| · Core income: DKK 6,175m (Q1-Q3 2014: DKK 5,924m excl. of bargain purchases of DKK 2,360m). |
| · Pre-tax profit or loss: DKK 2,129m (Q1-Q3 2014: DKK 1,044m excl. of bargain purchases of DKK 2,360m). |
| · The pre-tax profit corresponded to an annualised return of 10.3% on opening equity (Q1-Q3 2014: 6.0% p.a. excl. of bargain purchases). |
| · Value adjustments under core profit: DKK 135m (Q1-Q3 2014: DKK 208m). |
| · Loan impairment charges under core profit: DKK 381m (Q1-Q3 2014: DKK 1,236m). |
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· Loans and advances: DKK 381bn (End-2014: DKK 362bn). o Mortgage loans: DKK 242bn (End-2014: DKK 219bn). o Traditional bank loans and advances: DKK 96bn (End-2014: DKK 102bn). |
| · Bank deposits: DKK 125bn (End-2014: DKK 133bn). |
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· Capital adjustment o The launch of a share buy-back programme in the equivalent value of up to DKK 500m. o It is the intention that, at the Annual General Meeting in March 2016, to propose a motion for the distribution of ordinary dividend in the amount of about DKK 500m. · Capital ratio 16.9%, of which Common Equity Tier 1 capital ratio of 15.8% (end-2014: 16.4% and 15.3%). o Capital buffer: DKK 10.3bn (End-2014: DKK 9.7bn). o Target: capital ratio of 17.5% and Common Equity Tier 1 capital ratio of 14.0%. |
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· Merger with BRFkredit proceeds faster than expected: · Pre-tax profit or loss, BRFkredit: DKK 617m |
In connection with the publication of the interim financial report for the first nine months of 2015, Anders Dam, CEO and Managing Director, states:
"The third quarter of 2015 is the first quarter since the merger with BRFkredit that is fully comparable with the corresponding period in 2014. A pre-tax profit of DKK 326m is, seen in isolation, not satisfactory. However, the interest-rate development had an adverse effect on the profit in the amount of about DKK 250m.
The management expects that earnings and cost synergies will be realised in line with its most recent statement about these. Therefore, considering the Group's strength in respect of capital, the Supervisory Board has decided to launch a share buy-back programme in an amount of up to DKK 500m, which is expected to be completed on 1 July 2016. Moreover, it is the intention of the Supervisory Board, at the Annual General Meeting in March 2016, to propose a motion for the distribution of ordinary dividend in the amount of about DKK 500m," concludes Anders Dam.
