In the H1 2011 Interim Report BankNordik forecasted a Group pre-tax profit before value adjustments and excluding further sector costs in H2 2011 in the range of DKK 70m-100m. Further, an extra DKK 50m in one-off costs were expected due to the acquisition of the activities from Amagerbanken af 2011 A/S.
BankNordik now forecasts to charge as expenses additional DKK 45m in one-off costs related to the acquisition and integration of activities from Amagerbanken af 2011 A/S. DKK 25m of this increase primarily relate to expected higher one-off costs due to a postponement of the planned conversion of the acquired activities from Amagerbanken af 2011 A/S’ IT platform to BankNordik’s IT platform. The IT conversion is now expected to be executed in the beginning of 2012. The remainin DKK 20m are direct one-off costs in respect of the IT conversion. BankNordik had planned to book these costs as an asset in the Group’s balance sheet, but will now charge the costs as expenses.
BankNordik’s core business is, however, expected to peform better than last year and at least as well as forecasted in BankNordik’s previous outlook 2011. The Group’s pre-tax profit before value adjustments and excluding further sector costs in H2 2011 is, therefore, only lowered to the range of DKK 50m-80m.
BankNordik’s outlook 2011 is therefore as follows:
- Group pre-tax profit before value adjustments and excluding further sector cost in H2 2011 DKK 50m-800m.
- Net interest and fee income increases by 10-20 % compared to 2010
- Net insurance income on the same level as in 2010
- Staff and administrative expenses, amortisation and depreciation and other costs increases by 50-55 % compared to 2010
- Impairments on loans and guarantees on DKK 50m-100m.
Outlook 2012 will be announced in connection with BankNordik’s Q3 2011 results.
Further information:
Janus Petersen, CEO, and Árni Ellefsen, CFO, tel.: (+298) 330 330.