Financial derivates
- Note 17 Securities issued
- Note 18 Geographical exposure deposits from and liabilities to customers
- Note 19 Deposits from customers allocated by sector/industry
- Note 20 Equity certificate capital HELG - the 20 largest owners
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Quarterly report Q4 2024 | Table of Contents
- Note 21 Capital adequacy
- Note 22 Financial estimates and estimative assessments
- Note 23 SpareBank 1 Boligkreditt
- Note 24 Events after the balance sheet day
Profit and loss and balance sheet development
Information concerning SpareBank 1 Helgeland
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Quarterly report Q4 2024 | Main features group
Main features group
Main features in MNOK and in % average total assets | Q4/24 | Q3/24 | 31.12.2024 | 31.12.2023 | ||||
Net interest- and credit commission income | 254 | 2.64 % | 255 | 2.71 % | 1012 | 2.69 % | 985 | 2.61 % |
Net commission income and other operating income | 49 | 0.51 % | 49 | 0.52 % | 183 | 0.49 % | 164 | 0.43 % |
Net profit from other financial investments | 7 | 0.07 % | 19 | 0.20 % | 77 | 0.20 % | 15 | 0.04 % |
Staff cost (note 4) | 55 | 0.57 % | 51 | 0.54 % | 201 | 0.53 % | 186 | 0.49 % |
Other operating expenses (note 4) | 51 | 0.53 % | 55 | 0.58 % | 226 | 0.60 % | 228 | 0.60 % |
Losses on loans, guarantees etc. (note 10) | 26 | 0.27 % | 17 | 0.18 % | 102 | 0.27 % | 100 | 0.27 % |
Result before tax | 179 | 1.86 % | 200 | 2.13 % | 743 | 1.97 % | 650 | 1.72 % |
Tax payable on ordinary result | 46 | 0.48 % | 45 | 0.48 % | 172 | 0.46 % | 160 | 0.42 % |
Net profit | 133 | 1.38 % | 155 | 1.65 % | 571 | 1.52 % | 490 | 1.30 % |
Profitability | 31.12.2024 | 31.12.2023 | ||||||
ROE (excl. hybrid capital) | 11.8 % | 10.4 % | ||||||
Net interest | 2.69 % | 2.61 % | ||||||
Net interest including transfered loans | 2.26 % | 2.21 % | ||||||
Costs as a percentage of income | 33.6 % | 36.0 % | ||||||
Balance and liquidity | ||||||||
Total assets | 38 973 | 36 860 | ||||||
Average total assets | 37 685 | 37 719 | ||||||
Total asset including transfered loans | 47 528 | 45 419 | ||||||
Average total assets including transfered loans | 46 226 | 45 333 | ||||||
Total loans | 31 619 | 29 423 | ||||||
Total loans including transfered loans | 40 174 | 37 982 | ||||||
Lending growth including transfered loans | 5.8 % | 1.7 % | ||||||
Customer deposits | 25 068 | 24 683 | ||||||
Customer deposits growth in percent | 1.6 % | -1.8 % | ||||||
Customer deposits in percent of total loans | 62.4 % | 65.0 % | ||||||
Solidity | ||||||||
Core tier one Capital ratio | 17.8 % | 18.2 % | ||||||
Core Capital ratio | 19.7 % | 20.2 % | ||||||
Total capital ratio | 21.9 % | 22.1 % | ||||||
Core tier one Capital | 4 255 | 4 024 | ||||||
Core Capital | 4 709 | 4 468 | ||||||
Total net equity and related capital | 5 234 | 4 888 | ||||||
Capital requirement | 23 895 | 22 090 | ||||||
Leverage Ratio | 9.2 % | 9.1 % | ||||||
Key figures equity certificates | ||||||||
Helg market price (NOK) | 145 | 130 | ||||||
Number of EC issued | 27 000 130 | 27 000 130 | ||||||
Equity capital per EC (NOK) | 145.0 | 137.9 | ||||||
Result per EC (NOK) | 16.2 | 13.9 | ||||||
Price/Book value per EQ (NOK) | 1.00 | 0.94 | ||||||
Offices and employees | ||||||||
Number of employees | 169 | 165 | ||||||
Number of offices | 4 | 4 | ||||||
*Definition of key figures and APM's is found as an | ||||||||
attachment on sbh.no | ||||||||
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Quarterly report Q4 2024 | Main features group
Balance and liquidity | ||
Total assets | 38 973 | 36 860 |
Average total assets | 37 685 | 37 719 |
Total asset including transfered loans | 47 528 | 45 419 |
Average total assets including transfered loans | 46 226 | 45 333 |
Total loans | 31 619 | 29 423 |
Total loans including transfered loans | 40 174 | 37 982 |
Lending growth including transfered loans | 5.8 % | 1.7 % |
Customer deposits | 25 068 | 24 683 |
Customer deposits growth in percent | 1.6 % | -1.8 % |
Customer deposits in percent of total loans | 62.4 % | 65.0 % |
Solidity | ||
Core tier one Capital ratio | 17.8 % | 18.2 % |
Core Capital ratio | 19.7 % | 20.2 % |
Total capital ratio | 21.9 % | 22.1 % |
Core tier one Capital | 4 255 | 4 024 |
Core Capital | 4 709 | 4 468 |
Total net equity and related capital | 5 234 | 4 888 |
Capital requirement | 23 895 | 22 090 |
Leverage Ratio | 9.2 % | 9.1 % |
Key figures equity certificates | ||
Helg market price (NOK) | 145 | 130 |
Number of EC issued | 27 000 130 | 27 000 130 |
Equity capital per EC (NOK) | 145.0 | 137.9 |
Result per EC (NOK) | 16.2 | 13.9 |
Price/Book value per EQ (NOK) | 1.00 | 0.94 |
Offices and employees | ||
Number of employees | 169 | 165 |
Number of offices | 4 | 4 |
*Definition of key figures and APM's is found as an | ||
attachment on sbh.no | ||
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Quarterly report Q4 2024 | Accounts SpareBank 1 Helgeland 4th quarter 2024
Accounts SpareBank 1 Helgeland 4th quarter 2024
General information
SpareBank 1 Helgeland is an independent savings bank determined to be the leading bank and a driving force for growth in Helgeland. SpareBank 1 Helgeland is the only bank with a head office in the region. The bank's strong market position combined with professional expertise, competitive prices and solid capital makes the bank well prepared in a challenging time with turmoil in the markets with relatively high interests and inflation.
The accounts are produced in line with IFRS, including IAS 34 on interim reporting. Further information on the accounting principles is given in the annotations to the annual accounts for 2023 and annotation 1 in the quarterly report. The numbers used are consolidated figures unless it is otherwise stated. Figures in brackets are the previous year's comparative figures. The financial report has not been audited.
Main features 4th quarter
- Quarterly gross profit of MNOK 179 against MNOK 200 last quarter.
- Lending growth of MNOK 851, transferred loans included, against MNOK 209 in the third quarter of 2024.
- Net interest of MNOK 254 this quarter, a decrease of MNOK 1 from last quarter.
- Profit from financial assets and commitments amounts to MNOK 7, a decrease of MNOK 12 from last quarter.
- Suggested dividend allocation of NOK 8.4 per EC, which equals to a dividend ratio of 50 % of the groups profit.
- Net commission income and other operational income of MNOK 49, equal to last quarter.
- Write-downsin lending in the quarter of MNOK 26, an increase of MNOK 9 from last quarter.
- Costs in % of income was 34.0 % against 32.6 % last quarter.
- Annualized net ROE adjusted for hybrid capital of 10.7% against 12.9 % last quarter.
Main features this quarter (MNOK) | Q4/24 | Q3/24 | Change |
Net profit | 179 | 200 | -22 |
Net interest and comission income | 254 | 255 | -1 |
Operating cost | 106 | 106 | 0 |
Yield per equity capital certificate | 3.8 | 4.4 | -0.6 |
Provision of loss | 26 | 17 | 9 |
Profit from financial investments | 7 | 19 | -12 |
Growth gross lending (this quarter) | 851 | 209 | 642 |
Growth deposits (this quarter) | 100 | -1289 | 1389 |
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Quarterly report Q4 2024 | Accounts SpareBank 1 Helgeland 4th quarter 2024
Main features so far this year
- Gross profit of MNOK 743 (650).
- Net interest income of MNOK 1 012 (985).
- Profit from financial assets and commitments MNOK 77 (15).
- Net commission income of MNOK 183 (164).
- Write-downson lending of MNOK 102 (100) or 0.26 (0.27) % of gross lending transferred loans included.
- Cost in % if income was 33.6 (36.0) %
- Annualized net ROE adjusted for hybrid capital of 11.8 (10.4) %
- Lending growth of 5.8 (1.7) % last 12 months.
Main features this year (MNOK) | 31.12.2024 | 31.12.2023 | Change |
Net profit | 743 | 650 | 93 |
Net interest and comission income | 1012 | 985 | 27 |
Operating cost | 427 | 414 | 13 |
Profit from financial investments | 77 | 15 | 62 |
Provision of loss | 102 | 100 | 2 |
Return on equity % | 11.8 % | 10.4 % | 1.4 % |
Yield per equity capital certificate | 16.2 | 13.9 | 2.3 |
Core tier 1 ratio % | 17.8 % | 18.2 % | -0.4 % |
Provision of loss % of gross leding | 0.26 % | 0.3 % | 0.0 % |
Growth gross lending % this year | 5.8 % | 1.7 % | 4.1 % |
Growth gross lending % this year | 1.6 % | -1.8 % | 3.3 % |
Profit
As for the second quarter, gross profit was MNOK 179 against MNOK 200 in the third quarter of 2024, a decrease of MNOK 21. The decrease this quarter is mainly a consequence of decreased income from financial investments and commitments, and increased write-downs.
So far this year, gross profit was MNOK 743 (650), an increase of MNOK 93 against corresponding period last year. An increase in net interests and profit from financial investments contributes positively with an increase of MNOK 27 and 62 since last year, whilst net commission income and other income increase by MNOK 19. Increased operating costs draws the profit level down compared to last year with MNOK 13.
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Quarterly report Q4 2024 | Accounts SpareBank 1 Helgeland 4th quarter 2024
Net interest
Net interest and credit commission income amounted in the 4th quarter 2024 MNOK 254, which is a decrease of MNOK 1 from last quarter. In % of average total assets net interest and credit commission income is 2.64 %, against 2,71 last quarter. Inclusive commission income for transferred loans to mortgage loan companies, the net interest and credit commission income amounts to MNOK 261 against 263 last quarter. In % of total assets included transferred loans, this amounts to
2.22 % by the end of the quarter against 2.28 % last quarter. The bank still experience pressure on the margins, especially related to the interest rate margins in the credit portfolio but has in the 4th quarter maintained a stable net interest.
So far this year, net interest and credit commission income is MNOK 1.012 (985), an increase of MNOK 27 from last year. In % of average total assets, this amounts to 2.69 (2.61) %. Inclusive commission income from transferred loans to mortgage companies, net interest and credit commission income amounts to MNOK 1.044 (1.004) pr 31.12.24. This equals a net interest in % of total assets included transferred loans of 2.26 (2.21) % at the end of the quarter.
So far this year the group has expensed MNOK 16 in contribution to the deposit guarantee- and the emergency fund.
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Quarterly report Q4 2024 | Accounts SpareBank 1 Helgeland 4th quarter 2024
Net commission earnings and other income
For the quarter, the net commission earnings were MNOK 49 against MNOK 49 in the third quarter of 2024. In percentage of average total assets this amounts to 0.51 %.
Deducted commission income on loans transferred to SpareBank 1 Boligkreditt net commission earnings in % of average total assets amount to 0.44 % against 0.43 % in the third quarter of 2024.
So far this year, net commission earnings amount to MNOK 183 (164) or 0.49 (0.43) % of average total assets. Hereof MNOK 32 (19) in commission income from SpareBank 1 Boligkreditt.
Net value change and profit/loss from financial investments
Income from financial investments was positive with MNOK 7 in the fourth quarter, a decrease of MNOK 12 compared to the third quarter of 2024. The increase is mainly related to income recognition of the one-time effects from the merge between Eika Forsikring and Fremtind Forsikring.
Compared to last year, income from financial investments amounts to an improvement of MNOK 62 as of 31.12.2024.
In the parent bank, dividend from Helgeland Boligkreditt AS have been recognized as income with MNOK 21 in the first quarter of 2024.
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Quarterly report Q4 2024 | Accounts SpareBank 1 Helgeland 4th quarter 2024
Operating costs
This quarter, the operating costs were MNOK 106 against MNOK 106 in the third quarter of 2024. In % of income, the costs amount to 34.0 % against 32.7 % in the third quarter of 2024. The costs are within the bank's target for cost level of 40 % of total income but is affected by high interest income and income from financial investments. Increased social costs this quarter is mainly related gift allocations to employees, while the reduction in other operating costs is related to a decrease in purchased services and products from last quarter.
So far this year, the operating costs amounts to MNOK 427 (414), This is an increase of MNOK 13 compared to the corresponding period last year. The cost percentage is 33,6 % against 36.0 % last year.
The bank's sick leave is 7.2 % against 4.3 % in the corresponding period last year.
Write-downs on lending
MNOK 26 has been expensed in write-downs on loans and guarantees this quarter against MNOK 17 in the third quarter 2024. The write-downs in the quarter are a consequence of individual and model write-downs. The write-downs for 4th quarter is considered moderate and amounts to 0.26 % of gross lending including transferred loans, and is on level with earlier communicated expectations.
Net non-performing and impaired commitments amounts to MNOK 399 by the end of the quarter against MNOK 440 at the end of third quarter 2024. This equals to a decrease of MNOK 41 from last quarter. There are individual write-down evaluations on large parts of the volume that is marked
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