Summary
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· Pre-tax profit: DKK 561m (first quarter of 2012: DKK 502m) · The pre-tax profit corresponded to an annualised return of 14.3% on opening equity. (2012: 6.1%) · Loan impairment charges and provisions for guarantees: DKK 242m (first quarter of 2012: DKK 398m) · Bank loans: DKK 111.6bn (end-2012: DKK 105.9bn) · Bank deposits: DKK 109.5bn (end-2012: DKK 97.4bn) · Solvency ratio of 15.0%, of which Core Tier 1 capital ratio excluding hybrid capital of 13.7% (end-2012: 17.3% and 14.2%). · Individual solvency requirement: 9.7% (end-2012: 10.2%) · Liquidity reserve: DKK 50bn (end- 2012: DKK 43bn). |
Comments by Management
In connection with the publication of the interim financial report for the first quarter of 2013, Anders Dam, CEO and Managing Director states:
"The first quarter of 2013 gave a good start to year and confirmed the strong earnings capacity.
The predominant event was the acquisition of Spar Lolland. The activities taken over increased the bank loans by just above DKK 6bn. The integration of the activities is proceeding according to plan and is expected to be completed in connection with the IT conversion in mid-2014. Overall the earnings from the acquisition are not expected to contribute significantly to core earnings in 2013.
The solvency ratio is now at 15% due to the acquisition of Spar Lolland, the redemption of supplementary capital in the amount of DKK 1.1bn in April 2013 as well as the increased interest in DLRKredit.
The strategy of selective acquisitions and the capital-management objective of a Core Tier 1 capital ratio exclusive of hybrid capital of at least 12% has not changed", concludes Anders Dam.
