Interim report Q3 2012. CONTENTS IntroductionFinancial developmentIncomeExpenses Loan impairment...

Interim report

Q3 2012

CONTENTS

Introduction

Financial development

Income

Expenses

Loan impairment charge and loans in default

Deposits, loans and balance sheet

Summary and future prospects

Tables

• Information about Sparebanken Sogn og Fjordane• Highlights 30.09.2012

Introduction


Income

Expenses




Tabels

SPAREBANKEN SOGN OG FJORDANE

The largest bank in the county of Sogn og Fjordane Total assets of NOK 36,3 billion Merchant bank oriented towards the retail- and corporate

banking market 21 sales offices in the county of Sogn og Fjordane and

one sales office in Bergen 18 ”bank in grocery store” agreements in Sogn og

Fjordane 269 full-time employees Active contributor to the local communities in the county

Introduction

MARKET LEADER

SSF is the largest bank in the county with 21 offices and 18 “bank in grocery stores”

The biggest competitor is Sparebanken Vest with 10 branches

Three large national banks and four small saving banks are located in the county

HIGHLIGHTS 30.09.2012

• Pre-tax profit of NOK 345 million (129 million)

• Comprehensive income of NOK 252 million (102 million)

• Net interest income rose by 12.6 %

• Operating expenses reduced by 7,5 %

• Impairment charge of NOK 33 million (85 million)

• Annualized return on equity of 13.9 % (5,7%).

Introduction

The figures in the brackets are the figures for the same period last year

Introduction

• Development• Key figures


Income

Expenses




Tabels

PROFITS

The figure illustrates the profit after tax and comprehensive income for the Group (NOK million)


151 16

4

221

117 13

1

221

52

166

77

248

151 16

4

214

113

163

209

67

142

102

252

0

50

100

150

200

250

300

Profit after taxation Comprehensive income

PROFITS

The figure illustrates the profit before impairment charge and the profit after tax (NOK million) for the Group .


27

6

26

3

26

9

41

1

28

7 32

0

21

5

37

7

22

1

11

6

13

1

22

1

52

16

6

77

24

8

0

50

100

150

200

250

300

350

400

450

Profit before impairment charge Profit after taxation

PROFITS

1,34

%

1,09

%

0,98

%

1,37

%

0,84

%

1,45

%

0,85

%

1,41

%

1,07

%

0,48

%

0,48

% 0,73

%

0,15

%

0,75

%

0,31

%

0,93

%

0,00 %

0,20 %

0,40 %

0,60 %

0,80 %

1,00 %

1,20 %

1,40 %

1,60 %

1,80 %

Profit before impairment charge Profit after taxation

PROFITS QUARTERLY

The figures illustrate the quarterly development in total comprehensive income for the Group. The figures are in NOK million and as a percentage of average total assets annualized.


25

56

43

76

18

8

-36

94

73

85

-60

-40

-20

0

20

40

60

80

100

120

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.1

2

Q2.1

2.

Q3.1

2

0,35 %

0,77 %

0,55 %

0,96 %

0,22 %

0,10 %

-0,42

%

1,06 %

0,82 %

0,95 %

-0,60 %

-0,40 %

-0,20 %

0,00 %

0,20 %

0,40 %

0,60 %

0,80 %

1,00 %

1,20 %

Q2. 10

Q3. 10

Q4. 10

Q1. 11

Q2. 11

Q3. 11

Q4. 11 Q1.12

Q2.12

.

Q3.12

PROFITS FROM CORE BUSINESS


Ex. dividends and changes in values of financial instruments

108

76

92

83

75 73

88

71

86

97

120

0

20

40

60

80

100

120

140

Q1. 10

Q2. 10

Q3. 10

Q4. 10

Q1. 11

Q2. 11

Q3. 11

Q4. 11 Q1.12

Q2.12

.

Q3.12

Basic operation (before loan impairment charge)

80

43

64

44

68

56

27

-4

81

91

99

-20

0

20

40

60

80

100

120

Q1. 1

0

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

Basic operation (after loan impairment charge)

RETURN ON EQUITY

The figure illustrates return on equity after tax and return on equity after tax incl. result from long-term shareholdings available for sale for the Group.


13,5

%

6,4

%

6,8

%

10,4

%

2,2

%

10,6

%

4,3

%

13,8

%

11,2

%

6,2

%

8,5

% 9,9

%

2,8

%

9,1

%

5,7

%

13,9

%

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

Return on equity after taxation Return on equity (total)

Introduction


Income• Net interest income• Other operating income• Total income

Expenses




Tabels

NET INTEREST INCOME

The figure illustrates the net interest income as a percent of average total assets for the Group.

Net interest income is NOK 454 million, 51 NOK million higher than at Q3 2011

As a percentage of average total assets this is 0.10 percentage points higher than Q3 2011

The increase in net interest as a percentage of average total assets is mainly due to higher margins against customers.

Income

2,28

%

2,05

%

2,00

%

2,10

%

1,72

%

1,75

%

1,59

%

1,76

%

1,59

%

1,69

%

0,00 %

0,50 %

1,00 %

1,50 %

2,00 %

2,50 %

NET INTEREST INCOME QUARTERLY

The figure illustrates the quarterly development of net interest in NOK million and in percent of average total assets for the Group

Income

124

135

137

133

130

140

136

146

148

160

1,73

1,85

1,76

1,62

1,56 1,

65 1,57 1,66 1,

68

1,77

0

20

40

60

80

100

120

140

160

180

200

1,00

1,10

1,20

1,30

1,40

1,50

1,60

1,70

1,80

1,90

2,00

Q2.

10

Q3.

10

Q4.

10

Q1.

11

Q2.

11

Q3.

11

Q4.

11

Q1.

12

Q2.

12

Q3.

12

% OF AVG. TOTAL ASSETS NOK MILL.

OTHER OPERATING INCOME

The figure illustrates the development of other operating income (excl. dividend and value changes in financial instruments ) as a percentage of average total assets for the Group. Quarterly figures are annualized.

Other operating income of NOK 94 million

NOK 4 million lower than same period last year

The reduction is due to lower value of services provided to Gjensidige Bank

Income

0,52

%

0,48

%

0,42

%

0,41

%

0,39

%

0,40

%

0,39

%

0,35

%

0,00 %

0,10 %

0,20 %

0,30 %

0,40 %

0,50 %

0,60 %

OTHER OPERATING INCOME QUARTERLY

The figures illustrate the quarterly development of other operating income for the Group (excl. dividend and changes in values on financial instruments). The figures are in NOK million and are also shown as a percentage of average total assets (annualized)

Income

28 29

32

35

30

33 34 34

28

33 330

5

10

15

20

25

30

35

40

Q1. 1

0

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

0,40 %

0,40 % 0,4

4 %

0,45 %

0,38 % 0,4

0 % 0,41 %

0,39 %

0,31 %

0,38 %

0,37 %

0,00 %

0,10 %

0,20 %

0,30 %

0,40 %

0,50 %

Q1. 1

0

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

TOTAL INCOME

The figure illustrates the development in total income (net interest + net other income) for the Group .

Total income at Q3 2012 is NOK 142 million higher than at Q3 2011

The increase mainly is due to gain from financial instruments and higher net interest income

Income

427 506 472 526 539 390 403 454

12274 127

176 111

89 77

168549 581 599

702650

479 480

622

0

100

200

300

400

500

600

700

800

Net interest income Other income Total

TOTAL INCOME QUARTERLY

Income

The figures illustrate the development in total income for the Group. The figures are presented in NOK million and as a percentage of average total assets (annualized)

187

186

181

158 16

4

158 17

1

227

177

217

0

50

100

150

200

250

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

2,60 %

2,55 %

2,32 %

1,99 %

1,97 %

1,86 % 1,9

6 %

2,58 %

2,01 %

2,43 %

0

0,005

0,01

0,015

0,02

0,025

0,03

År

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

Introduction


Income

Expenses• Operating expenses• Total assets and employees




Tabels

OPERATING EXPENSES

At Qhe expenses are reduced by NOK 20 million or 7,5% compared to the equivalent period last year

Strong focus on cutting costs has been effective

The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme

Expenses

1,61

%

1,41

%

1,32

%

1,32

%

1,20

%

0,97

%

1,12

%

1,07

%

0,91

% 1,07

%

1,04

%

0,91

%

0,00 %

0,20 %

0,40 %

0,60 %

0,80 %

1,00 %

1,20 %

1,40 %

1,60 %

1,80 %

OPERATING EXPENSES AS A % OF INCOME

At Q3 2012 the total operating expenses as a percentage of total income is reduced by 15,6 percentage points compared to Q3 2011.

The change is due to a strong increase in the gain from financial instruments, increase in net interest income and a reduction in the expenses.

The figure illustrates the development in total operating expenses as a percentage of average total assets for the Group. The green pillars are adjusted for the transfer of liability for the AFP early retirement scheme

Expenses

49,7 %54,6 %55,1 %

41,4 %

48,2 %

55,9 %

38,5 %

45,6 %

55,0 %

39,4 %

0,0 %

10,0 %

20,0 %

30,0 %

40,0 %

50,0 %

60,0 %

OPERATING EXPENSES QUARTERLY

The figures illustrate the quarterly development in operating expenses for the Group. Figures are presented in NOK million and as a percentage of average total assets (annualized)

Expenses

49

77 75

90 89 89 86

99

88 84

730

20

40

60

80

100

120

Q1. 1

0

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

0,70 %

1,07 %

1,03 %

1,15 %

1,12 %

1,07 %

1,02 %

1,14 %

0,99 %

0,95 %

0,81 %

0,00 %

0,20 %

0,40 %

0,60 %

0,80 %

1,00 %

1,20 %

1,40 %

Q1.10

Q2. 10

Q3. 10

Q4. 10

Q1. 11

Q2. 11

Q3. 11

Q4. 11 Q1.12

Q2.12

.

Q3.12

TOTAL ASSETS AND EMPLOYEES

Expenses

The figure illustrates the development in total assets (pillars) and number of full time employees (points) for the Group

23

27

28

33

35

36

26

9

29

8

30

4

29

7

27

9

26

9

100

150

200

250

300

350

0

5

10

15

20

25

30

35

40

Number employedBank total assets

Introduction


Income

Expenses


• Loan impairment charge• Loans in default


Summary and prospects

Tabels

LOAN IMPAIRMENT CHARGE

The figure illustrates the development in recoveries (-)/ impairment charge(+) on loans and guarantees for the Group.


-29

-34 -31

59

80

130

163

90 85

33

-50

0

50

100

150

200

LOAN IMPAIRMENT CHARGE

The figure illustrates the development in recoveries(-) /impairment charge on loans and guarantees as a percentage of gross loans for the Group. Numbers in % are not annualized.


-0,2

0 %

-0,2

0 %

-0,1

5 %

0,25

%

0,32

% 0,45

%

0,53

%

0,32

%

0,28

%

0,10

%

-0,60 %

-0,40 %

-0,20 %

0,00 %

0,20 %

0,40 %

0,60 %

0,80 %

LOAN IMPAIRMENT CHARGE QUARTERLY

The figures illustrate the quarterly development in impairment charge on loans and guarantees (including net profit realised on the sale of fixed assets) for the Group. Figures are presented in NOK million and as a percentage of average total assets and are annualized.


28

33

28

39

7

17

61

75

5 6

210

10

20

30

40

50

60

70

80Q1

.10

Q2. 1

0

Q3. 1

0

Q4. 1

0

Q1. 1

1

Q2. 1

1

Q3. 1

1

Q4. 1

1

Q1.12

Q2.12

.

Q3.12

0,10 % 0,11 %

0,38 %

0,50 %

0,09 %

0,20 %

0,72 %

0,86 %

0,06 %

0,06 %

0,23 %

0,00 %

0,10 %

0,20 %

0,30 %

0,40 %

0,50 %

0,60 %

0,70 %

0,80 %

0,90 %

1,00 %

Q1.10

Q2. 10

Q3. 10

Q4. 10

Q1. 11

Q2. 11

Q3. 11

Q4. 11 Q1.12

Q2.12

.

Q3.12

LOANS IN DEFAULT

The figure illustrates the quarterly development in loans in default (more than 90 days) as a percentage of gross loans to the respective sectors (RM and CM/PS/FS)


0,37 % 0,37 % 0,41 % 0,46 % 0,43 % 0,51 %0,33 % 0,26 % 0,21 % 0,24 %

3,27 %

2,66 %2,78 % 2,75 %

1,73 %

3,51 %

3,19 %3,07 %

3,31 % 3,32 %

1,57 %

1,25 % 1,31 % 1,28 %

0,89 %

1,56 %

1,31 %1,17 % 1,24 % 1,27 %

0,00 %

0,50 %

1,00 %

1,50 %

2,00 %

2,50 %

3,00 %

3,50 %

4,00 %

Q2. 10 Q3. 10 Q4. 10 Q1. 11 Q2. 11 Q3. 11 Q4. 11 Q1. 12 Q2. 12 Q3.12

RM CM TOTAL

IMPAIRMENT PROVISIONS

The figure illustrates the development in total individually assessed impairment provisions and collectively assessed impairment provisions (NOK million). Collectively assessed provisions are estimated using a model that takes into account the quality, size and composition of the loan portfolio

Almost unchanged provisions at Q3.12 compared to Q4.11


88 112 165 225 169 160

57

77

79

94

87 92

145

189

244

319

256252

0

50

100

150

200

250

300

350

Individually assessed impairment provisions Collectively impairment provisions

Introduction


Income

Expenses


Deposits, loans and balance sheet• Balance sheet • Deposits and loans• Funding


Tabels

TOTAL ASSETS 2005- 2012 Total assets rose by

5,7 % compared to Q3 2011

The increase is mainly due to growth in loans to retail customers


15,8 18

,8

22,5

26,7 27

,9

32,8 35

,2

31,9 34

,4 36,3

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

2005 2006 2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12

BALANCE20

,3 23,8 25

,1

28,9 30

,5

28,1 30

,1 32,1

12,0 13

,3

14,1 16

,8

17,8

16,8

17,3 18

,3

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12

Gross loans to customers Deposits from customers

The figure shows the 12 months development of gross loans and deposits for the Group (NOK billion)

Increase in gross lending from Q3 2011 by NOK 2.0 billion

Increase in deposits from Q3 2011 by NOK 1.0 billion

BALANCE - GROWTH

The figure illustrates the yearly growth in total assets, net loans and deposits for the Group


19,4

%

17,6

%

5,2

%

15,1

%

5,8

%

14,6

%

7,1

%

6,5

%

17,0

%

10,6

%

6,2

%

18,6

%

6,2

%

12,4

%

9,8

%

5,9

%

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12

Loans Deposits

LOANS TO CUSTOMERS

The figure illustrates the development in loans to the RM, CM/PS/FS. (Figures in NOK billion)

Gross loans increased by NOK 2.0 billion from Q3 2011 which equals an increase of 6,5 %

Increase in the RM by almost NOK 2,0 billion or 9,8%

Increase in loans to CM/PS/FS almost the same


28,1

17,5

10,7

30,1

19,8

10,4

32,1

21,7

10,4

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

Gross loans RM CM/PS/FS

Q3.2010 Q3.2011 Q3.2012

LOANS BY SECTOR

The figures illustrate the distribution of gross loans to the RM (retail market), CM/PS/FS (corporate market, public secor, financial sector)


66 %

34 %

30.09.2011

RM CM/PS/FS

68 %

32 %

30.09.2012

RM CM/PS/FS

DEPOSITS FROM CUSTOMERS

The figure illustrates the development in deposits from the RM and CM/PS/FS (NOK billion)

Deposits grew by NOK 1.0 billion from Q3 2011 equivalent to an increase of 5.9%

Increase in the RM rose by 9,1%

Increase in deposits from the CM/PS/FIN rose by 1.5%


15,7

9,2

6,5

17,3

10,1

7,2

18,3

11,0

7,3

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

Total deposits RM CM/PS/FS

Q3.2010 Q3.2011 Q3.2012

DEPOSITS BY SECTOR

The figures illustrate the deposits by sector as a percentage of total deposits


58 %

42 %

30.09.2011

RM CM/PS/FS

60 %

40 %

30.09.2012

RM CM/PS/FS

DEPOSITS VS GROSS LENDING


The figure illustrates deposits from customers as a percentage of gross lending both for the Group and for the mother bank (mother bank is excl. Bustadkreditt Sogn og Fjordane AS which was made operative with residental mortgage loans in 2009)

59,3

%

55,8

%

56,3

%

58,0

%

58,2

%

55,9

%

57,3

%

57,0

%

59,3

%

55,8

%

59,7

%

63,8

%

69,4

%

60,5

%

65,8

% 73,3

%

0,0 %

10,0 %

20,0 %

30,0 %

40,0 %

50,0 %

60,0 %

70,0 %

80,0 %

2007 2008 2009 2010 2011 Q3.10 Q3.11 Q3.12

Deposits vs. lending (Group) Deposits vs. lending (Mother)

EQUITY AND CORE CAPITAL

The figure illustrates the development in equity (pillars) and core capital ratio (points) for the Group

The core capital ratio includes in addition to booked equity, also hybrid capital of NOK 313 million at Q3 2012.

The result for 2012 is not included in the core capital ratio

Included the result for 2012 and after deduction of estimated dividend for 2012, the core capital ratio was14,9% at Q3 2012


1.83

5

1.92

8

2.07

7

2.38

1

2.41

0

2.31

5

2.44

6

2.64

1

11,3 %10,5 % 10,8 %

12,1 %12,8 %

10,4 %12,0 %

12,8 %

0,00 %

2,00 %

4,00 %

6,00 %

8,00 %

10,00 %

12,00 %

14,00 %

0

500

1.000

1.500

2.000

2.500

3.000

2007

2008

2009

2010

2011

Q3.

10

Q3.

11

Q3.

12

Core capital ratio (%)Equity (NOK mill.)

CAPITAL ADEQUACY RATIO

The figure illustrates the development in the capital adequacy ratio for the Group.


The result for the period is not included in the capital adequacy ratio at Q3 2012

Included the result for 2012 and after deduction of estimated dividend for 2012, the capital adequacy ratio was 14.9% at Q3 2012

10,5

%

10,8

%

10,9

%

11,2

%

11,1

%

10,9

%

11,4

%

1,0 %1,5 % 1,5 % 1,5 % 1,5 %

1,1 %

1,0 %1,1 % 1,0 % 1,0 %

1,0 %

10,5 %

11,9 %12,9 %

13,8 % 13,6 % 13,4 % 13,9 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

2008 2009 2010 2011 Q1 .12 Q2.12 Q3.12

Subordinated debt

Hybrid capital

Core tier 1 capital

Sum

MATURITY STRUCTURE OF FUNDING

The figure illustrates the maturity structure for the different sources of funding. (NOK million)


LIQUIDITY BUFFER

The figure illustrates the liquidity buffer given no new funding and given growth in customer deposits and loans to customers according to budget/projections

At 30.09.2012, the Group had a liquidity buffer of NOK 3.8 billion in short term deposits with Norges Bank and other banks and in marketable bonds and certificates


Introduction


Income

Expenses




Tabels

SUMMARY AND FUTURE PROSPECTS

The profit for the first nine months of 2012 is substantially better than for the same period last year

The change in the profit is due to: Strong growth in the net interest income Gain from financial instruments Cost-saving measures have given effect Lower loan impairment charge

Positive development in capital adequacy ratio Very satisfied with the performance in the first nine

month of 2012 Expecting a satisfactory result for the rest of 2012

Introduction


Income

Expenses




Tabels

KEY FIGURES PROFIT AND LOSS ACCOUNT


PROFIT AND LOSS ACCOUNT 30.09.2012 30.09.2011 31.12.2011Net interest income 454 403 539Dividends and changes in the value of financial instruments 74 -21 -20Other operating income 94 98 131Operating expenses -245 -265 -363Profit before impairment charge (incl. securities) 377 215 287Net profit realised on the sale of fixed assets 1 -1 2Loan impairment charge 33 85 163Profit/ loss before tax 345 129 126Tax expense 97 36 39Profit/ loss after tax on operation and assets held for sale 0 -16 -34Profit/ loss after taxation 248 77 52Gain/ loss on financial assets available for sale 3 25 14Comprehensive income 252 102 67

(Amounts in NOK million, consolidated)

KEY FIGURES BALANCE SHEET


BALANCE SHEET 30.09.2012 30.09.2011 31.12.2011Loans and advances to credit institutions 42 103 272Gross loans and advances to customers 32.096 30.136 30.547I ndividually assessed impairment provisions 160 104 164Collectively assessed impairment provisions 92 105 87Security placements 3.754 3.567 3.852Debt to credit institutions 1.260 2.189 1.824Deposits from and debt to customers 18.304 17.280 17.789Debt securities 12.698 11.186 12.204Equity 2.641 2.446 2.410Total assets 36.335 34.389 35.223Average total assets 35.763 33.745 33.955

(Amounts in NOK million, consolidated)

KEY FIGURES


KEY FIGURES 30.09.2012 30.09.2011 31.12.2011Profitability

Net interest rate as a % of average total assets 1,69 % 1,59 % 1,59 %Other operating income as a % of average total assets 0,35 % 0,39 % 0,39 %Operating expenses as a % of average total assets 0,91 % 1,04 % 1,07 %Oper. exp. as a % of oper. income excl. inc. from fin. instr. 44,67 % 52,69 % 54,23 %Oper. exp. as a % of oper. income incl. income from fin. instr. 39,37 % 55,00 % 55,90 %Profit before impairment charge as a % of average total assets 1,41 % 0,85 % 0,84 %Profit before tax as a % of average total assets 1,29 % 0,51 % 0,37 %Profit after tax as a % of average total assets 0,93 % 0,31 % 0,15 %Return on equity before tax 19,09 % 7,22 % 5,24 %Return on equity after tax 13,75 % 4,31 % 2,17 %Return on equity after tax incl. gain/ loss on fin. assets available for sale 13,92 % 5,71 % 2,80 %

BASIC OPERATIONS


Ex. dividends and changes in values of financial instruments

MNOK Q3.10 Q4.10 Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12

Net interest incom 135 138 133 130 140 136 146 148 160

Commision income 17 18 21 20 21 22 21 21 24Other income 15 17 10 12 13 12 7 12 9Operating expences 75 90 89 89 86 99 88 84 73

Basic operations before imp. charge 92 83 75 73 88 71 86 97 120

Loan impaiment charge 28 39 7 17 61 75 5 6 21

Basic operations after imp. charge 64 44 68 56 27 -4 81 91 99

Interim report Q3 2012. CONTENTS IntroductionFinancial developmentIncomeExpenses Loan impairment...

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Transcript of Interim report Q3 2012. CONTENTS IntroductionFinancial developmentIncomeExpenses Loan impairment...