- ISIN NO0010398159
Ringkjøbing Landbobank A/S
Ringkjøbing Landbobank’s quarterly report, 1st quarter of 2015
DGAP-News: Ringkjøbing Landbobank A/S
2015-04-22 / 08:35
---------------------------------------------------------------------
The profit before tax was DKK 176 million, representing a return of 24% p.a. on
equity at the beginning of the year, which is considered highly satisfactory.
The bank's core earnings were DKK 153 million, which is above budget for the
quarter.
(Million DKK) 1st qtr. 1st qtr. 2014 2013 2012 2011
2015 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total core income 238 234 907 844 823 767
Total costs and -70 -67 -298 -273 -265 -248
depreciations
Core earnings before 168 167 609 571 558 519
impairments
Impairment charges for loans -15 -15 -87 -120 -157 -129
etc.
Core earnings 153 152 522 451 401 390
Result for portfolio +23 +24 +65 +23 +49 +1
Expenses for bank packages 0 0 0 -2 -2 -11
Profit before tax 176 176 587 472 448 380
The quarter - highlights:
-- The profit before tax was DKK 176 million, equivalent to a return of 24%
p.a. on equity at the beginning of the year
-- The bank's core earnings were DKK 153 million, which is above budget for
the quarter
-- 10% increase in the bank's loans and 12% increase in deposits
-- Keen competition in the sector
-- Continued good increase in customers in both the branch network and the
niche concepts
-- Highly satisfactory increase in customer numbers and development in the
Private Banking branches in Holte, Aarhus, Herning and Ringkøbing
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 161 million in the first quarter of 2015 against
DKK 158 million in 2014, an increase of 2%. This should be compared to a 10%
increase in lending, which reflects the competition in the sector. Interest
income was also affected by the falling interest rate level which will show a
further impact in the second quarter of 2015.
Fees, commissions and foreign exchange income amounted to net DKK 66 million in
the first quarter of 2015 against net DKK 59 million in 2014, an increase of
11%. The reason for the increase is record-breaking remortgaging activity which
has continued into 2015.
The total core income in the first quarter of the year increased from DKK 234
million in 2014 to DKK 238 million in 2015. The increase should be viewed in
the context of the fact that the total core income was affected positively by
an extraordinary once-only income of the order of DKK 10 million in the first
quarter of 2014 in connection with the sale of the bank's shares in Nets.
Costs and depreciations
Total costs including depreciations for tangible assets in the first quarter of
2015 amounted to DKK 70 million against DKK 67 million last year, an increase
of 4%, which is thus in keeping with the budget for the quarter.
The rate of costs was computed at 29.5, still the lowest in the country. A low
rate of costs is especially important in periods with keen competition and
unstable economic conditions as this provides a high level of robustness in the
bank's results.
Impairment charges for loans
Impairment charges for loans of DKK 15 million for the quarter remain unchanged
relative to 2014 and are now equivalent to 0.3% p.a. of the total average
loans, impairment charges, guarantees and provisions against 0.4% p.a. in the
first quarter of 2014.
The bank's total account for impairment charges and provisions amounted to DKK
947 million at the end of the quarter, equivalent to 5.0% of total loans and
guarantees. Actual losses and write-offs on loans etc. continue to be very low,
and they were exceeded during the quarter 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 16
million during the first quarter of the year.
The portfolio of loans with suspended calculation of interest amounts to DKK 58
million, equivalent to 0.3% of the bank's total loans and guarantees at the end
of the quarter.
As a result of the expectations for a slight economic improvement, total
impairment charges in 2015 are expected to show a falling trend relative to
2014.
Core earnings
(Million DKK) 1st qtr. 1st qtr. 2014 2013 2012 2011
2015 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total core income 238 234 907 844 823 767
Total costs and -70 -67 -298 -273 -265 -248
depreciations
Core earnings before 168 167 609 571 558 519
impairments
Impairment charges for loans -15 -15 -87 -120 -157 -129
etc.
Core earnings 153 152 522 451 401 390
Core earnings were DKK 153 million against last year's DKK 152 million. The
realised earnings are above budget for the quarter.
Result for portfolio and market risk
The portfolio income for the first quarter of 2015 was positive by DKK 23
million including funding costs for the portfolio.
The bank's holding of shares etc. at the end of the quarter amounted to DKK 301
million, DKK 52 million of which was in listed shares etc., while DKK 249
million was in sector shares etc. The bond portfolio amounted to DKK 3,581
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 2.4% 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) in the first quarter of 2015was as follows:
Risk in DKK million Risk relative to equity
end of 1st quarter 2015 in %
------------------------------------------------------------------------
------------------------------------------------------------------------
Highest risk of loss: 23.3 0.76%
Lowest risk of loss: 5.2 0.17%
Average risk of loss: 14.6 0.47%
The bank's policy remains to keep the market risk at a low level.
Profit after tax
The profit after tax was DKK 137 million for the first quarter of 2015 against
DKK 136 million last year.
The profit after tax is equivalent to a return on equity at the beginning of
the year of 18% p.a. after payment of dividend.
Balance sheet
The bank's balance sheet at the end of the quarter stood at DKK 21,098 million
against last year's DKK 19,713 million.
Deposits increased by 12% from DKK 13,775 million at the end of March 2014 to
DKK 15,430 million at the end of March 2015.
The bank's loans increased by 10% from DKK 13,961 million at the end of March
2014 to DKK 15,378 million at the end of March 2015. The loans figure for 2015
includes reverse transactions to a total of DKK 629 million, and the increase
in the bank's loans excluding these transactions was 6% relative to the end of
March 2014.
The growth in the bank's loans is broadly based on sectors with good 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 quarter was DKK 2,660
million against DKK 1,896 million at the end of March 2014 and DKK 2,218
million at the end of 2014. The portfolio of guarantees was 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 147%. The bank's short-term funding with
term to maturity of less than 12 months amounts to DKK 1.1 billion, balanced by
DKK 4.7 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 excluding repo transactions were DKK 536 million greater
than loans at the end of the quarter excluding reverse transactions, and the
bank's loans portfolio is more than fully financed by deposits and the bank's
equity. In addition, a part of the loans portfolio for wind turbines in Germany
is refinanced back-to-back with KfW Bankengruppe, and the DKK 1,045 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 proportion 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 31 March 2015 the bank's LCR key figure was 159% and the bank thus already
met the target at the end of the quarter.
Share buy-back programme
It was decided at the annual general meeting in February 2015 to cancel 110,000
own shares, and the capital reduction is expected to be finalised within the
next month.
The general meeting also authorised the bank to buy shares for up to DKK 145
million for cancellation at a future general meeting.
Under the new buy-back programme shares had been bought at a total acquisition
price of DKK 37.9 million on 21 April 2015, equivalent to a total of 30,000 own
shares.
The bank's holding of own shares at the end of March 2015 totalled 142,351
shares, 110,000 of which are reserved for the approved capital reduction, while
30,000 shares are reserved under the new buy-back programme for later
cancellation.
Capital
The equity at the beginning of 2015 was DKK 3,099 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 3,078 million.
The bank's total capital ratio was computed at 16.4% at the end of the first
quarter of 2015, and the Tier 1 capital ratio was computed at 16.4%.
Capital ratios 1st qtr. 1st qtr. 2014 2013 2012 2011
2015 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Common Equity Tier 1 capital 16.4 18.1 17.5 18.7 19.6 18.3
ratio
(excl. additional Tier 1
capital) (%)
Tier 1 capital ratio (%) 16.4 18.1 17.5 19.2 20.9 19.8
Total capital ratio (%) 16.4 18.1 17.5 20.0 22.4 21.4
Individual solvency 8.9 8.8 8.9 8.9 8.0 8.0
requirement (%)
In the first quarter of 2015, the bank redeemed the hybrid core capital of nom.
DKK 200 million issued in 2005, and the capital adequacy computation was also
influenced by the fact that DKK 145 million of the new share buy-back programme
was deducted from the capital.
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 quarter was calculated at 8.9% - unchanged relative to the end of 2014.
Good increase in customer numbers
The bank carried out a large number of outreach initiatives towards both
existing and new customers in 2014, including opening of a Private Banking
branch in Aarhus on 1 April 2014 and upgrading of the bank's Private Banking
branch in Holte. Other outreach initiatives were also carried out regarding the
other niche products and the branch network in central and western Jutland.
The outreach initiatives continue in 2015, and a positive increase in customer
numbers in the branch network and within the niche concepts is still being
registered.
In addition, the bank's Private Banking branches in Holte, Aarhus, Herning and
Ringkøbing all saw a very positive development and increases in customers in
2015. The bank continue to see major opportunities in this segment, and will
continue to focus on Private Banking and to provide highly competent and
dedicated staff for serving the segment. The bank wishes to focus on serving
its existing customer portfolio, but also to attract new Private Banking
customers.
Accounting policies and key figures
The accounting policies are unchanged relative to those in the submitted and
audited 2014 annual report.
Expected result in 2015
The bank's core earnings for the first quarter of 2015 were DKK 153 million,
which is above budget for the quarter. Expectations for core earnings for 2015
remain in the range DKK 450 - 525 million.
Main and key figures
1st qtr. 1st qtr. Full year
2015 2014 2014
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Main figures for the bank (million DKK)
--------------------------------------------------------------------------------
Total core income 238 234 907
--------------------------------------------------------------------------------
Total costs and depreciations -70 -67 -298
--------------------------------------------------------------------------------
Core earnings before impairments 168 167 609
--------------------------------------------------------------------------------
Impairment charges for loans etc. -15 -15 -87
--------------------------------------------------------------------------------
Core earnings 153 152 522
--------------------------------------------------------------------------------
Result for portfolio +23 +24 +65
--------------------------------------------------------------------------------
Expenses for bank packages 0 0 0
--------------------------------------------------------------------------------
Profit before tax 176 176 587
--------------------------------------------------------------------------------
Profit after tax 137 136 446
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 3,078 2,891 3,099
--------------------------------------------------------------------------------
Deposits 15,430 13,775 15,450
--------------------------------------------------------------------------------
Loans 15,378 13,961 15,507
--------------------------------------------------------------------------------
Balance sheet total 21,098 19,713 21,238
--------------------------------------------------------------------------------
Guarantees 2,660 1,896 2,218
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Key figures for the bank (per cent)
--------------------------------------------------------------------------------
Return on equity before tax, beginning of year, 23.7 25.3 21.1
p.a.
--------------------------------------------------------------------------------
Return on equity after tax, beginning of year, 18.4 19.6 16.0
p.a.
--------------------------------------------------------------------------------
Rate of costs 29.5 28.7 32.8
--------------------------------------------------------------------------------
Common Equity Tier 1 capital ratio 16.4 18.1 17.5
--------------------------------------------------------------------------------
Tier 1 capital ratio 16.4 18.1 17.5
--------------------------------------------------------------------------------
Total capital ratio 16.4 18.1 17.5
--------------------------------------------------------------------------------
Individual solvency requirement 8.9 8.8 8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Key figures per 5 DKK share (DKK)
--------------------------------------------------------------------------------
Core earnings 33 32 112
--------------------------------------------------------------------------------
Profit before tax 38 37 126
--------------------------------------------------------------------------------
Profit after tax 29 28 95
--------------------------------------------------------------------------------
Net asset value 659 605 664
--------------------------------------------------------------------------------
Price, end of period 1,333 1,180 1,152
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Dividend - - 26
--------------------------------------------------------------------------------
Profit and loss account
Note 1.1-31.3 1.1-31.3 1.1-31.12
2015 2014 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
1 Interest receivable 196,803 197,171 787,924
--------------------------------------------------------------------------------
2 Interest payable 29,181 36,579 139,253
--------------------------------------------------------------------------------
Net income from interest 167,622 160,592 648,671
--------------------------------------------------------------------------------
3 Dividend on capital shares etc. 298 830 7,897
--------------------------------------------------------------------------------
4 Income from fees and commissions 71,221 64,123 261,082
--------------------------------------------------------------------------------
4 Fees and commissions paid 8,610 8,065 31,701
--------------------------------------------------------------------------------
Net income from interest and fees 230,531 217,480 885,949
--------------------------------------------------------------------------------
5 Value adjustments +29,404 +39,334 +82,293
--------------------------------------------------------------------------------
Other operating income 819 1,052 4,001
--------------------------------------------------------------------------------
6,7 Staff and administration costs 64,893 62,209 270,532
--------------------------------------------------------------------------------
Amortisations, depreciations and 1,224 1,470 12,192
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs
--------------------------------------------------------------------------------
Miscellaneous other operating costs 0 27 268
--------------------------------------------------------------------------------
Costs Deposit Guarantee Fund 4,072 3,611 15,041
--------------------------------------------------------------------------------
8 Impairment charges for loans and other -14,226 -14,759 -87,186
debtors etc.
--------------------------------------------------------------------------------
Result of capital shares in associated 0 0 -11
companies
--------------------------------------------------------------------------------
Profit before tax 176,339 175,790 587,013
--------------------------------------------------------------------------------
9 Tax 39,350 39,750 141,152
--------------------------------------------------------------------------------
Profit after tax 136,989 136,040 445,861
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income 0 0 0
--------------------------------------------------------------------------------
Total comprehensive income 136,989 136,040 445,861
--------------------------------------------------------------------------------
Core earnings
1.1-31.3 1.1-31.3 1.1-31.12
2015 2014 2014
DKK 1,000 DKK 1,000 DKK 1,000
---------------------------------------
Net income from interest 161,150 158,443 634,681
--------------------------------------------------------------------------------
Net income from fees and provisions 50,885 45,068 192,941
excl. commission
--------------------------------------------------------------------------------
Income from sector shares 10,292 15,836 25,576
--------------------------------------------------------------------------------
Foreign exchange income 2,984 3,079 13,489
--------------------------------------------------------------------------------
Other operating income 819 1,052 4,001
--------------------------------------------------------------------------------
Total core income excl. trade income 226,130 223,478 870,688
--------------------------------------------------------------------------------
Trade income 11,726 10,990 36,440
--------------------------------------------------------------------------------
Total core income 237,856 234,468 907,128
--------------------------------------------------------------------------------
Staff and administration costs 64,893 62,209 270,532
--------------------------------------------------------------------------------
Amortisations, depreciations and 1,224 1,470 12,192
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 4,072 3,522 15,177
--------------------------------------------------------------------------------
Total costs etc. 70,189 67,201 297,901
--------------------------------------------------------------------------------
Core earnings before impairments 167,667 167,267 609,227
--------------------------------------------------------------------------------
Impairment charges for loans and other -14,226 -14,759 -87,186
debtors etc.
--------------------------------------------------------------------------------
Core earnings 153,441 152,508 522,041
--------------------------------------------------------------------------------
Result for portfolio +22,898 +23,398 +65,104
--------------------------------------------------------------------------------
Expenses for bank packages 0 116 132
--------------------------------------------------------------------------------
Profit before tax 176,339 175,790 587,013
--------------------------------------------------------------------------------
Tax 39,350 39,750 141,152
--------------------------------------------------------------------------------
Profit after tax 136,989 136,040 445,861
--------------------------------------------------------------------------------
Balance sheet
Note End End End
March 2015 March 2014 Dec. 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Cash in hand and claims at call on 881,378 264,989 190,873
central banks
--------------------------------------------------------------------------------
10 Claims on credit institutions and 297,259 316,064 180,490
central banks
--------------------------------------------------------------------------------
Claims at notice on central banks 65,001 0 0
--------------------------------------------------------------------------------
Money market operations and 112,258 113,183 60,490
bilateral loans
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral loans - term to maturity 120,000 202,881 120,000
over 1 year
--------------------------------------------------------------------------------
11,12, Loans and other debtors at amortised 15,377,844 13,961,252 15,507,134
13 cost price
--------------------------------------------------------------------------------
Loans and other debtors at amortised 13,703,679 12,822,547 13,842,752
cost price
--------------------------------------------------------------------------------
Wind turbine loans with direct 1,045,299 1,138,705 1,081,240
funding
--------------------------------------------------------------------------------
Reverse transactions 628,866 0 583,142
--------------------------------------------------------------------------------
14 Bonds at current value 3,580,585 4,582,261 4,659,495
--------------------------------------------------------------------------------
15 Shares etc. 300,754 229,657 283,047
--------------------------------------------------------------------------------
Capital shares in associated 530 540 530
companies
--------------------------------------------------------------------------------
Land and buildings total 66,231 73,318 66,401
--------------------------------------------------------------------------------
Investment properties 6,056 8,015 6,056
--------------------------------------------------------------------------------
Domicile properties 60,175 65,303 60,345
--------------------------------------------------------------------------------
Other tangible assets 4,064 4,593 4,666
--------------------------------------------------------------------------------
Actual tax assets 250,527 8,796 87,779
--------------------------------------------------------------------------------
Temporary assets 450 1,000 997
--------------------------------------------------------------------------------
Other assets 332,147 264,297 248,863
--------------------------------------------------------------------------------
Periodic-defined items 6,177 5,878 7,633
--------------------------------------------------------------------------------
Total assets 21,097,946 19,712,645 21,237,908
--------------------------------------------------------------------------------
Balance sheet
Note End End End
March 2015 March 2014 Dec. 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Liabilities and equity
--------------------------------------------------------------------------------
16 Debt to credit institutions and central 1,929,171 2,244,738 1,911,215
banks
--------------------------------------------------------------------------------
Money market operations and bilateral 751,152 937,482 697,712
credits
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral credits - term to maturity 132,720 168,551 132,263
over 1 year
--------------------------------------------------------------------------------
Bilateral credits from KfW Bankengruppe 1,045,299 1,138,705 1,081,240
--------------------------------------------------------------------------------
17 Deposits and other debts 15,429,582 13,774,721 15,450,273
--------------------------------------------------------------------------------
Deposits and other debts 15,285,279 13,774,721 15,450,273
--------------------------------------------------------------------------------
Repo transactions 144,303 0 0
--------------------------------------------------------------------------------
18 Issued bonds at amortised cost price 236,552 246,895 236,238
--------------------------------------------------------------------------------
Other liabilities 201,100 167,456 156,231
--------------------------------------------------------------------------------
Periodic-defined items 1,131 164 1,205
--------------------------------------------------------------------------------
Total debt 17,797,536 16,433,974 17,755,162
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for deferred tax 14,476 13,188 14,476
--------------------------------------------------------------------------------
12 Provisions for losses on guarantees 7,340 4,543 3,995
--------------------------------------------------------------------------------
Total provisions for liabilities 21,816 17,731 18,471
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Subordinated loan capital 200,620 201,579 200,216
--------------------------------------------------------------------------------
Hybrid core capital 0 168,214 165,451
--------------------------------------------------------------------------------
19 Total subordinated debt 200,620 369,793 365,667
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
20 Share capital 23,900 24,200 23,900
--------------------------------------------------------------------------------
Reserve for net revaluation under the 178 189 178
intrinsic value method
--------------------------------------------------------------------------------
Profit carried forward 3,053,896 2,866,758 2,949,750
--------------------------------------------------------------------------------
Proposed dividend etc. - - 124,780
--------------------------------------------------------------------------------
Total shareholders' equity 3,077,974 2,891,147 3,098,608
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities and equity 21,097,946 19,712,645 21,237,908
--------------------------------------------------------------------------------
21 Own capital share
--------------------------------------------------------------------------------
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 31 March 2015: 23,900 178 2,949,750 124,780 3,098,608
Shareholders'
equity at the end
of the previous
financial year
--------------------------------------------------------------------------------
Dividend etc. paid -124,780 -124,780
--------------------------------------------------------------------------------
Dividend received 3,385 3,385
on own shares
--------------------------------------------------------------------------------
Shareholders' 23,900 178 2,953,135 0 2,977,213
equity after
allocation of
dividend etc.
--------------------------------------------------------------------------------
Purchase and sale -36,229 -36,229
of own shares
--------------------------------------------------------------------------------
Total comprehensive 136,990 136,990
income
--------------------------------------------------------------------------------
Shareholders' 23,900 178 3,053,896 0 3,077,974
equity on the
balance sheet date
--------------------------------------------------------------------------------
On 31 March 2014: 24,200 189 2,755,211 121,500 2,901,100
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Dividend etc. paid -121,500 -121,500
--------------------------------------------------------------------------------
Dividend received on own shares 2,022 2,022
--------------------------------------------------------------------------------
Shareholders' equity after 24,200 189 2,757,233 0 2,781,622
allocation of dividend etc.
--------------------------------------------------------------------------------
Purchase and sale of own shares -26,515 -26,515
--------------------------------------------------------------------------------
Total comprehensive income 136,040 136,040
--------------------------------------------------------------------------------
Shareholders' equity on the 24,200 189 2,866,758 0 2,891,147
balance sheet date
--------------------------------------------------------------------------------
On 31 December 2014: 24,200 189 2,755,211 121,500 2,901,100
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
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 23,900 189 2,757,533 0 2,781,622
allocation of dividend etc.
--------------------------------------------------------------------------------
Purchase and sale of own shares -128,875 -128,875
--------------------------------------------------------------------------------
Total comprehensive income -11 321,092 124,780 445,861
--------------------------------------------------------------------------------
Shareholders' equity on the 23,900 178 2,949,750 124,780 3,098,608
balance sheet date
--------------------------------------------------------------------------------
Notes
Note 1.1-31. 1.1-31. 1.1-31.12
3 3 2014
2015 2014 DKK 1,000
DKK DKK
1,000 1,000
--------------------------------------------------------------------------------
1 Interest receivable
--------------------------------------------------------------------------------
Claims on credit institutions and central 2,808 5,762 16,750
banks
--------------------------------------------------------------------------------
Loans and other debtors 179,929 184,645 740,222
--------------------------------------------------------------------------------
Loans - interest concerning the impaired part -10,242 -10,954 -44,221
of loans
--------------------------------------------------------------------------------
Reverse loans 4,444 0 -3,457
--------------------------------------------------------------------------------
Bonds 18,664 21,765 90,054
--------------------------------------------------------------------------------
Total derivatives financial instruments, of 1,001 -4,292 -12,550
which
--------------------------------------------------------------------------------
Currency contracts 1,473 229 193
--------------------------------------------------------------------------------
Interest-rate contracts -472 -4,521 -12,743
--------------------------------------------------------------------------------
Other interest receivable 199 245 1,126
--------------------------------------------------------------------------------
Total interest receivable 196,803 197,171 787,924
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2 Interest payable
--------------------------------------------------------------------------------
Credit institutions and central banks 6,396 6,628 26,425
--------------------------------------------------------------------------------
Deposits and other debts 18,476 24,636 92,049
--------------------------------------------------------------------------------
Repo deposits 65 0 0
--------------------------------------------------------------------------------
Issued bonds 1,824 2,207 7,207
--------------------------------------------------------------------------------
Subordinated debt 2,345 3,098 13,023
--------------------------------------------------------------------------------
Other interest payable 75 10 549
--------------------------------------------------------------------------------
Total interest payable 29,181 36,579 139,253
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3 Dividend from shares etc.
--------------------------------------------------------------------------------
Shares 298 830 7,897
--------------------------------------------------------------------------------
Total dividend from shares etc. 298 830 7,897
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
4 Gross income from fees and commissions
--------------------------------------------------------------------------------
Securities trading and deposits 14,603 13,630 45,378
--------------------------------------------------------------------------------
Asset management 16,560 20,572 96,994
--------------------------------------------------------------------------------
Payment handling 5,979 5,571 23,883
--------------------------------------------------------------------------------
Loan fees 6,441 1,097 11,851
--------------------------------------------------------------------------------
Guarantee commissions 12,924 12,954 51,891
--------------------------------------------------------------------------------
Other fees and commissions 14,714 10,299 31,085
--------------------------------------------------------------------------------
Total gross income from fees and commissions 71,221 64,123 261,082
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net income from fees and commissions
--------------------------------------------------------------------------------
Securities trading and deposits 11,726 10,990 36,440
--------------------------------------------------------------------------------
Asset management 14,986 19,092 91,443
--------------------------------------------------------------------------------
Payment handling 5,190 5,014 20,849
--------------------------------------------------------------------------------
Loan fees 5,722 650 9,723
--------------------------------------------------------------------------------
Guarantee commissions 12,924 12,954 51,891
--------------------------------------------------------------------------------
Other fees and commissions 12,063 7,358 19,035
--------------------------------------------------------------------------------
Total net income from fees and commissions 62,611 56,058 229,381
--------------------------------------------------------------------------------
Foreign exchange income 2,984 3,079 13,489
--------------------------------------------------------------------------------
Total net income from fees, commissions and 65,595 59,137 242,870
foreign exchange income
--------------------------------------------------------------------------------
Notes
Note 1.1-31. 1.1-31. 1.1-31.1
3 3 2 2014
2015 2014 DKK
DKK DKK 1,000
1,000 1,000
--------------------------------------------------------------------------------
5 Value adjustments
--------------------------------------------------------------------------------
Loans and other debtors, current value -118 -201 11,129
adjustment
--------------------------------------------------------------------------------
Bonds 14,122 20,344 21,779
--------------------------------------------------------------------------------
Shares etc. 19,243 18,117 23,594
--------------------------------------------------------------------------------
Foreign exchange income 2,984 3,079 13,489
--------------------------------------------------------------------------------
Total derivatives financial instruments, of -7,963 -4,607 3,482
which
--------------------------------------------------------------------------------
Interest-rate contracts -8,414 -4,921 2,543
--------------------------------------------------------------------------------
Share contracts 451 314 939
--------------------------------------------------------------------------------
Issued bonds 1,136 1,204 3,295
--------------------------------------------------------------------------------
Other liabilities 0 1,398 5,525
--------------------------------------------------------------------------------
Total value adjustments 29,404 39,334 82,293
--------------------------------------------------------------------------------
6 Staff and administration costs
--------------------------------------------------------------------------------
Payments to general management, board of
directors
and shareholders' committee
--------------------------------------------------------------------------------
General management 976 960 4,031
--------------------------------------------------------------------------------
Board of directors 0 0 1,392
--------------------------------------------------------------------------------
Shareholders' committee 0 0 393
--------------------------------------------------------------------------------
Total 976 960 5,816
--------------------------------------------------------------------------------
Staff costs
--------------------------------------------------------------------------------
Salaries 30,256 28,054 124,634
--------------------------------------------------------------------------------
Pensions 3,218 3,181 12,749
--------------------------------------------------------------------------------
Social security expenses 226 250 905
--------------------------------------------------------------------------------
Costs depending on number of staff 3,924 3,307 17,826
--------------------------------------------------------------------------------
Total 37,624 34,792 156,114
--------------------------------------------------------------------------------
Other administration costs 26,293 26,457 108,602
--------------------------------------------------------------------------------
Total staff and administration costs 64,893 62,209 270,532
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Number of full-time employees
--------------------------------------------------------------------------------
Average number of employees during the period 258 258 257
converted into full-time employees
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Impairment charges on loans and other debtors
etc.
--------------------------------------------------------------------------------
Net changes in impairment charges on loans and 15,548 21,805 77,980
other debtors and provisions for losses on
guarantees
--------------------------------------------------------------------------------
Actual realised net losses 8,920 3,908 53,427
--------------------------------------------------------------------------------
Interest concerning the impaired part of loans -10,242 -10,954 -44,221
--------------------------------------------------------------------------------
Total impairment charges on loans and other 14,226 14,759 87,186
debtors etc.
--------------------------------------------------------------------------------
Notes
Note 1.1-31.3 1.1-31.3 1.1-31.12
2015 2014 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
9 Tax
--------------------------------------------------------------------------------
Tax calculated on the period's 39,350 39,750 139,780
profit
--------------------------------------------------------------------------------
Adjustment of deferred tax 0 0 1,826
--------------------------------------------------------------------------------
Adjustment of deferred tax due to 0 0 -538
change in tax rate
--------------------------------------------------------------------------------
Adjustment of tax calculated for 0 0 84
previous years
--------------------------------------------------------------------------------
Total tax 39,350 39,750 141,152
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Effective tax rate (%):
--------------------------------------------------------------------------------
The current tax rate of the bank 23.5 24.5 24.5
--------------------------------------------------------------------------------
Permanent deviations -1.2 -1.9 -0.4
--------------------------------------------------------------------------------
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 0.0
previous years
--------------------------------------------------------------------------------
Total effective tax rate 22.3 22.6 24.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Note End End End
March 2015 March 2014 Dec. 2014 DKK
DKK 1,000 DKK 1,000 1,000
--------------------------------------------------------------------------------
10 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at call 110,782 113,183 59,014
--------------------------------------------------------------------------------
Up to and including 3 months 65,001 0 0
--------------------------------------------------------------------------------
More than 3 months and up to and 1,476 0 1,476
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 120,000 202,881 120,000
including 5 years
--------------------------------------------------------------------------------
Total claims on credit institutions 297,259 316,064 180,490
and central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Loans and other debtors at
amortised cost price
--------------------------------------------------------------------------------
At call 1,381,108 1,232,979 1,383,877
--------------------------------------------------------------------------------
Up to and including 3 months 1,413,938 487,944 1,248,521
--------------------------------------------------------------------------------
More than 3 months and up to and 1,849,005 1,783,855 1,869,846
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 5,171,769 4,831,618 5,281,673
including 5 years
--------------------------------------------------------------------------------
More than 5 years 5,562,024 5,624,856 5,723,217
--------------------------------------------------------------------------------
Total loans and other debtors at 15,377,844 13,961,252 15,507,134
amortised cost price
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Of which reverse transactions 628,866 0 583,142
--------------------------------------------------------------------------------
Notes
Note End End End
March March Dec.
2015 DKK 2014 DKK 2014 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 701,131 736,513 736,513
loans and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Impairment charges/value adjustments during 56,005 73,460 179,129
the period
--------------------------------------------------------------------------------
Reverse entry - impairment charges made in -45,365 -80,229 -174,736
previous
financial years
--------------------------------------------------------------------------------
Booked losses covered by impairment charges -8,288 -3,796 -39,775
--------------------------------------------------------------------------------
Cumulative individual impairment charges for 703,483 725,948 701,131
loans and other debtors on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collective impairment charges
--------------------------------------------------------------------------------
Cumulative collective impairment charges for 226,272 112,652 112,652
loans and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Impairment charges/value adjustments during 9,852 32,082 113,620
the period
--------------------------------------------------------------------------------
Cumulative collective impairment charges for 236,124 144,734 226,272
loans and other debtors on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative impairment charges for 939,607 870,682 927,403
loans and other debtors on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for losses on guarantees
--------------------------------------------------------------------------------
Cumulative individual provisions for losses 3,995 4,256 4,256
on guarantees at the end of the previous
financial year
--------------------------------------------------------------------------------
Provisions/value adjustments during the 4,262 829 2,261
period
--------------------------------------------------------------------------------
Reverse entry - provisions made in previous -914 -529 -2,469
financial years
--------------------------------------------------------------------------------
Booked losses covered by provisions -3 -13 -53
--------------------------------------------------------------------------------
Cumulative individual provisions for losses 7,340 4,543 3,995
on guarantees on the balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative impairment charges for 946,947 875,225 931,398
loans 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 57,842 81,698 58,244
calculation of
interest on the balance sheet date
--------------------------------------------------------------------------------
Notes
Note End End End
March 2015 March 2014 Dec. 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
14 Bonds at current value
--------------------------------------------------------------------------------
Listed on the stock exchange 3,580,585 4,582,261 4,659,495
--------------------------------------------------------------------------------
Total bonds at current value 3,580,585 4,582,261 4,659,495
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
15 Shares etc.
--------------------------------------------------------------------------------
Listed on NASDAQ Copenhagen 52,372 38,694 40,650
--------------------------------------------------------------------------------
Unlisted shares at current 1,473 1,372 1,473
value
--------------------------------------------------------------------------------
Sector shares at current value 246,909 189,591 240,924
--------------------------------------------------------------------------------
Total shares etc. 300,754 229,657 283,047
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
16 Debt to credit institutions and
central banks
--------------------------------------------------------------------------------
Debt payable on demand 322,413 220,529 258,042
--------------------------------------------------------------------------------
Up to and including 3 months 467,451 725,183 478,264
--------------------------------------------------------------------------------
More than 3 months and up to 77,047 97,653 76,818
and including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 574,030 652,142 611,326
including 5 years
--------------------------------------------------------------------------------
More than 5 years 488,230 549,231 486,765
--------------------------------------------------------------------------------
Total debt to credit 1,929,171 2,244,738 1,911,215
institutions and central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
17 Deposits and other debts
--------------------------------------------------------------------------------
On demand 9,678,679 8,205,431 9,209,187
--------------------------------------------------------------------------------
Deposits and other debts at
notice:
--------------------------------------------------------------------------------
Up to and including 3 months 1,232,930 1,546,311 1,761,577
--------------------------------------------------------------------------------
More than 3 months and up to 1,058,932 858,229 1,064,673
and including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 1,032,775 1,515,063 948,383
including 5 years
--------------------------------------------------------------------------------
More than 5 years 2,426,266 1,649,687 2,466,453
--------------------------------------------------------------------------------
Total deposits and other debts 15,429,582 13,774,721 15,450,273
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Of which repo transactions 144,303 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
On demand 9,314,266 7,794,891 8,815,421
--------------------------------------------------------------------------------
At notice 337,828 350,965 348,422
--------------------------------------------------------------------------------
Time deposits 2,166,313 2,322,800 2,735,273
--------------------------------------------------------------------------------
Long term deposit agreements 2,243,940 1,884,775 2,238,720
--------------------------------------------------------------------------------
Special types of deposits 1,367,235 1,421,290 1,312,437
--------------------------------------------------------------------------------
15,429,582 13,774,721 15,450,273
--------------------------------------------------------------------------------
Notes
Note End End End
March March Dec. 2014
2015 2014 DKK 1,000
DKK 1,000 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 236,552 2,573 233,665
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and including 0 244,322 0
5 years
--------------------------------------------------------------------------------
Total issued bonds at amortised cost 236,552 246,895 236,238
price
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
Issues in Norwegian kroner:
--------------------------------------------------------------------------------
Nom. 100 million NOK 85,820 90,440 82,320
--------------------------------------------------------------------------------
Regulation at amortised cost price and 1,338 4,564 2,473
adjustment to
current value of issues
--------------------------------------------------------------------------------
Issues in euro:
--------------------------------------------------------------------------------
Nom. 20 million EUR 149,394 149,318 148,872
--------------------------------------------------------------------------------
Other issues 0 2,573 2,573
--------------------------------------------------------------------------------
236,552 246,895 236,238
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
19 Subordinated debt
--------------------------------------------------------------------------------
Subordinated loan capital:
--------------------------------------------------------------------------------
Floating rate loan, principal EUR 27 201,682 201,579 200,977
million, expiry
30 June 2021
--------------------------------------------------------------------------------
Hybrid core capital:
--------------------------------------------------------------------------------
4.795% bond loan, nom, DKK 200 million, 0 200,000 200,000
indefinite term
--------------------------------------------------------------------------------
Own holding 0 -35,500 -35,500
--------------------------------------------------------------------------------
Regulation at amortised cost price and -1,062 3,714 190
adjustment to current value of
subordinated loan capital and hybrid
core capital
--------------------------------------------------------------------------------
Total subordinated debt 200,620 369,793 365,667
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 0 0 -60,000
--------------------------------------------------------------------------------
End of period 4,780,000 4,840,000 4,780,000
--------------------------------------------------------------------------------
Of which reserved for approved capital 110,000 60,000 0
reduction
--------------------------------------------------------------------------------
Of which reserved for subsequent 30,000 20,000 110,000
cancellation
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total share capital 23,900 24,200 23,900
--------------------------------------------------------------------------------
Notes
Note End End End
March March Dec. 2014
2015 2014 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 189,754 100,649 130,781
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of own shares:
--------------------------------------------------------------------------------
Beginning of year 113,525 62,554 62,554
--------------------------------------------------------------------------------
Purchases during the period 84,431 78,434 290,886
--------------------------------------------------------------------------------
Sales during the period -55,605 -55,692 -179,915
--------------------------------------------------------------------------------
Cancellation during the period 0 0 -60,000
--------------------------------------------------------------------------------
End of period 142,351 85,296 113,525
--------------------------------------------------------------------------------
Of which reserved for approved capital 110,000 60,000 0
reduction
--------------------------------------------------------------------------------
Of which reserved for subsequent 30,000 20,000 110,000
cancellation
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal value of holding of own shares, 712 426 568
end of period
--------------------------------------------------------------------------------
Own shares' proportion of share capital, 3.0 1.8 2.4
end of period (%)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
22 Contingent liabilities etc.
--------------------------------------------------------------------------------
Contingent liabilities
--------------------------------------------------------------------------------
Finance guarantees 1,143,890 795,922 978,987
--------------------------------------------------------------------------------
Guarantees against losses on mortgage 72,122 56,647 62,074
credit loans
--------------------------------------------------------------------------------
Guarantee against losses Totalkredit 116,127 121,920 187,068
--------------------------------------------------------------------------------
Registration and conversion guarantees 1,068,184 186,700 728,745
--------------------------------------------------------------------------------
Sector guarantees 48,596 48,175 48,596
--------------------------------------------------------------------------------
Other contingent liabilities 211,196 686,313 212,340
--------------------------------------------------------------------------------
Total contingent liabilities 2,660,115 1,895,677 2,217,810
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
23 Assets furnished as security
--------------------------------------------------------------------------------
First mortgage loans are provided for 1,045,299 1,138,705 1,081,240
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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
As security for clearing etc., the bank has 299,222 365,272 275,685
pledged securities from its holding to the
Central Bank of Denmark to a total market
price of
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provision of security under CSA agreements 87,019 63,207 86,269
--------------------------------------------------------------------------------
Notes
Note End End End
March 2015 March 2014 Dec. 2014
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
24 Capital adequacy computation
--------------------------------------------------------------------------------
Computed in accordance with applicable
capital adequacy rules (CRR and CRD
IV).
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Credit risk 12,810,859 11,935,074 12,879,048
--------------------------------------------------------------------------------
Market risk 1,778,864 1,267,580 1,464,214
--------------------------------------------------------------------------------
Operational risk 1,679,498 1,567,369 1,567,369
--------------------------------------------------------------------------------
Total risk exposure amount 16,269,221 14,770,023 15,910,631
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 3,077,974 2,891,143 3,098,608
--------------------------------------------------------------------------------
Proposed dividend etc. 0 0 -124,780
--------------------------------------------------------------------------------
Other deductions -38,357 0 0
--------------------------------------------------------------------------------
Reserve for net revaluation 0 -189 0
--------------------------------------------------------------------------------
Deduction for the sum of equity -204,309 -73,973 -143,584
investments etc. > 10%
--------------------------------------------------------------------------------
Deduction of frame for share buy-back -107,137 0 0
programme, net
--------------------------------------------------------------------------------
Deduction of framework for own shares -55,000 -141,196 -55,000
--------------------------------------------------------------------------------
Actual trading framework spent on own 2,927 0 4,061
shares
--------------------------------------------------------------------------------
Common Equity Tier 1 capital (excl. 2,676,098 2,675,785 2,779,305
additional Tier 1 capital)
--------------------------------------------------------------------------------
Additional Tier 1 capital 0 131,600 131,600
--------------------------------------------------------------------------------
Deduction for the sum of equity 0 -131,600 -131,600
investments etc. > 10%
--------------------------------------------------------------------------------
Tier 1 capital 2,676,098 2,675,785 2,779,305
--------------------------------------------------------------------------------
Reserve for net revaluation 0 189 0
--------------------------------------------------------------------------------
Tier 2 capital 141,177 161,100 160,782
--------------------------------------------------------------------------------
Deduction for the sum of equity -141,777 -161,289 -160,782
investments etc. > 10%
--------------------------------------------------------------------------------
Own funds 2,676,098 2,675,785 2,779,305
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Common Equity Tier 1 capital ratio 16.4 18.1 17.5
(excl. additional Tier 1 capital) (%)
--------------------------------------------------------------------------------
Tier 1 capital ratio (%) 16.4 18.1 17.5
--------------------------------------------------------------------------------
Total capital ratio (%) 16.4 18.1 17.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Own funds requirements under Section 124 1,301,538 1,181,602 1,272,850
(2) of the Danish FSA.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
25 The supervisory diamond
(Danish Financial Supervisory Authority
limits)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Stable funding (funding ratio) (< 1) 0.8 0.7 0.8
--------------------------------------------------------------------------------
Excess liquidity (> 50%) 146.7% 169.6% 140.7%
--------------------------------------------------------------------------------
Total large exposures (< 125%) 27.8% 39.1% 47.8%
--------------------------------------------------------------------------------
Growth in loans (< 20%) 5.6% 0.8% 7.8%
--------------------------------------------------------------------------------
Real estate exposure (< 25%) 11.5% 12.7% 11.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 respectively
1st
quarter 2015: 4,670,000, 1st quarter 2014: 4,780,000 shares,2014: 4,670,000
shares.
--------------------------------------------------------------------------------
Main figures summary
1st 1st Full
qtr. qtr. year
2015 2014 2014
--------------------------------------------------------------------------------
Profit and loss account summary (million DKK)
--------------------------------------------------------------------------------
-
Net income from interest 168 161 649
--------------------------------------------------------------------------------
Dividend on capital shares etc. 0 1 8
--------------------------------------------------------------------------------
Net income from fees and commissions 63 56 229
--------------------------------------------------------------------------------
Net income from interest and fees 231 218 886
--------------------------------------------------------------------------------
Value adjustments +29 +39 +82
--------------------------------------------------------------------------------
Other operating income 1 1 4
--------------------------------------------------------------------------------
Staff and administration costs 65 62 271
--------------------------------------------------------------------------------
Amortisations, depreciations and write-downs on 1 1 12
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 4 4 15
--------------------------------------------------------------------------------
Impairment charges for loans and other debtors etc. -15 -15 -87
--------------------------------------------------------------------------------
Profit before tax 176 176 587
--------------------------------------------------------------------------------
Tax 39 40 141
--------------------------------------------------------------------------------
Profit after tax 137 136 446
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Main figures from the balance sheet (million DKK)
--------------------------------------------------------------------------------
-
Loans and other debtors 15,378 13,961 15,450
--------------------------------------------------------------------------------
Deposits and other debts 15,430 13,775 15,507
--------------------------------------------------------------------------------
Subordinated debt 201 370 366
--------------------------------------------------------------------------------
Shareholders' equity 3,078 2,891 3,099
--------------------------------------------------------------------------------
Balance sheet total 21,098 19,776 21,238
--------------------------------------------------------------------------------
Quarterly overview
(Million 1st 4rd 3rd 2nd 1st 4th 3rd 2nd 1st
DKK) qtr. qtr. qtr. qtr. qtr. qtr. qtr. qtr. qtr.
2015 2014 2014 2014 2014 2013 2013 2013 2013
--------------------------------------------------------------------------------
Net 161 160 158 159 158 156 155 151 153
income
from
interes
t
--------------------------------------------------------------------------------
Net 51 60 37 51 45 48 33 55 36
income
from
fees
and
provisi
ons
excl.
commissi
on
--------------------------------------------------------------------------------
Income 10 4 4 2 16 5 3 4 2
from
sector
shares
--------------------------------------------------------------------------------
Foreign 3 2 4 4 3 3 3 2 5
exchang
e income
--------------------------------------------------------------------------------
Other 1 1 1 1 1 1 1 1 0
operati
ng
income
--------------------------------------------------------------------------------
Total 226 227 204 217 223 213 195 213 196
core
income
excl.
trade
income
--------------------------------------------------------------------------------
Trade 12 10 7 8 11 7 5 9 6
income
--------------------------------------------------------------------------------
Total 238 237 211 225 234 220 200 222 202
core
income
--------------------------------------------------------------------------------
Staff 65 79 62 68 62 70 61 66 58
and
adminis
tration
costs
--------------------------------------------------------------------------------
Amortisa 1 7 1 3 1 2 1 0 1
tions,
depreci
ations
and
write-d
owns
on
intangi
ble and
tangibl
e assets
--------------------------------------------------------------------------------
Other 4 3 4 4 4 4 3 3 4
operati
ng costs
--------------------------------------------------------------------------------
Total 70 89 67 75 67 76 65 69 63
costs
etc.
--------------------------------------------------------------------------------
Core 168 148 144 150 167 144 135 153 139
earning
s before
impairm
ents
--------------------------------------------------------------------------------
Impairme -15 -24 -23 -25 -15 -25 -34 -40 -21
nt
charges
for
loans
and
other
debtors
etc.
--------------------------------------------------------------------------------
Core 153 124 121 125 152 119 101 113 118
earning
s
--------------------------------------------------------------------------------
Result +23 +9 +12 +20 +24 +12 -4 +9 +6
for
portfol
io
--------------------------------------------------------------------------------
Expenses 0 0 0 0 0 0 -1 0 -1
for
bank
package
s
--------------------------------------------------------------------------------
Profit 176 133 133 145 176 131 96 122 123
before
tax
--------------------------------------------------------------------------------
Tax 39 33 32 36 40 30 23 30 31
--------------------------------------------------------------------------------
Profit 137 100 101 109 136 101 73 92 92
after
tax
--------------------------------------------------------------------------------
Danish Financial Supervisory Authority
key figures for Danish banks
1st 1st Full
qtr. qtr. year
2015 2014 2014
--------------------------------------------------------------------------------
Capital ratios:
--------------------------------------------------------------------------------
Total capital ratio % 16.4 18.1 17.5
--------------------------------------------------------------------------------
Tier 1 capital ratio % 16.4 18.1 17.5
--------------------------------------------------------------------------------
Individual solvency requirement % 8.9 8.8 8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings:
--------------------------------------------------------------------------------
Return on equity before tax % 5.7 6.1 19.6
--------------------------------------------------------------------------------
Return on equity after tax % 4.4 4.7 14.9
--------------------------------------------------------------------------------
Income/cost ratio DKK 3.09 3.14 2.52
--------------------------------------------------------------------------------
Return on assets % 0.6 0.7 2.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Market risk:
--------------------------------------------------------------------------------
Interest rate risk % 2.4 0.9 1.2
--------------------------------------------------------------------------------
Foreign exchange position % 1.2 0.7 0.4
--------------------------------------------------------------------------------
Foreign exchange risk % 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquidity risk:
--------------------------------------------------------------------------------
Excess cover relative to statutory liquidity % 146.7 170.6 140.7
requirement
--------------------------------------------------------------------------------
Loans and impairments thereon relative to % 105.8 107.7 106.4
deposits
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Credit risk:
--------------------------------------------------------------------------------
Loans relative to shareholders' equity 5.0 4.8 5.0
--------------------------------------------------------------------------------
Growth in loans for the period % -0.8 0.8 12.0
--------------------------------------------------------------------------------
Total large exposures % 27.8 39.1 47.8
--------------------------------------------------------------------------------
Cumulative impairment percentage % 5.0 5.2 5.0
--------------------------------------------------------------------------------
Impairment percentage for the period % 0.07 0.09 0.47
--------------------------------------------------------------------------------
Proportion of debtors at reduced interest % 0.3 0.5 0.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share return:
--------------------------------------------------------------------------------
Profit for the period after tax per share * / DKK 573.2 562.1 1,853.9
***
--------------------------------------------------------------------------------
Book value per share * / ** DKK 13,274 12,161 13,280
--------------------------------------------------------------------------------
Share price relative to profit for the period DKK 46.5 42.0 12.4
per share *
--------------------------------------------------------------------------------
Share price relative to profit for the period 2.01 1.94 1.73
per share * / ***
--------------------------------------------------------------------------------
* 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 - 31 March 2015.
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 31 March 2015 and of the bank's
activities for the period 1 January - 31 March 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 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 April 2015
General Management:
John Fisker
CEO
Board of Directors:
Jens Lykke Kjeldsen Martin Krogh Pedersen
Chairman Deputy chairman
Gert Asmussen Inge Sandgrav Bak
Jørgen Lund Pedersen
Bo Bennedsgaard Dan Astrup Sørensen
Employee board member Employee board member
Gitte E. S. Vigsø
Employee board member
News Source: NASDAQ OMX
---------------------------------------------------------------------
2015-04-22 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
---------------------------------------------------------------------
346937 2015-04-22
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