After a particularly good overall effort by all members of staff, the SpareBank 1 Nord-Norge Group earns NOK 523 million in the first 9 months of 2005.
SpareBank 1 Nord-Norge today presents its interim report and accounts for the first 9 months of 2005. The Group's pre-tax operating result, after credit losses, totalled NOK 523 million, up by NOK 86 million on the corresponding interim period last year. The good result is attributable to great and effective efforts by all members of staff, both at the Bank and within its subsidiaries. The result for the first 9 months of the year is also ascribable to a generally positive development within commerce and industry in the region and as far as private households' financial position is concerned. SpareBank 1 Gruppen AS's good result and progress have also contributed to the SpareBank 1 Nord-Norge Group's good, overall result.
The main Board of Directors is very pleased with the result for the first 9 months of 2005. It is particularly encouraging that the efforts aimed at achieving increased, but justifiable and reasonable lending growth have been producing good results. The Bank will continue its work to reduce credit risk within certain commercial and industrial sectors. In the immediate future, continued, strong efforts will also be made in order to boost revenue generation for the Group as a whole, and to bring about more cost-effective operations overall. The Bank will try to achieve this improvement by increasing the level of risk-free income through the sale of other products and services, coupled with increased growth within the lending area and reduced costs.
More details relating to the Group's various operational areas can be found in the attached financial information.
The full report including tables can be downloaded from the following link:
We would also refer to the Bank's home page: www.snn.com
Tromso, 25 October 2005
For and on behalf of Sparebanken Nord-Norge
Director, Information and Public Relations
SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway.
In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products.
Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.