The Danish Financial Supervisory Authority
Nasdaq Copenhagen A/S
22 February 2018
Vestjysk Bank's 2017 Annual Report
2017 Highlights
Vestjysk Bank realised a profit after tax of DKK 163 million in 2017. The Bank’s core operations are sound and core earnings of DKK 441 million before impairment are considered satisfactory. Impairment losses, and not least impairment losses relating to the Bank’s agricultural customers, are at a lower level than they were in 2016. This is the main reason the Bank’s profit after tax for 2017 is considered satisfactory under the given circumstances.
The overall plan for the Bank’s ownership and capital situation, as mentioned in the Half-Year Report, has been executed and the Bank has been restored as a well-capitalised bank.
Summary of Vestjysk Bank's results in 2017:
Outlook for 2018
Given an unchanged economic climate and an overall decrease in impairment losses, the Bank's total business volume is expected to have the capacity to generate a profit after tax of around DKK 175-250 million. This expectation is based on an assumption of an unchanged economic climate, including specifically the current uncertainty relating to settlement prices for agricultural products. Any further decline in these could impact the Bank’s impairment losses.
Please address any enquiries regarding the present announcement to Jan Ulsø Madsen, CEO, at tel. +45 96 63 21 04.
Vestjysk Bank A/S
Vagn Thorsager Jan Ulsø Madsen
Chairman CEO
Vestjysk Bank A/S
Torvet 4-5
7620 Lemvig
Denmark
Phone +45 96 63 20 00
CVR no. 34631328
www.vestjyskbank.dk
Link to company announcement: http://prlibrary-eu.nasdaq.com/Resource/Download/a580c0ed-1c4c-4fd1-a1d0-815060dc06d3
Link to Vestjysk Bank's 2017 Annual Report: http://prlibrary-eu.nasdaq.com/Resource/Download/8a3333d1-8c1b-4a7b-b235-63e6ba3f33f9