July 13, 2020 / 5:58 AM / a month ago

Norway's DNB second-quarter earnings beat expectations, outlook improving

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 the economic outlook as a result of the COVID-19 outbreak is now less uncertain with loan losses lower in the second quarter compared to the first as it reported quarterly profits above expectations on Monday.

Net profit fell to 5.0 billion Norwegian crowns (£420.90 million) for the April-June period from 6.1 billion crowns a year earlier, beating the average forecast of 2.8 billion crowns in a Refinitiv poll of analysts.

Reporting by Victoria Klesty

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