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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. 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.
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Pre-tax result of DKK 85 million - before contribution of DKK 19 million to the Danish Deposit Guarantee Fund as a consequence of liquidations within the sector.
- Net interest earnings of DKK 265 million - unchanged compared with the same period in 2010.
- Fees and commissions, etc., increased by DKK 2 million net to DKK 77 million.
- Basic earnings DKK 356 million - compared with DKK 385 million during the same period in 2010, inclusive of DKK 32 million in extraordinary appreciation of sector shares.
- Operating costs, etc., DKK 200 million - compared with DKK 199 million in 2010.
- Write-downs on lending DKK 68 million - compared with DKK 67 million in 2010.
- Pre-tax result of DKK 66 million equals a return on equity of 7.2% p.a.
In the light of the fact that the result is affected adversely by costs of DKK 19 million to the Danish Deposit Guarantee Fund as a consequence of liquidation within the sector (Amagerbanken, Fjordbank Mors, and MaxBank), the bank's management considers the result satisfactory.
Strong and robust - we have a sound capital base and good liquidity -
The equity amounts to a total of DKK 1,245 million. -
The capital adequacy ratio has been calculated at 18.7 - based only on equity. -
As at 30.09.2011, the bank's individual capital requirement has been calculated at 10.0, i.e. excess capital adequacy cover of almost 90%. -
Good liquidity. As at 30.09.2011, the bank has surplus deposits - through deposits from the local area - of almost DKK 400 million, and liquidity reserves of DKK 3.0 billion. Expectations for 2011 as a whole
For the year as a whole, the bank expects to be able to realise core earnings before write-downs on lending, payments to the Deposit Guarantee Fund and price regulations of listed securities in the range of DKK 190 - 200 million - compared with the previous expectations of DKK 175 - 200 million.
The negative socioeconomic development and the current instability on the financial markets show that the economic crisis is not over. Therefore, the write-downs for the year as a whole are now expected to be larger than previously estimated. Circumstances make it difficult to predict the need, which is expected to be around 1.5% of the total credit risk. Read the Interim Report
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Result of DKK 56 million - before tax and contribution of DKK 22 million to the Danish Deposit Guarantee Fund as a consequence of liquidations within the sector. -
Net interest and fee receivables of DKK 228 million - compared with DKK 229 million during the first six months of 2010. -
Operating costs, etc., of DKK 137 million - compared with DKK 136 million during the first six months of 2010. -
Write-downs on loans of DKK 42 million - compared with DKK 52 million during the first six months of 2010. -
Investment loss on securities of DKK 4 million - compared with gains of DKK 7 million during the first six months of 2010. -
Pre-tax result of DKK 34 million - compared with DKK 44 million during the first six months of 2010 after correction for extraordinary returns on sector shares. In the light of the fact that the result is affected adversely by costs of DKK 22 million for the Danish Deposit Guarantee Fund as a consequence of the liquidations within the sector (Amagerbanken and Fjordbank Mors), the bank's management considers the result to be satisfactory.
Strong and robust - we have a sound capital base and good liquidity -
The equity amounts to a total of DKK 1,220 million. -
The capital adequacy ratio has been calculated at 17.5 - based on equity alone. -
The bank's individual capital requirement has as at 30 June 2011 been calculated at 9.3, i.e. a excess capital adequacy of almost 90%. -
Good liquidity. As as 30 June 2011, the bank has surplus deposits - through ordinary deposits from the local area - of almost DKK 300 million. Expectations for 2011 as a whole
For the year as a whole, the bank expects to be able to realise core earnings before write-downs on lending, payments to the Deposit Guarantee Fund and price regulation of listed securities which remain unchanged in the range of DKK 175 - 200 million.
Of course, the total result will be affected by the write-downs on lending and the price development for the bank's holding of listed securities. For the year as a whole, an unchanged write-down percentage of between 1.0 and 1.2 is expected.
Read the Interim Report
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Pre-tax result of DKK 23 million - before contribution of DKK 14 million to the Danish Deposit Guarantee Fund as a consequence of the liquidation of Amagerbanken.
- Net interest and fee receivables DKK 112 million - (1st quarter 2010 DKK 112 million)
- Operating costs, etc., DKK 69 million (1st quarter 2010 DKK 65 million)
- Write-downs on lending DKK 20 million (1st quarter 2010 DKK 22 million)
- Investment loss on listed securities DKK 4 million (1st quarter 2010 a gain of DKK 5 million)
- Pre-tax result DKK 9 million - (1st quarter 2010 DKK 26 million).
In the light of the fact that the result is affected adversely by costs of DKK 14 million because of the liquidation of Amagerbanken, the bank's management considers the result satisfactory.
Sound capital base and good liquidity -
The equity amounts to a total of DKK 1,203 million. -
The capital adequacy ratio has been calculated at 17.9 - based only on equity. -
As at 31 March 2011, the bank's capital requirement has been calculated at 10.0, i.e. excess capital adequacy cover of 79%. -
Good liquidity. As at 31 March 2011, the bank has surplus deposits through ordinary deposits from the local area. Expectations for 2011 as a whole
For the year as a whole, the bank expects to be able to realise core earnings before write-downs on lending, payments to the Deposit Guarantee Fund and price regulation of listed securities which is unchanged in the range of DKK 175 - 200 million.
The total result will, of course, be affected by write-downs on lending and the price development for the bank's holding of listed securities. For the year as a whole, an unchanged write-down percentage of between 1.0 and 1.2 is expected.
Read the report
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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.
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Also on 8 February the bank's
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was published. The full report will be available in English shortly, but here are some key figures: -
Pre-tax result is DKK 120 million compared to DKK 70 million in 2009 -
Return on equity is 10,9 %. -
Total core income increased by DKK 50 mio. to DKK 497 million. -
Administration costs DKK 264 million. - an increase of DKK 4 million -
Core earnings before write-downs amount to DKK 213 million compared to DKK 162 million the year before -
Write-downs and losses on loans and guarantees (excluding the Contingency Association) are DKK 81 million - DKK 86 million in 2009 - corresponding to a write-down percentage of 1,1 % -
Contribution to the Contingency Association and the Guaranty Fund for Depositors and Investors amounts to DKK 36 mio. -
Market value adjustment for listed securities amounts to DKK 4 million -
Stable funding of DKK 8,6 billion compared to total credits of DKK 6 billion correspond to a "funding ratio" of 0,70. -
Excess liquidity coverage is 255 % -
Equity as per 31 December 2010 amounts to DKK 1.206 million -
Capital adequacy ratio is 17,4 % - based on equity exclusively. -
Required capital adequacy ratio is 9,7 % -
The management regards the result as satisfactory Read the Annual Report for 2010
Read the Risk Report as at 31 December 2010
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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.
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