Brief: Sandnes Sparebank: Increased write-downs for 2015; proposed rights issue

Rogaland Sparebank

21/04/2016 07:00

April 21 (Reuters) - Sandnes Sparebank  SADG.OL : 
    * Says has resolved to change the preliminary financial statements for 2015 due to increased 
write-downs in connection with two of the bank's engagements 
    * Says write-downs amount to 154 million Norwegian crowns ($18.98 million) and will be 
booked in 2015 
    * Profit after tax for 2015 is reduced from positive result of 41 million crowns to a 
negative result of loss of 74 million crowns 
    * Additional write-downs causes a reduction in group's common equity Tier 1 capital (CET1) 
from 13.0 pct to 12.1 pct 
    * Proposes to Supervisory Board to carry out a rights issue with gross proceeds of 350 
million crowns  
    * Proposed equity issue will increase group's CET1 ratio by 2.1 percentage point, from 12.1 
pct to 14.2 pct 
    * Equity issue will ensure that bank meets its capital requirements and has capacity for 
moderate and profitable growth, and a potential distribution of dividend 
 
Source text for Eikon:  ID:nObi2BY6Ha  
Further company coverage:  SADG.OL  
 
($1 = 8.1155 Norwegian crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))