Q1 2015 Quarterly Report for Spar Nord Bank A/S
• Core income for Q1 amounted to DKK 1,140 million, equal to a 26% rise on Q1 2014. Adjusted for the impact of the sale of the Nørresundby Bank shareholding and of Nets shares, last year growth reached 25%.
• Net interest income rose 9% on the same period last year, but was 5% down on the previous quarter – the decline is due to fewer interest days and continued pressure on the lending volume.
• The highly positive growth in fees continued, with a 52% rise compared with the same period of 2014 – particularly the housing area experienced an extremely high activity level.
• Market-value adjustments and dividends amounted to as much as DKK 359 million due to the sale of shares in Nørresundby Bank – the underlying growth was also satisfactory.
• Total core earnings before impairment in Q1 amounted to DKK 656 million, 45% up on the same period of 2014, and adjusted for the impact of the sale of the Nørresundby Bank shareholding and last year’s sale of shares in Nets, this represents a 60% growth.
• Loan losses amounted to DKK 98 million, equal to an impairment ratio of 0.84% p.a. – loan losses are declining markedly in all areas except for agriculture.
• The Group’s total business volume grew by 3% on end-2014, for the first time exceeding DKK 200 billion – growth was driven by a high activity level in the assets, savings and mortgage credit areas, while the lending volume dropped by 2%.
• The forecast for full-year core earnings before impairment has been adjusted upwards from about DKK 1.4 billion to DKK 1.5 billion.
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