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DnB profit tops forecasts

Norway's biggest financial services group Den norske Bank (DnB) reported second-quarter operating profit before loan losses above forecasts on Wednesday and said it was on track to complete its takeover of Gjensidige NOR.

Norway's biggest financial services group Den norske Bank (DnB) reported second-quarter operating profit before loan losses above forecasts on Wednesday and said it was on track to complete its takeover of Gjensidige NOR.
Pre-tax operating profit before loan loss provisions rose to NOK 1.48 billion (USD 202.8 million) in April-June from 918 million a year ago, beating analysts' average expectation for a profit of 1.31 billion in a Reuters poll.
"The merger is expected to be implemented during the fourth quarter of the year," DnB Holding said in a statement.
The group posted loan loss provisions of 560 million due largely to exposure to the loss-making fish farming business, as it warned on August 8.
After loan loss provisions, second-quarter pre-tax operating profit rose 73 percent versus the same period a year ago to 949 million crowns, short of expectations.