Best Bank: DnB Nor
Norway’s largest bank is also its fastest growing and most profitable. In the year to the end of March 2007, the bank increased its assets by 28.23% and grew net income 19.1%. While DnB Nor’s return on equity of 19.57% was impressive – although not the highest in the market – it is its sustained performance that is impressive: the bank’s compound five-year growth in total shareholders’ equity is 13.77%. DnB Nor is also well positioned in the region through its DnB Nord venture, which bough BISE Bank in Poland in the fourth quarter. The bond market in Norway had only two significant players in the year to the end of March 2007: Citigroup was ranked number two with 13 deals, generating a market share of 6.67%, but way out in front with 9.83% of the market with 10 deals was Deutsche Bank. Of course, size is not everything but Deutsche is present in almost all of the year’s largest and most important deals, including those for telecom Telenor, DnB Nor, export credit agency Eksportfinans and local government agency Kommunalbanken.