Dividend: Proposed dividend for 2017: 7.10 per share
Share buyback: Announced a program to buy back 0.5% of outstanding shares and full utilization of the 1.5% limit.
NII: +NOK 135 mill. from Q3(adjusted for Baltics).
- Average volume +0.5%. (PC: +1.7%, SME:+3.4% and LCI: -3.4%).
- Combined spread, customer segments (volume weighted): Flat. NIM: +2 bps
C&F: Improvement of 1.8% from a strong Q4-16 (adjusted for Baltics)
Net Gain on financial instruments:
- Basis swaps: 62 mill
- Exchange rate effects on additional Tier 1 capital: 330 mill.
Operating expenses: + 498mill. from Q3. Negatively affected by a write down of goodwill of 502mill. Adjusted for Baltics and write down expenses was up 139 mill.
Impairments: -402 mill. (Q3: -867m) Improvements due to reversals of collective impairments of 1 292 mill, driven by positive development in macro factors, positive migration, , reduced volume in LCI and some exposures moving from collective to individual impairments.
Tax: 19% tax rate for 2017. A reduction from expected 23% with full effect in Q4. The reduction is mainly due to property sales under the tax exemption model and Norwegian taxation rules for the allocation of interest expenses between Norway and the US.
Guiding: 23% for 2018 and forward.
Capital: 16.4% CET1 ratio.
IRFS9 will have a negative effect of 25 bps from 2018.