Norway’s DnB Nor Group has posted a 9.6%
year-on-year increase in half year pre-tax income from retail
banking to NOK3.6bn ($644m).
Net interest income from retail banking for
the six months to June rose by just under 1% to NOK7.1bn.
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Write downs on retail banking loans and
guarantees fell 28% year-on-year to NOK353m.
Write-downs on loans for individual retail
banking customers accounted for a fifth of the total retail banking
write-downs and amounted to NOK71m (2010:NOK8m).
Lending to customers rose by 4% to NOK1.2tr,
while customer deposits for the six-months period to end-June rose
by 3.5% year-on-year to NOK668.5bn.
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By GlobalDataGroup profits
At group level, DnB Nor posted a half year net
income of NOK5.26bn, down by 4.4% from a year-ago.
Net interest income increased by 6.7%
year-on-year to NOK12bn in the six months to the end of June; net
income from fees and commission rose by 11.8% to 2.45bn.
Write-downs on loans and guarantees across the
whole group amounted to NOK1.35bn, down by 26% from the year-ago
period.
Total assets at the end of June amounted
NOK1.6tr, representing a 9% year-on-year decrease.
Very pleasing results
“We are very pleased with these profit
figures. Rising interest rate levels and low write-downs had a
positive impact on the quarter, though there is still intense
competition for both loans and deposits in the Norwegian market,”
said DnB Nor group CEO Rune Bjerke.
“Norway is doing well, with low unemployment and strong
growth, both in GDP and in the population. This provides a sound
basis for our growth ambitions, as we are influenced by increased
investment willingness among our customers. In the personal
customer market, intense competition and pressure on home mortgage
margins will continue,” he added.
