July 11, 2019 / 6:23 AM / 5 months ago

Norway's DNB bank sees growth in all areas as quarterly income in line

FILE PHOTO: A view of DNB bank's local office in Riga, Latvia November 20, 2013. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) - Norway’s DNB (DNB.OL) said it had seen growth in all business areas as the Nordic region’s biggest bank by market value reported second-quarter results in line with expectations on Thursday.

DNB’s net interest income rose to 9.6 billion crowns (£896 million) in the second quarter, up from 9.1 billion crowns in the same period a year earlier. The average forecast from eight analysts compiled by Refinitiv was 9.7 billion crowns.

DNB overtook Nordea (NDAFI.HE) as the region’s biggest bank by market capitalisation in June helped by Norway’s expanding economy and more efficient operations. It also avoided money-laundering scandals that have knocked some peers. DNB’s Chief Financial Officer Kjerstin Braathen replaces outgoing Chief Executive Rune Bjerke on Sept. 1.

To replace her as CFO, DNB appointed Ottar Ertzeid, the previous head of DNB Markets.

Carnegie analyst Johan Stroem said Ertzeid had a “strong reputation” and should be positively received by investors.

At the close of trading on Wednesday, DNB’s market capitalisalion was 27.09 billion euros ($30.53 billion), compared with 27.02 billion euros for Nordea.

Reporting by Gwladys Fouche; Editing by Mark Potter and Edmund Blair

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