Sandnes Sparebank cuts 2018 loss guidance (updated)

Rogaland Sparebank

09/05/2018 09:36

(Adds outlook)
    May 9 (Reuters) - Sandnes Sparebank  SADG.OL :
    * Q1 profits before taxes were nok 54.2 (63.0) million.
    * Q1 net interest income was nok 117.3 (116.0) million.
    * Q1 writedowns and losses on loans and guarantees amounted
to nok
18.8 (18.9) million, of which group writedowns were nok 6.2
(2.5) million
    * Due to the macroeconomic development of the region and
clarification regarding individual loans, it is appropriate to
reduce the loss expectations somewhat relative to earlier
estimates from march
    * In march the bank estimated 2018 ‍losses within a range of
nok
50-90 million  urn:newsml:reuters.com:*:nFWN1R1186​
    * During q1 one of the bank’s customers went through a major
restructuring
    * The restructuring is the main reason for the significant
reduction of doubtful loans during the quarter
    * Q1 net doubtful loans amounted to nok 219.4 (411.5)
million

Source text for Eikon:  ID:nObiKn3P6a 
Further company coverage:  SADG.OL 

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