Michael Rasmussen, Group Chief Executive, comments on Nykredit's Q1 Interim Report 2017
– With the financial performance for Q1/2017, Nykredit continues to grow the core business, which in 2016 produced the Group's best results ever. This is satisfactory and reflects a healthy business in a healthy Danish economy.
– Both Nykredit Bank and Totalkredit continue their customer base expansion and organic growth. In Nykredit Bank, the number of homeowners, business customers and Private Banking clients entrusting all aspects of their finances to us is growing. In one year, bank deposits have increased by 14%, bank lending by 15% and assets under management by 17%. This bears witness to the Bank's great potential. In Totalkredit, we provide loans to an ever increasing number of Danish homeowners. After the closing of the accounts, lending reached a historic milestone of DKK 600bn.
– Since 2013, we have worked to make Nykredit more customer-centric, more profitable and more efficient. The financial performance presented for Q1, which is Nykredit's best to date, demonstrates once again that our work is paying off. And it is also what enables us to seize the momentum coming from several directions, including an upturn in the Danish economy and a prospering housing market.
| Nykredit Realkredit Group, Q1 results | |||
| DKK million | Q1/2017 | Q1/2016 | Change |
| Income from core business | 3,343 | 2,724 | 619 |
| Operating costs, depreciation and amortisation | 1,178 | 1,199 | 21 |
| Impairment losses on loans and advances | (21) | (51) | (30) |
| Profit from core business | 2,186 | 1,576 | 610 |
| Legacy derivatives | 337 | (741) | 1,078 |
| Investment portfolio income | 465 | 60 | 405 |
| Profit before tax | 2,988 | 895 | 2,093 |
| Tax | 639 | 191 | (448) |
| Profit | 2,349 | 705 | 1,645 |
Contact
For further comments, please contact Nykredit Press Relations at tel +45 44 55 14 50.
