Securities broking enterprises (discontinued), 2002

Most of the income to securities broking enterprises comes from trade of financial instruments. Profit from securities broking enterprises is then influenced by conditions in securities market. The trade at Oslo Stock Exchange fell from NOK 566 billion in 2001 to NOK 444 billion in 2002.

Operating income went down from NOK 3, 924 million in 2001 to NOK 3,285 million in 2002. In the same period, operating expenses declined by NOK 342 million to NOK 2,963 million. Broker commission and income from issues and advisory activity are the main income sources for securities broking enterprises, which were NOK 881 million and NOK 827 million respectively in 2002. Personnel costs are the largest operating expense and declined by NOK 216 million to NOK 1,393 million.

Reduced holdings of short-term investments

Securities broking enterprises will normally expand their holdings of bonds when there is a fall in the stock market. In 2002 it was reduced by approximately 93 per cent compared with 2001. At the same time the holdings of commercial papers rose by 153 per cent to NOK 167 million. The value of all short-term investments dropped from NOK 1,680 million in 2001 to NOK 397 million in 2002. Total assets were NOK 11.4 billion in 2002.

The statistics include only securities broking enterprises which are separate legal entities licensed by the Banking, Insurance and Securities Commission.

Tables:

• Securities broking enterprises. Profit and loss account. Per 31. December. Million kroner
• Securities broking enterprises. Balance sheet. Per 31. December. Million kroner