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.
-Â 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 Ã…sen, tel. +47 906 72757. Also see the bank's website at
TromsÃ¸, 11 August 2010
SpareBank 1 Nord-Norge
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.Â 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).Â 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 Â§5-12 vphl
(Norwegian Securities Trading Act)
Presentation of 2nd Quarter 2010:
2nd Quarter 2010:
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Source: SpareBank 1 Nord-Norge via Thomson Reuters ONE