SpareBank 1 Nord-Norge earns NOK 214 million in the first 9 months of 2003
SpareBank 1 Nord-Norge today presents its interim accounts for the first 9 months of the year. The Group's operating result, after credit losses, but before tax, totalled NOK 214 million, up by NOK 46 million on the corresponding interim period last year.
Loans to retail banking customers expanded by 13.5 per cent, the corporate banking and public sectors by 4 per cent; total lending growth amounted to 9.2 per cent. The various measures implemented in order to reduce and limit the overall credit risk exposure in the corporate banking area have already produced good results. In addition, earnings from the sale of savings- and insurance products have posted further increases.
The Bank's targeted shrinkage of overall manning levels by 100 man-years by the first quarter of 2004 has already been achieved. At the end of the third quarter this year, NOK 14 million had been set aside for this purpose.
Against the background of the Bank's overall performance during the first 9 months, the main Board of Directors expects results to develop in a stable manner for the remainder of the year.
More details on income, sale of financial products, costs, credit losses and commitments in default, as well as SpareBank 1 Gruppen AS, can be found in the attached financial information.
Our quarterly report and accounts are also shown on the Internet:
Any questions in this connection should be directed to Hans Olav Karde, Managing Director, telephone number: 77 62 24 01, or Oddmund Aasen, Deputy Managing Director, telephone number: 77 62 20 94.
Tromso, 29 October 2003
Head of Information and Public Relations Department
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.