May 9, 2018 / 8:40 AM / 7 months ago

UPDATE 1-Sandnes Sparebank cuts 2018 loss guidance

(Adds outlook)

May 9 (Reuters) - Sandnes Sparebank:

* Q1 profits before taxes were nok 54.2 (63.0) million.

* Q1 net interest income was nok 117.3 (116.0) million.

* Q1 writedowns and losses on loans and guarantees amounted to nok 18.8 (18.9) million, of which group writedowns were nok 6.2 (2.5) million

* Due to the macroeconomic development of the region and clarification regarding individual loans, it is appropriate to reduce the loss expectations somewhat relative to earlier estimates from march

* In march the bank estimated 2018 ‍losses within a range of nok 50-90 million​

* During q1 one of the bank’s customers went through a major restructuring

* The restructuring is the main reason for the significant reduction of doubtful loans during the quarter

* Q1 net doubtful loans amounted to nok 219.4 (411.5) million Source text for Eikon: Further company coverage: (Gdynia Newsroom and Oslo Newsroom)

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