Ringkjøbing Landbobank - interim report 2015. Large increase in customer numbers and upward adjustment of expectations
(Million DKK) | 1st half 2015 | 1st half 2014 | 2014 | 2013 | 2012 | 2011 |
Total core income | 482 | 459 | 907 | 844 | 823 | 767 |
Total costs and depreciations | -149 | -142 | -298 | -273 | -265 | -248 |
Core earnings before impairments | 333 | 317 | 609 | 571 | 558 | 519 |
Impairment charges for loans etc. | -29 | -40 | -87 | -120 | -157 | -129 |
Core earnings | 304 | 277 | 522 | 451 | 401 | 390 |
Result for portfolio | +15 | +44 | +65 | +23 | +49 | +1 |
Expenses for bank packages | 0 | 0 | 0 | -2 | -2 | -11 |
Profit before tax | 319 | 321 | 587 | 472 | 448 | 380 |
The half-year - highlights:
- Upward adjustment of expectations for core earnings to the range DKK 500 - 575 million
- The profit before tax was DKK 319 million, equivalent to a return of 21% p.a. on equity at the beginning of the period
- Increase of 5% in the bank’s loans and 18% increase in deposits
- Moody’s Investors Service upgraded the bank’s long-term deposit rating to A1
- Oversubscription of tier 2 capital issue strengthens the capital base and will be used to achieve additional growth
- Record increase in customer numbers and establishment of a new Private Banking branch in the Triangle Region, Denmark
- Appointment of assistant general manager Jørn Nielsen to general manager as of 1 September 2015
Please do not hesitate to contact the bank’s management if you have any questions.
Yours sincerely, |
Ringkjøbing Landbobank |
John Fisker |
Management report
Core income
Net interest income was DKK 315 million in the first half of 2015 against DKK 317 million in 2014, a marginal decrease. The development in this item should be compared to a 5% increase in lending. The net interest income was thus influenced by a falling interest margin, which reflects the competition in the sector. The net interest income was also influenced by the low interest rate, which had an impact in the second quarter in particular.
Fees, commissions and foreign exchange income amounted to net DKK 144 million in the first half of 2015 against net DKK 122 million in 2014, an increase of 18%. The increase is attributable to the re-cord conversion activity within mortgage loans in the half-year, and earnings were also strengthened by the increasing volumes within asset management and greater trading activity.
The total core income in the first half-year increased from DKK 459 million in 2014 to DKK 482 million in 2015. The increase should be viewed in the context of the fact that the total core income in the first half of 2014 was affected positively by an extraordinary once-only income of the order of DKK 10 million in connection with the sale of the bank’s shares in Nets.
Costs and depreciations
Total costs including depreciations on tangible assets were DKK 149 million in the first half of 2015 against DKK 142 million last year, an increase of 5% and in line with the budget for the first two quarters of the year.
The rate of costs was computed at 30.8, which continues to be the lowest in Denmark and unchanged relative to the first half of 2014. The low rate of costs means great stability in the bank’s results.
Impairment charges for loans
Impairment charges for loans were DKK 29 million for the half-year against DKK 40 million in 2014, which is equivalent to 0.3% p.a. of the total average loans, impairment charges, guarantees and provisions, against 0.5% p.a. in the first half of 2014.
The bank’s total account for impairment charges and provisions amounted to DKK 967 million at the end of the half-year, equivalent to 5.2% of total loans and guarantees. Actual losses and write-offs on loans etc. continue to be very low, and they were exceeded during the half-year by the items “Interest on the impaired part of loans” and “Receivables previously written off”, such that the total account for impairment charges and provisions increased by net DKK 35 million during the first half of the year.
The portfolio of loans with suspended calculation of interest amounted to DKK 57 million, equivalent to 0.3% of the bank’s total loans and guarantees at the end of the half-year.
The total impairment charges for 2015 are expected to show a falling trend relative to 2014.
Core earnings
(Million DKK) | 1st half 2015 | 1st half 2014 | 2014 | 2013 | 2012 | 2011 |
Total core income | 482 | 459 | 907 | 844 | 823 | 767 |
Total costs and depreciations | -149 | -142 | -298 | -273 | -265 | -248 |
Core earnings before impairments | 333 | 317 | 609 | 571 | 558 | 519 |
Impairment charges for loans etc. | -29 | -40 | -87 | -120 | -157 | -129 |
Core earnings | 304 | 277 | 522 | 451 | 401 | 390 |
Core earnings were DKK 304 million against last year’s DKK 277 million. The realised earnings are above budget for the first two quarters of the year.
Result for portfolio and market risk
The result for portfolio for the first half of 2015 was DKK 15 million including funding costs for the portfolio. Seen in isolation, the portfolio income for the second quarter of 2015 was DKK -8 million due to the interest rate instability in the quarter.
The bank’s holding of shares etc. at the end of the half-year amounted to DKK 304 million, DKK 57 million of which was in listed shares etc. while DKK 247 million was in sector shares etc. The bond portfolio amounted to DKK 5,074 million, and the majority of the portfolio consists of AAA-rated Danish mortgage credit bonds.
The total interest rate risk, computed as the impact on the profit of a one percentage point change in the interest level, was 1.5% of the bank’s tier 1 capital (after deduction) at the end of the half-year.
The bank’s total market risk within exposures to interest rate risk, listed shares and foreign currency remains at a moderate level. The bank’s risk of losses calculated on the basis of a Value-at-risk model (computed with a 10-day horizon and 99% probability) in the first half of 2015 was as follows:
Risk in DKK million | Risk relative to equity end of 1st half 2015 in % |
|
Highest risk of loss: | 25.8 | 0.82% |
Lowest risk of loss: | 5.2 | 0.16% |
Average risk of loss: | 16.8 | 0.53% |
The bank’s policy remains to keep the market risk at a moderate level.
Profit after tax
The profit after tax was DKK 249 million for the first half of 2015 against DKK 245 million last year.
The profit after tax is equivalent to a return on equity at the beginning of the period of 17% p.a. after payment of dividend.
Balance sheet
The bank’s balance sheet at the end of the half-year stood at DKK 22,118 million against last year’s DKK 19,675 million.
Deposits increased by 18% from DKK 14,054 million at the end of June 2014 to DKK 16,628 million at the end of June 2015. The bank’s deposits on 30 June 2015 were influenced temporarily by major deposits from the bank’s core customers.
The bank’s loans increased by 5% from DKK 14,283 million at the end of June 2014 to DKK 15,032 million at the end of June 2015. The loans figure for 2015 includes reverse transactions to a total of DKK 288 million, and the increase in the bank’s loans excluding these transactions was 3% relative to the end of June 2014.
The growth in the bank’s loans is broadly based on sectors with underlying growth in new customers from both the branch network and the bank’s niche concepts.
The bank’s portfolio of guarantees at the end of the half-year was DKK 2,667 million against DKK 1,438 million at the end of June 2014 and DKK 2,218 million at the end of 2014. The portfolio of guarantees is thus still extraordinarily high as a result of a high level of activity within conversions.
Liquidity
The bank’s liquidity is good, and the excess liquidity relative to the statutory requirement for liquidity is 204%. The bank’s short-term funding with term to maturity of less than 12 months amounted to DKK 0.8 billion, balanced by DKK 6.2 billion in short-term money market placings, primarily in Danish banks and liquid securities. The bank is thus not dependent on the short-term money market.
The bank’s deposits were DKK 1.9 million greater than loans excluding reverse transactions at the end of June, and the bank’s loans portfolio is thus more than fully financed by deposits and the bank’s equity. In addition, part of the loans portfolio for wind turbines in Germany is refinanced back-to-back with KfW Bankengruppe, and DKK 1,031 million concerned can thus be disregarded in terms of liquidity.
The bank requires no financing for the coming year to meet the minimum requirement that it must always be able to manage for up to 12 months without access to the financial markets.
New liquidity regulations will come into force with effect from 1 October 2015, viz. the so-called LCR (Liquidity Coverage Ratio) key figure. The key figure will show the ability of banks to honour their payment obligations for a 30-day period without access to market funds, and the key figure will subsequently replace the current Section 152 liquidity key figure. The key figure is computed as the ratio of the bank’s cash and cash equivalents / liquid assets to its payment obligations for the next 30 days as computed in accordance with specific rules.
Non-SIFI banks must have a cover of minimum 60% on 1 October 2015, gradually increasing by 10% on 1 January 2016 and 1 January 2017 and by 20% on 1 January 2018 such that the key figure must be minimum 100% on 1 January 2018. SIFI banks must have a cover of 100% as early as 1 October 2015.
Ringkjøbing Landbobank wishes to follow the rules applying to SIFI banks and it is thus the bank’s target that the LCR key figure should be 100% on 1 October 2015.
On 30 June 2015 the bank’s LCR key figure was 229% and the bank thus already met the target at the end of June.
Share buy-back programme
The annual general meeting in February 2015 authorised the bank to buy shares for up to DKK 145 million for cancellation at a future general meeting.
Shares were reserved as follows as of 4 August 2015:
Number of shares | Average buying price - in DKK 1,000 |
Transaction value - in DKK 1,000 |
|
Reserved as of 11 March 2015 | 30,000 | 1,262.09 | 37,863 |
Reserved as of 3 June 2015 | 20,000 | 1,507.92 | 30,158 |
Total as of 4 August 2015 | 50,000 | 68,021 |
The total portfolio of own shares was 55,172 at the end of June 2015.
Capital
The equity at the beginning of 2015 was DKK 3,099 million. To this must be added the profit for the half-year, while the dividend paid and the value of the own shares bought must be subtracted, after which the equity at the end of the half-year was DKK 3,154 million.
The bank’s total capital ratio was computed at 19.3% at the end of the first half of 2015, and the tier 1 capital ratio was computed at 17.4%.
Capital ratios |
1st half 2015 | 1st half 2014 | 2014 | 2013 | 2012 | 2011 |
Common Equity Tier 1 capital ratio (%) | 17.4 | 18.1 | 17.5 | 18.7 | 19.6 | 18.3 |
Tier 1 capital ratio (%) | 17.4 | 18.2 | 17.5 | 19.2 | 20.9 | 19.8 |
Total capital ratio (%) | 19.3 | 18.2 | 17.5 | 20.0 | 22.4 | 21.4 |
Individual solvency requirement (%) | 8.9 | 8.8 | 8.9 | 8.9 | 8.0 | 8.0 |
In the first half of 2015 the bank redeemed previously issued additional tier 1 capital and tier 2 capital because these items could no longer be fully included in the bank’s capital base due to the phasing-out rules of the CRD IV provisions. The additional tier 1 capital of nom. DKK 200 million issued in 2005 was consequently redeemed in March 2015, and early redemption of the tier 2 capital of nom. EUR 27 million issued in 2008 was made in June 2015.
In May 2015 the bank issued tier 2 capital of EUR 50 million in replacement of the redeemed capital. The issue was oversubscribed and has a maturity period of 10 years with the first call option after 5 years, and the interest on the issue was fixed at the Euribor 3M plus 180 basis points and with fixing of interest every three months. The issue took place under the bank’s EMTN programme and it is listed at the London Stock Exchange. The issue will be used to additional growth in the bank.
In addition to the above, the statement of capital is also influenced by the fact that the DKK 145 million share buy-back programme is deducted in full from the capital, while DKK 68 million were utilised at the end of June 2015.
The bank calculates the individual solvency requirement on the basis of the so-called 8+ model. The calculation method is based on 8% plus any supplements calculated inter alia for customers with financial problems. The 8+ model thus takes no account of the bank’s earnings and cost base or its robust business model. Despite this, the bank’s individual solvency requirement at the end of the half-year was calculated at 8.9% - unchanged relative to the end of 2014.
Ratings
On 17 June 2015, the rating agency Moody’s Investors Service completed their review of rated Danish banks and consequently also of Ringkjøbing Landbobank’s ratings.
The bank’s ratings were upgraded and the bank is satisfied with the result of the review.
Moody’s ratings etc. | Former ratings | New ratings |
Baseline Credit Assessment (BCA) | Baa1 | A3 |
Long-term Deposit Rating | Baa1 | A1 |
Short-term Deposit Rating | P-2 | P-1 |
Counterparty Risk Assessment | N/A | Aaa3 / P-1 |
Outlook | Stable | Stable |
Record increase in customer numbers
The bank carried out a large number of outreach initiatives towards both existing and new customers in 2014, including opening a Private Banking branch in Aarhus on 1 April 2014 and upgrading the bank’s Private Banking branch in Holte. Other outreach initiatives were also carried out within both the other niche products and the branch network in central and western Jutland.
The outreach activities are being maintained in 2015 and they contributed to a net increase in customer numbers in the period 1 January to 30 June 2015, which is the greatest net increase ever recorded for a first half-year measured on the contribution margin. The increase in customer numbers is broadly based and relates to new customers in both the branch network and niche concepts, and the loss of customers was at a low level.
Establishment of a new Private Banking branch in the Triangle Region, Denmark
In light of the success experienced by the bank’s Private Banking branches in Holte, Aarhus, Herning and Ringkøbing, the bank has decided to initiate the process of establishing a new Private Banking branch in the Triangle Region, Denmark, opening in 2016.
The branch will focus on financial advice to and sparring with affluent private and business clients in the Triangle Region, Denmark. The branch will also be concerned with major deposit and loan transactions with both private and business clients. Finally, the bank will offer individual investment advice and trading in securities.
Takeover of the savings bank Ulfborg Sparekasse
The bank took over Ulfborg Sparekasse’s activities at the end of June 2015. Taking over the activities has only a very limited effect on the bank’s balance sheet and income statement.
Following Ringkjøbing Landbobank’s takeover of the activities of Ulfborg Sparekasse, the latter bank’s capital will be transferred to a charitable foundation. The foundation’s object will be to support activities for the benefit of charitable or non-profit purposes in areas served by Ulfborg Sparekasse to date. The foundation’s equity is expected to be DKK 6 - 7 million.
Change in management
The board of directors has appointed assistant general manager Jørn Nielsen general manager and member of the management as of 1 September 2015. The bank’s total management will in future be CEO John Fisker and general manager Jørn Nielsen.
Jørn Nielsen, 42, has been employed by the bank since 1991. He was appointed head of the credit department in 1998, credit manager in 2009 and assistant general manager in 2012.
Accounting policies and key figures
The accounting policies are unchanged relative to those in the submitted and audited 2014 annual report.
Upward adjustment of expectations for earnings in 2015
The bank’s core earnings for the first half of 2015 were DKK 304 million, which is above budget for the first two quarters of the year. On the basis of this development, expectations for core earnings for all of 2015 are adjusted upward from the DKK 450 - 525 million range announced at the beginning of the year to DKK 500 - 575 million.
Disclaimer »This document is a translation of a Danish original document. The original text shall be the governing text for all purpose and in case of any discrepancy the Danish wording shall be applicable « |
Main and key figures
1st half 2015 |
1st half 2014 |
Full year 2014 |
|
Main figures for the bank (million DKK) | |||
Total core income | 482 | 459 | 907 |
Total costs and depreciations | -149 | -142 | -298 |
Core earnings before impairments | 333 | 317 | 609 |
Impairment charges for loans etc. | -29 | -40 | -87 |
Core earnings | 304 | 277 | 522 |
Result for portfolio | +15 | +44 | +65 |
Profit before tax | 319 | 321 | 587 |
Profit after tax | 249 | 245 | 446 |
Shareholders’ equity | 3,154 | 2,971 | 3,099 |
Deposits | 16,628 | 14,054 | 15,450 |
Loans | 15,032 | 14,283 | 15,507 |
Balance sheet total | 22,118 | 19,675 | 21,238 |
Guarantees | 2,667 | 1,438 | 2,218 |
Key figures for the bank (per cent) | |||
Return on equity before tax, beginning of year, p.a. | 21.4 | 23.1 | 21.1 |
Return on equity after tax, beginning of year, p.a. | 16.7 | 17.6 | 16.0 |
Rate of costs | 30.8 | 30.8 | 32.8 |
Common Equity Tier 1 capital ratio | 17.4 | 18.1 | 17.5 |
Tier 1 capital ratio | 17.4 | 18.2 | 17.5 |
Total capital ratio | 19.3 | 18.2 | 17.5 |
Individual solvency requirement | 8.9 | 8.8 | 8.9 |
Key figures per 5 DKK share (DKK) | |||
Core earnings | 65 | 58 | 112 |
Profit before tax | 68 | 67 | 126 |
Profit after tax | 53 | 51 | 95 |
Net asset value | 675 | 622 | 664 |
Price, end of period | 1,485 | 1,170 | 1,152 |
Dividend | - | - | 26 |
Profit and loss account
Note | 1.1-30.6 2015 DKK 1,000 |
1.1-30.6 2014 DKK 1,000 |
1.1-31.12 2014 DKK 1,000 |
|
1 | Interest receivable | 374,551 | 394,712 | 787,924 |
2 | Interest payable | 52,539 | 71,936 | 139,253 |
Net income from interest | 322,012 | 322,776 | 648,671 | |
3 | Dividend on capital shares etc. | 12,778 | 7,686 | 7,897 |
4 | Income from fees and commissions | 155,448 | 129,858 | 261,082 |
4 | Fees and commissions paid | 18,604 | 15,325 | 31,701 |
Net income from interest and fees | 471,634 | 444,995 | 885,949 | |
5 | Value adjustments | +23,474 | +55,799 | +82,293 |
Other operating income | 1,841 | 2,249 | 4,001 | |
6,7 | Staff and administration costs | 138,633 | 129,839 | 270,532 |
Amortisations, depreciations and write-downs on intangible and tangible assets |
1,838 | 3,961 | 12,192 | |
Other operating costs | ||||
Miscellaneous other operating costs | 0 | 154 | 268 | |
Costs Deposit Guarantee Fund | 8,143 | 7,587 | 15,041 | |
8 | Impairment charges for loans and other debtors etc. | -29,262 | -40,393 | -87,186 |
Result of capital shares in associated companies | 0 | 0 | -11 | |
Profit before tax | 319,073 | 321,109 | 587,013 | |
9 | Tax | 70,500 | 76,500 | 141,152 |
Profit after tax | 248,573 | 244,609 | 445,861 | |
Other comprehensive income | 0 | 0 | 0 | |
Total comprehensive income | 248,573 | 244,609 | 445,861 |
Core earnings
1.1-30.6 2015 DKK 1,000 |
1.1-30.6 2014 DKK 1,000 |
1.1-31.12 2014 DKK 1,000 |
||
Net income from interest | 314,713 | 316,530 | 634,681 | |
Net income from fees and provisions excl. commission | 112,047 | 95,886 | 192,941 | |
Income from sector shares | 21,383 | 18,335 | 25,576 | |
Foreign exchange income | 7,510 | 7,547 | 13,489 | |
Other operating income | 1,841 | 2,249 | 4,001 | |
Total core income excl. trade income | 457,494 | 440,547 | 870,688 | |
Trade income | 24,797 | 18,647 | 36,440 | |
Total core income | 482,291 | 459,194 | 907,128 | |
Staff and administration costs | 138,633 | 129,839 | 270,532 | |
Amortisations, depreciations and write-downs on intangible and tangible assets |
1,838 | 3,961 | 12,192 | |
Other operating costs | 8,143 | 7,608 | 15,177 | |
Total costs etc. | 148,614 | 141,408 | 297,901 | |
Core earnings before impairments | 333,677 | 317,786 | 609,227 | |
Impairment charges for loans and other debtors etc. | -29,262 | -40,393 | -87,186 | |
Core earnings | 304,415 | 277,393 | 522,041 | |
Result for portfolio | +14,658 | +43,849 | +65,104 | |
Expenses for bank packages | 0 | -133 | 132 | |
Profit before tax | 319,073 | 321,109 | 587,013 | |
Tax | 70,500 | 76,500 | 141,152 | |
Profit after tax | 248,573 | 244,609 | 445,861 |
Balance sheet
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
Assets | ||||
Cash in hand and claims at call on central banks | 740,913 | 277,529 | 190,873 | |
10 | Claims on credit institutions and central banks | 413,755 | 227,903 | 180,490 |
Claims at notice on central banks | 85,012 | 0 | 0 | |
Money market operations and bilateral loans - term to maturity under 1 year |
208,743 | 105,022 | 60,490 | |
Bilateral loans - term to maturity over 1 year | 120,000 | 122,881 | 120,000 | |
11,12,13 | Loans and other debtors at amortised cost price | 15,032,355 | 14,283,008 | 15,507,134 |
Loans and other debtors at amortised cost price | 13,712,577 | 13,147,142 | 13,842,752 | |
Wind turbine loans with direct funding | 1,031,434 | 1,135,866 | 1,081,240 | |
Reverse transactions | 288,344 | 0 | 583,142 | |
14 | Bonds at current value | 5,074,456 | 4,350,832 | 4,659,495 |
15 | Shares etc. | 303,515 | 212,851 | 283,047 |
Capital shares in associated companies | 530 | 540 | 530 | |
Land and buildings total | 66,061 | 72,541 | 66,401 | |
Investment properties | 6,056 | 8,015 | 6,056 | |
Domicile properties | 60,005 | 64,526 | 60,345 | |
Other tangible assets | 3,946 | 4,337 | 4,666 | |
Actual tax assets | 222,340 | 0 | 87,779 | |
Temporary assets | 450 | 1,000 | 997 | |
Other assets | 253,179 | 238,873 | 248,863 | |
Periodic-defined items | 6,708 | 5,997 | 7,633 | |
Total assets | 22,118,208 | 19,675,411 | 21,237,908 |
Balance sheet
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
Liabilities and equity | ||||
16 | Debt to credit institutions and central banks | 1,653,913 | 1,795,623 | 1,911,215 |
Money market operations and bilateral credits - term to maturity under 1 year |
489,922 | 527,282 | 697,712 | |
Bilateral credits - term to maturity over 1 year | 132,557 | 132,475 | 132,263 | |
Bilateral credits from KfW Bankengruppe | 1,031,434 | 1,135,866 | 1,081,240 | |
17 | Deposits and other debts | 16,628,170 | 14,054,243 | 15,450,273 |
18 | Issued bonds at amortised cost price | 149,208 | 244,132 | 236,238 |
Actual tax liabilities | 0 | 27,810 | 0 | |
Other liabilities | 140,647 | 195,820 | 156,231 | |
Periodic-defined items | 1,270 | 150 | 1,205 | |
Total debt | 18,573,208 | 16,317,778 | 17,755,162 | |
Provisions for deferred tax | 14,476 | 13,188 | 14,476 | |
12 | Provisions for losses on guarantees | 4,418 | 4,884 | 3,995 |
Total provisions for liabilities | 18,894 | 18,072 | 18,471 | |
Tier 2 capital | 371,982 | 200,081 | 200,216 | |
Additional tier 1 capital | 0 | 168,286 | 165,451 | |
19 | Total subordinated debt | 371,982 | 368,367 | 365,667 |
20 | Share capital | 23,350 | 23,900 | 23,900 |
Reserve for net revaluation under the intrinsic value method | 178 | 189 | 178 | |
Profit carried forward | 3,130,596 | 2,947,105 | 2,949,750 | |
Proposed dividend etc. | - | - | 124,780 | |
Total shareholders’ equity | 3,154,124 | 2,971,194 | 3,098,608 | |
Total liabilities and equity | 22,118,208 | 19,675,411 | 21,237,908 | |
21 |
Own capital share | |||
22 | Contingent liabilities etc. | |||
23 | Assets furnished as security | |||
24 | Capital statement | |||
25 | The supervisory diamond | |||
26 | Miscellaneous comments |
Statement of shareholders’ equity
DKK 1,000 | Share capital |
Reserve for net revaluation under the intrinsic value method | Profit carried forward | Proposed dividend etc. |
Total share-holders’ equity |
On 30 June 2015: Shareholders’ equity at the end of the previous financial year |
23,900 | 178 | 2,949,750 | 124,780 | 3,098,608 |
Reduction of share capital | -550 | 550 | 0 | ||
Dividend etc. paid | -124,780 | -124,780 | |||
Dividend received on own shares | 3,385 | 3,385 | |||
Shareholders’ equity after allocation of dividend etc. | 23,350 | 178 | 2,953,685 | 0 | 2,977,213 |
Purchase and sale of own shares | -71,662 | -71,662 | |||
Total comprehensive income | 248,573 | 248,573 | |||
Shareholders’ equity on the balance sheet date | 23,350 | 178 | 3,130,596 | 0 | 3,154,124 |
On 30 June 2014: Shareholders’ equity at the end of the previous financial year |
24,200 | 189 | 2,755,211 | 121,500 | 2,901,100 |
Reduction of share capital | -300 | 300 | 0 | ||
Dividend etc. paid | -121,500 | -121,500 | |||
Dividend received on own shares | 2,022 | 2,022 | |||
Shareholders’ equity after allocation of dividend etc. | 23,900 | 189 | 2,757,533 | 0 | 2,781,622 |
Purchase and sale of own shares | -55,037 | -55,037 | |||
Total comprehensive income | 244,609 | 244,609 | |||
Shareholders’ equity on the balance sheet date | 23,900 | 189 | 2,947,105 | 0 | 2,971,194 |
On 31 December 2014: Shareholders’ equity at the end of the previous financial year |
24,200 | 189 | 2,755,211 | 121,500 | 2,901,100 |
Reduction of share capital | -300 | 300 | 0 | ||
Dividend etc. paid | -121,500 | -121,500 | |||
Dividend received on own shares | 2,022 | 2,022 | |||
Shareholders’ equity after allocation of dividend etc. | 23,900 | 189 | 2,757,533 | 0 | 2,781,622 |
Purchase and sale of own shares | -128,875 | -128,875 | |||
Total comprehensive income | -11 | 321,092 | 124,780 | 445,861 | |
Shareholders’ equity on the balance sheet date | 23,900 | 178 | 2,949,750 | 124,780 | 3,098,608 |
Notes
Note | 1.1-30.6 2015 DKK 1,000 |
1.1-30.6 2014 DKK 1,000 |
1.1-31.12 2014 DKK 1,000 |
|
1 | Interest receivable | |||
Claims on credit institutions and central banks | 5,597 | 10,002 | 16,750 | |
Loans and other debtors | 350,961 | 367,607 | 740,222 | |
Loans - interest concerning the impaired part of loans | -19,753 | -22,166 | -44,221 | |
Reverse loans | 4,730 | 0 | -3,457 | |
Bonds | 32,445 | 45,583 | 90,054 | |
Total derivatives financial instruments, of which | 1,783 | -6,694 | -12,550 | |
Currency contracts | 1,617 | 512 | 193 | |
Interest-rate contracts | 166 | -7,206 | -12,743 | |
Other interest receivable | -1,212 | 380 | 1,126 | |
Total interest receivable | 374,551 | 394,712 | 787,924 | |
2 | Interest payable | |||
Credit institutions and central banks | 12,236 | 13,229 | 26,425 | |
Deposits and other debts | 31,625 | 48,672 | 92,049 | |
Repo deposits | 66 | 0 | 0 | |
Issued bonds | 3,411 | 3,785 | 7,207 | |
Subordinated debt | 5,198 | 6,241 | 13,023 | |
Other interest payable | 3 | 9 | 549 | |
Total interest payable | 52,539 | 71,936 | 139,253 | |
3 | Dividend from shares etc. | |||
Shares | 12,778 | 7,686 | 7,897 | |
Total dividend from shares etc. | 12,778 | 7,686 | 7,897 | |
4 | Gross income from fees and commissions | |||
Securities trading and deposits | 30,407 | 23,346 | 45,378 | |
Asset management | 53,857 | 51,485 | 96,994 | |
Payment handling | 12,302 | 11,187 | 23,883 | |
Loan fees | 10,404 | 2,307 | 11,851 | |
Guarantee commissions | 28,139 | 27,297 | 51,891 | |
Other fees and commissions | 20,339 | 14,236 | 31,085 | |
Total gross income from fees and commissions | 155,448 | 129,858 | 261,082 | |
Net income from fees and commissions | ||||
Securities trading and deposits | 24,797 | 18,647 | 36,440 | |
Asset management | 50,634 | 48,466 | 91,443 | |
Payment handling | 10,034 | 10,351 | 20,849 | |
Loan fees | 8,965 | 1,490 | 9,723 | |
Guarantee commissions | 28,139 | 27,297 | 51,891 | |
Other fees and commissions | 14,275 | 8,282 | 19,035 | |
Total net income from fees and commissions | 136,844 | 114,533 | 229,381 | |
Foreign exchange income | 7,510 | 7,547 | 13,489 | |
Total net income from fees, commissions and foreign exchange income | 144,354 | 122,080 | 242,870 |
Notes
Note | 1.1-30.6 2015 DKK 1,000 |
1.1-30.6 2014 DKK 1,000 |
1.1-31.12 2014 DKK 1,000 |
|
5 | Value adjustments | |||
Loans and other debtors, current value adjustment | 2,040 | 4,325 | 11,129 | |
Bonds | -20,302 | 30,020 | 21,779 | |
Shares etc. | 21,381 | 16,911 | 23,594 | |
Foreign exchange income | 7,510 | 7,547 | 13,489 | |
Total derivatives financial instruments, of which | 12,845 | -7,596 | 3,482 | |
Interest-rate contracts | 12,191 | -8,078 | 2,543 | |
Share contracts | 654 | 482 | 939 | |
Issued bonds | 0 | 2,043 | 3,295 | |
Other liabilities | 0 | 2,549 | 5,525 | |
Total value adjustments | 23,474 | 55,799 | 82,293 | |
6 |
Staff and administration costs | |||
Payments to general management, board of directors and shareholders’ committee |
||||
General management | 2,149 | 2,048 | 4,031 | |
Board of directors | 789 | 696 | 1,392 | |
Shareholders’ committee | 0 | 0 | 393 | |
Total | 2,938 | 2,744 | 5,816 | |
Staff costs | ||||
Salaries | 64,955 | 60,675 | 124,634 | |
Pensions | 6,503 | 6,337 | 12,749 | |
Social security expenses | 441 | 459 | 905 | |
Costs depending on number of staff | 8,985 | 7,753 | 17,826 | |
Total | 80,884 | 75,224 | 156,114 | |
Other administration costs | 54,811 | 51,871 | 108,602 | |
Total staff and administration costs | 138,633 | 129,839 | 270,532 | |
7 | Number of full-time employees | |||
Average number of employees during the period converted into full-time employees |
261 | 259 | 257 | |
8 | Impairment charges on loans and other debtors etc. | |||
Net changes in impairment charges on loans and other debtors and provisions for losses on guarantees | 35,310 | 54,328 | 77,980 | |
Actual realised net losses | 13,705 | 8,231 | 53,427 | |
Interest concerning the impaired part of loans | -19,753 | -22,166 | -44,221 | |
Total impairment charges on loans and other debtors etc. | 29,262 | 40,393 | 87,186 |
Notes
Note | 1.1-30.6 2015 DKK 1,000 |
1.1-30.6 2014 DKK 1,000 |
1.1-31.12 2014 DKK 1,000 |
|
9 | Tax | |||
Tax calculated on the period’s profit | 70,500 | 76,500 | 139,780 | |
Adjustment of deferred tax | 0 | 0 | 1,826 | |
Adjustment of deferred tax due to change in tax rate | 0 | 0 | -538 | |
Adjustment of tax calculated for previous years | 0 | 0 | 84 | |
Total tax | 70,500 | 76,500 | 141,152 | |
Effective tax rate (%): | ||||
The current tax rate of the bank | 23.5 | 24.5 | 24.5 | |
Permanent deviations | -1.4 | -0.7 | -0.4 | |
Adjustment of deferred tax due to change in tax rate | 0.0 | 0.0 | -0.1 | |
Adjustment of tax calculated for previous years | 0.0 | 0.0 | 0.0 | |
Total effective tax rate | 22.1 | 23.8 | 24.0 | |
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
10 | Claims on credit institutions and central banks | |||
Claims at call | 157,267 | 105,022 | 59,014 | |
Up to and including 3 months | 135,012 | 0 | 0 | |
More than 3 months and up to and including 1 year | 1,476 | 0 | 1,476 | |
More than 1 year and up to and including 5 years | 120,000 | 122,881 | 120,000 | |
Total claims on credit institutions and central banks | 413,755 | 227,903 | 180,490 | |
11 | Loans and other debtors at amortised cost price | |||
At call | 1,581,017 | 1,265,632 | 1,383,877 | |
Up to and including 3 months | 801,735 | 546,204 | 1,248,521 | |
More than 3 months and up to and including 1 year | 1,908,138 | 1,932,896 | 1,869,846 | |
More than 1 year and up to and including 5 years | 5,108,686 | 4,939,311 | 5,281,673 | |
More than 5 years | 5,632,779 | 5,598,965 | 5,723,217 | |
Total loans and other debtors at amortised cost price | 15,032,355 | 14,283,008 | 15,507,134 | |
Of which reverse transactions | 288,344 | 0 | 583,142 |
Notes
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
12 | Impairment charges for loans and other debtors and provisions for losses on guarantees | |||
Individual impairment charges | ||||
Cumulative individual impairment charges for loans and other debtors at the end of the previous financial year | 701,131 | 736,513 | 736,513 | |
Impairment charges/value adjustments during the period | 76,435 | 109,905 | 179,129 | |
Reverse entry - impairment charges made in previous financial years |
-64,230 | -96,082 | -174,736 | |
Booked losses covered by impairment charges | -12,151 | -8,376 | -39,775 | |
Cumulative individual impairment charges for loans and other debtors on the balance sheet date | 701,185 | 741,960 | 701,131 | |
Collective impairment charges | ||||
Cumulative collective impairment charges for loans and other debtors at the end of the previous financial year | 226,272 | 112,652 | 112,652 | |
Impairment charges/value adjustments during the period | 34,834 | 48,253 | 113,620 | |
Cumulative collective impairment charges for loans and other debtors on the balance sheet date | 261,106 | 160,905 | 226,272 | |
Total cumulative impairment charges for loans and other debtors on the balance sheet date | 962,291 | 902,865 | 927,403 | |
Provisions for losses on guarantees | ||||
Cumulative individual provisions for losses on guarantees at the end of the previous financial year | 3,995 | 4,256 | 4,256 | |
Provisions/value adjustments during the period | 3,137 | 1,158 | 2,261 | |
Reverse entry - provisions made in previous financial years | -2,702 | -494 | -2,469 | |
Booked losses covered by provisions | -12 | -36 | -53 | |
Cumulative individual provisions for losses on guarantees on the balance sheet date | 4,418 | 4,884 | 3,995 | |
Total cumulative impairment charges for loans and other debtors and provisions for losses on guarantees on the balance sheet date | 966,709 | 907,749 | 931,398 | |
13 | Suspended calculation of interest | |||
Loans and other debtors with suspended calculation of interest on the balance sheet date |
57,001 | 97,950 | 58,244 |
Notes
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
14 | Bonds at current value | |||
Listed on the stock exchange | 5,074,456 | 4,350,832 | 4,659,495 | |
Total bonds at current value | 5,074,456 | 4,350,832 | 4,659,495 | |
15 | Shares etc. | |||
Listed on NASDAQ Copenhagen | 56,444 | 28,142 | 40,650 | |
Unlisted shares at current value | 1,488 | 1,372 | 1,473 | |
Sector shares at current value | 245,583 | 183,337 | 240,924 | |
Total shares etc. | 303,515 | 212,851 | 283,047 | |
16 | Debt to credit institutions and central banks | |||
Debt payable on demand | 348,902 | 276,109 | 258,042 | |
Up to and including 3 months | 180,097 | 283,775 | 478,264 | |
More than 3 months and up to and including 1 year | 85,207 | 76,191 | 76,818 | |
More than 1 year and up to and including 5 years | 600,808 | 618,492 | 611,326 | |
More than 5 years | 438,899 | 541,056 | 486,765 | |
Total debt to credit institutions and central banks | 1,653,913 | 1,795,623 | 1,911,215 | |
17 | Deposits and other debts | |||
On demand | 10,217,216 | 8,541,033 | 9,209,187 | |
Deposits and other debts at notice: | ||||
Up to and including 3 months | 2,119,728 | 1,557,161 | 1,761,577 | |
More than 3 months and up to and including 1 year | 1,061,779 | 785,388 | 1,064,673 | |
More than 1 year and up to and including 5 years | 829,772 | 1,498,396 | 948,383 | |
More than 5 years | 2,399,675 | 1,672,265 | 2,466,453 | |
Total deposits and other debts | 16,628,170 | 14,054,243 | 15,450,273 | |
Distributed as follows: | ||||
On demand | 9,896,295 | 8,139,917 | 8,815,421 | |
At notice | 352,047 | 346,999 | 348,422 | |
Time deposits | 2,984,590 | 2,234,978 | 2,735,273 | |
Long term deposit agreements | 2,042,080 | 1,882,823 | 2,238,720 | |
Special types of deposits | 1,353,158 | 1,449,526 | 1,312,437 | |
16,628,170 | 14,054,243 | 15,450,273 |
Notes
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
18 | Issued bonds at amortised cost price | |||
Up to and including 3 months | 0 | 0 | 2,573 | |
More than 3 months and up to and including 1 year | 149,208 | 95,018 | 233,665 | |
More than 1 year and up to and including 5 years | 0 | 149,114 | 0 | |
Total issued bonds at amortised cost price | 149,208 | 244,132 | 236,238 | |
Distributed as follows: | ||||
Issues in Norwegian kroner: | ||||
Nom. 100 million NOK | 0 | 88,720 | 82,320 | |
Regulation at amortised cost price and adjustment to current value of issues |
0 | 3,725 | 2,473 | |
Issues in euro: | ||||
Nom. 20 million EUR | 149,208 | 149,114 | 148,872 | |
Other issues | 0 | 2,573 | 2,573 | |
149,208 | 244,132 | 236,238 | ||
19 | Subordinated debt | |||
Tier 2 capital: | ||||
Floating rate loan, principal EUR 50 million, expiry 20 May 2025 |
373,020 | 0 | 0 | |
Floating rate loan, principal EUR 27 million, redeemed 30 June 2015 |
0 | 200,081 | 200,977 | |
Additional tier 1 capital: | ||||
4.795% bond loan, nom, DKK 200 million, redeemed 2 March 2015 |
0 | 200,000 | 200,000 | |
Own holding | 0 | -35,500 | -35,500 | |
Regulation at amortised cost price and adjustment to current value of tier 2 capital and additional tier 1 capital | -1,038 | 3,786 | 190 | |
Total subordinated debt | 371,982 | 368,367 | 365,667 | |
20 | Share capital | |||
Number of shares at DKK 5 each: | ||||
Beginning of period | 4,780,000 | 4,840,000 | 4,840,000 | |
Changes during the period | -110,000 | -60,000 | -60,000 | |
End of period | 4,670,000 | 4,780,000 | 4,780,000 | |
Of which reserved for subsequent cancellation | 50,000 | 45,000 | 110,000 | |
Total share capital | 23,350 | 23,900 | 23,900 |
Notes
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
21 | Own capital shares | |||
Own capital shares included in the balance sheet at | 0 | 0 | 0 | |
The market value is | 81,930 | 57,614 | 130,781 | |
Number of own shares: | ||||
Beginning of year | 113,525 | 62,554 | 62,554 | |
Purchases during the period | 199,155 | 141,713 | 290,886 | |
Sales during the period | -147,508 | -95,024 | -179,915 | |
Cancellation during the period | -110,000 | -60,000 | -60,000 | |
End of period | 55,172 | 49,243 | 113,525 | |
Of which reserved for subsequent cancellation | 50,000 | 45,000 | 110,000 | |
Nominal value of holding of own shares, end of period |
276 | 246 | 568 | |
Own shares’ proportion of share capital, end of period (%) |
1.2 | 1.0 | 2.4 | |
22 | Contingent liabilities etc. | |||
Contingent liabilities | ||||
Finance guarantees | 1,269,067 | 762,231 | 978,987 | |
Guarantees against losses on mortgage credit loans | 74,980 | 54,275 | 62,074 | |
Guarantee against losses Totalkredit | 117,491 | 121,876 | 187,068 | |
Registration and conversion guarantees | 952,643 | 252,916 | 728,745 | |
Sector guarantees | 48,596 | 48,175 | 48,596 | |
Other contingent liabilities | 204,718 | 198,941 | 212,340 | |
Total contingent liabilities | 2,667,495 | 1,438,414 | 2,217,810 | |
23 | Assets furnished as security | |||
First mortgage loans are provided for German wind turbine projects. The loans are funded directly by KfW Bankengruppe, to which security in the associated loans has been provided. Each repayment of the first mortgage loans is deducted directly from the funding from the KfW Bankengruppe. | 1,031,434 | 1,135,866 | 1,081,240 | |
As security for clearing etc., the bank has pledged securities from its holding to the Central Bank of Denmark to a total market price of | 19,809 | 80,821 | 275,685 | |
Provision of security under CSA agreements | 70,374 | 64,165 | 86,269 |
Notes
Note | End June 2015 DKK 1,000 |
End June 2014 DKK 1,000 |
End Dec. 2014 DKK 1,000 |
|
24 | Capital statement | |||
Credit risk | 12,999,665 | 12,239,250 | 12,879,048 | |
Market risk | 1,650,805 | 1,310,061 | 1,464,214 | |
Operational risk | 1,679,498 | 1,567,369 | 1,567,369 | |
Total risk exposure amount | 16,329,968 | 15,116,680 | 15,910,631 | |
Shareholders’ equity | 3,154,124 | 2,971,194 | 3,098,608 | |
Proposed dividend etc. | 0 | 0 | -124,780 | |
Deduction for expected dividend | -69,600 | -64,332 | 0 | |
Deduction for the sum of equity investments etc. > 10% | -115,628 | -94,888 | -143,584 | |
Deduction of frame for share buy-back programme, net | -76,979 | -75,798 | 0 | |
Deduction of trading framework for own shares | -55,000 | 0 | -55,000 | |
Actual utilization of the trading framework for own shares | 7,702 | 0 | 4,061 | |
Common Equity Tier 1 capital | 2,844,619 | 2,736,176 | 2,779,305 | |
Additional Tier 1 capital | 0 | 131,600 | 131,600 | |
Deduction for the sum of equity investments etc. > 10% | 0 | -115,909 | -131,600 | |
Tier 1 capital | 2,844,619 | 2,751,867 | 2,779,305 | |
Tier 2 capital | 373,020 | 161,100 | 160,782 | |
Deduction for the sum of equity investments etc. > 10% | -73,716 | -155,618 | -160,782 | |
Own funds | 3,143,923 | 2,757,349 | 2,779,305 | |
Common Equity Tier 1 capital ratio (%) | 17.4 | 18.1 | 17.5 | |
Tier 1 capital ratio (%) | 17.4 | 18.2 | 17.5 | |
Total capital ratio (%) | 19.3 | 18.2 | 17.5 | |
Own funds requirements | 1,306,397 | 1,209,334 | 1,272,850 | |
25 | The supervisory diamond (Danish Financial Supervisory Authority limits) |
|||
Stable funding (funding ratio) (< 1) | 0.7 | 0.7 | 0.8 | |
Excess liquidity (> 50%) | 203.9% | 168.6% | 140.7% | |
Total large exposures (< 125%) | 31.5% | 29.8% | 47.8% | |
Growth in loans (< 20%) | 3.2% | 3.1% | 7.8% | |
Real estate exposure (< 25%) | 12.1% | 12.3% | 11.6% | |
26 | Miscellaneous comments: | |||
Main and key figures for the bank · Return on equity at the beginning of the year before and after tax are computed per annum after allocation of dividend etc., net. · Key figures per DKK 5 share are calculated on the basis of respectively 1st half 2015: 4,670,000, 1st half 2014: 4,780,000 shares, 2014: 4,670,000 shares. |
Main figures summary
1st half 2015 |
1st half 2014 |
Full year 2014 |
|
Profit and loss account summary (million DKK) | |||
Net income from interest | 322 | 323 | 649 |
Dividend on capital shares etc. | 13 | 8 | 8 |
Net income from fees and commissions | 137 | 114 | 229 |
Net income from interest and fees | 472 | 445 | 886 |
Value adjustments | +23 | +56 | +82 |
Other operating income | 2 | 2 | 4 |
Staff and administration costs | 139 | 130 | 271 |
Amortisations, depreciations and write-downs on intangible and tangible assets | 2 | 4 | 12 |
Other operating costs | 8 | 8 | 15 |
Impairment charges for loans and other debtors etc. | -29 | -40 | -87 |
Profit before tax | 319 | 321 | 587 |
Tax | 70 | 76 | 141 |
Profit after tax | 249 | 245 | 446 |
Main figures from the balance sheet (million DKK) | |||
Loans and other debtors | 15,032 | 14,283 | 15,450 |
Deposits and other debts | 16,628 | 14,054 | 15,507 |
Subordinated debt | 372 | 368 | 366 |
Shareholders’ equity | 3,154 | 2,971 | 3,099 |
Balance sheet total | 22,118 | 19,675 | 21,238 |
Quarterly overview
(Million DKK) |
2nd qtr. 2015 |
1st qtr. 2015 |
4rd qtr. 2014 |
3rd qtr. 2014 |
2nd qtr. 2014 |
1st qtr. 2014 |
4th qtr. 2013 | 3rd qtr. 2013 | 2nd qtr. 2013 |
1st qtr. 2013 |
Net income from interest | 154 | 161 | 160 | 158 | 159 | 158 | 156 | 155 | 151 | 153 |
Net income from fees and provisions excl. commission | 61 | 51 | 60 | 37 | 51 | 45 | 48 | 33 | 55 | 36 |
Income from sector shares | 11 | 10 | 4 | 4 | 2 | 16 | 5 | 3 | 4 | 2 |
Foreign exchange income | 4 | 3 | 2 | 4 | 4 | 3 | 3 | 3 | 2 | 5 |
Other operating income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
Total core income excl. trade income | 231 | 226 | 227 | 204 | 217 | 223 | 213 | 195 | 213 | 196 |
Trade income | 13 | 12 | 10 | 7 | 8 | 11 | 7 | 5 | 9 | 6 |
Total core income | 244 | 238 | 237 | 211 | 225 | 234 | 220 | 200 | 222 | 202 |
Staff and administration costs | 74 | 65 | 79 | 62 | 68 | 62 | 70 | 61 | 66 | 58 |
Amortisations, depreciations and write-downs on intangible and tangible assets | 1 | 1 | 7 | 1 | 3 | 1 | 2 | 1 | 0 | 1 |
Other operating costs | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 3 | 3 | 4 |
Total costs etc. | 79 | 70 | 89 | 67 | 75 | 67 | 76 | 65 | 69 | 63 |
Core earnings before impairments | 165 | 168 | 148 | 144 | 150 | 167 | 144 | 135 | 153 | 139 |
Impairment charges for loans and other debtors etc. |
-14 | -15 | -24 | -23 | -25 | -15 | -25 | -34 | -40 | -21 |
Core earnings | 151 | 153 | 124 | 121 | 125 | 152 | 119 | 101 | 113 | 118 |
Result for portfolio | -8 | +23 | +9 | +12 | +20 | +24 | +12 | -4 | +9 | +6 |
Expenses for bank packages | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -1 |
Profit before tax | 143 | 176 | 133 | 133 | 145 | 176 | 131 | 96 | 122 | 123 |
Tax | 31 | 39 | 33 | 32 | 36 | 40 | 30 | 23 | 30 | 31 |
Profit after tax | 112 | 137 | 100 | 101 | 109 | 136 | 101 | 73 | 92 | 92 |
Danish Financial Supervisory Authority
key figures for Danish banks
1st half 2015 |
1st half 2014 |
Full year 2014 |
||
Capital ratios: | ||||
Total capital ratio | % | 19,3 | 18.2 | 17.5 |
Tier 1 capital ratio | % | 17,4 | 18.2 | 17.5 |
Individual solvency requirement | % | 8,9 | 8.8 | 8.9 |
Earnings: | ||||
Return on equity before tax | % | 10.2 | 10.9 | 19.6 |
Return on equity after tax | % | 8.0 | 8.3 | 14.9 |
Income / cost ratio | DKK | 2.79 | 2.77 | 2.52 |
Return on assets | % | 1.1 | 1.2 | 2.1 |
Market risk: | ||||
Interest rate risk | % | 1.5 | 0.8 | 1.2 |
Foreign exchange position | % | 1.1 | 0.8 | 0.4 |
Foreign exchange risk | % | 0.0 | 0.0 | 0.0 |
Liquidity risk: | ||||
Excess cover relative to statutory liquidity requirement |
% | 203.9 | 168.6 | 140.7 |
Loans and impairments thereon relative to deposits | % | 96.2 | 108.1 | 106.4 |
Credit risk: | ||||
Loans relative to shareholders’ equity | 4.8 | 4.8 | 5.0 | |
Growth in loans | % | -1.2 | 3.1 | 12.0 |
Total large exposures | % | 31.5 | 29.8 | 47.8 |
Cumulative impairment percentage | % | 5.2 | 5.5 | 5.0 |
Impairment percentage | % | 0.16 | 0.24 | 0.47 |
Proportion of debtors at reduced interest | % | 0.3 | 0.6 | 0.3 |
Share return: | ||||
Profit after tax per share * / *** | DKK | 1,052.2 | 1,017.1 | 1,853.9 |
Book value per share * / ** | DKK | 13,670 | 12,561 | 13,280 |
Share price relative to profit per share * | DKK | 28.2 | 23.0 | 12.4 |
Share price relative to profit per share * / *** | 2.17 | 1.86 | 1.73 | |
* Calculated on the basis of a denomination of DKK 100 per share. ** Calculated on the basis of number of shares outstanding at the end of the period. *** Calculated on the basis of the average number of shares. The average number of shares is calculated as a simple average of the shares at the beginning of the period and at the end of the period. |
Management’s statement
The board of directors and the general management have today considered and approved the interim report for Ringkjøbing Landbobank A/S for the period 1 January - 30 June 2015.
The interim report was prepared in accordance with the provisions of the Danish Act on Financial Activities and further Danish requirements on listed financial companies concerning disclosure. We consider the accounting policies to be appropriate and the accounting estimates made to be responsible, such that the interim report provides a true and fair view of the bank’s assets, liabilities and financial position as of 30 June 2015 and of the bank’s activities for the period 1 January - 30 June 2015. We also believe that the management report contains a true and fair account of the bank’s activities and financial position as well as a description of the most important risks and uncertainties which can affect the bank.
The interim report is not audited or reviewed, but the external auditors have checked that the conditions for ongoing inclusion of the earnings for the period in the core capital have been met.
Ringkøbing, 5 August 2015
General Management: John Fisker CEO |
Board of Directors: |
Jens Lykke Kjeldsen Chairman |
Martin Krogh Pedersen Deputy chairman |
|
Gert Asmussen |
Inge Sandgrav Bak |
|
Jens Møller Nielsen |
Jørgen Lund Pedersen |
|
Bo Bennedsgaard Employee board member |
Dan Astrup Sørensen Employee board member |
|
Gitte E. S. Vigsø Employee board member |
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