| · Core income DKK 1,978m (Q1 2014: DKK 1,729m). |
| · Pre-tax profit: DKK 502m (Q1 2014: DKK 418m). |
| · Post-tax profit: DKK 393m (Q1 2014: DKK 341m). |
| · Pre-tax profit corresponded to an annualised return of 7.3% on opening equity (Q1 2014: 9.6% p.a.). |
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· Value adjustments under core profit: DKK -150m (Q1 2014: DKK 183m). o Of which relating to clients' interest-rate hedging: DKK -299m (Q1 2014: DKK -128m). |
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· Loan impairment charges under core profit: DKK 327m (Q1 2014: DKK 249m). o Loan losses, etc.: DKK 253m (Q1 2014: DKK 281m). |
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· Loans and advances: DKK 376bn (End-2014: DKK 362bn). o Mortgage loans: DKK 229bn (End-2014: DKK 219bn). o Bank loans and advances: DKK 119bn (End-2014: DKK 120bn). |
| · Bank deposits: DKK 132bn (End-2014: DKK 133bn). |
| · Capital ratio 16.3%, of which Common Equity Tier 1 capital ratio of 15.3% (end-2014: 16.4% and 15.3%). |
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· Individual solvency requirement: 10.7% (end-2014: 10,9%). · Pre-tax profit, BRFkredit: DKK 241m (Q1 2014: DKK -837m). · Integration costs due to the merger are expected to be in the range of DKK 150-200m against the previous estimate of DKK 300-400m. |
In connection with the publication of the interim financial report for the first quarter of 2015, Anders Dam, CEO and Managing Director states:
"For the first quarter of 2015, the Group delivers results heading in the right direction, considering the challenging market conditions with extremely low interest rates. Growth in home loan products continues unabated, and today home loan products have surpassed the DKK 42bn mark. The annual earnings on these will in future be close to matching the commission that we previously received from Totalkredit. The integration with BRFkredit continues according to plan. In the second quarter, BRFkredit Bank will be integrated into the Bankdata platform. Core expenses develop according to plan, and integration costs are expected to be lower than estimated at the time of the merger.
In the first quarter of 2015, net fee and commission income under core profit grew by 46% due to the merger with BRFkredit, a high level of refinancing activity at BRFkredit, very high sales of new home loans and the solid investment-related earnings in the bank.
The drop in interest rates had a negative effect on clients’ transactions relating to interest-rate hedging, which caused a negative value adjustment of DKK 299m.
The Group's capital buffer amounted to DKK 9.5bn and is still very solid", concludes Anders Dam.
