The good result is attributable to good interest- and commission income, low credit losses and a very good result for SpareBank 1 Gruppen AS.

 

The figures reflect strong banking operations, with big and effective efforts from the Bank's staff, a region still enjoying strong economic expansion, but also a financial market with fierce competition.

 

Deposits have been growing strongly, at 13.6 per cent during the last 12 months, up from 9.2 per cent a year ago.

 

During the last 12 months, lending growth was 12.3 per cent, as opposed to 11.3 per cent for the corresponding interim period last year.

 

The after-tax return on equity capital ended up at 19.5 per cent, as against 22.5 per cent a year ago.  Profit per Primary Capital Certificate amounted to NOK 14.21, up from NOK 13.86 for the first quarter of 2006.

 

The main Board of Directors is very pleased with the result for the first quarter of 2007.  Every effort will continue to be made in order to further boost the Group's revenue generation and to achieve more cost-effective operations.

 

More details relating to the Group's operations can be found in the attached financial information. 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.co

 

Tromso, 25 April 2007

For and on behalf of SpareBank 1 Nord-Norge

 

 

Kjell Kolbeinsen

Director, Information and Public Relations