SPAREBANKEN VEST is a local savings bank, focused on retail banking and insurance products and services to local residends: private individuals, SMEs and companies. The range of products offered by SPAREBANKEN VEST includes current accounts, payment cards, savings accounts, consumer loans, car loans and mortgage loans.
SPAREBANKEN VEST is the 5th largest bank in Norway in terms of total assets. In 2017 its total assets were 111,46 bln NOK, providing the bank with the market share of 2.89%. SPAREBANKEN VEST is the 3rd largest savings bank in Norway (out of 97 savings banks) having market share of 8.12% amongst the banks of this category. In 2017 the bank's operating income was 1 744,00 mln NOK.
SPAREBANKEN VEST is rated by Fitch, Moody's. Long-term credit rating assigned to the bank by Fitch is A- (high credit quality). Long-term credit rating assigned to the bank by Moody's is A1 (upper medium grade).
SPAREBANKEN VEST participates in deposit guarantee scheme of Norway. This scheme covers accounts up to 2 000 000 NOK per bank per depositor.
SPAREBANKEN VEST is located in BERGEN.
time deposit accounts
SPAREBANKEN VEST provides products and services in the areas of retail banking, insurance. The range of products offered by SPAREBANKEN VEST includes current accounts, credit cards, debit cards, savings accounts, time deposit accounts, consumer loans, car loans, mortgage loans. SPAREBANKEN VEST makes its solutions available to private individuals, SMEs, companies.
|Total Assets (2017)|
|111.46 bln NOK (+2.92%)|
|Total Equity (2017)|
|13 463.00 mln NOK (+7.36%)|
In 2017 total assets of SPAREBANKEN VEST were 111.46 bln NOK. Growth compared to the previous period (2016) was 2.92%. The evolution of the total assets of SPAREBANKEN VEST is shown at Chart 1 below.
Chart 1. Total Assets of SPAREBANKEN VEST.
Recent changes in total assets of SPAREBANKEN VEST and its main components are shown in Table 1.
|Cash and deposits with Central Banks||0.7||0.7||+4.10%|
|Loans to banks||5.8||14.1||+141.67%|
|Loans to customers||78.5||71.7||-8.61%|
|Table 1. Recent changes in total assets of SPAREBANKEN VEST (bln NOK).|
Recent changes in total liabilities of SPAREBANKEN VEST and its main components are shown in Table 2.
|Table 2. Recent changes in total liabilities of SPAREBANKEN VEST (bln NOK).|
|Operating Income (2017)|
|1 744.00 mln NOK (-6.69%)|
|Annual Profit (2017)|
|1 357.00 mln NOK (-11.08%)|
Recent changes in gross profit of SPAREBANKEN VEST and its main components are shown in Table 3.
|Interest Income||2 901.7||2 858.0||-1.50%|
|Interest Charges||-1 032.8||-991.0||-4.05%|
|Net Interest Income||1 868.8||1 867.0||-0.10%|
|Table 3. Recent changes in gross profit of SPAREBANKEN VEST (mln NOK).|
In 2017 annual profit of SPAREBANKEN VEST was 1 357.00 mln NOK. Decline compared to the previous period (2016) was -11.08%. The evolution of the annual profit of SPAREBANKEN VEST is shown at Chart 2 below.
Chart 2. Annual Profit of SPAREBANKEN VEST.
|A- (high credit quality)||A1 (upper medium grade)|
Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. SPAREBANKEN VEST is rated by Fitch and Moody's.
Credit ratings assigned to SPAREBANKEN VEST as of May 2018 are shown in details in the following sections.
Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for SPAREBANKEN VEST it is set to A- (high credit quality), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for SPAREBANKEN VEST is set to F2 (good short-term credit quality).
|Long-Term Issuer Default Rating||A-|
|Short-Term Issuer Default Rating||F2|
|Support Rating Floor||BB+|
Viability rating for SPAREBANKEN VEST is set to a- (high fundamental credit quality); support rating is 3 (moderate probability of support); support rating floor is BB+ (speculative).
Long-term rating for SPAREBANKEN VEST it is set to A1 (upper medium grade). Long-term bank deposit rating is A1 (upper medium grade). Baseline credit assessment is baa1. Short-term rating is not assigned.
|Long-Term Bank Deposit Rating||A1|
|Baseline Credit Assessment||baa1|
Outlook for the ratings of SPAREBANKEN VEST is set to negative (may be lowered).
|Yes (up to 2 000 000 NOK per depositor)|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
All credit institutions operating in Norway are obliged to participate in Norwegian deposit guarantee scheme.
In the case of SPAREBANKEN VEST failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:
|Eligible Depositors||natural persons, legal entities|
|Covered Accounts||any credit balance on a named account, and any debt evidenced by a certificate of deposit issued to a named person|
|Maximum Protected Amount||2 000 000 NOK|
|Paid In Currency||NOK|
Company Registration Number is a distinctive code issued upon registration of a new company. This code can be used to find data about the company in a national company register.