May 9, 2018 / 5:33 AM / 2 months ago

UPDATE 1-Sparebanken Vest Q1 pretax below forecast, expects low loan losses in 2018

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May 9 (Reuters) - SPAREBANKEN VEST:

* LOW LOSSES, GOOD CUSTOMER GROWTH AND SOUND CORE TIER 1 CAPITAL

* Q1 PRE-TAX PROFIT NOK 449 MILLION (REUTERS POLL: NOK 460 MILLION)

* Q1 NET INTEREST INCOME NOK 656 MILLION (REUTERS POLL: NOK 656 MILLION)

* Q1 REVERSAL OF LOAN LOSSES NOK 29 MILLION (REUTERS POLL: LOAN LOSSES OF NOK 30.8 MILLION)

* THE GOAL IS FOR THE BANK TO WIN MARKET SHARES WITHIN ITS ORDINARY ACTIVITIES IN 2018

* THE LENDING GROWTH IN THE FIRST QUARTER SUPPORTS THE ASSUMPTION THAT THE BANK WILL ACHIEVE ITS GROWTH TARGETS FOR THE COMING YEAR

* PROFIT CONTRIBUTIONS FROM SUBSIDIARIES AND ASSOCIATED COMPANIES ARE EXPECTED TO IMPROVE IN THE COMING QUARTERS

* THE GOAL IS FOR THE COST LEVEL TO REMAIN MORE OR LESS FLAT, NOMINALLY SPEAKING, IN 2018

* THE BOARD EXPECTS CONTINUED LOW LOSSES IN 2018 ALTHOUGH THE BANK’S FINANCIAL CALCULATIONS ARE BASED ON NORMALISED LOSSES

* THE CASH DIVIDEND SHALL BE BETWEEN 25 AND 50% OF THE EQUITY CERTIFICATE HOLDERS’ SHARE OF PROFITS AND THE DIVIDEND FOR 2018 IS EXPECTED TO BE IN THE LOWER PART OF THIS INTERVAL Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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