DnB NOR
DnB NOR reported a 14.7% increase in Tier One capital last year following its merger in 2003 with Gjensidige. Net profit for the period grew by 37.4% while ROE was up to an impressive 16.1% from 12.7% in the previous year.
“During a period when competition in financial markets has been stronger than ever and spreads, as anticipated, have been under pressure, there has nonetheless been an increase in total income,” says CEO Svein Aaser. “This shows that diversity and a broad distribution are DnB NOR’s strengths. I am also pleased to note the renewed growth in corporate market activity, especially within shipping, which is our key international focus area. Write-downs on loans are at a low level. Although this partly reflects the healthy Norwegian economy, it is not least due to long-term, professional risk management.
“We have cut costs wherever we can, and this process will continue in the next quarters. All branches have now been rebranded. The new design, along with new customer loyalty programmes, has been well received by customers. The merger is on schedule and integration efforts are progressing as planned.”
