SpareBank 1 Nord-Norge, result as per Q2 2010: Very good result and good solidity

SpareBank 1 Nord-Norge reported an operating result for Q2 2010 of NOK 500 million after losses but before tax. This is an improvement of NOK 141 million compared to the same period last year. The result is particularly due to good underlying banking operations with good cost control and low losses. The good quarterly result is also due to positive contributions from financial investments, the group's subsidiaries and operations in SpareBank 1 Gruppen AS. -  We are now experiencing increased optimism in northern Norwegian trade and industry, and we have noticed increased demand for loans and credits from trade and industry. The result reflects that North Norway has been less affected by the credit crunch, says CEO Hans Olav Karde. SpareBank 1 Nord-Norge is recognised as very solid bank with good liquidity and a good deposit-to-loan ratio of 78.3 percent (from 71.6 percent in the same period last year). The Group's core capital adequacy was 11.2 percent. Equity earnings after tax still maintains a high level and was as of Q2 15.7 percent compared to 12.6 percent at the same time in 2009. The executive board characterizes the quarterly result as very good. For other details from the accounts, refer to the quarterly report for Q2 2010. Any questions may be directed to CEO Hans Olav Karde, tel. +47 901 51981 or deputy CEO Oddmund Åsen, tel. +47 906 72757. Also see the bank's website at Tromsø, 11 August 2010 SpareBank 1 Nord-Norge Kjell Kolbeinsen Director, Vommunication Some brief background information on SpareBank 1 Nord-Norge SpareBank 1 Nord-Norge is a leading provider of financial products and services to the retail banking- and corporate markets and to the public sector in the region.  The Bank has an aggregate customer base of some 244,000 retail banking customers, about 36,500 corporate customers, including public sector entities, clubs and association, and approximately 101,000 insurance product customers. The Bank has 75 branches in Finnmark, Troms, Nordland and on Svalbard (Spitzbergen).  SpareBank 1 Nord-Norge has its own representative office in Murmansk and is a shareholder in the Russian bank, Tavrichesky OJSC, whose head office is located in St. Petersburg. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1436932] Presentation of 2nd Quarter 2010: 2nd Quarter 2010: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction for further distribution is prohibited. Source: SpareBank 1 Nord-Norge via Thomson Reuters ONE