Alm. Brand Bank A/S – Interim report 9M 2013
Copenhagen, 2013-11-21 08:43 CET (GLOBE NEWSWIRE) -- Highlights
- The Q3 performance was a loss of DKK 10 million before losses and write-downs and a loss of DKK 103 million after losses and writedowns. The performance was not satisfactory but it was in line with the guidance provided in the H1 financial statements.
- In Q3, the bank's continuing activities generated a profit of DKK 15 million excluding losses and writedowns of DKK 18 million. The performance was driven, among other things, by higher earnings from investment portfolios and lower expenses. Moreover, the bank saw an inflow of new customers and a slight increase in lending to private customers in the third quarter.
- In Q3, the bank's discontinued activities posted a loss of DKK 25 million excluding losses and writedowns of DKK 75 million.
- Total losses and writedowns, including credit-related value adjustments, amounted to DKK 93 million in Q3 2013. Agricultural customers in particular caused large losses in the third quarter.
- The 9M performance was a loss of DKK 89 million before losses and write-downs and a loss of DKK 365 million after losses and writedowns.
- The bank maintains the most recent full-year 2013 guidance of a loss of DKK 100 million excluding losses and writedowns.
Other Q3 highlights
- Net interest income amounted to DKK 105 million in Q3, against DKK 108 million in Q2 2013. The bank’s interest margin was 1.7%, which was unchanged from Q2.
- Net fee income amounted to DKK 38 million in Q3, against DKK 43 million in Q2 2013. The slightly lower level compared with the second quarter was in line with expectations and, among other things, due to lower trading activity in July and August.
- Impairment writedowns on loans totalled DKK 56 million, and credit-related value adjustments amounted to DKK 37 million. Accordingly, total losses and writedowns amounted to DKK 93 million, compared with DKK 91 million in Q2.
- The bank's staff costs and administrative expenses declined by DKK 10 million to DKK 96 million, against DKK 106 million in Q2.
- At 30 September 2013, the bank had excess liquidity of DKK 2.8 billion, corresponding to an excess cover of 188% relative to the statutory requirement.
- At 30 September 2013, the bank's total capital base was DKK 1.9 billion, and the solvency ratio was 19.7. The bank's individual solvency need was calculated at 14.6, and the bank thus had an excess cover of 5.1 percentage points relative to the statutory capital requirement.
Please direct any questions regarding this announcement to: Kim Bai Wadstrøm, Managing Director, tel. +45 35 47 70 14, or Susanne Biltoft, Head of Information and Investor Relations, tel. +45 35 47 76 61.
