Today, it was made known thatSpareBank 1 Gruppen AS is writing down the value of its ownership stake in Kredinor AS. In a statement related to its fourth-quarter report, they said: "SpareBank 1 Gruppen AS has conducted a valuation assessment of the jointly controlled entity Kredinor AS. The updated value results in an impairment of the ownership stake and has a negative impact on the net income ofSpareBank 1 Gruppen's parent and group results byNOK 769 million in the fourth quarter of 2023 and for the year 2023." SpareBank 1 Gruppen owns 50% of the shares in Kredinor AS, with the Kredinorstiftelsen owning the other half.Kredinor's CEO,Rolf Eek-Johansen , says that he understands that an impairment of the values was necessary. - The recent period has been challenging, with high interest rates and inflation, which particularly affects us on the cost side. Prospects of lower interest rates are positive for the industry as a whole, but at the same time, competition is intensifying. It is the truly good companies that will perform the best. Therefore,Kredinor aims to be the best in operational efficiency in the industry and keep focus on the core business going forward.Kredinor will publish its results for the fourth quarter of 2023 onWednesday, February 14, 2024 , at 07:00.
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