SpareBank 1 Nord-Norge earns NOK 535 million in 2004, the best ever result in the Bank's history.
SpareBank 1 Nord-Norge today presents its preliminary report and accounts for 2004, showing a profit of NOK 535 million after credit losses, but before tax. This is a NOK 262 million or 96 per cent improvement on 2003. The profit for 2004 represents the best ever operating result in the Bank's history.
The strong improvement in the result is mainly due to increased income, especially from the sale of savings- and placement products, which has posted good progress. Lower credit losses coupled with good control of overall costs also made important contributions towards the good operating result. The after-tax result provided a 14.6 per cent return on equity capital, up from 9.0 per cent in 2003.
Group assets totalled NOK 42,245 million at the end of 2004.
The main Board of Directors proposes that a dividend of NOK 19.00 is paid on each Primary Capital Certificate.
It is proposed that NOK 25 million of the profit for the year is set aside for Donations, these funds mainly to benefit various competence-enhancing measures within the Bank's local community, research and cultural purposes.
The main Board of Directors is very pleased with the result for 2004. The Bank's development and progress confirm that the various measures implemented during 2003, both relating to improved overall quality and more effective operations, have produced good results.
The final resolution relating to the 2004 accounts will be made by the Bank's Board of Trustees at its meeting on 16 March 2005.
More details about the different areas of the Group's operations can be found in the attached report, which includes various financial information.
The full report including tables can be downloaded from the following link:
The presentation can be downloaded from the following link:
Any questions 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. <!-- hugin-supplied --><br> <!-- hugin-supplied --><br> Reference is also made to www.snn.no <!-- hugin-supplied --><br> <!-- hugin-supplied --><br> <!-- hugin-supplied --><br> Tromso, 9 February 2005 <!-- hugin-supplied --><br> For and on behalf of Sparebanken Nord-Norge <!-- hugin-supplied --><br> <!-- hugin-supplied --><br> Kjell Kolbeinsen <!-- hugin-supplied --><br> Senior Group General Manager