Norwegian banking is flying high

Bjørn KjosOSLO.CEO of Norwegian, Bjørn Kjos.Photo: Knut Falch / SCANPIX .

Norwegian Finans Holding has nearly doubled its operating profit before tax in the second quarter from the same period last year. The company stands behind the Norwegian Bank, which is experiencing strong customer growth.

Their profits before taxes total 350 million kroner in the period from April to July, up by 180 million. Revenues have increased from 360 million to 687 million kroner so far this year, according to the quarterly report, which was presented on Friday.

The bank received more than 81,000 new customers in the second quarter. The figure is now shows 757,900 customers, divided into 543,000 credit card customers, 113,300 borrowers and 101,600 depositing customers.

Norwegian Bank was established in 2007 and owns the company which was listed in June of this year. With the exchange rate on Friday morning at 87 kroner, the company’s market value is 15.7 billion kroner, well above 4 billion more than the airline that has the same name and owner of just over 20 percent.


Source: NTB scanpix / Norway Today