Interim Report, Q1-Q3 2016, for Spar Nord Bank A/S •

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News Desk 2018

Nov 2, 2016 at 3:45 AM

Interim Report, Q1-Q3 2016, for Spar Nord Bank A/S

• Core income amounted to DKK 2,384 million, down 9% on the same period of 2015 – core income maintained at an unchanged level when adjusted for the non-recurring impact of the sale of Spar Nord’s Nørresundby Bank shareholding at the beginning of 2015. • Net interest income dropped 6% on 2015 and amounted to DKK 1,226 million – bank and leasing lending has grown 2% since the same time last year, but over the past 12 months the interest margin has dropped about 23 basis points. • Net income from fees, charges and commissions fell 2% compared with the extraordinarily good 2015, but ended at DKK 778 million, which is still a highly satisfactory level. • Market-value adjustments and dividends amounted to DKK 329 million, corresponding to an increase of 38% when adjusted for the sale of the Nørresundby Bank shareholding. • Total costs and expenses came to DKK 1,354 million, 1% down on Q1-Q3 2015 – payroll costs rose 3%, while other operating expenses dropped 9%. • Accordingly, the period’s total core earnings before impairment totalled DKK 1,031 million, which should be viewed against the backdrop of an announced forecast for the full year of DKK 1.1 billion, and are thus also very satisfactory. • Impairment of the Group’s loans and advances added up to DKK 188 million, which is 22% down on 2015, corresponding to an impairment ratio of 0.47% p.a. – the agricultural sector still accounts for the bulk of the proft impact. STRONG DEVELOPMENTS IN Q3 • Core earnings in Q3 before impairment amounted to DKK 428 million versus DKK 344 million in Q2 2016, and DKK 286 million in Q3 2015. The increase relative to the previous quarter is attributable to higher market-value adjustments and lower expenses, while net income from interest and from fees, charges and commissions remained roughly on a par with Q2. • Impairment of loans and advances came to DKK 54 million versus DKK 79 million in Q2. STRATEGY AND FORECAST • In light of developments in Q1-Q3, the forecast for full-year core earnings is adjusted upwards from around DKK 1.1 billion to about DKK 1.2 billion after one-off costs of around DKK 50 million, primarily related to a new strategy, while loan impairment losses are now expected to be somewhat down on last year. • A new strategy plan for 2017-19 includes growth initiatives and effciency-enhancing initiatives, which when fully implemented are expected to contribute DKK 200 million and DKK 100 million, respectively, to the Bank’s core earnings before impairment. The target for a return on equity is 9-11% after tax, and the Cost/Income Ratio is expected to be 0.60

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