Interim Financial Report for H1 2018

Summary

  •  Pre-tax profit, exclusive of derived effects from IFRS 9: DKK 2,189m, corresponding to a return of 13.3% p.a. on average equity (H1 2017: DKK 2,067m and 13% p.a.)
  • Post-tax profit, exclusive of derived effects from IFRS 9: DKK 1.738m, corresponding to a return of 10.5% p.a. on average equity (H1 2017: DKK 1,615m and 10.2% p.a.)
  • Core expenses: DKK 2,415m, corresponding to a decline by 13% relative to H1 2017
    o Adjusted for one-off expenses, core expenses fell by 1%
  • Impairment charges amounted to DKK 335m, of which DKK 407m related to IFRS 9
    o Reversed loan impairment charges and provisions for guarantees due to improving credit quality of loans, etc.: DKK 72m (H1 2017: DKK -120m)
    o The impairment charges included an increase of DKK 100m in the management's estimate relating to agricultural clients primarily due to the drought
  • Capital ratio: 20.4%, of which the Common Equity Tier 1 capital ratio was 16.7% (end of 2017: 19.8% and 16.4%, respectively)
  • Implementation of new share buy-back programme of up to DKK 1bn, running over the period 22 August to 28 December 2018