Satisfactory first quarter of 2016
The first quarter of 2016 shows a profit before tax of TDKK 21,481 compared to TDKK 25,234 for the same period of 2015.The profit before tax gives a return of 10.2% p.a. on the opening equity after disbursement of dividend.
Result before value adjustments and impairments TDKK 31,913 as compared to TDKK 34,546 in 2015.
Costs, including depreciation and amortisation, amount to DKK 39.3 million, having increased by 1.8% compared to the first quarter of 2015.
Value adjustments were negative in the first quarter of 2016, at TDKK 6,369 compared to TDKK 4,136 for the same period of 2015. The primary reason for the capital loss in 2016 is the bank's bond holdings.
Write-downs of loans, etc. of TDKK 4,063 are lower than for the same period of 2015, for which the
write-downs were TDKK 5,176. The level of write-downs of loans, etc. is 0.1% of the bank’s total loans and guarantees.
Based on the current requirements (Section 152 of the Financial Business Act), at the end of Q1 2016, the bank has excess liquidity coverage of 164.5%.
Solvency ratio of 19.8 and a capital requirement of 10.1.
A profit before value adjustments and write-downs at the level of DKK 125-145 million is still expected, compared to DKK 137 million in 2015.
