1st quarter 2014

(Consolidated figures. Figures in parentheses refer to the same period of 2013 unless otherwise stated)  

  • Pre-tax profit: NOK 597m (390m)
  • First quarter net profit: NOK 500m (321m)
  • Return on equity: 17.7 per cent (12.7 per cent)
  • Growth in lending: 4.4 per cent (9.7 per cent) last 12 months
  • Growth in deposits: 4.1 per cent (7.4 per cent) last 12 months
  • CET1 capital adequacy: 11.1 per cent (10.4 per cent)
  • Earnings per EC: NOK 2.48 (1.55)

Good result for first quarter 2014

Highlights:

  • Core business substantially strengthened. Increased net interest revenue from both retail and corporate segment
  • Profit improvement of NOK 179m compared with first quarter 2013, of which unrealised gain on the agreed sale of the bank’s stake in Nets Holding accounts for NOK 148m
  • Low loan losses
  • Financial position in keeping with the Group’s capital plan: CET1 ratio 11.1 per cent (10.4 per cent)
  • Reduced lending to corporate customers
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