DnB NOR’s full year net income in fiscal 2010
has more than doubled from the prior year, beating analysts’
forecasts.
The Norway-based bank posted net profit for the
12 months to 31 December of NOK14.1bn ($2.42bn), up 100% compared
to the previous fiscal.
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A 61.1% slump in total write downs on loans and
guarantees in fiscal 2010 to NOK 3bn helped boost net income, the
bank said.
But write downs on loans and guarantees at the
bank’s private customer division, part of its retail banking
business, soared 448% in 2010 to NOK282m compared to 2009.
DnB NOR’s net interest income in fiscal 2010
was NOK23.4bn, a 3.5% increase from the prior fiscal.
The cost-income ratio fell from 48.1% to 47.6%
in fiscal 2010.
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By GlobalDataLending volumes rose by 4.9 per cent from
year-end 2009 to end-December 2010.
DnB NOR finished the year with total assets of
NOK1.86bn, an increase of 2% year on year.
The bank said that it expects growth to
increase in 2011, with improved conditions in its businesses in
Poland and the Baltic States.
