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Unexpectedly low performances of Norway’s DNB Nor



  

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Friday, 06 May 2011
Norwegian neither banking giant DnB Nor reported unexpectedly weak profits for the first quarter blamed partly for higher credit losses than expected.

Profit before tax fell from Nkr4.0 billion to Nkr3.8 billion, against the anticipated Nkr4.5 billion. Loan losses were Nkr892 million, against the anticipated Nkr500 million.

Asset quality has improved, although low profits and new tonnage makes the outlook uncertain for many companies, which form a large part of customers.
By Scancomark.se Team

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Key figures for the first quarter of 2011

•    Pre-tax operating profits before write-downs were NOK 4.7 billion (4.9)
•    Profit for the period was NOK 2.9 billion (2.9)
•    Earnings per share were NOK 1.76 (1.92)
•    Return on equity was 10.3 per cent (12.5)
•    The ordinary cost/income ratio was 50.5 per cent (49.5)
Comparable figures for the first quarter of 2010 in parentheses.


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