SpareBank 1 Midt-Norge announces a net profit after tax of NOK 277 million (96 million) for the nine months to 30 September 2004, equivalent to a return on equity of 15.9 %(5.9 %).  The parent bank's cost-income ratio for the period is 53 % (59 %). The excellent results are primarily owing to a sharp increase in commission income from sales of savings and insurance products, reduced costs, and a significant decrease in losses.

 

The income side shows:

 

The expenditure side shows:

 

Losses and credit risk

 

Total lending increased by NOK 0.9 billion (1.2 billion) or 2.8 % (3.9 %). Growth in lending over the past 12 months was 3.4 % (5.3 %). Loans totalled NOK 32.8 billion at the end of the 3rd quarter 2004.  Loans to personal customers accounted for 63 % (61 %) of all customer loans at 30 September. Customer deposits totalled NOK 20 billion at the end of the 3rd quarter, which is unchanged since year-end 2003.  Growth in deposits in the past 12 months was 4.7 % (7.3 %).

 

At 30 September, SpareBank 1 Midt-Norge's total assets were NOK 36,675 million, a decrease of NOK 201 million since 31 December 2003. 

 

Commenting on the excellent third-quarter results, the Bank's Managing Director, Finn Haugan, said that they were attributable to a good operating environment and targeted improvement efforts by the Bank.  "It is particularly gratifying to see that the Bank has achieved good growth both in well-secured loans and sales of various savings products. There has been a highly gratifying robust growth in commission income, too, which confirms that we have succeeded in our ambition to provide high-quality, professional advice to our customers," added Mr Haugan. Mr Haugan also highlighted the very satisfactory performance of the Bank's subsidiaries, and of SpareBank 1 Gruppen AS.

 

 

Trondheim, 27 October 2004

 

 

 

 

Any questions may be addressed to the Managing Director, Finn Haugan, tel.: + 47 90 04 10 02

or the chief financial officer, Kjell Fordal, tel.: + 47 90 54 16 72

 

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