Sparebank 1 Nord-Norge: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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SpareBank 1 Nord-Norge Announces Change and Approval of FY 2011 Annual Accounts
SpareBank 1 Nord-Norge announced that in a meeting on March 26, 2012, the Main Board of Directors of SpareBank 1 Nord-Norge considered the fiscal year 2011 financial statements of the parent Bank and the Group. After making a change to the financial statements of the Bank's subsidiary, SNN Invest, the Main Board of Directors decided to propose to the Bank's Supervisory Board that the financial statements of the parent Bank and the Group also be changed in that the net profit for the fiscal year 2011 of the parent Bank and the Group be reduced by NOK 91 million. The main reason for the change is a further write-down of the Group's stake in the oil company Front Exploration AS (FrontX) of NOK 85 million. Following this, the total write-down of the Group's investment in FrontX in the fiscal year 2011 amounts to NOK 24 million.
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