Improved profitability for Gjensidige Ban

11/10/2011 1:00 AM EST

Improved profitability for Gjensidige Bank

Gjensidige Bank reported net income before tax of 19.8 million kroner in
the third quarter, compared to 14.1 million in the same period last
year.

Year to date the bank reported net income before tax of 52.3 million
kroner, translating into 5.5 percent return on equity (annualized).

-Profitability is headed in the right direction, but still not good
enough. We are vigorously driving the improvement program that was
announced earlier this year to strengthen our earnings, says Hans Harén,
managing director of Gjensidige Bank.

As part of this improvement program, tasks that were outsourced in the
past will be moved to the Gjensidige Group. The Investment Center of
Gjensidige Forsikring ASA has assumed the responsibility of market
operations for Gjensidige Bank and Gjensidige Bank Boligkreditt.

Lending volume has increased by 1.2 billion kroner to 14.8 billion over
the past 12 months. Gjensidige Bank had a capital adequacy of 14.6 per
cent at the end of the quarter.

Head of Information Christian H. Haraldsen. Tel: 47 907 87 44