SpareBank 1 Nord-Norge: Result First Quarter 2011
Very good result and financial strength
The quarterly accounts that are presented today show a profit before tax of NOK 381 million.
There has been significant growth in deposits of 11 per cent over the last 12 months.
The bank's focus on the public sector has also shown good results with growth in deposits of 18 per cent.
- Competence, good solutions and good terms have been decisive for the bank's ability to strengthen its position in the market, says CEO Hans Olav Karde.
The Group's core operations is on par with last year and show a profit before losses of NOK 149 million, which is an improvement of NOK 4 million compared to the same period last year (adjusted for non-recurring effect of pension scheme changes in 2010).
The losses are at a very low level, with net losses of only NOK 10 million, which is NOK 11 million lower than the corresponding period previous year.
The bank is financially sound with a core capital adequacy ratio of 10.7 per cent.
The combined profit attributable to the Group's subsidiaries was NOK 195 million before tax, which is a significant improvement compared with first quarter 2010.
The Bank's important improvement in net gains compared to the same period in 2010 is mainly due to the adjustment in values of SpareBank 1 Nord-Norge Invest AS' shareholding in Front Exploration AS.
- We are very satisfied and our employees have reason to be proud of the results we are presenting today. Our advisers have been more active in the market and have met with more retail and corporate customers than ever before. In addition, our advisers are in the final phase of a demanding competence boost that will further improve the customers' perception of SpareBank1 Nord-Norge as the adviser bank, says Karde.
In Q1 2011, a bonus issue was carried out together with a split of the Bank's equity certificates. Furthermore, the Bank's Supervisory Board has passed a resolution to strengthen the Bank's equity by way of new issues for up to NOK 600 million.
SpareBank 1 Nord-Norge can point out with its vision of "For Northern Norway" that around 90 per cent of its profits remain in the region. The bank has 74 branch offices in Northern Norway and Svalbard.
Key accounting figures can be found on page 1 in the enclosed memorandum. Any questions may be directed to CEO Hans Olav Karde, tel. +47 901 51 981 or Deputy CEO Oddmund Åsen, tel. +47 906 72 757. See also the bank's website at www.snn.no.
Tromsø, 28 April 2011
for SpareBank 1 Nord-Norge
Stig-Arne Engen
Director of Communications
About SpareBank 1 Nord-Norge: SpareBank 1 Nord-Norge is a leading provider of financial products and services within the retail banking and corporate banking markets and public sector throughout the region. The Bank has a total customer base of around 244,000 retail banking customers, around 36,500 corporate customers, including public sector agencies, clubs and associations, and around 101,000 insurance customers. The Bank has 74 branch offices in Finnmark, Troms, Nordland and Svalbard.
In September 2010, SpareBank 1 Nord-Norge established banking operations in Russia through North-West 1 Alliance Bank. SpareBank 1 Nord-Norge holds a 75 per cent ownership interest in the bank, while the remaining 25 per cent of the shares is owned by SpareBank 1 Nord-Norge's Russian partner Bank Tavrichesky in St. Petersburg. The new bank is headquartered in St. Petersburg and has a branch office in Murmansk.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.