DnB Asset Management, the fund managment arm of Den Norske Bank, the Nordic financial services group, posted profits of Nkr72m (€8.7m) in the first half of 2003, recovering from a loss of Nkr19m in the first half of 2002.

Assets under management increased to Nkr340bn in the first half from Nkr310bn in the same period last year. From year-end 2002 assets increased by 17% due to new mandate wins throughout the Nordic region.