Brief: Sandnes Sparebank Q3 pre-tax result swings to loss NOK 3.0 mln

Rogaland Sparebank

06/11/2015 07:01

Nov 6 (Reuters) - Sandnes Sparebank  SADG.OL : 
    * Q3 pre-tax loss 3.0 million Norwegian crowns ($350,189.10) versus profit 61.4 million 
crowns year ago 
    * Q3 net interest income 108.5 million crowns versus 117.1 million crowns year ago 
    * Q3 loan losses 22.5 million crowns versus 5.1 million crowns year ago 
    * Has objective of achieving a core tier-1 ratio of 13.5 pct by the end of 2016, assuming a 
full counter cyclical buffer of 2.5 pct 
    * During 2015, the Bank adapted well to a more robust IT platform, accrued operating costs 
related to the conversion project are according to plan, estimate for remaining costs to accrue 
in the fourth quarter, is 13.5 million crowns  
    * With respect to 2016, expects that total operating cost at group level will be around 290 
million crowns, of which 30 million crowns will be operating cost relatet to the bank's 60 pct 
owned estate agency, Aktiv Eiendomsmegling Jæren 
    * Compared with expected level of costs in underlying banking operations in 2015, this is a 
reduction of 6 pct; compared with 2014, the reduction is 10 pct 
 
     
Source text for Eikon:  ID:nHUG24FGs4  
     
Further company coverage:  SADG.OL  
 
($1 = 8.5668 Norwegian crowns) 
 
 (Gdynia Newsroom) 
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