SpareBank 1 Nord-Norge makes record profit for 2005 and strengthens its commitment to the communities within the region
SpareBank 1 Nord-Norge strengthens its commitment to the communities within the region. The Bank is able to do this because of its very good annual result for 2005. NOK 75 million has been transferred to the Donations Fund. The preliminary accounts for 2005 show a profit of NOK 729 million, before tax, but after credit losses. This is the best ever result achieved by the Bank, up by NOK 152 million (26 per cent) on 2004.
The strong improvement in the result is mainly due to increased income, reduced credit losses and good control of overall costs, coupled with the Bank's share of SpareBank 1 Gruppen's improved result.
The after-tax return on equity capital amounted to 20.4 per cent, up from 16.9 per cent in 2004.
It is proposed that a dividend of NOK 10.00 is paid on each Primary Capital Certificate.
The main Board of Directors is very pleased with the result for 2005 and would like to thank all staff for their excellent efforts which have produced the very good result.
More detailed information about the Group's operations can be found in the attached reports.
Any questions should be directed to Hans Olav Karde, Chief Executive Officer, telephone number 77 62 24 01 or Oddmund Aasen, Deputy Chief Executive Officer, telephone number 77 62 20 94.
Reference is also made to the Bank's home page: www.snn.no
The full report including tables can be downloaded from the following link:
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.