Victoria Klesty, Gwladys Foouche

OSLO (Reuters – Norway’s biggest bank DNB announced its highest ever third quarter earnings after it lifted pandemic restrictions and said that it will now pay a 2020 dividend, pushing its shares higher.

DNB’s net profit increased to 6.88 Billion Crowns ($826.88 Million) in July-September, compared with 5.55 Billion crowns a previous year. That beats an average forecast by analysts of 5.76Billion crowns.

The Nordic country dropped all domestic pandemic restrictions https://www.reuters.com/business/healthcare-pharmaceuticals/norway-end-coronavirus-related-restrictions-saturday-2021-09-24 on Sept. 25. Up to 86% were fully vaccinated for COVID-19 by Wednesday.

DNB shares were 1.9% higher at 0708 GMT than a standard Oslo benchmark index.

All important indicators point in the right direction. Norway’s economy has now reopened and is more active than before the shutdowns,” Kjerstin Braathen, chief executive of Norway, stated in a statement.

“We see strong growth in all DNB-related areas.”

Nordic bank Nordica and Swedbank both reported a rise in third quarter profit Thursday due partly to the economies’ reopening.

DNB, based upon last year’s record earnings, will pay its shareholders a 9-crown dividend.

Due to the COVID-19 pandemic in Norway, Norwegian regulators prohibited bank dividends. However, those restrictions were lifted.

Dividend payments are the highest amount that the bank’s owners allowed the board to make earlier in the year.

($1 = 8.3204 Norwegian crowns)