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UPDATE 1-Norway's Sparebanken Vest Q1 pretax beats forecast, losses seen lower
May 3, 2017 / 8:04 AM / 7 months ago

UPDATE 1-Norway's Sparebanken Vest Q1 pretax beats forecast, losses seen lower

(Updates with presentation by CEO Jan Erik Kjerpeseth)

May 3 (Reuters) - Sparebanken Vest:

* Q1 pre-tax profit NOK 432 million (Reuters poll NOK 379 million) vs NOK 322 mln in Q1 2016

* Q1 net interest income NOK 610 million (Reuters poll NOK 606 million) vs NOK 609 mln in Q1 2016

* Q1 loan losses NOK 29 million (Reuters poll NOK 41.3 million) vs NOK 26 mln in Q1 2016

* Reduces expected losses for 2017 to an interval of between NOK 150 mln and 175 mln from previously NOK 200 mln-250 mln

* Says has low direct exposure to the oil and offshore sector, total offshore exposure is NOK 1.35 billion (1 percent of total portfolio) in different segments, does not change the loss situation going forward

* Says sentiment in the oil and offshore dominated western part of Norway is improving significantly

* Says dividend for 2017 is expected to be in the mid-interval of the bank’s dividend policy of between 50 and 80 percent of the profit

* Expects increased lending growth, above-market growth, and does not expects reduced demand for mortgages after new regulation

* Expects to increase market share for mortgages, but not at the expense of price Source text for Eikon: Further company coverage: (Reporting by Camilla Knudsen, editing by Terje Solsvik)

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