Finance & Insurance, News

Banking: Increased profits for DnB NOR

Norway's largest bank, DnB NOR achieved a profit of NOK 3 038 million in the third quarter of 2010, a significant improvement from the same period last year, when profits totalled NOK 1 760 million.

In its report, the bank says lower write-downs on loans were the main factor behind the rise in profits, though there was also a rise in interest income.

– The Norwegian economy is continuing to show clear signs of improvement, and we are experiencing an increase in credit demand both from private individuals and companies. Parallel to this we have a gratifying and pronounced decline in write-downs on loans, says Rune Bjerke, group chief executive.