Two years after receiving government support when the finance crisis hit, Norway’s banking industry is reporting record profits. State statistics bureau SSB reports the banks have never earned so much money as they did last spring.
SSB reports that the banks collectively earned NOK 8.5 billion in the second quarter of this year, the best quarterly result since SSB started logging bank results in 1995.
The banks earned NOK 14.7 billion during the first six months of this year, compared to NOK 11.1 billion in the same period last year.
Norway’s finance companies also have reported strong results. Researchers point to increased fee income, relatively low loan losses and the spread between interest paid out to customers and interest charged on loans.
Views and News staff