Nordic consumer banks increase credit losses
Strong margins continue to support earnings performance.
Fredrikstad Energi, which can trace its roots back to 1895, is a Norwegian power distribution system owner and operator serving over 100,000 customers in seven municipalities located in four of the country's regions through subsidiary Norgesnett. The company also holds stakes in infrastructure service companies and energy retailers, although the grid business dominates revenues and earnings generation. The company is owned by Fredrikstad municipality (51%) and Hafslund (49%), which is wholly owned by Oslo municipality.
Skue Sparebank was formed in 2013 from the merger of Nes Prestegjelds Sparebank and Hol Sparebank, after which it merged with Hønesfoss Sparebank in 2020. Today, the bank has 10 offices spread across most of Buskerud County. The bank is a member of the Eika alliance. It has equity capital certificates that trade on the Oslo Stock Exchange.
Orkla Sparebank is an independent savings bank located in Orkland municipality. The bank's origins date back to 1841 and it was formed after the merger of the neighbouring savings banks, Orkdal Sparebank and Meldal Sparebank, in October 2017. Today, the bank has seven offices spread over Trøndelag County and its primary market is located in the municipalities of Orkland, Rennebu, Skaun and Trondheim.
Transitio was founded in 1999 by six of Sweden's 21 counties, when county-level traffic authorities were charged with running the country's regional railways, with the purpose of centralising acquisition and financing of rolling stock on behalf of the respective counties' regional public transport companies. The company also provides rolling stock support services and carries out heavy maintenance. Since restructuring in 2012, Transitio has been owned directly and indirectly by 20 Swedish counties (excluding the island county of Gotland), with each owner holding a 5% ownership stake.
On 28 Sep 2023, Nordic Credit Rating publishes a sector commentary on the real estate sector. In connection with this publication, the analytical team will present their view of the sector and its outlook.
Time and place: Teams Online - 28 September at 14:00-14:30 CET.
Registration: Click here.
Please note that the webinar will be held in Swedish.