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This is an archived release.
Banks post strong quarterly results
Preliminary figures show that Norwegian banks achieved net interest income on a high level and strong results in the second quarter of 2007, although net losses on loans are larger than zero for the first time in more than two years.
Net interest income in the second quarter of 2007 reached a substantial NOK 9.9 billion. This is an increase of NOK 0.4 billion compared to the all-time high of the fourth quarter of 2006 and the first quarter of 2007. In the same period of 2006, net interest income was NOK 9.3 billion. The increase in net interest income may indicate that the banks have had gains on the increase in interest rates in the last quarters. The interest rate statistics which will be published on 31 August, might have more information concerning this.
Second quarter profits amounted to NOK 5.5 billion. This is an increase of NOK 0.2 billion from the first quarter of 2007. Compared to the equivalent quarter last year, second quarter profits have increased by NOK 0.7 billion. As in the two preceding quarters, the high net interest income and large net gains on securities and currency are the main contributors to the strong results.
Banks. Net interest earnings, losses and profit and loss. Q4 2004-Q2 2007. NOK Million |
Net interest earnings | Losses on loans etc | Profit and loss for the financial period | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Q4 2004 | 8 193 | 276 | 3 974 | ||||||||||||||||||||||||||||||||||||
Q1 2005 | 8 042 | 179 | 4 036 | ||||||||||||||||||||||||||||||||||||
Q2 2005 | 7 822 | -773 | 4 918 | ||||||||||||||||||||||||||||||||||||
Q3 2005 | 8 384 | -396 | 4 988 | ||||||||||||||||||||||||||||||||||||
Q4 2005 | 8 824 | -220 | 5 700 | ||||||||||||||||||||||||||||||||||||
Q1 2006 | 8 333 | -319 | 5 065 | ||||||||||||||||||||||||||||||||||||
Q2 2006 | 9 313 | -136 | 4 799 | ||||||||||||||||||||||||||||||||||||
Q3 2006 | 9 181 | -531 | 5 007 | ||||||||||||||||||||||||||||||||||||
Q4 2006 | 9 504 | -418 | 7 161 | ||||||||||||||||||||||||||||||||||||
Q1 2007 | 9 506 | 0 | 5 358 | ||||||||||||||||||||||||||||||||||||
Q2 2007 | 9 915 | 116 | 5 536 | ||||||||||||||||||||||||||||||||||||
Positive net losses on loans
Net write-back of losses has been a considerable contributor to the banks’ profit for the last two years. In the second quarter of 2007 however, net losses on loans were positive for the first time since the first quarter of 2005. The net losses are relatively small, NOK 100 million, and thus has not had a profound effect on the banks’ results this quarter.
Fourth quarter figures are now based on final financial statements.
Tables
The statistics is now published as Banks and mortgage companies.
Contact
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Statistics Norway's Information Centre
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