jyske bank sees brighter year after profit slump
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Jyske Bank sees brighter year after profit slump

Arab Today, arab today

Arab Today, arab today Jyske Bank sees brighter year after profit slump

Copenhagen - Arabstoday

Danish lender Jyske Bank said results could be significantly better this year, helped by recent acquisitions, after profit slumped 40 per cent in 2011. Denmark’s second-biggest bank said pretax profit fell to 601 million crowns ($107.25 million), hit by provisions of $40 million for a lawsuit and 299 million crowns for Greek government bonds. “Despite the fact that there is still concern about the Greek debt crisis, the foundation for considerably better results in 2012 compared to 2011 is in place,” Chief Executive Anders Dam said. Jyske Bank, which bought part of failed Fjordbank Mors last year, said 2012 pretax profit from activities acquired in 2011 would be 75 million crowns and was expected to rise to about 125 million in 2014. An agreement with Danish mortgage lender BRFkredit regarding covered bond funding of the bank’s home loans would increase income by 25-50 million crowns in 2012, with a growth potential in the range of 75-125 million per year. “After a challenging and turbulent 2011 the start of the new year has shown the highest earnings since the financial crisis began in autumn 2008,” Dam said. “Although 2012 is expected to show still high loan impairment charges and provisions for guarantees and costs ... the underlying trend in the bank is taking a strong course.” Loan impairment charges for the year fell to 1.48 billion crowns from 1.80 billion in 2010 while fourth-quarter loan impairments rose to 485 million crowns from 279 million in the year-earlier quarter. Denmark’s financial sector, fragmented into over 100 banks, has taken heavy writedowns after excessive lending to property buyers and has also been hit by rising funding costs. Two weeks ago, the country’s biggest bank Danske Bank warned that 2012 earnings would remain low and loan writedowns high after fourth-quarter pretax profits dropped 57 per cent, below forecasts, hit by a spike in loan impairments. Jyske Bank said that growth in the number of customers had exceeded 10 per cent and the bank had gained market share during 2011. The bank said on Jan.26 it had made a provision against lawsuits brought by investors who had lost money in one of its hedge funds during the credit crisis.

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