Q1 highlights:
• Pre-tax profit DKK 411m compared to DKK 52m in Q1 2009
• Impairments DKK 51m compared to DKK 23m in Q1 2009
• Solvency ratio 18.3% compared to 20.8% in Q1 2009
• Liquidity ratio 223% above statutory requirements including bonds issued in
May 2010
• Individual solvency requirement below the statutory minimum of 8%
• Acquisition of 12 bank branches from Sparbank for DKK 335 million
• Outlook before value adjustments and tax for 2010 revised to DKK 470-510m
from DKK 150-190m
• Achieved the strategic goal to fully fund loans by deposits
• Føroya Banki changes the name to BankNordik
“The first quarter of 2010 turned out to be the most eventful quarter in
BankNordik's recent history in terms of achieving strategic goals, and this is
also reflected in a record high quarterly profit. The divestment of the
aquaculture company Bakkafrost Holding was finalised with a capital gain of DKK
380 million. The acquisition of 9 bank branches in Denmark and 3 bank branches
in Greenland also marked a milestone in the Bank's strategic plan of expanding
the business outside the Faroes.”
For further informations, se the enclosed Q1 interim report.
In connection with the publication of the Q1 2010 results BankNordik will host
a conference call for analysts and investors and publish a presentation on the
website.
The conference call will take place on Thursday May 6th, at 14:00 (CET).
If you would like to participate in the audio cast, please dial the relevant
number below a few minutes before the conference starts:
UK participants dial: + 44 207 509 5139
Danish participants dial: + 45 32 71 47 67
US participants dial: + 1 718 354 1226
International Participants dial: + 44 (0) 207 509 5139
The presentation will be accessible on the website at www.foroya.fo.
For further information:
Janus Petersen, CEO, phone (+298) 330 340
Johnny í Grótinum, IR, phone (+298) 230 380
