DnB NOR (OSE: DNBNOR) is holding up pretty well in a brutal morning sell-of of European banks after the firm beat consensus estimates handily for second quarter of 2011. Norway’s largest financial concern foresees higher interest rates contributing to still improving profitability going forward. DnB NOR’s profit after taxes for second quarter was 3 546 million Norwegian kroner, up 20% from the previous year, helped by low write-downs. Lessening trend in credit losses is largely due to improvement in operations in the Baltic countries.
DnB NOR name will change to DNB in November 2011. The company expects rising growth in Norway and internationally during the next six months. Company’s own expectations are for Pre-tax operating profit of 22-25 billion NOK in 2012 and to reach 30 billion within 2015 along with 14% return on equity from current 12% level. Full report and presentations are available from here.
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