DNB’s earnings fell by half a billion kroner

CEO of DNB, Rune BjerkeOslo.CEO of DNB, Rune Bjerke.Photo: Håkon Mosvold Larsen / NTB scanpix

DNB’s performance in Q2 fell by just over half a billion compared to the same period last year.
The result was 4.569 million, a decrease of 512 million from Q2 2015. This was primarily due to higher write-downs on loans and guarantees.

– We are satisfied with this result, despite historically low interest rates and an increase in losses affecting the figures. Norwegian economy is solid, although some business sectors related to the oil sector is still in transition, says the bank’s chief executive Rune Bjerke in a stock exchange release on Tuesday.

Operating expenses were reduced by NOK 142 million compared to Q2 last year. So far this year the bank has closed 59 branches.
Earnings before tax amounted to 5.770 million, down from 6.800 million in Q2 last year.


Source: NTB scanpix / Norway Today