SpareBank 1 SMN has corrected its common equity tier 1 (CET1) capital ratio as at 31.12.2017 from 14.9 per cent to 14.6 per cent. The correction does not affect book equity capital or reported return on equity.
The bank has brought to light incorrect treatment of its share of the fund for unrealised gains from related companies. This reduces reported CET1 capital at end-2017. A correction for the fourth quarter of 2017 is also made in the calculation of capital charges related to repurchase agreements and associated collaterals (repos). The effects relate to the transitional arrangement (Basel 1 floor). This brings an increase in risk weighted assets compared with the original reporting.
As a result of these factors, the CET1 capital ratio is revised from 14.9 per cent to 14.6 per cent as at 31 December 2017. There is no change in this ratio through the first quarter of 2018.
The bank's target of a CET1 capital ratio of 15.0 per cent stands firm, and it is assumed and expected that this target will be attained by year-end without special measures being taken.
Trondheim, 3 May 2018
Contact persons at SpareBank 1 SMN:
Executive Director, Finance, Kjell Fordal on +47 905 41 672
Executive Director Ola Neråsen on +47 918 09 722
Head of Corporate Communications, Hans Tronstad on +47 941 78 322
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire
