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Nordjyske Bank was formed as per 1 January 2002 through a merger of Vendsyssel Bank, Hjørring, (est. 1929) and Egnsbank Nord, Frederikshavn, established in 1970 as a merger of four local banks in the area, the oldest of which was founded in 1891. As per 1 April 2009 the bank accquired the core activities of Løkken Sparekasse situated on the west coast of Northern Jutland.
Therefore the new bank has a long tradition for - and is dedicated to servicing corporate and private customers in the northernmost part of Denmark. With its 26 branches and branch offices in Northern Jutland Nordjyske Bank is a strong locally based bank with close relations to its customers. Thus 80 percent of the share capital is owned by shareholders living in the bank's basic area.
Nordjyske Bank also has a branch in Copenhagen.
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Pre-tax result leads to return on equity of 9,2% p.a.
- Net interest receivable increased by 10 % to DKK 87 million
- Earnings from other activities increased by 23 % to DKK 25 million
- Core earnings increased by 10 % to DKK 116 million
- Administration costs increased by DKK 11 million to DKK 65 million. Corrected for the effect of the acquisition of Øster Brønderslev Sparekasse and the core activities in Løkken Sparekasse, the rate of increase can be calculated at 3.5
- Basic earnings of DKK 43 million in accordance with the expectations
- Write-downs and losses on loans and guarantees of a total of DKK 22 million, corresponding to a write-down percentage of 1.1 p.a.
- Price adjustment for listed securities of DKK 5 million
- The bank’s management considers the result satisfactory
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Ordinary result before tax DKK 95 against DKK 70 mio. in 2008
Pre-tax profit after deduction of non-recurrent cost in relation to the integration of Løkken Sparekasse's core activities DKK 74 mio. -
Net interest receivables increased by 18 pct to DKK 340 mio. -
Core earnings increased by 16 pct. or DKK 61 mio. -
Administration costs increased by 7 pct to DKK 239 mio. -
Write-downs and losses on loans and guarantees for customers amount to DKK 82 mio. -
Write-downs regarding the guarantee for the Contingency Association and the guarantee provision for the Government's Financial Guarantee Scheme ("Bankpakke 1") have lead to a charge on the bank's accounts during 2009 of DKK 40 mio. -
The bank's management considers the result as satisfactory, the external conditions taken into consideration Sound capital base and good liquidity - Equity amounts to DKK 1.107 mio.
- The core capital ratio amounts to 16,4 pct. - calculated on equity exclusively
- The solvency ratio amounts to 16,6 pct
- The bank's individual solvency requirement has been calculated at 8,0 pct.and therefore corresponds to the minimum statutory requirement
- The liquidity surplus as at 31 December 2009 amounts to DKK 2.800 mio.
Expectations for 2010
For 2010 the bank expects core earings of DKK 175-200 mio. before value adjustments on the bonds and shares portfolio and write-downs and losses on loans and guarantees.
The net result will of course be influenced by these two posts. The depth and consequenses of the economic crises are difficult to quantify, but loan losses and write-downs at the level of 2009 corresponding to a percentage in the range 1,0-1,5 do not seem unrealistic.
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The Boards of Directors of Øster Brønderslev Sparekasse and Nordjyske Bank A/S have unanimously approved an agreement, according to which the savings bank, Øster Brønderslev Sparekasse will be merged into Nordjyske Bank with effect from 1 January 2010.
The merger is contingent on approval by the committee of representatives of Øster Brønderslev Sparekasse and the committee of shareholders of Nordjyske Bank A/S. The meetings will be held as soon as possible and before 10 December 2009. Furthermore, the merger depends on the approval of the Danish Financial Supervisory Agency.
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We are pleased to inform you that as per 1 April 2009 Nordjyske Bank accuired the core activities - the so-called "green part" of Løkken Sparekasse from the state-owned company for the winding-up of distressed Danish banks and savings banks "Finansiel Stabilitet" (Financial Stability)
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We have joined the Danish banking sector's contingency association "Det Private Beredskab" which ensures the deposits of all private and corporate customers (unsecured creditors).
Further information about the guarantee scheme you will find in the section Danish Act on Financial Stability under Publications.
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