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Last update : May 2007
Cultura Bank is a fully licensed savings bank incorporated in 1996. The bank had its
first full operational year in 1997.
The by-laws of Cultura states that the bank’s purpose is to finance projects that
represent a value beyond the pure economical, like ecological balance, social conditions
and cultural diversity.
Background
The embryo of Cultura Bank was a credit union, founded in 1984. Following a long process, the banking licence was granted in August 1996. The bank started out with a fully paid equity of NOK 10 mill (€ 1,25 mill) and loans amounting to NOK 20 mill, taken over from the credit union.
Structure
Cultura Bank has its only office in Oslo but has customers all over
Norway. The highest body of a savings bank in Norway is the board of governors, where
shareholders, depositors, and the public all are represented with 3 members each.
The board of governors appoints the board of directors which oversees the daily business
and appoints the general manager. Management includes the head of lending activities, the
chief financial officer as well as the head of systems and public relations. Lars Hektoen
has been leading the bank since 2003.
Activities
Cultura grants loans to the following types of projects:
- Agriculture: organic farming, organically produced food, distribution of organic products.
- Environment: Alternative energy, ecological building,
- Education and culture: Free schools, nurseries, adult education, cultural projects.
- Health Care and Social Responsibility: Institutions and houses for mentally deficient people, projects for disadvantaged people etc.
- Fair trade: lending to co-operatives and other producers in the developing countries
- Micro Finance: small loans to entrepreneurs in Norway
It is possible for depositors to target their deposits to a type of activity or even to a specific project. The depositor may also make a donation by accepting a rate of interest lower than the market rate. In this area the bank co-operates with organizations like Save the Children, WWF and the Rainforest Foundation.
New Developments Planned
- Management of pension savings for existing and new customer organizations
Key Figures
In 000 Euro at exch. Rate Eur 1 = Nok 8 |
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 |
| Net interest and fee income | 441 | 508 | 649 | 774 | 821 | 807 | 934 | 1,175 |
| Income from other banking services | (5) | 1 | (9) | 58 | 117 | 203 | 253 | 272 |
| Total expenses | 436 | 458 | 559 | 762 | 885 | 1000 | 1116 | 1,259 |
| Profit before Taxation and loan losses | 0.5 | 50 | 82 | 69 | 53 | (15) | 71 | 187 |
| Loan losses and provisions | 0 | 0 | 12 | 10 | 21 | 13 | 35 | 5 |
| Net Profit | (2.5) | 37 | 50 | 42 | 20 | (18) | 27 | 131 |
| Total deposits | 7 376 | 9 843 | 11 831 | 13 960 | 18 510 | 21 975 | 26 572 | 27 375 |
| Total loans | 5 773 | 7 068 | 9 216 | 11 325 | 13 229 | 14 681 | 18 948 | 22 275 |
| Total assets | 8 844 | 11 347 | 13 416 | 16 092 | 20 693 | 24 653 | 29 273 | 30 472 |
| Guarantees | 172 | 275 | 181 | 168 | 91 | 77 | 869 | 766 |
| Total own funds | 87 | 110 | 141 | 169 | 172 | 154 | 181 | 266 |
| Equity capital and near capital | 1 331 | 1 331 | 1 472 | 1 811 | 1 845 | 2 524 | 2 519 | 2 790 |
| BIS ratio (%)=Total capital to total assets ratio - BIS= Bank for International Settlements | 23.18 | 19.02 | 14.39 | 16.85 | 14.66 | 18.63 | 14.35 | 12.49 |
| Number of staff | 6 | 6 | 7 | 10 | 11 | 12 | 13 | 13 |
