Michael Rasmussen, Group Chief Executive, comments on the Financial Statements:
– We are continuing our journey to become a more customer-centric, efficient and profitable business. The areas within our control are moving in the right direction, and this means that our core business is performing favourably.
– This provides a strong setting for our preparations for Nykredit's upcoming stock exchange listing.
– Profit for 2015 was driven by factors such as exceptionally high activity at the beginning of the year and very low impairment levels. We cannot rely on these trends to continue in 2016. Nor can we expect to deliver quite the same results this year as in 2015.
– But we will maintain focus on improving all the areas within our control. Over the past two years, we have reduced costs and plan to cut them further over the next few years. We have become fewer people in 2014 and 2015, and our headcount will reduce also in 2016, 2017 and 2018. According to Nykredit's Business Plan 2018, which is implemented within the remit of Nykredit's Winning the Double strategy, we expect to reach our target of a return on equity of 11% before tax by 2018.
| Results, Nykredit Realkredit Group | |||||
|
DKK million |
2015 | 2014 | 2013 | 2012 |
2011 |
| Income from core business | 11,373 | 10,703 | 9,613 | 9,539 | 9,190 |
| Costs of core business | 5,066 | 5,103 | 6,047 | 5,594 | 5,967 |
| Impairment losses on loans and advances | 920 | 2,351 | 2,764 | 2,149 | 1,414 |
| Profit from core business | 5,387 | 3,249 | 802 | 1,796 | 1,809 |
| Impairment of goodwill and customer relationships | 1,965 | 852 | - | - | - |
| Value adjustment of interest rate swaps | 410 | (3,362) | (775) | (1,095) | (642) |
| Investment portfolio income | 853 | 779 | 1,887 | 2,444 | 179 |
| Profit (loss) before tax | 4,685 | (186) | 1,914 | 3,145 | 1,346 |
|
Income from core business: Total core income excluding value adjustment of interest rate swaps. Costs of core business: Total costs excluding impairment of goodwill and customer relationships. |
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Contacts
Michael Rasmussen, Group Chief Executive, or Søren Holm, Group Managing Director, through Nykredit Press Relations at +45 30 44 00 54
