The value of the Norwegian currency tumbled again this week and inflation is rising, but Norway’s biggest bank keeps delivering strong pre-tax profits, this time for the second quarter. They hit more than NOK 10 billion (USD 1 billion), exceeding analysts’ predictions.
DNB’ chief executive Kjerstin Braathen pointed to volatility in the second quarter but noted that the Norwegian economy “has shown itself to be robust” despite all the uncertainty tied to high and rising prices, an energy crisis and other economic jitters set off by Russia’s war on Ukraine. “We’ve had a quarter with strong results across all business areas,” she said.
Newspaper Aftenposten pointed out that after-tax profits landed at NOK 7.79 billion, up from NOK 6.43 billion in the same quarter last year.
The value of the Norwegian krone, meanwhile, fell again on Thursday, trading at NOK 10.2 against the US dollar. The drop has been attributed to volatile oil prices and the sheer strength of the dollar.