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Sparebanken Vest sees higher growth, limited losses
March 17, 2017 / 10:58 AM / 9 months ago

Sparebanken Vest sees higher growth, limited losses

OSLO, March 17 (Reuters) -

** Sparebanken Vest Chief Executive Jan Erik Kjerpeseth sees turnaround for the economy and faster growth ahead for the bank, he told Reuters on the sidelines of a banking conference on Friday

** Now sees signs of positive developments in the bank’s west coast region, which was hit by the sharp fall in oil prices from 2014-2016

** Says Friday’s long-awaited contract win for offshore construction firm Kvaerner at Stord will contribute to the optimism

** Says not very concerned about lending losses going forward; sees still-limited losses for the bank, with low direct exposure to the offshore oil industry

** Says oil industry still faces demanding times, but this has only had marginal spillover effects to other sectors of the economy

** Says businesses in the region has benefited from the weak Norwegian currency

** Sees higher growth for the bank in 2017 after a period of limited growth during a required build-up of capital; hopes to reverse trend where foreign banks have taken market share

** Sees signs of lower funding costs, hopes to strengthen margins

** Housing market is stable in the region, not very worried about that (Reporting by Camilla Knudsen, editing by Terje Solsvik)

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