Skjern Bank A/S Reports Earnings Results for the First Quarter Ended March 31, 2016; Reports Net Loan Impairment for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for 2016
April 27, 2016
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Skjern Bank A/S reported earnings results for the first quarter ended March 31, 2016. For the quarter, net income from interest was DKK 39,396,000 against DKK 39,364,000 a year ago. Profit on ordinary activities before tax was DKK 6,748,000 against DKK 20,815,000 a year ago. Profit was DKK 5,622,000 against DKK 15,924,000 a year ago. Earnings per share were DKK 2.1 against DKK 8.3 a year ago. Book value per share as at March 31, 2016 was DKK 293 against DKK 280 at March 31, 2015. Total core earnings were DKK 24,988,000 against DKK 22,279,000 last year. Core income was DKK 62,440,000 against DKK 57,218,000 last year. Core earnings before write-downs, value adjustments and Governmental Guarantee Scheme I was DKK 24,988,000 against DKK 22,279,000 last year.
For the quarter, net loan impairment was DKK 17,730,000 against DKK 9,898,000 a year ago. Group write-downs on loans etc., was DKK 24,243,000 against DKK 24,483,000 last year.
The bank's core earnings outlook for 2016 is still in the range of DKK 100 million - DKK 110 million.
Skjern Bank A/S (the Bank) is a Denmark-based regional bank. The Bank specializes in offering banking products to private, corporate and institutional customers, as well as to public companies. Its product portfolio comprises credit cards, savings accounts, financing, loans, pension funds, personal and travel insurance, real estate consulting, leasing and investment services, as well as related advisory services, among others. It provides services primarily in the area of West and Southwest Jutland, and the Hellerup. Furthermore, the Bank also operates an online banking facility, named Netbank, which offers the access to payments, transfers, electronic invoices, and securities, among others. Its branches are located in Skjern, Ribe, Bramming, Esbjerg, Varde and Hellerup.
Skjern Bank A/S Reports Earnings Results for the First Quarter Ended March 31, 2016; Reports Net Loan Impairment for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for 2016