• The Group’s core income ended at DKK 3,202 million, up 9% on 2013
• Net interest income fell 3% due to pressure on the interest margin and lower interest income on the Bank’s bond portfolio, while net income from fees, charges and commissions grew 19%, driven by a high activity level in the housing and asset management areas
• Market-value adjustments rose DKK 179 million, ending at DKK 380 million - driven by the sale of Nets
• Total costs & expenses amounted to DKK 1,922 million – adjusted for DKK 139 million by way of extraordinary costs connected with a change of IT platform and various M&A activities amounting to DKK 24 million - this represented an anticipated cost growth of 1%
• Accordingly, core earnings before impairment amounted to DKK 1,280 million, which is 7% up on 2013 and should be viewed in relation to the forecast of DKK 1,100 million announced at the beginning of the year
• Loan impairment rose to DKK 493 million, driven by higher loan impairment losses on agricultural customers, primarily provoked by the trade crisis between the EU and Russia
• The total business volume grew 7%: Bank loans rose by 2%, mortgage-credit arrangements by 7%, guarantees by 90% and bank deposits by 1%
• In light of the fact that we have met our capital targets with a Common Equity (Tier 1) ratio of 13.0%, the Board of Directors recommends to the shareholders that a dividend of DKK 1.60 be paid per share, equal to a payout ratio of 33%
• In 2015, core earnings before impairment, adjusted for extraordinary issues regarding Nets and the data processing centre, are expected to hover around the 2014 level, and loan impairment to remain at an unchanged high level
