Skjern Bank A/S Reports Earnings Results for the Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Year 2015
Skjern Bank A/S reported earnings results for the nine months ended September 30, 2015. For the period, the company's net income from interest was DKK 121,864,000 compared to DKK 123,343,000 a year ago. Net income from interest and charges was DKK 192,815,000 compared to DKK 188,554,000 a year ago. Profit on ordinary activities before tax was DKK 45,706,000 compared to DKK 60,760,000 a year ago. Profit was DKK 34,965,000 compared to DKK 44,698,000 a year ago. Strong increase in core earnings of DKK 11.5 million, corresponding to 13% before extraordinary expenses of DKK 7.5 million for sale of shares in DLR Kredit A/S. Total core earnings was DKK 92,802,000 compared to DKK 88,828,000 a year ago. Book value per 100 share was DKK 289 compared to DKK 321 a year ago.
Core earnings, calculated as profit before tax, exchange rate adjustments and write-downs for the full year, are still expected to be in the range of DKK 115 million to DKK 125 million. Overall, the bank's management considers the achieved profit to be satisfactory.