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Nykredit Realkredit Group - Annual Report 2016 M

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Posted On: 02/07/2017 1:15:34 AM
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Posted By: News Desk 2018
Nykredit Realkredit Group - Annual Report 2016

Michael Rasmussen, Group Chief Executive, comments on the Financial Statements: 

Nykredit achieved its best profit from core business to date. That is satisfactory.

We have recorded a small income rise, and costs declined correspondingly. Lending volumes in both Totalkredit and Nykredit Bank increased. Our customers' finances are in good shape, and impairments are thus very low.

The results confirm that Nykredit is on the right track. Since 2013 profit from core business has trended in the right direction every single year. We have worked with all parts of our business every day and have improved the areas that we can influence. These efforts will continue in 2017.

Non-core business items had a positive total impact on the Financial Statements. Interest rate swaps had an adverse effect, but investment portfolio income had a positive effect, and the divestment of the headquarters buildings in central Copenhagen yielded a positive one-off effect. Against that backdrop, Nykredit has delivered its best overall performance to date.

Nykredit Realkredit Group, profit 2016  
DKK million 2016 2015 Change 
Income from core business 11,711 11,554 157
Operating costs, depreciation and amortisation 4,872 4,935 63
Provisions for restructuring 250 70 (180)
Mandatory mortgage bank contribution to Danish Resolution Fund 138 61 (77)
Impairment losses on loans and advances 680 920 240
Profit from core business 5,771 5,568 203
Legacy derivatives (763) 229 (992)
Gain on the sale of owner-occupied properties 369 - 369
Impairment of goodwill and customer relations - 1,965 1,965
Investment portfolio income 1,331 853 478
Profit before tax 6,708 4,685 2,023
Tax 1,379 1,494 115
Profit for the year 5,329 3,191 2,138

Reference is made to the Nykredit Realkredit Group's Annual Report for 2016, released today at nykredit.com.

Contact

For further comments, please contact Nykredit Press Relations at tel +45 44 55 14 50.



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