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213864
Small decrease in banks’ half-year result
statistikk
2015-08-25T10:00:00.000Z
Banking and financial markets
en
orbofrk, Financial corporations, accounts, banks, mortgage companies, finance companies, state lending institutions, period result, profit and loss accountFinancial institutions and other financial corporations, Banking and financial markets
false
Small decrease in Norwegian banks' half-year result. Positive result for mortgage companies in the 1st half of 2015.

Financial corporations, accounts, Q2 2015

As from 2016 the statistics is published with Banks and mortgage companies.

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Small decrease in banks’ half-year result

Norwegian banks’ pre-tax profit in the 1st half of 2015 was NOK 25.2 billion; a decrease of NOK 0.22 billion compared to last year’s profit in the same period.

Quarterly profit and loss accounts, selected figures. NOK million (cumulative)Published 25 August 2015
2nd quarter 20152nd quarter 2014
Banks
Net interest income30 62828 328
Loss on loans2 2262 727
Pre-tax profit25 20725 427
Mortgage companies
Net interest income9 0169 887
Loss on loans479
Pre-tax profit6 922-600

Source: Statistics Norway

Norwegian banks’ profit in the 1st half of 2015 was positively influenced by an increase in net interest income, but the net gain on securities and currency was lower than in the same period last year. As a share of average total assets, profit before tax was 0.54 per cent in the 1st half of 2015; a decrease from 0.59 per cent in the 1st half of 2014.

Increased net interest income

The net interest income, which is the difference between the gross interest income and gross interest expenses, amounted to NOK 30.6 billion in the 1st half of this year; NOK 2.3 billion higher than in the 1st half last year. The increase is mainly due to lower interest expenses. Net interest income as a share of average total assets was 0.66 per cent in the 1st half of 2015; unchanged from the same period last year.

Lower net gains on securities

Norwegian banks' net gains on securities and currency were NOK 2.5 billion in the 1st half of 2015; NOK 2.4 billion less than in the same period last year. Net gains on currency and other securities with variable return were NOK 3.3 billion and NOK 1.5 billion respectively, while the net loss on interest-bearing securities was NOK 2.2 billion.

Positive results for mortgage companies

Norwegian mortgage companies’ pre-tax profit increased to NOK 6.9 billion in the 1st half of 2015; from NOK -0.6 billion in the 1st half of 2014. The pre-tax profit in the 1st half of 2015 amounted to 0.36 per cent of average total assets.

The strong result was mainly due to a positive trend in net gains on fixed income securities and currency. In the 1st half this year these items amounted to NOK 1.6 billion, while in the same period last year the mortgage companies had a net loss on these items of NOK 5.4 billion.