The Faroe Islands experienced exceptionally bad weather this winter, most notably tough storms on 24 November and again on 25 December. The financial impact for the Group’s insurance company Trygd has been calculated at DKK 20-25 million.
Further, preliminary calculations of impairment charges on loans by End-2011 aggregated DKK 90-100 million. Thus they are within – however in the higher end of – the previously expected range of DKK 50-100 million.
On the background of these two components BankNordik’s result for 2011 is now calculated on a preliminary basis at DKK 15-25 million before value adjustments and tax. In the interim report for the third quarter of 2011, published 14 November 2011, a result in the range of DKK 50-80 million was expected for 2011.
The result includes non-recurring costs of the order of DKK 95 million, primarily related to the acquisition and integration of the healthy parts of Amagerbanken Mid-2011. The costs correspond to the expectations disclosed in October 2011, and the integration is executed according to the plan.
Publication of the annual report for 2011 is planned for 20 March 2012.
Further information
For further information please contact CEO Janus Petersen or CFO Árni Ellefsen at +298 330 330.