Oslo Børs VPS Holding ASA – 3rd quarter 2011
Oslo Børs VPS Holding reports a profit of NOK 60 million for the third quarter of 2011 (NOK 55 million). Profit for the first nine months of 2011 totalled NOK 189 million (NOK 218 million).
A more detailed presentation by business areas is provided in the quarterly report.
Turbulent market conditions in the third quarter resulted in a somewhat higher level of market activity than in the same period in 2010. However, Oslo Børs VPS experienced more intense competition in the quarter, with a reduction in its market share of trading in equity capital instruments.
Revenue in the third quarter of 2011 was NOK 13 million higher than in the same quarter of 2010. All business areas reported growth in revenue for the third quarter. For the year to date, VPS has seen a reduction of NOK 43 million in total revenue. Revenue from the VPS settlements area has fallen by NOK 55 million as a result of the introduction of a central counterparty for equities in June 2010.
Operating expenses before amortisations and write-downs of excess value for the third quarter were in line with the same period in 2010. Operating expenses for the first nine months of 2011 were NOK 14 million higher than in the same period of 2010. After adjusting for non-recurring costs and changes to capitalised costs in all periods, operating expenses for both the third quarter and the first nine months of 2011 were NOK 5 million higher than in the same periods in 2010.
The group’s operating revenue varies in line with activity levels. Oslo Børs VPS is committed to offering a pricing structure that is competitive and that encourages active use of the group's services. Competition is expected to continue to increase. Oslo Børs VPS will also in the future consider adjusting certain of its fees and prices, as well as further measures to improve the efficiency of its services for the benefit of its customers.
Costs payable are expected to increase somewhat in 2012 due to projects that are planned in respect of the Oslo Børs new trading system.
For further information, please contact:
CFO Geir Heggem, tel. +47 22 34 17 22 / +47 952 38 811
SVP Corporate Communications Per Eikrem, tel. +47 22 34 17 40 / +47 930 60 000