SpareBank 1 Gruppen, of which SpareBank 1 Nord-Norge owns 19.5 per cent, expects to post a loss after taxes in 2008 of between NOK 600 and 800 million. The entire loss relates to the SpareBank 1 Livsforsikring subsidiary. All other subsidiaries in the Group will post profits for 2008.

 

See the separate report from SpareBank 1 Gruppen.

The above implies a negative effect of between NOK 117 mill and NOK 156 mill in the profit and loss account for SpareBank 1 Nord-Norge Group.  The SpareBank 1 Nord-Norge Group's share of the result in SpareBank 1 Gruppen AS for 2007 was positive with an amount of NOK 229 mill.  In the Parent Bank's Profit and Loss Account, only the annual dividend payments received from SpareBank 1 Gruppen AS will be shown.

Purchase of Glitnir Bank ASA
In connection with the takeover of Glitnir Bank ASA, now BNbank ASA, SpareBank 1 Nord-Norge will recognise about NOK 400 million of badwill in its consolidated accounts for 2008. SpareBank 1 Nord-Norge owns 20 per cent of the shares of BNbank ASA.

 

A consortium of SpareBank 1 banks paid NOK 300 million for BNBank ASA in December 2008.

 

Badwill appears as the result of the assessed value of BNBank ASA as at 31 December 2008 less purchase price.

 

 

 

 

Tromsø, 16 January 2009

 

 

 

Contact person in SpareBank 1 Nord-Norge:

CFO Rolf Eigil Bygdnes, tlf +47 905 19774