Welcome to Nordjyske Bank

A brief introduction

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. On 1 January 2010 Nordjyske Bank further increased its coverage in Northern Jutland through a merger with Øster Brønderslev Sparekasse.

Thus the bank has a long tradition for - and is dedicated to servicing corporate and private customers in the northernmost part of Denmark. With its 20 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.

Interim report as at 30 September

We deliver a satisfactory result of DKK 88 million before taxes - and with continued, sound earnings liquidity and solvency.

Read the Interim Report

Interim report as at 30 June 2012

Core earnings increased by DKK 15 million to DKK 252 million - an increase of 6%.

Net interest earnings for the first six months of the year increased year-on-year by DKK 7 million to a total of DKK 185 million. The background to the increase is partly a larger volume of business with the bank's customers in the area of deposits and partly the interest rate changes, which the bank has implemented since the summer of 2011.

The first six months of 2012 has been characterised by a high level of conversion activity in the mortgage loan field, which is an important reason for the increase in the bank's fees and commission earnings by DKK 8 million to a total of DKK 64 million.
The total core earnings which comprise net interest and fee income, other operating income and price adjustment of currencies increased by DKK 15 million to a total of DKK 252 million.

Expectations for 2012
The bank expects that 2012 will be characterised by a satisfactory operating result for the first six months of 2012 combined with expectations of continued limited demand for lending to both private individuals and businesses together with expectations of less conversion activity in the second six months of 2012 compared with the first.

The bank expects continued satisfactory core income in 2012 prior to payments to the Deposit Guarantee Fund, write-downs on lending and market price adjustments for listed securities at the upper end of the previously communicated range of DKK 175 million - DKK 200 million. An objective which can only be achieved with continued stringent cost controls.

Of course, the overall result will be affected by write-downs on lending and the market price development of the securities held by the bank. The major uncertainty factor is the write-downs on lending and guarantees, where weak economic growth must be expected to result in a write-down requirement for 2012 to be at the same level as in 2011.

Read the Interim report

Interim report as at 31 March 2012

• The bank's core earnings before write-downs, etc., amount to DKK 57 million for the first quarter of 2012 - an increase of 24 per cent compared with the first quarter of 2011, and an increase of 33 per cent compared with the fourth quarter of 2011
• Pre-tax result of DKK 25 million
• Return on average equity of 7.9 per cent
• Core earnings of DKK 125 million - an increase of DKK 9 million compared with the first quarter of 2011, and an increase of DKK 8 million compared with the fourth quarter of 2011
• Operating costs of DKK 68 million - a reduction both compared with the first quarter of 2011 and the fourth quarter of 2011
• Write-downs reduced by DKK 13 million compared with the fourth quarter of 2011
• Lending of DKK 5.7 billion - a small reduction of 0.3 per cent during the first quarter of 2012
• Deposits of DKK 6.4 billion - a small increase of 0.5 per cent during the first quarter of 2012

Strong and robust with a sound capital base and good liquidity

• Stable funding of DKK 7.7 billion in proportion to lending of DKK 5.7 billion, corresponding to a funding ratio of 0.75
• Capital adequacy percentage and core capital percentage both at 18.5 based on equity alone. Sound excess cover compared with a capital adequacy requirement of 10.0 per cent.

Expectations for 2012
In 2012, the bank expects continued satisfactory core earnings before payments to the Deposit Guarantee Fund, write-downs on lending and market value regulation of securities - at an amount of DKK 175-200 million - which is similar to previous announcements and at the same level as in 2011. A goal which can only be realised through continued, tight cost control.

The total result will, of course, be affected by the write-down item for lending and the market price development for the bank's holding of securities. The largest uncertainty factor is the write-down item for lending and guarantees, where the weak economic growth must be expected to lead to a write-down percentage for 2012 at the level of 2011.

Read the Interim report

Annual Report 2011

Pre-tax result of DKK 68 million against DKK 120 million in 2010 and at the level of the result for 2009

Read the Annual Report for 2011

Nordjyske Bank meets the requirments of the Danish FSA's "Supervisory Diamond"

Read about the "Supervisory Diamond" at the Danish FSA's website

See the figures for Nordjyske Bank

Nordjyske Bank's CEO retires as per 31 May 2011

After 51 years in the bank's service our CEO Jens Ole Jensen (67) on 8 February 2011 informed the Supervisory Board and the Board of Directors that he wishes to retire as per 31 May 2011. Mr Jensen joined the Management Board 26 years ago and was appointed CEO in 1994.

From 1 June the Management of Nordjyske Bank will be the Directors Claus Andersen (44) and Mikael Jakobsen (52). Both joined the Management Board on 1 December 2010.

Liability in relation to Amagerbanken's collaps

After closure of the books for 2010 the state-owned winding-up company for Danish financial institutions in distress, Financial Stability has taken over Amagerbanken A/S following its collaps. Nordjyske Bank has no exposures towards Amagerbanken in the form of credit facilities, bonds or shares in Amagerbanken.

Like other Danish financial institutions Nordjyske Bank is liable for the losses the Guaranty Fund for Depositors and Investors may expect in relation to the bankrupcy of Amagerbanken. Nordjyske Bank's share of the Danish financial sectors liability in this respect amounts to 0,65 % of the Fund's total loss.