SPAREBANKEN VEST

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.

Bank Category

Savings banks

Services

Retail Banking
Insurance

Financials

Total Assets (2017)
111.46 bln NOK  (+2.92%)
Operating Income (2017)
1 744.00 mln NOK  (-6.69%)

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).

Deposit Guarantee

2 000 000 NOK

SPAREBANKEN VEST participates in deposit guarantee scheme of Norway. This scheme covers accounts up to 2 000 000 NOK per bank per depositor.

Contacts

Jonsvollsgaten 2, 5011, BERGEN, Norway

SPAREBANKEN VEST is located in BERGEN.

Bank Identifiers

Company Number
832554332
Start Date
01 January 2006

Business Summary

Services
retail banking
insurance
Products
current accounts
credit cards
debit cards
savings accounts
time deposit accounts
consumer loans
car loans
mortgage loans
Area Served
local municipality
Eligible Clients
private individuals
SMEs
companies

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.

Financial Positions

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.

Total Assets of SPAREBANKEN VEST.

Chart 1. Total Assets of SPAREBANKEN VEST.

Recent changes in total assets of SPAREBANKEN VEST and its main components are shown in Table 1.

2016 2017 % change
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%
Total Assets 108.3 111.5 +2.92%
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.

2016 2017 % change
Bank deposits 5.2 4.8 -7.10%
Customer deposits 66.5 69.1 +3.99%
Total Liabilities 108.3 111.5 +2.92%
Table 2. Recent changes in total liabilities of SPAREBANKEN VEST (bln NOK).

Profit and Loss

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.

2016 2017 % change
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%
Commission Income 505.2 870.0 +72.22%
Commission Charges -88.6 -84.0 -5.14%
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.

Annual Profit of SPAREBANKEN VEST.

Chart 2. Annual Profit of SPAREBANKEN VEST.

Market Share and Rank (among banks in Norway)

Total Assets (2017)
5th (market share 2.89%)

In 2017 SPAREBANKEN VEST was ranked the 5th largest bank in Norway in terms of total assets, having 2.89% of the domestic market share.

Market share of SPAREBANKEN VEST (among banks in Norway)

Chart 3. Market share of SPAREBANKEN VEST (among banks in Norway)

Several banks having the market shares and ranks closest to SPAREBANKEN VEST are shown below.

RankNameTotal AssetsMarket Share
4SANTANDER CONSUMER BANK AS141126.48 mln NOK3.65%
5SPAREBANKEN VEST111464.00 mln NOK2.89%
6SPAREBANK 1 ØSTLANDET107149.22 mln NOK2.78%
 

Market Share and Rank (among Savings banks in Norway)

Total Assets (2017)
3rd (market share 8.12%)

In 2017 SPAREBANKEN VEST was ranked the 3rd largest savings bank in Norway in terms of total assets, having 8.12% of the category's market share.

Market share of SPAREBANKEN VEST (among Savings banks in Norway)

Chart 4. Market share of SPAREBANKEN VEST (among Savings banks in Norway)

Several savings banks having the market shares and ranks closest to SPAREBANKEN VEST are shown below.

RankNameTotal AssetsMarket Share
2SPAREBANK 1 SMN150382.77 mln NOK10.95%
3SPAREBANKEN VEST111464.00 mln NOK8.12%
4SPAREBANK 1 ØSTLANDET107149.22 mln NOK7.80%
 

Credit Ratings (as of May 2018)

Fitch Moody's
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.

Fitch

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-
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  F2
Viability Rating  a-
Support Rating  3
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).

Moody's

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 Rating  A1
Long-Term Bank Deposit Rating  A1
Baseline Credit Assessment  baa1
Short-Term Rating  -
Outlook  negative

Outlook for the ratings of SPAREBANKEN VEST is set to negative (may be lowered).

Deposit Guarantee

Deposit Guarantee
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

Further Information

Company Registration Number

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.

Company Number  832554332