Oct 21 (Reuters) – Norway’s largest bank DNB reported better-than-expected third-quarter earnings on Wednesday, as increased lending volumes helped offset competition-driven pressure on margins.
Its net profit fell 7.9% to 9.84 billion Norwegian crowns ($1.05 billion) in the July to September period, from 10.68 billion a year earlier. Analysts had expected 9.06 billion crowns on average, a poll,compiled by the bank showed.DNB has weathered a period of margin pressure driven by fierce competition across lending markets, even as Norway’s central bank has returned to raising interest rates in response to persistent inflation. It said the Norwegian economy remained robust.
($1 = 9.3951 Norwegian crowns)
Reporting by Jagoda Darlak and Agnieszka Gosciak-Rabalska; editing by Matt Scuffham
