July 30, 2016 12:19 AM ET

Banks

Company Overview of Gjensidige Bank ASA

Company Overview

Gjensidige Bank ASA provides banking services in Norway. It offers current and savings accounts; mortgages, car financing, unsecured loans, consumer loans, credit facilities, credit cards, and savings products, as well as online, mobile, and tablet banking services. The company serves organizations, individuals, and agricultural customers. It operates through 20 financial advice offices. The company was founded in 2007 and is headquartered in Oslo. Gjensidige Bank ASA operates as a subsidiary of Gjensidige Bank Holding As.

Schweigaardsgate 14

Oslo,  0185

Norway

Founded in 2007

153 Employees

Key Executives for Gjensidige Bank ASA

Chief Executive Officer
Chief Financial Officer
Operations Director
Chief Executive Officer of Gjensidige Bank Boligkreditt AS
Technology Director
Compensation as of Fiscal Year 2016.

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, 2016

Gjensidige Bank ASA announced unaudited consolidated and parent earnings results for the second quarter and six months ended June 30, 2016. For the quarter, on consolidated basis, the bank announced net interest income of NOK 200,940,000 compared to NOK 180,514,000 for the same period a year ago. Total income was NOK 221,750,000 compared to NOK 195,355,000 for the same period a year ago. Profit before tax expense was NOK 116,293,000 compared to NOK 85,513,000 for the same period a year ago. Profit for the period was NOK 92,802,000 compared to NOK 62,071,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 105.9 compared to NOK 70.9 for the same period a year ago. Return on equity was 14.0% against 11.7% a year ago. For the year, on consolidated basis, the bank announced net interest income of NOK 379,649,000 compared to NOK 354,625,000 for the same period a year ago. Total income was NOK 409,172,000 compared to NOK 380,535,000 for the same period a year ago. Profit before tax expense was NOK 194,893,000 compared to NOK 163,513,000 for the same period a year ago. Profit for the period was NOK 151,752,000 compared to NOK 119,011,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 173.2 compared to NOK 135.9 for the same period a year ago. Net cash outflow from operating activities was NOK 1,323,301,000 compared to NOK 2,303,585,000 for the same period a year ago. Net purchase of intangible assets and fixed assets was NOK 6,326,000 compared to NOK 4,761,000 for the same period a year ago. Return on equity annualized was 11.7% against 11.5% a year ago. For the quarter, on parent basis, the bank reported net interest income of NOK 168,000,000 compared to NOK 143,239,000 for the same period a year ago. Total income was NOK 190,243,000 compared to NOK 159,394,000 for the same period a year ago. Profit before tax expense was NOK 88,024,000 compared to NOK 50,661,000 for the same period a year ago. Profit for the period was NOK 67,367,000 compared to NOK 36,633,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 76.9 compared to NOK 41.8 for the same period a year ago. For the quarter, on parent basis, the bank reported net interest income of NOK 316,850,000 compared to NOK 278,452,000 for the same period a year ago. Total income was NOK 349,547,000 compared to NOK 306,002,000 for the same period a year ago. Profit before tax expense was NOK 139,641,000 compared to NOK 89,858,000 for the same period a year ago. Profit for the period was NOK 106,079,000 compared to NOK 65,247,000 for the same period a year ago. Earnings per share, basic and diluted were NOK 121.1 compared to NOK 74.5 for the same period a year ago.

Gjensidige Bank ASA Reports Parent and Group Earnings Results for the First Quarter Ended March 31, 2016

Gjensidige Bank ASA reported parent and group earnings results for the first quarter ended March 31, 2016. For the quarter, the parent has posted net interest income of NOK 148,850,000 against NOK 135,213,000 a year ago. Profit before loan losses was NOK 61,940,000 against NOK 58,865,000 a year ago. Profit for the period was NOK 38,713,000 against NOK 28,614,000 a year ago. Basic and diluted earnings per share was NOK 44.2 against NOK 32.7 a year ago. For the quarter, the group has posted net interest income of NOK 178,709,000 against NOK 174,111,000 a year ago. Profit before loan losses was NOK 88,924,000 against NOK 96,205,000 a year ago. Profit for the period was NOK 58,950,000 against NOK 56,940,000 a year ago. Basic and diluted earnings per share was NOK 67.3 against NOK 65.0 a year ago. Net cash flow used in operating activities was NOK 666,415,000 against NOK 1,292,846,000 a year ago. Net purchase of intangible assets and fixed assets was NOK 2,298,000 against NOK 1,284,000 a year ago. ROE was 9.3% against 11.3% a year ago.

Gjensidige Bank ASA Reports Preliminary Group and Parent Earnings Results for the Fourth Quarter and Full Year Ended December 331, 2015

Gjensidige Bank ASA reported preliminary group and parent earnings results for the fourth quarter and full year ended December 331, 2015. For the quarter, the group reported interest income etc., of NOK 329.4 million compared to NOK 343.3 million a year ago. Profit before tax expense was NOK 82.8 million compared to NOK 48.6 million a year ago. Profit for the period was NOK 64.87 million or NOK 74.1 per basic and diluted share compared to NOK 35.44 million or NOK 40.5 per basic and diluted share a year ago. Net interest income was NOK 191.44 million compared to NOK 173.02 million a year ago. Return on equity was 10.28% compared to 9.58% a year ago. Total income was NOK 182.3 million compared to NOK 167.4 million a year ago. For the full year, the group reported interest income etc., of NOK 1,310.99 million compared to NOK 23,098.7 million a year ago. Profit before tax expense was NOK 303.6 million compared to NOK 253.5 million a year ago. Profit for the period was NOK 225.7 million or NOK 257.7 per basic and diluted share compared to NOK 184.52 million or NOK 230.6 per basic and diluted share a year ago. Net interest income was NOK 721.165 million compared to NOK 613.798 million a year ago. Net cash flow used in operating activities was NOK 7,260.4 million compared to NOK 1,304.16 million a year ago. Net purchase of intangible assets and fixed assets was NOK 9.45 million compared to NOK 9.998 million a year ago. Total income was NOK 725.22 million compared to NOK 663.2 million a year ago. For the quarter, the parent company reported interest income etc., of NOK 248.69 million compared to NOK 271.92 million a year ago. Profit before tax expense was NOK 48.97 million compared to NOK 16.08 million a year ago. Profit for the period was NOK 35.79 million or NOK 40.9 per basic and diluted share compared to NOK 11.7 million or NOK 13.4 per basic and diluted share a year ago. Net interest income was NOK 155.94 million compared to NOK 139.73 million a year ago. Total income was NOK 147.65 million compared to NOK 134.67 million a year ago. For the full year, the parent company reported interest income etc., of NOK 991.02 million compared to NOK 1,028.35 million a year ago. Profit before tax expense was NOK 161.81 million compared to NOK 118.05 million a year ago. Profit for the period was NOK 117.81 million or NOK 134.5 per basic and diluted share compared to NOK 86.14 million or NOK 98.3 per basic and diluted share a year ago. Net interest income was NOK 572.79 million compared to NOK 473.81 million a year ago. Total income was NOK 580.55 million compared to NOK 526.42 million a year ago.

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