- ISIN NO0010398159
Ringkjøbing Landbobank A/S
Ringkjøbing Landbobank’s quarterly report, 1st-3rd quarter of 2014
DGAP-News: Ringkjøbing Landbobank A/S
22.10.2014 / 08:30
---------------------------------------------------------------------
Great increase in customer numbers, growth and clarification of expectations
The core earnings for the first three quarters of the year were DKK 398 million
against DKK 332 million in 2013, an increase of 20%. The profit before tax was
DKK 454 million, representing a return of 22% p.a. on equity, which is
considered highly satisfactory.
(Million DKK) 1st-3rd 1st-3rd 2013 2012 2011 2010
2014 2013
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total core income 670 624 844 823 767 758
Total costs and depreciations -209 -197 -273 -265 -248 -240
Core earnings before impairments 461 427 571 558 519 518
Impairment charges for loans etc. -63 -95 -120 -157 -129 -138
Core earnings 398 332 451 401 390 380
Result for portfolio +56 +11 +23 +49 +1 +38
Expenses for bank packages 0 -2 -2 -2 -11 -80
Profit before tax 454 341 472 448 380 338
Three quarters - highlights:
-- 33% improvement in profit before tax to DKK 454 million, equivalent to a
22% return on equity p.a. after payment of dividend
-- Increase in core earnings from DKK 332 million in 2013 to DKK 398 million
in 2014 - a 20% increase
-- 15% increase in the bank's loans and 11% increase in deposits
-- Highly satisfactory number of new customers in both the branch network and
niche concepts resulting in the best ever net increase in customers
-- Expectations of core earnings for the entire year are clarified around the
top of the upwardly adjusted interval of DKK 460-510 million.
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 475 million in the first three quarters of 2014
against DKK 459 million in 2013, an increase of 3%. Compared with the first to
third quarters of 2013, the bank noted increasing average loans and deposits in
the three quarters, but also noted a fall in the interest margin from the first
three quarters of 2013 to the first three quarters of 2014.
Fees, commissions and foreign exchange earnings amount to net DKK 170 million
in the first three quarters of 2014 against net DKK 154 million in 2013, an
increase of 11%. The increase is attributable primarily to greater activity and
volumes within asset management and pensions and to greater trading activity,
which has strengthened earnings.
The total core income was 7% higher in the first three quarters of the year,
with an increase from DKK 624 million in 2013 to DKK 670 million in 2014. The
DKK 46 million increase in total core income was affected positively by an
extraordinary once-only income of the order of DKK 10 million in the first
quarter in connection with the sale of the bank's shares in Nets Holding A/S.
Corrected for the once-only income, the bank considers the increase in core
income satisfactory.
Costs and depreciations
Total costs including depreciation on tangible assets were DKK 209 million in
the first three quarters of 2014 against DKK 197 million last year, an increase
of 6%.
The rate of costs was computed at 31.1, still the lowest in the country. A low
rate of costs is especially important in periods of difficult economic
conditions as this provides a high level of robustness in the bank's results.
Impairment charges for loans
Impairment charges for loans amounted to DKK 63 million in the first to third
quarters of 2014. The level of impairment charges fell by 33% relative to the
same period last year and is equivalent in the first three quarters of 2014 to
0.5% p.a. of total average loans, impairment charges, guarantees and
provisions.
The bank's total account for impairment charges and provisions amounted to DKK
938 million at the end of the quarter, equivalent to 5.4% of total loans and
guarantees. Actual losses and write-offs on loans etc. continue to be very low,
and they were exceeded during the period by the items 'Interest on the impaired
part of loans' and 'Receivables previously written offs', such that the total
account for impairment charges and provisions increased by net DKK 85 million
during the first three quarters of the year.
The portfolio of loans with suspended calculation of interest amounts to DKK 92
million, equivalent to 0.5% of the bank's total loans and guarantees at the end
of the third quarter of 2014.
Core earnings
(Million DKK) 1st-3rd 1st-3rd 2013 2012 2011 2010
2014 2013
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total core income 670 624 844 823 767 758
Total costs and depreciations -209 -197 -273 -265 -248 -240
Core earnings before impairments 461 427 571 558 519 518
Impairment charges for loans etc. -63 -95 -120 -157 -129 -138
Core earnings 398 332 451 401 390 380
The first three quarters' core earnings of DKK 398 million are the best ever
for the first to third quarters in the bank's history and constitute a 20%
increase relative to last year's DKK 332 million.
Result for portfolio and market risk
The portfolio income for the first to third quarters of 2014 was positive by
DKK 56 million including funding costs for the portfolio.
The bank's holding of shares etc. at the end of the third quarter of 2014
amounted to DKK 202 million, DKK 39 million of which was in listed shares,
while DKK 163 million was in sector shares etc. The bond portfolio amounted to
DKK 4,422 million, and the majority of the portfolio consists of AAA-rated
Danish mortgage credit bonds and short-term bank bonds issued by rated
counterparties.
The total interest rate risk, computed as the impact on the profit of a one
percentage point change in the interest level, was 0.7% of the bank's Tier 1
capital after deduction at the end of the quarter.
The bank's total market risk within exposures to interest rate risk, listed
shares and foreign currency remains at a low 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) was as follows in the first three quarters of
2014:
Risk in Risk relative to equity
million DKK end of 3rd quarter 2014 in %
----------------------------------------------------------------
----------------------------------------------------------------
Highest risk of loss: 11.2 0.37%
Lowest risk of loss: 3.1 0.10%
Average risk of loss 7.2 0.24%
The bank's policy remains to keep the market risk at a low level.
Profit after tax
The profit after tax was DKK 346 million for the first to third quarters of
2014 against DKK 257 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 third quarter of 2014 stood at DKK
20,330 million against last year's DKK 18,603 million.
The bank's deposits increased by 11% from DKK 12,826 million to DKK 14,231
million. The bank's loans increased by 15% from DKK 12,988 million to DKK
14,966 million. Loans at the end of the third quarter of 2014 include DKK 325
million reverse transactions received during the quarter, and excluding the
reverse transactions, the bank's loans thus increased by 13% relative to the
end of the third quarter of 2013.
The growth in the bank's loans is broadly based on sectors with growth from
both the branch network and the bank's niche concepts, and comes primarily from
new customers.
The bank's portfolio of guarantees at the end of the quarter was DKK 1,536
million against DKK 2,645 million at the end of the third quarter of 2013. The
fall in the portfolio of guarantees is due, among other things, to the fact
that a number of guarantees were provided at the end of the third quarter of
2013 which resulted in actual loans later in 2013.
Liquidity
The bank's liquidity is good, with loans excluding reverse transactions and
deposits nearly at the same level. The excess solvency relative to the
statutory liquidity requirement is 175%. The bank's short-term funding with
term to maturity of less than 12 months amounts to DKK 1.1 billion, balanced by
DKK 4.8 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 loans portfolio is more than fully financed by the bank's deposits
and equity. In addition, part of the loans portfolio for wind turbines in
Germany is refinanced back-to-back with KfW Bankengruppe, and the DKK 1,097
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.
The share buy-back programme
At the annual general meeting in February 2014, the bank was authorised to buy
up to 110,000 own shares and set them aside for later cancellation. As of 21
October 2014, 75,000 own shares have been set aside for later cancellation
under the share buy-back programme.
Capital
The equity at the beginning of 2014 was DKK 2,901 million. To this must be
added the profit for the period, while the dividend paid and the value of the
own shares bought must be subtracted, after which the equity at the end of the
quarter was DKK 3,040 million.
The bank's solvency ratio (Tier 2) was computed at 18.6% at the end of the
third quarter of 2014, and the Tier 1 capital ratio was also computed at 18.6%.
Solvency cover 3rd qtr. 3rd qtr. 2013 2012 2011 2010
2014 2013
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Core tier 1 capital ratio 18.4 18.8 18.7 19.6 18.3 17.1
(excl. hybrid core capital) (%)
Tier 1 capital ratio (%) 18.6 19.4 19.2 20.9 19.8 18.6
Solvency ratio - Tier 2 (%) 18.6 20.2 20.0 22.4 21.4 22.4
Individual solvency requirement (%) 8.7 8.8 8.9 8.0 8.0 8.0
Solvency cover 214% 230% 225% 280% 268% 280%
With effect from 2014, capital ratios are calculated according to the new CRD
IV rules. As described in the bank's 2013 annual report, the bank's calculation
of capital cover was affected by the new rules, including the introduction of a
phasing out arrangement for inclusion of hybrid core capital and subordinated
loan capital. Certain changes have also been implemented for the calculation of
risk-weighted items, including the weighting and calculation of exposures in
default, and a temporary discount on the risk weighting of exposures to certain
SME-commitments has also been introduced.
In addition, new rules on the calculation of capital have been introduced.
These rules indicate both that in future, the share buy-back programmes must be
deducted from the capital on publication of the officially approved programme
in contrast to the previous practice, where the deduction from the capital was
made in step with the actual purchase of shares, and that the calculated yield
must be deducted from ongoing earnings in contrast to previously, where the
expected yield was not deducted from the capital until the end of the year.
The bank calculates the individual solvency requirement on the basis of the
so-called 8+ model. The method of calculation in this model starts with 8%, to
which are added any supplements calculated inter alia for customers with
financial problems. The 8+ model 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 third quarter of 2014 was calculated at
8.7% - equivalent to a fall of 0.2 of a percentage point relative to the end of
2013.
The bank participated in a major sector transaction concerning DLR shares in
the fourth quarter. The intention of the transaction is to strengthen DLR's
distribution and competitiveness partly by easing the solvency strain on banks
with this need, and partly by strengthening the owners by participation of
banks which still want a strong mortgage credit institute for the agricultural
sector and other businesses. In this connection, the bank acquired shares for
the equivalent of DKK 75 million. A five-year call option was also issued to
the selling banks. Viewed as a whole, the transaction is attractive.
Good increase in customer numbers
In 2013 the bank carried out various outreach initiatives towards existing and
new customers, including by investing in further disseminating the bank's
Private Banking platform at national level and by carrying out outreach
activities in the branch network in Central and West Jutland. The activities
were carried out to create healthy organic growth in the bank, as the biggest
challenge in times of low growth in society is to create growth in the bank's
top line.
The outreach initiatives are all continuing in 2014, and the bank also opened a
new Private Banking branch in Aarhus in 2014. In the first three quarters of
the year, the bank experienced an overwhelming net growth in new customers, the
best ever in the bank's history.
Accounting policies and key figures
The accounting policies are unchanged relative to those in the submitted and
audited 2013 annual report.
Clarification of the expectations for earnings in 2014
The core earnings for the first to third quarters of 2014 were DKK 398 million
against DKK 332 million last year, an increase of 20%. Given the development in
2014, expectations of core earnings for the entire year are clarified around
the top of the upwardly adjusted interval of DKK 460-510 million.
Main and key figures
1st-3rd qtr. 1st-3rd qtr. Full
2014 2013 year
2013
--------------------------------------------------------------------------------
Main figures for the bank (million
DKK)
--------------------------------------------------------------------------------
Total core income 670 624 844
--------------------------------------------------------------------------------
Total costs and depreciations -209 -197 -273
--------------------------------------------------------------------------------
Core earnings before impairments 461 427 571
--------------------------------------------------------------------------------
Impairment charges for loans etc. -63 -95 -120
--------------------------------------------------------------------------------
Core earnings 398 332 451
--------------------------------------------------------------------------------
Result for portfolio +56 +11 +23
--------------------------------------------------------------------------------
Expenses for bank packages 0 -2 -2
--------------------------------------------------------------------------------
Profit before tax 454 341 472
--------------------------------------------------------------------------------
Profit after tax 346 257 358
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 3,040 2,806 2,901
--------------------------------------------------------------------------------
Deposits 14,231 12,826 14,114
--------------------------------------------------------------------------------
Loans 14,966 12,988 13,849
--------------------------------------------------------------------------------
Balance sheet total 20,330 18,603 19,583
--------------------------------------------------------------------------------
Guarantees 1,536 2,645 1,902
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Key figures for the bank (per cent)
--------------------------------------------------------------------------------
Return on equity before tax, beginning 21.8 17.4 18.1
of year, p.a.
--------------------------------------------------------------------------------
Return on equity after tax, beginning 16.6 13.2 13.7
of year, p.a.
--------------------------------------------------------------------------------
Rate of costs 31.1 31.6 32.4
--------------------------------------------------------------------------------
Core tier 1 capital ratio 18.4 18.8 18.7
--------------------------------------------------------------------------------
Tier 1 capital ratio 18.6 19.4 19.2
--------------------------------------------------------------------------------
Solvency ratio - Tier 2 18.6 20.2 20.0
--------------------------------------------------------------------------------
Individual solvency requirement 8.7 8.8 8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Key figures per 5 DKK share (DKK)
--------------------------------------------------------------------------------
Core earnings 83 69 94
--------------------------------------------------------------------------------
Profit before tax 95 70 99
--------------------------------------------------------------------------------
Profit after tax 72 53 75
--------------------------------------------------------------------------------
Net asset value 636 580 607
--------------------------------------------------------------------------------
Price, end of period 1,143 1,058 1,099
--------------------------------------------------------------------------------
Dividend - - 25
--------------------------------------------------------------------------------
Profit and loss account
Note 1.1-30.9 1.1-30.9 1.1-31.12
2014 2013 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
1 Interest receivable 593,040 583,242 776,268
--------------------------------------------------------------------------------
2 Interest payable 106,188 111,040 146,037
--------------------------------------------------------------------------------
Net income from interest 486,852 472,202 630,231
--------------------------------------------------------------------------------
3 Dividend on capital shares etc. 7,897 1,919 12,610
--------------------------------------------------------------------------------
4 Income from fees and commissions 183,060 167,279 229,813
--------------------------------------------------------------------------------
4 Fees and commissions paid 23,281 23,172 31,123
--------------------------------------------------------------------------------
Net income from interest and fees 654,528 618,228 841,531
--------------------------------------------------------------------------------
5 Value adjustments +69,341 +14,757 +23,074
--------------------------------------------------------------------------------
Other operating income 2,827 2,142 2,730
--------------------------------------------------------------------------------
6,7 Staff and administration costs 192,140 184,754 254,909
--------------------------------------------------------------------------------
Amortisations, depreciations and 5,204 2,287 4,270
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs
--------------------------------------------------------------------------------
Miscellaneous other operating costs 167 22 28
--------------------------------------------------------------------------------
Costs Deposit Guarantee Fund 11,314 12,159 16,091
--------------------------------------------------------------------------------
8 Impairment charges for loans and other -63,383 -94,758 -120,175
debtors etc.
--------------------------------------------------------------------------------
Result of capital shares in associated 0 0 -3
companies
--------------------------------------------------------------------------------
Profit before tax 454,488 341,147 471,859
--------------------------------------------------------------------------------
9 Tax 108,325 83,800 114,199
--------------------------------------------------------------------------------
Profit after tax 346,163 257,347 357,660
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income 0 0 0
--------------------------------------------------------------------------------
Total comprehensive income 346,163 257,347 357,660
--------------------------------------------------------------------------------
Core earnings
1.1-30.9 1.1-30.9 1.1-31.12
2014 2013 2013
DKK 1,000 DKK 1,000 DKK 1,000
---------------------------------------
Net income from interest 474,556 459,076 614,719
--------------------------------------------------------------------------------
Net income from fees and provisions 133,490 124,176 171,765
excl. commission
--------------------------------------------------------------------------------
Income from sector shares 22,189 9,158 14,403
--------------------------------------------------------------------------------
Foreign exchange income 10,675 9,935 13,293
--------------------------------------------------------------------------------
Other operating income 2,827 2,142 2,730
--------------------------------------------------------------------------------
Total core income excl. trade income 643,737 604,487 816,910
--------------------------------------------------------------------------------
Trade income 26,289 19,931 26,925
--------------------------------------------------------------------------------
Total core income 670,026 624,418 843,835
--------------------------------------------------------------------------------
Staff and administration costs 192,140 184,753 254,909
--------------------------------------------------------------------------------
Amortisations, depreciations and 5,204 2,287 4,270
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 11,349 10,371 13,827
--------------------------------------------------------------------------------
Total costs etc. 208,693 197,411 273,006
--------------------------------------------------------------------------------
Core earnings before impairments 461,333 427,007 570,829
--------------------------------------------------------------------------------
Impairment charges for loans and other -63,383 -94,758 -120,175
debtors etc.
--------------------------------------------------------------------------------
Core earnings 397,950 332,249 450,654
--------------------------------------------------------------------------------
Result for portfolio +56,670 +10,708 +23,497
--------------------------------------------------------------------------------
Expenses for bank packages -132 -1,810 -2,292
--------------------------------------------------------------------------------
Profit before tax 454,488 341,147 471,859
--------------------------------------------------------------------------------
Tax 108,325 83,800 114,199
--------------------------------------------------------------------------------
Profit after tax 346,163 257,347 357,660
--------------------------------------------------------------------------------
Balance sheet
Note End End End
Sept. 2014 Sept. 2013 Dec. 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Cash in hand and claims at call on 63,751 123,838 63,064
central banks
--------------------------------------------------------------------------------
10 Claims on credit institutions and 356,679 474,481 416,913
central banks
--------------------------------------------------------------------------------
Claims at notice on central banks 0 0 0
--------------------------------------------------------------------------------
Money market operations and 233,798 269,761 214,032
bilateral loans
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral loans - term to maturity 122,881 204,720 202,881
over 1 year
--------------------------------------------------------------------------------
11,12, Loans and other debtors at amortised 14,965,754 12,987,812 13,849,285
13 cost price
--------------------------------------------------------------------------------
Loans and other debtors at amortised 13,543,543 12,136,919 12,880,717
cost price
--------------------------------------------------------------------------------
Wind turbine loans with direct 1,097,407 850,893 968,568
funding
--------------------------------------------------------------------------------
Reverse transactions 324,804 0 0
--------------------------------------------------------------------------------
14 Bonds at current value 4,422,010 4,346,048 4,669,732
--------------------------------------------------------------------------------
15 Shares etc. 201,839 234,210 208,697
--------------------------------------------------------------------------------
Capital shares in associated 540 543 540
companies
--------------------------------------------------------------------------------
Land and buildings total 72,156 75,415 73,871
--------------------------------------------------------------------------------
Investment properties 8,015 8,165 8,015
--------------------------------------------------------------------------------
Domicile properties 64,141 67,250 65,856
--------------------------------------------------------------------------------
Other tangible assets 4,015 4,272 4,385
--------------------------------------------------------------------------------
Actual tax assets 0 0 24,501
--------------------------------------------------------------------------------
Temporary assets 1,000 2,100 1,000
--------------------------------------------------------------------------------
Other assets 236,190 346,820 263,856
--------------------------------------------------------------------------------
Periodic-defined items 5,692 7,125 6,977
--------------------------------------------------------------------------------
Total assets 20,329,626 18,602,664 19,582,821
--------------------------------------------------------------------------------
Balance sheet
Note End End End
Sept. 2014 Sept. 2013 Dec. 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Liabilities and equity
--------------------------------------------------------------------------------
16 Debt to credit institutions and central 2,167,662 2,154,942 1,754,884
banks
--------------------------------------------------------------------------------
Money market operations and bilateral 938,001 1,201,025 656,258
credits
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral credits - term to maturity 132,254 103,024 130,058
over 1 year
--------------------------------------------------------------------------------
Bilateral credits from KfW Bankengruppe 1,097,407 850,893 968,568
--------------------------------------------------------------------------------
17 Deposits and other debts 14,230,772 12,825,932 14,113,816
--------------------------------------------------------------------------------
18 Issued bonds at amortised cost price 245,897 104,341 249,814
--------------------------------------------------------------------------------
Actual tax liabilities 59,588 23,447 0
--------------------------------------------------------------------------------
Other liabilities 200,952 296,634 173,806
--------------------------------------------------------------------------------
Periodic-defined items 146 163 917
--------------------------------------------------------------------------------
Total debt 16,905,017 15,405,459 16,293,237
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for deferred tax 13,188 15,151 13,188
--------------------------------------------------------------------------------
12 Provisions for losses on guarantees 4,711 5,156 4,256
--------------------------------------------------------------------------------
Total provisions for liabilities 17,899 20,307 17,444
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Subordinated loan capital 199,711 199,556 200,193
--------------------------------------------------------------------------------
Hybrid core capital 166,896 171,829 170,847
--------------------------------------------------------------------------------
19 Total subordinated debt 366,607 371,385 371,040
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
20 Share capital 23,900 24,200 24,200
--------------------------------------------------------------------------------
Reserve for net revaluation under the 189 192 189
intrinsic value method
--------------------------------------------------------------------------------
Profit carried forward 3,016,014 2,781,121 2,755,211
--------------------------------------------------------------------------------
Proposed dividend etc. - - 121,500
--------------------------------------------------------------------------------
Total shareholders' equity 3,040,103 2,805,513 2,901,100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities and equity 20,329,626 18,602,664 19,582,821
--------------------------------------------------------------------------------
21 Own capital shares
--------------------------------------------------------------------------------
22 Contingent liabilities etc.
--------------------------------------------------------------------------------
23 Assets furnished as security
--------------------------------------------------------------------------------
24 Capital adequacy computation
--------------------------------------------------------------------------------
25 The supervisory diamond
--------------------------------------------------------------------------------
26 Miscellaneous comments
--------------------------------------------------------------------------------
Statement of shareholders' equity
DKK 1,000 Share Reserve for net Profit Proposed Total
capita revaluation under carried dividend share-hol
l the intrinsic forward etc. ders'
value method equity
--------------------------------------------------------------------------------
On 30 September 24,200 189 2,755,211 121,500 2,901,100
2014:
Shareholders'
equity at the end
of the previous
financial year
--------------------------------------------------------------------------------
Reduction of share -300 300 0
capital
--------------------------------------------------------------------------------
Dividend etc. paid -121,500 -121,500
--------------------------------------------------------------------------------
Dividend received 2,022 2,022
on own shares
--------------------------------------------------------------------------------
Shareholders' 23,900 189 2,757,533 0 2,781,622
equity after
allocation of
dividend etc.
--------------------------------------------------------------------------------
Purchase and sale -87,682 -87,682
of own shares
--------------------------------------------------------------------------------
Total comprehensive 346,163 346,163
income
--------------------------------------------------------------------------------
Shareholders' 23,900 189 3,016,014 0 3,040,103
equity on the
balance sheet date
--------------------------------------------------------------------------------
On 30 September 2013: 24,700 192 2,581,588 69,660 2,676,140
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Reduction of share capital -500 500 0
--------------------------------------------------------------------------------
Dividend etc. paid -69,660 -69,660
--------------------------------------------------------------------------------
Dividend received on own shares 1,427 1,427
--------------------------------------------------------------------------------
Shareholders' equity after 24,200 192 2,583,515 0 2,607,907
allocation of dividend etc.
--------------------------------------------------------------------------------
Purchase and sale of own shares -59,741 -59,741
--------------------------------------------------------------------------------
Total comprehensive income 257,347 257,347
--------------------------------------------------------------------------------
Shareholders' equity on the balance 24,200 192 2,781,121 0 2,805,513
sheet date
--------------------------------------------------------------------------------
On 31 December 2013: 24,700 192 2,581,588 69,660 2,676,140
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Reduction of share capital -500 500 0
--------------------------------------------------------------------------------
Dividend etc. paid -69,660 -69,660
--------------------------------------------------------------------------------
Dividend received on own shares 1,427 1,427
--------------------------------------------------------------------------------
Shareholders' equity after 24,200 192 2,583,515 0 2,607,907
allocation of dividend etc.
--------------------------------------------------------------------------------
Purchase and sale of own shares -64,467 -64,467
--------------------------------------------------------------------------------
Total comprehensive income -3 236,163 121,500 357,660
--------------------------------------------------------------------------------
Shareholders' equity on the balance 24,200 189 2,755,211 121,500 2,901,100
sheet date
--------------------------------------------------------------------------------
Notes
Note 1.1-30. 1.1-30. 1.1-31.12
9 9 2013
2014 2013 DKK 1,000
DKK DKK
1,000 1,000
--------------------------------------------------------------------------------
1 Interest receivable
--------------------------------------------------------------------------------
Claims on credit institutions and central 13,352 17,443 23,425
banks
--------------------------------------------------------------------------------
Loans and other debtors 554,183 539,985 719,154
--------------------------------------------------------------------------------
Loans - interest concerning the impaired part -33,384 -32,665 -43,913
of loans
--------------------------------------------------------------------------------
Bonds 70,177 63,487 86,007
--------------------------------------------------------------------------------
Total derivatives financial instruments, of -12,061 -5,008 -8,617
which
--------------------------------------------------------------------------------
Currency contracts -153 -3,386 -4,104
--------------------------------------------------------------------------------
Interest-rate contracts -11,908 -1,622 -4,513
--------------------------------------------------------------------------------
Other interest receivable 773 0 212
--------------------------------------------------------------------------------
Total interest receivable 593,040 583,242 776,268
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2 Interest payable
--------------------------------------------------------------------------------
Credit institutions and central banks 20,108 17,402 23,385
--------------------------------------------------------------------------------
Deposits and other debts 71,022 77,840 101,280
--------------------------------------------------------------------------------
Issued bonds 5,686 6,431 8,015
--------------------------------------------------------------------------------
Subordinated debt 9,363 9,352 13,221
--------------------------------------------------------------------------------
Other interest payable 9 15 136
--------------------------------------------------------------------------------
Total interest payable 106,188 111,040 146,037
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3 Dividend from shares etc.
--------------------------------------------------------------------------------
Shares 7,897 1,919 12,610
--------------------------------------------------------------------------------
Total dividend from shares etc. 7,897 1,919 12,610
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
4 Gross income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 32,698 24,600 33,646
--------------------------------------------------------------------------------
Asset management 64,716 58,359 84,785
--------------------------------------------------------------------------------
Payment handling 17,784 15,943 21,524
--------------------------------------------------------------------------------
Loan fees 5,118 4,861 6,273
--------------------------------------------------------------------------------
Guarantee commissions 39,687 45,200 61,527
--------------------------------------------------------------------------------
Other fees and commissions 23,057 18,316 22,058
--------------------------------------------------------------------------------
Total gross income from fees and commissions 183,060 167,279 229,813
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 26,289 19,931 26,925
--------------------------------------------------------------------------------
Asset management 60,741 54,710 79,755
--------------------------------------------------------------------------------
Payment handling 15,565 14,331 19,347
--------------------------------------------------------------------------------
Loan fees 3,722 3,381 4,204
--------------------------------------------------------------------------------
Guarantee commissions 39,687 45,200 61,527
--------------------------------------------------------------------------------
Other fees and commissions 13,775 6,554 6,932
--------------------------------------------------------------------------------
Total net income from fees and commissions 159,779 144,107 198,690
--------------------------------------------------------------------------------
Foreign exchange income 10,675 9,935 13,293
--------------------------------------------------------------------------------
Total net income from fees, commissions and 170,454 154,042 211,983
foreign exchange income
--------------------------------------------------------------------------------
Notes
Note 1.1-30. 1.1-30. 1.1-31.1
9 9 2 2013
2014 2013 DKK
DKK DKK 1,000
1,000 1,000
--------------------------------------------------------------------------------
5 Value adjustments
--------------------------------------------------------------------------------
Loans and other debtors, current value 8,693 -2,536 -974
adjustment
--------------------------------------------------------------------------------
Bonds 28,839 -6,534 1,653
--------------------------------------------------------------------------------
Shares etc. 21,500 13,606 9,479
--------------------------------------------------------------------------------
Investment properties 0 0 150
--------------------------------------------------------------------------------
Foreign exchange income 10,675 9,935 13,293
--------------------------------------------------------------------------------
Total derivatives financial instruments, of -7,322 -5,535 -7,846
which
--------------------------------------------------------------------------------
Interest-rate contracts -7,863 -5,662 -8,289
--------------------------------------------------------------------------------
Share contracts 541 127 443
--------------------------------------------------------------------------------
Issued bonds 2,987 2,138 2,491
--------------------------------------------------------------------------------
Other liabilities 3,969 3,683 4,828
--------------------------------------------------------------------------------
Total value adjustments 69,341 14,757 23,074
--------------------------------------------------------------------------------
6 Staff and administration costs
--------------------------------------------------------------------------------
Payments to general management, board of
directors
and shareholders' committee
--------------------------------------------------------------------------------
General management 3,025 2,980 3,973
--------------------------------------------------------------------------------
Board of directors 696 647 1,294
--------------------------------------------------------------------------------
Shareholders' committee 0 0 366
--------------------------------------------------------------------------------
Total 3,721 3,627 5,633
--------------------------------------------------------------------------------
Staff costs
--------------------------------------------------------------------------------
Salaries 90,003 84,803 117,365
--------------------------------------------------------------------------------
Pensions 9,539 8,987 12,066
--------------------------------------------------------------------------------
Social security expenses 674 1,247 900
--------------------------------------------------------------------------------
Costs depending on number of staff 12,427 11,004 16,195
--------------------------------------------------------------------------------
Total 112,643 106,041 146,526
--------------------------------------------------------------------------------
Other administration costs 75,776 75,086 102,750
--------------------------------------------------------------------------------
Total staff and administration costs 192,140 184,754 254,909
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Number of full-time employees
--------------------------------------------------------------------------------
Average number of employees during the period 257 250 251
converted into full-time employees
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Impairment charges on loans and other debtors
etc.
--------------------------------------------------------------------------------
Net changes in impairment charges on loans and 84,841 105,176 95,058
other debtors and provisions for losses on
guarantees
--------------------------------------------------------------------------------
Actual realised net losses 11,926 22,247 69,030
--------------------------------------------------------------------------------
Interest concerning the impaired part of loans -33,384 -32,665 -43,913
--------------------------------------------------------------------------------
Total impairment charges on loans and other 63,383 94,758 120,175
debtors etc.
--------------------------------------------------------------------------------
Notes
Note 1.1-30.9 1.1-30.9 1.1-31.12
2014 2013 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
9 Tax
--------------------------------------------------------------------------------
Tax calculated on the period's profit 108,325 83,800 114,967
--------------------------------------------------------------------------------
Adjustment of deferred tax 0 0 -1,660
--------------------------------------------------------------------------------
Adjustment of deferred tax due to 0 0 -303
change in tax rate
--------------------------------------------------------------------------------
Adjustment of tax calculated for 0 0 1,195
previous years
--------------------------------------------------------------------------------
Total tax 108,325 83,800 114,199
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Effective tax rate (%):
--------------------------------------------------------------------------------
The current tax rate of the bank 24.5 25.0 25.0
--------------------------------------------------------------------------------
Permanent deviations -0.7 -0.4 -1.0
--------------------------------------------------------------------------------
Adjustment of deferred tax due to 0.0 0.0 -0.1
change in tax rate
--------------------------------------------------------------------------------
Adjustment of tax calculated for 0.0 0.0 0.3
previous years
--------------------------------------------------------------------------------
Total effective tax rate 23.8 24.6 24.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Note End End End
Sept. 2014 Sept. 2013 Dec. 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
10 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at call 233,798 168,327 114,032
--------------------------------------------------------------------------------
Up to and including 3 months 0 1,434 100,000
--------------------------------------------------------------------------------
More than 3 months and up to and 0 100,000 0
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 122,881 204,220 202,881
including 5 years
--------------------------------------------------------------------------------
More than 5 years 0 500 0
--------------------------------------------------------------------------------
Total claims on credit institutions 356,679 474,481 416,913
and central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Loans and other debtors at amortised
cost price
--------------------------------------------------------------------------------
At call 1,409,603 1,190,016 1,311,786
--------------------------------------------------------------------------------
Up to and including 3 months 882,144 424,908 674,795
--------------------------------------------------------------------------------
More than 3 months and up to and 2,066,618 1,674,398 1,542,624
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 5,027,407 4,684,262 4,601,579
including 5 years
--------------------------------------------------------------------------------
More than 5 years 5,579,983 5,014,228 5,718,501
--------------------------------------------------------------------------------
Total loans and other debtors at 14,965,755 12,987,812 13,849,285
amortised cost price
--------------------------------------------------------------------------------
Notes
Note End End End
Sept. Sept. Dec.
2014 2013 2013
DKK DKK DKK
1,000 1,000 1,000
--------------------------------------------------------------------------------
12 Impairment charges for loans and other debtors
and provisions for losses on guarantees
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Individual impairment charges
--------------------------------------------------------------------------------
Cumulative individual impairment charges for 736,513 632,529 632,529
loans and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Impairment charges/value adjustments during 180,001 223,075 255,157
the period
--------------------------------------------------------------------------------
Reverse entry - impairment charges made in -128,246 -84,411 -90,895
previous
financial years
--------------------------------------------------------------------------------
Booked losses covered by impairment charges -16,454 -24,508 -60,278
--------------------------------------------------------------------------------
Cumulative individual impairment charges for 771,814 746,685 736,513
loans and other debtors on the balance sheet
date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collective impairment charges
--------------------------------------------------------------------------------
Cumulative collective impairment charges for 112,652 114,876 114,876
loans and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Impairment charges/value adjustments during 49,084 -3,180 -2,224
the period
--------------------------------------------------------------------------------
Cumulative collective impairment charges for 161,736 111,696 112,652
loans and other debtors on the balance sheet
date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative impairment charges for loans 933,550 858,381 849,165
and other debtors on the balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for losses on guarantees
--------------------------------------------------------------------------------
Cumulative individual provisions for losses on 4,256 10,958 10,958
guarantees at the end of the previous
financial year
--------------------------------------------------------------------------------
Provisions/value adjustments during the period 2,093 2,954 3,282
--------------------------------------------------------------------------------
Reverse entry - provisions made in previous -1,602 -8,317 -9,245
financial years
--------------------------------------------------------------------------------
Booked losses covered by provisions -36 -439 -739
--------------------------------------------------------------------------------
Cumulative individual provisions for losses on 4,711 5,156 4,256
guarantees on the balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative impairment charges for loans 938,261 863,537 853,421
and other debtors and provisions for losses
on guarantees on the balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
13 Suspended calculation of interest
--------------------------------------------------------------------------------
Loans and other debtors with suspended 91,811 116,280 85,258
calculation of
interest on the balance sheet date
--------------------------------------------------------------------------------
Notes
Note End End End
Sept. 2014 Sept. 2013 Dec. 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
14 Bonds at current value
--------------------------------------------------------------------------------
Listed on the stock exchange 4,422,010 4,346,048 4,669,732
--------------------------------------------------------------------------------
Total bonds at current value 4,422,010 4,346,048 4,669,732
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
15 Shares etc.
--------------------------------------------------------------------------------
Listed on NASDAQ Copenhagen 38,661 32,130 15,700
--------------------------------------------------------------------------------
Unlisted shares at current value 1,372 3,005 1,372
--------------------------------------------------------------------------------
Sector shares at current value 161,806 199,075 191,625
--------------------------------------------------------------------------------
Total shares etc. 201,839 234,210 208,697
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
16 Debt to credit institutions and
central banks
--------------------------------------------------------------------------------
Debt payable on demand 264,514 241,156 298,236
--------------------------------------------------------------------------------
Up to and including 3 months 685,726 893,775 315,311
--------------------------------------------------------------------------------
More than 3 months and up to and 99,374 156,478 137,287
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 613,285 458,417 560,112
including 5 years
--------------------------------------------------------------------------------
More than 5 years 504,763 405,116 443,938
--------------------------------------------------------------------------------
Total debt to credit institutions and 2,167,662 2,154,942 1,754,884
central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
17 Deposits and other debts
--------------------------------------------------------------------------------
On demand 8,908,720 8,022,184 8,325,047
--------------------------------------------------------------------------------
Deposits and other debts at notice:
--------------------------------------------------------------------------------
Up to and including 3 months 1,492,362 867,423 1,205,176
--------------------------------------------------------------------------------
More than 3 months and up to and 749,306 1,159,137 1,426,171
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 1,439,183 1,264,431 1,501,668
including 5 years
--------------------------------------------------------------------------------
More than 5 years 1,641,201 1,512,757 1,655,754
--------------------------------------------------------------------------------
Total deposits and other debts 14,230,772 12,825,932 14,113,816
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
On demand 8,522,590 7,617,592 7,933,649
--------------------------------------------------------------------------------
At notice 354,985 305,970 337,480
--------------------------------------------------------------------------------
Time deposits 2,136,740 1,979,414 2,549,938
--------------------------------------------------------------------------------
Long term deposit agreements 1,880,782 1,659,456 1,883,569
--------------------------------------------------------------------------------
Special types of deposits 1,335,675 1,263,500 1,409,180
--------------------------------------------------------------------------------
14,230,772 12,825,932 14,113,816
--------------------------------------------------------------------------------
Notes
Note End End End
Sept. Sept. Dec. 2013
2014 2013 DKK 1,000
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
18 Issued bonds at amortised cost price
--------------------------------------------------------------------------------
Up to and including 3 months 0 0 3,727
--------------------------------------------------------------------------------
More than 3 months and up to and 97,035 3,727 0
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and including 148,862 100,614 246,087
5 years
--------------------------------------------------------------------------------
Total issued bonds at amortised cost 245,897 104,341 249,814
price
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
Issues in Norwegian kroner:
--------------------------------------------------------------------------------
Nom. 100 million NOK 91,680 91,920 88,540
--------------------------------------------------------------------------------
Regulation at amortised cost price and 2,782 6,121 5,768
adjustment to
current value of issues
--------------------------------------------------------------------------------
Issues in Euro:
--------------------------------------------------------------------------------
Nom. 20 million EUR 148,862 0 149,206
--------------------------------------------------------------------------------
Other issues 2,573 6,300 6,300
--------------------------------------------------------------------------------
245,897 104,341 249,814
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
19 Subordinated debt
--------------------------------------------------------------------------------
Subordinated loan capital:
--------------------------------------------------------------------------------
Floating rate loan, principal EUR 27 200,964 201,366 201,428
million, expiry
30 June 2021
--------------------------------------------------------------------------------
Hybrid core capital:
--------------------------------------------------------------------------------
4.795% bond loan, nom, DKK 200 million, 200,000 200,000 200,000
perpetual
--------------------------------------------------------------------------------
Own holding -35,500 -35,500 -35,500
--------------------------------------------------------------------------------
Regulation at amortised cost price and 1,143 5,519 5,112
adjustment to current value of
subordinated loan capital and hybrid
core capital
--------------------------------------------------------------------------------
Total subordinated debt 366,607 371,385 371,040
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
20 Share capital
--------------------------------------------------------------------------------
Number of shares at DKK 5 each:
--------------------------------------------------------------------------------
Beginning of period 4,840,000 4,940,000 4,940,000
--------------------------------------------------------------------------------
Changes during the period -60,000 -100,000 -100,000
--------------------------------------------------------------------------------
End of period 4,780,000 4,840,000 4,840,000
--------------------------------------------------------------------------------
Of which reserved for subsequent 75,000 50,000 60,000
cancellation
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total share capital 23,900 24,200 24,200
--------------------------------------------------------------------------------
Notes
Note End End End
Sept. Sept. Dec. 2013
2014 2013 DKK 1,000
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
21 Own capital shares
--------------------------------------------------------------------------------
Own capital shares included in the balance 0 0 0
sheet at
--------------------------------------------------------------------------------
The market value is 88,877 61,638 68,747
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of own shares:
--------------------------------------------------------------------------------
Beginning of year 62,554 96,075 96,075
--------------------------------------------------------------------------------
Purchases during the period 218,630 246,567 318,806
--------------------------------------------------------------------------------
Sales during the period -143,426 -184,383 -252,327
--------------------------------------------------------------------------------
Cancellation during the period -60,000 -100,000 -100,000
--------------------------------------------------------------------------------
End of period 77,758 58,259 62,554
--------------------------------------------------------------------------------
Of which reserved for subsequent 75,000 50,000 60,000
cancellation
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal value of holding of own shares, 389 291 313
end of period
--------------------------------------------------------------------------------
Own shares' proportion of share capital, 1.6 1.2 1.3
end of period (%)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
22 Contingent liabilities etc.
--------------------------------------------------------------------------------
Contingent liabilities
--------------------------------------------------------------------------------
Finance guarantees 1,051,547 1,678,351 949,047
--------------------------------------------------------------------------------
Guarantees against losses on mortgage 56,747 51,617 55,841
credit loans
--------------------------------------------------------------------------------
Guarantee against losses Totalkredit 122,401 111,538 112,284
--------------------------------------------------------------------------------
Registration and conversion guarantees 53,485 73,780 55,605
--------------------------------------------------------------------------------
Sector guarantees 48,175 46,816 48,175
--------------------------------------------------------------------------------
Other contingent liabilities 203,792 683,301 680,982
--------------------------------------------------------------------------------
Total contingent liabilities 1,536,147 2,645,403 1,901,934
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
23 Assets furnished as security
--------------------------------------------------------------------------------
First mortgage loans are provided for 1,097,407 850,893 968,568
German wind turbine projects. The loans
are funded directly by KfW Bankengruppe,
to which security in the as-sociated loans
has been provided. Each repayment of the
first mortgage loans is deducted directly
from the funding from the KfW
Bankengruppe.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
As security for clearing, the bank has 105,410 66,954 321,192
pledged securities from its holding to the
Central Bank of Denmark to a total market
price of
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral under CSA agreements 71,686 75,372 75,372
--------------------------------------------------------------------------------
Notes
Note End End End
Sept. 2014 Sept. 2013 Dec. 2013
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
24 Capital adequacy computation
--------------------------------------------------------------------------------
Computed pursuant to the Executive order
on Capital
Adequacy issued by the Danish FSA.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Credit risk 12,443,403 12,035,999 12,235,761
--------------------------------------------------------------------------------
Market risk 1,313,043 1,377,058 1,110,690
--------------------------------------------------------------------------------
Operational risk 1,567,369 1,522,813 1,522,813
--------------------------------------------------------------------------------
Total weighted risk exposure 15,323,815 14,935,870 14,869,264
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 3,040,103 2,805,513 2,901,100
--------------------------------------------------------------------------------
Proposed dividend etc. 0 0 -121,500
--------------------------------------------------------------------------------
Deduction for the sum of equity -90,403 0 0
investments etc. > 10%
--------------------------------------------------------------------------------
Deductions for accruals related to -132,413 0 0
calculated dividend and the residual
frame of the share buy-back programme
--------------------------------------------------------------------------------
Reserve for net revaluation 0 -192 -189
--------------------------------------------------------------------------------
Core tier 1 capital (excl. hybrid core 2,817,287 2,805,321 2,779,411
capital)
--------------------------------------------------------------------------------
Hybrid core capital 131,600 164,500 164,500
--------------------------------------------------------------------------------
Deduction for equity investments etc. 0 -24,174 -19,963
> 10%
--------------------------------------------------------------------------------
Deduction for the sum of equity -97,013 -52,324 -63,503
investments etc. > 10%
--------------------------------------------------------------------------------
Tier 1 capital 2,851,874 2,893,323 2,860,445
--------------------------------------------------------------------------------
Subordinated loan capital 160,771 201,366 201,428
--------------------------------------------------------------------------------
Reserve for net revaluation 0 192 189
--------------------------------------------------------------------------------
Deduction for equity investments etc. 0 -24,174 -19,963
> 10%
--------------------------------------------------------------------------------
Deduction for the sum of equity -159,125 -52,324 -63,503
investments etc. > 10%
--------------------------------------------------------------------------------
Capital base 2,853,520 3,018,383 2,978,596
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Core tier 1 capital ratio (excl. hybrid 18.4 18.8 18.7
core capital) (%)
--------------------------------------------------------------------------------
Tier 1 capital ratio (%) 18.6 19.4 19.2
--------------------------------------------------------------------------------
Solvency ratio - Tier 2 (%) 18.6 20.2 20.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital base requirements under Section 1,225,905 1,194,870 1,189,541
124 (2) of the Danish FSA
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
25 The supervisory diamond
(Danish Financial Supervisory Authority
limits)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Stable funding (funding ratio) (< 1) 0.8 0.8 0.7
--------------------------------------------------------------------------------
Excess liquidity (> 50%) 175.2% 171.4% 166.2%
--------------------------------------------------------------------------------
Total large exposures (< 125%) 27.5% 46.2% 35.0%
--------------------------------------------------------------------------------
Growth in loans (< 20%) 12.7% 4.4% 11.5%
--------------------------------------------------------------------------------
Real estate exposure (< 25%) 12.3% 11.0% 11.4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
26 Miscellaneous comments on:
--------------------------------------------------------------------------------
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 shareare calculated on the basis of
respectively1st-3rd quarter 2014: 4,780,000 shares, 1st-3rd quarter 2013:
4,840,000 shares and2013: 4,780,000 shares.
--------------------------------------------------------------------------------
Main figures summary
1st-3rd 1st-3rd Full
qtr. 2014 qtr. year
2013 2013
--------------------------------------------------------------------------------
Profit and loss account summary (million DKK)
--------------------------------------------------------------------------------
-
Net income from interest 487 472 630
--------------------------------------------------------------------------------
Dividend on capital shares etc. 8 2 12
--------------------------------------------------------------------------------
Net income from fees and commissions 160 144 199
--------------------------------------------------------------------------------
Net income from interest and fees 655 618 841
--------------------------------------------------------------------------------
Value adjustments +69 +15 +23
--------------------------------------------------------------------------------
Other operating income 2 2 3
--------------------------------------------------------------------------------
Staff and administration costs 192 185 255
--------------------------------------------------------------------------------
Amortisations, depreciations and write-downs on 5 2 4
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 12 12 16
--------------------------------------------------------------------------------
Impairment charges for loans and other debtors -63 -95 -120
etc.
--------------------------------------------------------------------------------
Profit before tax 454 341 472
--------------------------------------------------------------------------------
Tax 108 84 114
--------------------------------------------------------------------------------
Profit after tax 346 257 358
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Main figures from the balance sheet (million DKK)
--------------------------------------------------------------------------------
-
Loans and other debtors 14,966 12,988 13,849
--------------------------------------------------------------------------------
Deposits and other debts 14,231 12,826 14,114
--------------------------------------------------------------------------------
Subordinated debt 367 371 371
--------------------------------------------------------------------------------
Shareholders' equity 3,040 2,806 2,901
--------------------------------------------------------------------------------
Balance sheet total 20,330 18,603 19,583
--------------------------------------------------------------------------------
Quarterly overview
(Milli 3rd 2nd 1st 4rd 3rd 2nd 1st 4th 3rd
2nd 1st
on qtr. qtr. qtr. qtr. qtr. qtr. qtr. qtr. qtr.
qtr. qtr.
DKK) 2014 2014 2014 2013 2013 2013 2013 2012 2012
2012 2012
--------------------------------------------------------------------------------
--------------
Net 158 159 158 156 155 151 153 146 153
156 160
incom
e from
inter
est
--------------------------------------------------------------------------------
--------------
Net 37 51 45 48 33 55 36 51 30
48 33
incom
e from
fees
and
provis
ions
excl.
commi
ssion
--------------------------------------------------------------------------------
--------------
Income 4 2 16 5 3 4 2 5 -1
2 0
from
secto
r
share
s
--------------------------------------------------------------------------------
--------------
Foreig 4 4 3 3 3 2 5 4 3
2 4
n
excha
nge
incom
e
--------------------------------------------------------------------------------
--------------
Other 1 1 1 1 1 1 0 0 1
1 1
opera
ting
incom
e
--------------------------------------------------------------------------------
--------------
Total 204 217 223 213 195 213 196 206 186
209 198
core
incom
e
excl.
trade
Income
--------------------------------------------------------------------------------
--------------
Trade 7 8 11 7 5 9 6 8 5
5 6
incom
e
--------------------------------------------------------------------------------
--------------
Total 211 225 234 220 200 222 202 214 191
214 204
core
incom
e
--------------------------------------------------------------------------------
--------------
Staff 62 68 62 70 61 66 58 69 59
64 61
and
admin
istrat
ion
costs
--------------------------------------------------------------------------------
--------------
Amorti 1 3 1 2 1 0 1 0 1
1 1
sation
s,
depre
ciatio
ns and
write
-downs
on
intan
gible
and
tangib
le
asset
s
--------------------------------------------------------------------------------
--------------
Other 4 4 4 4 3 3 4 3 0
4 2
opera
ting
costs
--------------------------------------------------------------------------------
--------------
Total 67 75 67 76 65 69 63 72 60
69 64
costs
etc.
--------------------------------------------------------------------------------
--------------
Core 144 150 167 144 135 153 139 142 131
145 140
earni
ngs
befor
e
impair
ments
--------------------------------------------------------------------------------
--------------
Impair -23 -25 -15 -25 -34 -40 -21 -33 -45
-55 -24
ment
charg
es for
loans
and
other
debto
rs
etc.
--------------------------------------------------------------------------------
--------------
Core 121 125 152 119 101 113 118 109 86
90 116
earni
ngs
--------------------------------------------------------------------------------
--------------
Result +12 +20 +24 +12 -4 +9 +6 -9 +25
+6 +27
for
portf
olio
--------------------------------------------------------------------------------
--------------
Expens 0 0 0 0 -1 0 -1 0 0
0 -2
es for
bank
packa
ges
--------------------------------------------------------------------------------
--------------
Profit 133 145 176 131 96 122 123 100 111
96 141
befor
e tax
--------------------------------------------------------------------------------
--------------
Tax 32 36 40 30 23 30 31 33 28
24 35
--------------------------------------------------------------------------------
--------------
Profit 101 109 136 101 73 92 92 67 83
72 106
after
tax
--------------------------------------------------------------------------------
--------------
Danish Financial Supervisory Authority
key figures for Danish banks
1st-3rd 1st-3rd Full
2014 2013 year
2013
--------------------------------------------------------------------------------
Solvency:
--------------------------------------------------------------------------------
Solvency ratio - Tier 2 % 18.6 20.2 20.0
--------------------------------------------------------------------------------
Tier 1 capital ratio % 18.6 19.4 19.2
--------------------------------------------------------------------------------
Individual solvency requirement % 8.7 8.8 8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings:
--------------------------------------------------------------------------------
Return on equity before tax % 15.3 12.4 16.9
--------------------------------------------------------------------------------
Return on equity after tax % 11.7 9.4 12.8
--------------------------------------------------------------------------------
Income/cost ratio DKK 2.67 2.16 2.19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Market risk:
--------------------------------------------------------------------------------
Interest rate risk % 0.7 1.1 0.6
--------------------------------------------------------------------------------
Foreign exchange position % 0.7 0.8 1.6
--------------------------------------------------------------------------------
Foreign exchange risk % 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquidity risk:
--------------------------------------------------------------------------------
Excess cover relative to statutory liquidity % 175.2 171.4 166.2
requirement
--------------------------------------------------------------------------------
Loans and impairments thereon relative to % 111.7 108.0 104.1
deposits
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Credit risk:
--------------------------------------------------------------------------------
Loans relative to shareholders' equity 4.9 4.6 4.8
--------------------------------------------------------------------------------
Growth in loans for the period % 8.1 4.5 11.5
--------------------------------------------------------------------------------
Total large exposures % 27.5 46.2 35.0
--------------------------------------------------------------------------------
Cumulative impairment percentage % 5.4 5.2 5.1
--------------------------------------------------------------------------------
Impairment percentage for the period % 0.36 0.57 0.72
--------------------------------------------------------------------------------
Proportion of debtors at reduced interest % 0.5 0.7 0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share return:
--------------------------------------------------------------------------------
Profit for the period after tax per share * / DKK 1,439.3 1,063.4 1,462.8
***
--------------------------------------------------------------------------------
Book value per share * / ** DKK 12,930 11,734 12,145
--------------------------------------------------------------------------------
Share price relative to profit for the period DKK 15.9 19.9 15.0
per share * / ***
--------------------------------------------------------------------------------
Share price relative to book value per share * / 1.77 1.80 1.81
**
--------------------------------------------------------------------------------
* 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 quarterly report for Ringkjøbing Landbobank A/S for the period 1
January - 30 September 2014.
The quarterly 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 quarterly report provides a true and fair view of the bank's assets,
liabilities and financial position as of 30 September 2014 and of the bank's
activities for the period 1 January - 30 September 2014. 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 quarterly 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, 22 October 2014
General Management:
John Fisker
CEO
Board of Directors:
Jens Lykke Kjeldsen Martin Krogh Pedersen
Chairman Deputy chairman
Gert Asmussen Inge Sandgrav Bak
Gravers Kjærgaard Jørgen Lund Pedersen
Bo Bennedsgaard Gitte E. S. Vigsø
Employee board member Employee board member
News Source: NASDAQ OMX
---------------------------------------------------------------------
22.10.2014 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: Ringkjøbing Landbobank A/S
Norway
ISIN: NO0010398159
End of News DGAP News-Service
---------------------------------------------------------------------
292688 22.10.2014
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden