TIDMVJBA 
 
 
 
 
 
 
   Nasdaq Copenhagen A/S 
 
 
 
 
 
   20 November 2019 
 
 
 
 
 
 
 
 
 
 
 
   Q1-Q3 2019 Highlights 
 
   Vestjysk Bank realised a profit after tax of DKK 397 million in Q1-Q3 
2019. The Bank's earnings before taxes for the period amounted to DKK 
416 million. Impairment losses were generally at a significantly lower 
level than in the same period of 2018, and the Bank's overall profit 
after tax for Q1-Q3 2019 is considered very satisfactory. 
 
 
 
 
   -- Profit after tax of DKK 397 million (Q1-Q3 2018: DKK 166 million), 
      equalling a return on equity after tax of 19.4% p.a. 
 
   -- Core income of DKK 827 million (DKK 685 million in Q1-Q3 2018). 
 
   -- The proceeds from the sale of shares in Sparinvest Holding SE in Q3 2019 
      amounted to DKK 142 million. 
 
   -- Total costs amounted to DKK 367 million in Q1-Q3 2019 compared with DKK 
      370 million in 2018, resulting in a cost ratio of 44.5% (Q1-Q3 2018: 
      54.0%). 
 
   -- Core earnings before impairment of DKK 460 million (Q1-Q3 2018: DKK 315 
      million). 
 
   -- Impairment of loans and receivables, etc. of DKK 44 million (Q1-Q3 2018: 
      DKK 134 million). Impairment losses on agricultural exposures still 
      accounted for the majority of the Bank's impairment losses, which also 
      included impairment losses in connection with the Danish Financial 
      Supervisory Authority's inspection in May-June of 2019. 
 
   -- The Bank's capital requirement was 13.9%, consisting of an individual 
      solvency need of 10.5%, a general capital conservation buffer of 2.5% and 
      a countercyclical buffer of 1.0%. 
 
   -- The Bank's total capital ratio was 17.8%, implying an excess cover of 3.9 
      percentage points or DKK 552 million. The Bank's profit for Q1-Q3 2019 
      has not been included in the calculation of the Bank's capital ratios. 
 
   -- The Bank's MREL capital ratio was 17.8%. The MREL requirement was phased 
      in at 0.625%, which is added to the capital requirement. The MREL 
      requirement was 14.6%. The excess cover relative to the MREL capital 
      requirement was 3.2%, or DKK 462 million. 
 
   -- The Bank's LCR was 203.2%, compared with a requirement of 100%. 
 
 
 
 
   Without the proceeds of DKK 142 million from the sale of shares in 
Sparinvest Holdings SE, the Bank would have realised a profit after tax 
of DKK 255 million, a cost ratio of 53.6% and a return on equity of 
12.5% p.a. 
 
 
 
   Outlook for 2019 
 
 
 
   As stated in a company announcement of 8 October 2019, Vestjysk Bank 
upgraded the profit guidance for 2019 from an interval of DKK 360-410 
million to an interval of DKK 420-460 million. The upgrade was driven by 
a number of factors raising the Bank's expectations, including a 
continued high home remortgaging level combined with the Bank's 
generally high level of activity. The continued very favourable pork 
settlement prices was another factor raising the Banks expectations of 
lower impairment losses. Since its first profit guidance for full year 
2019 in February, the guidance has been upgraded from an interval of DKK 
225-275 million to the current interval of DKK 420-460 million This 
includes the sale of shares in Sparinvest Holdings SE, which generated 
proceeds of DKK 142 million for Vestjysk Bank. 
 
 
 
 
 
   Enquiries 
 
 
 
   Please address any enquiries regarding the present announcement to Jan 
Ulsø Madsen, CEO, at tel. (+45) 96 63 21 04. 
 
 
 
 
 
 
 
   Vestjysk Bank A/S 
 
 
 
 
 
 
 
   Kim Duus                                        Jan Ulsø Madsen 
 
   Chairman                                        CEO 
 
 
 
 
 
 
 
 
 
   Vestjysk Bank A/S 
 
   Torvet 4-5 
 
   7620 Lemvig 
 
   Denmark 
 
   Tel. (+45) 96 63 20 00 
 
 
 
   CVR no. 34 63 13 28 
 
 
 
   www.vestjyskbank.dk 
 
 
 
 
 
   Attachment 
 
 
   -- Vestjysk Bank's Q1-Q3 2019 Quarterly Report 
      https://ml-eu.globenewswire.com/Resource/Download/f9178b2c-f23c-4a9b-955c-fd44ae959887 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 20, 2019 02:30 ET (07:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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