NYKREDIT BANK A/S – a subsidiary of Nykredit Realkredit A/S consolidated in the Nykredit Group's Financial
Statements Q1 Interim Report – the Nykredit Bank Group1 January 2012 – 31 March 2012
- Profit before tax came to DKK 152m, down DKK 63m on Q1/2011
- Income from business operations climbed 8% to DKK 839m, while value adjustment of derivatives and corporate bonds was a charge of DKK 170m compared with a credit of DKK 47m in Q1/2011
- Operating costs rose by DKK 24m to DKK 461m owing to the establishment of the branch in Stockholm and IT costs relating to a new banking platform
- Impairment losses on loans and advances were DKK 93m, equal to a continued low level of 0.1%
- Special payments to the Danish Guarantee Fund for Depositors and Investors came to DKK 8m in Q1/2012 compared with DKK 70m in Q1/2011
- The investment portfolio generated income of DKK 20m against a loss of DKK 111m in Q1/2011
- Costs excluding impairment losses as a percentage of core income from business operations totalled 55.9% against 65.3% in Q1/2011
- The balance sheet stood at DKK 247.2bn against DKK 232.4bn at end-2011
- Profit before tax generated a return on equity of 4.3% pa against 6.2% pa for Q1/2011
- The Bank has still no direct exposures to sovereign debt issued by the GIISP countries.
LIQUIDITY
- Excess cover relative to statutory liquidity requirements was 209% against 176% at end-2011. The level is considered adequate considering the Bank's liquidity risk and requirements
- The Bank's deposit surplus was DKK 0.8bn.
CAPITAL
- The total capital ratio and the Tier 1 capital ratio both came to 21.2%. The core Tier 1 capital ratio was 20.8%
- The internal capital adequacy requirement (ICAAP) was 10.2%, which was unchanged from end-2011
- Equity stood at DKK 14.3bn against DKK 14.2bn at end-2011.
Information about the Nykredit Bank Group
The Q1 Interim Reports 2012 of the Nykredit Bank Group and the Nykredit Group and further information about Nykredit are available at nykredit.com.
Contacts
Karsten Knudsen, Chairman – tel +45 44 55 19 04
Bjørn Mortensen, Managing Director – tel +45 44 55 18 95
