October 24, 2019 / 5:52 AM / a month ago

Norway's DNB announces share buyback as Q3 tops forecast

OSLO, Oct 24 (Reuters) - Norway’s DNB said on Thursday it will begin a new share buy-back program as it reported third-quarter results above expectations.

Norway’s biggest bank earned a net profit of 6.06 billion Norwegian crowns ($664.2 million) for the July-September period, up from 5.67 billion last year, beating the average forecast of 5.46 billion in a Refinitiv poll of analysts.

DNB had warned in September that it’s third-quarter result would be hit by a 1 billion crowns loan loss provision related to one of the bank’s customers.

Norwegian business daily Finansavisen reported at the time that the loss stemmed from the collapse of tour operator Thomas Cook, although DNB has declined to comment on the origins of the provision. ($1 = 9.1240 Norwegian crowns) (Reporting by Victoria Klesty, editing by Terje Solsvik)

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