SpareBank 1 Nord-Norge Group earns NOK 227 million before tax in the first 3 months of 2006, the Bank's best ever quarterly result.

Tue, May 02, 2006 08:10 CET Report this content

SpareBank 1 Nord-Norge today presents its result for the first 3 months of 2006, which is the largest quarterly profit before tax ever made by the Bank.

 

The profit totalled NOK 227 million, after an improvement of NOK 59 million (35 per cent) compared to the same interim period last year.  The very good result is due to increased revenue generation from the sale of insurance- and savings products, coupled with low credit losses, good overall cost control and the Bank's share of a good quarterly result from SpareBank 1 Gruppen AS.  These figures confirm SpareBank 1 Nord-Norge's strong banking operations and its staff's excellent efforts, and also reflect local commerce and industry's good profitability levels and private households' strong financial position.

 

During the last 12 months, lending growth totalled 11.3 per cent, the retail banking- and corporate sectors increasing by 15.2 and 4.2 per cent respectively.  Deposits grew by 9.2 per cent during the same period.

 

The after-tax return on equity capital amounted to 22.5 per cent.

Earnings per PCC totalled NOK 14.02.

 

The main Board of Directors is very pleased with the result for the first quarter of 2006.  Continued, strong efforts will be made in order to boost revenue generation for the Group as a whole, and to bring about more cost-effective operations. 

 

More details relating to the Group's various operational areas can be found in the attached financial information.

 

Any questions in this connection 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.

We would also refer to the Bank's home page:  www.snn.no

 

For and on behalf of Sparebanken Nord-Norge

Kjell Kolbeinsen  

Director, Information and Public Relations