Net profit of DKK 420 million for the first quarter of 2012
Realkredit Danmark today published its interim report for the first quarter of 2012. Highlights are shown below:
- The Realkredit Danmark Group recorded a net profit of DKK 420 million in the first quarter of 2012, against DKK 287 million in the first quarter of 2011. The implemented price increases drove the substantial improvement in net profit.
- Total income amounted to DKK 1.2 billion, up from DKK 824 million in the first quarter of 2011.
- Loan impairment charges rose in the first quarter of the year and totalled DKK 385 million, against the year-earlier level of DKK 197 million. The charges equalled 0.21% p.a. of total mortgage lending, against 0.15% p.a. at the end of 2011.
- Expenses were down 5% compared with the level in the first quarter of 2011.
- The delinquency rate rose to 0.58% from 0.46% at the end of 2011.
- The total capital ratio was 35.9%, against 35.8% at the end of 2011.
- Realkredit Danmark issued senior debt for DKK 7.5 billion at the end of March 2012 to increase its sup-plementary collateral. The issuance of senior debt was well received in the market.
- Overall, Realkredit Danmark expects a higher profit in 2012 than in 2011.
Interim report for the first quarter of 2012
Carsten Nøddebo, CEO, says:
“Our performance is improving, driven partly by higher administration margins. This helps ensure that Realkredit Danmark’s bonds trade at attractive prices and allows us to offer our customers home finance at historically low costs.”
Contact: Carsten Nøddebo, Chief Executive Officer, tel. +45 45 13 20 82.