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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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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.
Read the report
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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.
Read the press release
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Satisfactory pre-tax profit of DKK 54 million for the first six months - Net interest receivable increased by 25 % to DKK 169 million.
- Core earnings increased by 16 % to DKK 255 million.
- Administration costs increased by 6 % to DKK 114 million.
- Core earnings improved by 15 % to DKK 99 million.
- Write-downs on loans and guarantees for customers amount to DKK 43 million – corresponding to a write-down percentage of 1.1 p.a. compared with 1.0 p.a. for the last six months of 2008.
- Write-downs regarding the guarantee provision for the Contingency Association amount to DKK 7 million. Including the guarantee provision, the Government’s Financial Guarantee Scheme I has charged DKK 19 million to the account during the first six months.
- Pre-tax result of DKK 54 million – return on equity of 10.2 % p.a.
- Considering the difficult external conditions, the bank’s management regards the result, which is in line with the expectations, as satisfactory.
Sound capital base - At the end of June 2009, the equity amounts to a total of DKK 1,078 million.
- The core capital percentage amounts to 15.4 – based on equity alone.
- The capital adequacy ratio amounts to 15.5.
- As at 30 June 2009, the individual solvency requirement has been calculated at below 8 % and therefore amounts to the minimum statutory requirement of 8 %.
Expectations of the year’s core earnings before write-downs unchanged
For 2009, the bank expects unchanged core earnings before write-downs on loans and market value adjustments for listed securities – after payment of DKK 25 million to the Danish Contingency Committee – of DKK 150 – 175 million. Therefore the upward adjustment from May is maintained.
The expectations of the year’s write-down percentage for loans and guarantees with the bank’s customers are unchanged at about 1 % for the year as a whole.
Add to this write-downs according to the contingency guarantees for distressed banks, cf. the Government’s Financial Guarantee Scheme I.
Read the interim report
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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)
Read the press release
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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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