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Market unimpressed with OKO Bank’s profit rise

Finnish banking and insurance provider OKO Bank has reported making E57 million before tax in its second quarter of the financial year, however its share price fell as the market failed to be impressed.

The share price fall has surprised many as profits were up E21 million on Q2 2005 and were higher than a Reuters poll of industry analysts. However, they were lower than in the first quarter of 2006.

Highlights included a 7% increase in the loan and guarantee portfolio of the company’s banking and investment services for the April-June period, while premiums written in non-life insurance increased by 8%.

Meanwhile, overall net income from insurance premiums increased from E74 million to E163 million.