SpareBank 1 Nord-Norge - Financial results for 2009
(Thomson Reuters ONE) - All-time record with profit of NOK 1 billionSpareBank 1 Nord-Norge today presents its preliminary accounts, showing apre-tax operating result of NOK 1,002 million. Compared with last year, theprofit has been doubled.This is the first time in the bank's history that the accounts show an operatingresult in excess of NOK 1 billion."We are very satisfied and our employees have every reason to be proud of theresult that we are presenting today", says Hans Olav Karde, the bank's chiefexecutive."For many years, SpareBank 1 Nord-Norge has purposely built up reserves in orderto be a solid bank. When the financial crisis struck the country in 2008, thebank had sufficient financial strength not being forced to sell off a major partof its securities portfolio", says Karde."In 2009, we were able to write up the value of these securities, contributingto the positive result we now see", he states.SpareBank 1 Nord Norge's chief executive adds that: "Another positive factor isthat the region has been less affected by the financial crisis than manyfeared".The figures show that the result of the core banking activities, in other wordsthe customer-related business, was somewhat lower in 2009 than in 2008. In2009, losses on loans were at the same level as in the preceding year.SpareBank 1 Nord-Norge, with its vision "For North Norge", can show, through itsaccounts for 2009, that 90 per cent of the profit remains in the region.The main Board of Directors considers the result to be very good and sums up2009 as a year that proved to be less turbulent than expected. The measuresthat were implemented had the desired effects. In addition, the industrialstructure in the North of Norway is such that declining international demand hasno major impact in the short term.The economic outlook for 2010 appears to be satisfactory. For the SpareBank 1Nord-Norge Group it is realistic to anticipate significant growth in the retailmarket, whilst growth in the corporate market is expected to be moderate. Thenumber of customers experiencing difficulties in servicing their financialobligations is not expected to rise. For the bank, 2010 as a whole is expectedto develop in a satisfactory mannerKey figures for the accounts: (see enclosed quarterly report 1). Any questionsmay be directed to Hans Olav Karde, CEO, telephone 901 51 981, or to Deputy CEOOddmund Aasen, telephone 906 72 757. Reference is also made to the bank's homepage:www.snn.no
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Datum: 11.02.2010 - 08:06 Uhr
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