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September 03, 2015 12:39 AM ET

Banks

Company Overview of Gjensidige Bank ASA

Company Overview

Gjensidige Bank ASA provides banking services to retail customers in Norway. The company offers mortgages, unsecured loans, car financing, savings, and credit cards, as well as Internet, mobile, and tablet banking services. It serves private persons and the agricultural market. The company was founded in 2007 and is headquartered in Oslo, Norway. Gjensidige Bank ASA is a subsidiary of Gjensidige Bank Holding AS.

Schweigaards gate 14

Oslo,  0185

Norway

Founded in 2007

150 Employees

Key Executives for Gjensidige Bank ASA

Chief Executive Officer
Chief Financial Officer
Director of Operations
Chief Executive Officer of Gjensidige Bank Boligkreditt AS
Director of Treasury and Branch Manager of Førde
Compensation as of Fiscal Year 2015.

Gjensidige Bank ASA Key Developments

Gjensidige Bank ASA Announces Unaudited Consolidated and Parent Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Gjensidige Bank ASA announced unaudited consolidated and parent earnings results for the second quarter and six months ended June 30, 2015. For the quarter, on consolidated basis, the bank announced net interest income of NOK 180,514,000 compared to NOK 147,061,000 for the same period a year ago. Total income was NOK 195,355,000 compared to NOK 165,813,000 for the same period a year ago. Profit before tax expense was NOK 85,513,000 compared to NOK 71,562,000 for the same period a year ago. Profit for the period was NOK 62,071,000 compared to NOK 51,717,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 70.9 compared to NOK 59.0 for the same period a year ago. Return on equity was 11.7% against 10.9% a year ago. For the quarter, on parent basis, the bank reported net interest income of NOK 143,239,000 compared to NOK 110,783,000 for the same period a year ago. Total income was NOK 159,394,000 compared to NOK 130,363,000 for the same period a year ago. Profit before tax expense was NOK 50,661,000 compared to NOK 37,159,000 for the same period a year ago. Profit for the period was NOK 36,633,000 compared to NOK 27,126,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 41.8 compared to NOK 31.0 for the same period a year ago. For the year, on consolidated basis, the bank announced net interest income of NOK 354,625,000 compared to NOK 295,245,000 for the same period a year ago. Total income was NOK 380,535,000 compared to NOK 330,509,000 for the same period a year ago. Profit before tax expense was NOK 204,990,000 compared to NOK 164,162,000 for the same period a year ago. Profit for the period was NOK 119,011,000 compared to NOK 96,898,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 135.9 compared to NOK 110.6 for the same period a year ago. Net cash outflow from operating activities was NOK 2,303,585,000 compared to NOK 394,561,000 for the same period a year ago. Net purchase of intangible assets and fixed assets was NOK 4,761,000 compared to NOK 5,527,000 for the same period a year ago. Return on equity before tax, annualized was 15.87% against 14.34% a year ago. Return on equity after tax, annualized was 11.53% against 10.41% a year ago. For the quarter, on parent basis, the bank reported net interest income of NOK 278,452,000 compared to NOK 219,267,000 for the same period a year ago. Total income was NOK 306,002,000 compared to NOK 256,316,000 for the same period a year ago. Profit before tax expense was NOK 89,858,000 compared to NOK 60,041,000 for the same period a year ago. Profit for the period was NOK 65,247,000 compared to NOK 43,830,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 74.5 compared to NOK 50.0 for the same period a year ago.

Gjensidige Bank Group Announces Unaudited Group and Company Earnings Results for the First Quarter Ended March 31, 2015; Reports Write-Downs for the First Quarter Ended March 31, 2015

Gjensidige Bank Group announced unaudited group and company earnings results for the first quarter ended March 31, 2015. For the quarter, on group basis, the company reported interest income etc. of NOK 328,996,000 against NOK 325,472,000 a year ago. Net interest income was NOK 174,111,000 against NOK 148,184,000 a year ago. Total income was NOK 185,180,000 against NOK 164,696,000 a year ago. Profit before loan losses was NOK 96,205,000 against NOK 61,891,000 a year ago. Profit before tax expense was NOK 78,000,000 against NOK 61,891,000 a year ago. Profit for the period was NOK 56,940,000 or NOK 65.0 per basic and diluted share against NOK 45,181,000 or NOK 51.6 per basic and diluted share a year ago. Net cash flow from operating activities was NOK 1,292,846,000 against NOK 341,323,000 a year ago. Net purchase of intangible assets and fixed assets was NOK 1,284,000 against NOK 1,001,000 a year ago. Return on equity after tax, annualized was 11.32% against 9.89% a year ago. For the quarter, on company basis, the company reported interest income etc. of NOK 251,855,000 against NOK 245,646,000 a year ago. Net interest income was NOK 135,213,000 against NOK 108,484,000 a year ago. Total income was NOK 146,608,000 against NOK 125,954,000 a year ago. Profit before loan losses was NOK 58,865,000 against NOK 40,953,000 a year ago. Profit before tax expense was NOK 39,197,000 against NOK 22,883,000 a year ago. Profit for the period was NOK 28,614,000 or NOK 32.7 per basic and diluted share against NOK 16,704,000 or NOK 19.1 per basic and diluted share a year ago. For the first quarter ended March 31, 2015, the company reported total write-downs were NOK 363,138,000 against NOK 336,407,000 a year ago.

Gjensidige Bank ASA Announces Audited Consolidated and Parent Company Earnings Results for the Year Ended December 31, 2014

Gjensidige Bank ASA announced audited consolidated and parent company earnings results for the year ended December 31, 2014. For the year, on consolidated basis, the company announced interest income of NOK 1,327,926,000 compared to NOK 1,135,041,000 for the same period a year ago. Net interest income was NOK 613,798,000 compared to NOK 546,133,000 for the same period a year ago. Total income was NOK 663,207,000 compared to NOK 599,461,000 for the same period a year ago. Profit before tax expense was NOK 253,545,000 compared to NOK 191,001,000 for the same period a year ago. Profit attributable to the shareholders was NOK 184,524,000 compared to NOK 137,450,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 210.6 compared to NOK 156.9 for the same period a year ago. Net cash flow from operating activities was NOK 1,304,155,000 compared to NOK 3,579,442,000 for the same period a year ago. Net purchase of intangible assets and fixed assets was NOK 9,998,000 compared to NOK 19,511,000 for the same period a year ago. For the year, on parent company basis, the company announced interest income of NOK 1,028,350,000 compared to NOK 878,451,000 for the same period a year ago. Net interest income was NOK 473,808,000 compared to NOK 425,110,000 for the same period a year ago. Total income was NOK 526,424,000 compared to NOK 478,746,000 for the same period a year ago. Profit before tax expense was NOK 118,050,000 compared to NOK 77,483,000 for the same period a year ago. Profit attributable to the shareholders was NOK 86,136,000 compared to NOK 55,718,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 98.3 compared to NOK 63.6 for the same period a year ago. Net cash flow from operating activities was NOK 1,613,540,000 compared to NOK 1,183,548,000 for the same period a year ago. Net purchase of intangible assets and fixed assets was NOK 9,998,000 compared to NOK 19,511,000 for the same period a year ago.

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