Spar Nord Bank A/S
Interim Report for H1 2014 for Spar Nord Bank A/S
DGAP-News: Spar Nord Bank A/S 13.08.2014 / 11:15 --------------------------------------------------------------------- Pre-tax profits of DKK 512 million, equal to a 15.3% p.a. return on equity * Core income for the first six months amounted to DKK 1,597 million, up 12% on H1 2013 - the growth being driven by market-value adjustments regarding the sale of the Nets sharehold-ing and sustained growth in net income from fees, charges and commissions, while there was pressure on net interest income in Q1, in particular. * Costs & expenses ended at DKK 890 million, which is 4% up on H1 2013 and in line with expect-ations - thus, the cost/income ratio improved to 0.56. * Core earnings before impairment amounted to DKK 707 million - 24% up on H1 2013. * Impairment of loans and advances, etc. shrank by 17% (YOY), amounting to DKK 169 million, equal to an impairment ratio, excl. mortgage credit lending, of 0.78% p.a. * The negative lending trend was reversed, with bank lending at end-H1 bouncing back to its end-2013 level - before consolidation of the portfolio acquired from FIH Erhvervsbank. * The Group is in a comfortable capital and liquidity situation, with a Common Equity (Tier 1) ratio of 14.2%, an excess coverage relative to the solvency need ratio of 7.2 percentage points (DKK 3.2 billion), and strategic liquidity of DKK 17.6 billion. * In light of developments in H1, Spar Nord Bank maintains its full-year forecast for core earnings before impairment of about DKK 1.1 billion, to which should be added DKK 175 million regarding the divestment of the Bank's Nets shareholding. Q2: Healthy growth in lending and net interest income * Net interest income increased 5% on Q1, amounting to DKK 416 million - driven by growth in bank lending of DKK 700 million and redemption of hybrid core capital at the end of May. * Net income from fees, charges and commissions in the amount of DKK 195 million was retained at a highly satisfactory level - for one thing because of a sustained high activity level in the asset and investment management area. * A quarter characterized by strategic initiatives: the redemption of governmental hybrid core capital, divestment of Swedish leasing activities and acquisition of customer portfolios from Basisbank and FIH Erhvervsbank. News Source: NASDAQ OMX --------------------------------------------------------------------- 13.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Spar Nord Bank A/S Denmark ISIN: DK0060036564 End of News DGAP News-Service --------------------------------------------------------------------- 282093 13.08.2014
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