DnB NOR: Pre-tax operating profits up 15.5 per cent, 12.2 per cent rise in total income

11/2/2006, 8:31 AM (Source: GlobeNewswire)

DnB NOR's pre-tax operating profits for the first nine months of the
year totalled NOK 11 billion, up 15.5 per cent from the corresponding
period in 2005. Total income grew by 12.2 per cent to NOK 20.9
billion. All business areas show improved performance. In terms of
nominal profits, DnB NOR ranks among the top three large Nordic
financial institutions in the third quarter as well as for the year
to date.

Key figures - January through September 2006:

* Pre-tax operating profits were up 15.5 per cent to NOK
11.0 billion (NOK 9.5 billion)
* Profits rose 17.7 per cent to NOK 8.4 billion (NOK 7.1
* Expenses were scaled back to 49.9 per cent (51.1) of
* Return on equity was 18.8 per cent (17.9)
* Earnings per share were NOK 6.21 (5.35)

Key figures - third quarter 2006:

* Pre-tax operating profits were NOK 3.6 billion (NOK 3.6
* Profits were NOK 2.7 billion (NOK 2.7 billion)
* Expenses represented 51.0 per cent (48.1) of income
* Return on equity was 18.0 per cent (19.8)
* Earnings per share were NOK 2.00 (2.03)

(Figures for the corresponding period in 2005 in parentheses. Figures
for the third quarter of 2005 include non-recurring gains of NOK 0.3

Comments by group chief executive Svein Aaser:

"I am proud to have colleagues who in a challenging environment not
only supply customers with good, competitive products, but also make
sure that customer offerings are improved and operations streamlined.
This provides a sound foundation for the further development of the
DnB NOR Group. Still, I know that however good something is, there is
or should always be room for improvement."

"The financial results achieved by DnB NOR should be a source of
pride for employees and managers alike. Income is on the rise, and
our costs are under control. However, pension costs have increased
considerably due to changes in the calculation model. All business
areas show improved performance. The Group's distribution strength
and broad product range have never been more evident."

"The Group is expanding both in and outside Norway. Our balance sheet
is increasing by NOK 0.5 billion each day. Much of the expansion
takes place in the corporate markets in Norway, the Baltic region and
Poland, as well as in the global shipping market. DnB NOR has
syndicated loans totalling NOK 36 billion in international markets
thus far this year. In short, this demonstrates that DnB NOR is in
the process of changing from a Norwegian financial services group
with international operations to an international group based in
says group chief executive Svein Aaser.

The quarterly report including tables can be downloaded from

View document
View document
View document
View document
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.