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Annual Report 2012 for Spar Nord Bank A/S

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Annual Report 2012 for Spar Nord Bank A/S To NASDAQ OMX Copenhagen 6 February 2013 Company announcement no. 2, 2013 ANNUAL REPORT 2012 FOR SPAR NORD BANK A/S Comments by Lasse Nyby, CEO, on the financial statements: ”For Spar Nord, 2012 was one of the most eventful years in a long time. We have successfully completed a capital increase, we merged with Sparbank, and recently we launched a number of strategic initiatives intend- ed to contribute to ensuring our future profitability and competitive clout. Thus, we have taken some of the important steps required in the Danish market with its sustained low activity and sluggish demand for financial products. The most satisfactory thing about the financial statements is that in 2012 we recorded growth in all income areas, thus generating record-high core earnings before impairment of DKK 931 million. In addition, we ex- perienced the largest inflow of new customers ever with 12,000 new retail and business customers net, while at the same time holding down our costs. What is less positive is that parts of the business sector are still challenged by the unfavourable market con- ditions, and that this - together with the more specific guidelines issued by the Danish Financial Supervisory Authority during the year - has ramifications for the financial statements by way of an increased impairment level. We expect that 2013 will be yet another year with low economic growth – and thus a year with our focus again being on winning market shares and particularly on running tight cost management.” Highlights from the financial statements: • Pre-tax profits of DKK 290 million (after extraordinary items) (2011: DKK 345 million). • Core income ended at DKK 2,432 million, up 13% on 2011. • 5% growth in net interest income, 17% growth in net income from fees, charges and commissions and 86% growth in market-value adjustments. • Core earnings before impairment of DKK 931 million - 33% up on 2011. • Impairment of loans & advances of DKK 594 million (2011: DKK 404 million). • 12,000 new customers (net) (2011: 7,000). • Growth in market share: Total credit arranged grew 2%, excl. merger effect, against the sector’s 0%, and deposits were up 7% compared to the sector’s 4%. • The Common Equity (Tier 1) ratio stood at 12.1% (2011: 10.4%), and excess coverage relative to the strategic liquidity target stood at DKK 14.8 billion (2011: DKK 3.9 billion). • Merger with Sparbank is progressing according to plan - both as concerns synergies and non- recurring costs. • Outlook for 2013: Core earnings before impairment of DKK 1,000-1,100 million - impairment of around 1% of total loans, advances and guarantees. Sincerely yours, Spar Nord Bank A/S Ole Madsen Senior Vice President, Corporate Communication Direct tel.: +45 9634 4010 [email protected] Spar Nord Bank A/S Skelagervej 15 Postboks 162 9100 Aalborg Reg. nr. 9380 Tlf. 9634 4000 Fax 9634 4560 Swift spno dk 22 www.sparnord.dk [email protected] CVR-nr. 13 73 75 84 ANNUAL REPORT 2012 NOTE A LARGER AND SIMPLER BANK Spar Nord Bank 1 Annual Report 2012 THE SPAR NORD GROUP AT A GLANCE NOTE STRATEGY: SELECTED VISION MISSION OUR DEFINING VALUES TIME FOR CUSTOMERS STRATEGIC GOALS TID T IL K U N D E R By giving our branches Together we create Active involvement More customers 10,000 new retail custo- a great deal of local financial freedom. means more business mers and 1,000 new autonomy, we intend Ambition business customers net It starts with individual Sharper focus to create Denmark’s Down-to-earth approach in 2013 most attractive banking solutions based on means stronger chain chain. For the benefit expert advice and local 5% annual growth in knowledge. Better bottom line average business volume of our customers, em- means better bank ployees and sharehold- per customer ers. Impairment ratio in the best 1/3 of peer group Cost ratio of 55 (long-term goal) Create a basis for repaying hybrid core capital to the Danish state in 2014 Market leader in North Jutland A SIMPLE RETAIL BANK Market share: 30.2% on retail The core of Spar Nord’s business model and strategy is the am- 19.3% on business bition to run an uncomplicated bank that focuses unequivocally on ordinary retail customers and small and medium-sized busi- nesses in the local community. We have opted in to this strategic course – and thus opted out of large customers, complex busi- ness activities and product development – because we want to deploy the core competences inherent in our personal, actively involved customer service and create a bank that delivers solid and stable results. Thus, Spar Nord’s ambition is to combine the physical and psy- chological proximity of a local bank with the economies of scale that flow from being a nationwide chain. And with this in mind to expand the Bank’s market share within the defined target Challenger outside North Jutland groups. Market share: 2.8% on retail 2.9% on business SPAR NORD’S HISTORY Aalborg Byes og Omegns Sparekasse founded as the firstMerger financial with institutionLandbosparekassenFive local savings - banks join Merger with outside Copenhagennew name: SparekassenSparekassen Nordjylland NordjyllandOfficial listingAcquisition of HimmerlandsbankenNew name: AcquisitionSpar Nord Bank Geographicalof Aars Bank - expansion Local strategyMerger initiated adopted with SparekassenAcquisition Midt-Vest of seven branchesDivestment/phase-out from Roskilde BankofSparbank leasing activities 1824 1967 1971 1990 1993 2000 2001 2002 2006 2008 2011 2012 Establishment of 49 local banks outside North Jutland Closure of 25 local banks - primarily in North Jutland Spar Nord Bank 2 Annual Report 2012 CONTENTS NOTE MANAGEMENT’S REVIEW MANAGEMENT’S STATEMENT AND AUDITORS’ REPORTS The Spar Nord Group at a glance 2 Management’s statement on the Annual Report 45 Contents 3 The Internal Audit Department’s Statements 46 Key performance features 4 Independent Auditors’ Statements 47 An eventful year for Spar Nord 6 Macroeconomics and market trends 8 Merger with Sparbank 10 CONSOLIDATED FINANCIAL STATEMENTS AND Performance indicators and financial ratios for the Group 12 THE PARENT COMPANY’S FINANCIAL STATEMENTS The year in review - the Group 16 Income statement 50 Business areas 21 Statement of comprehensive income 50 Risks 26 Balance sheet 51 Organization and corporate governance 30 Statement of changes in equity 52 Investor Relations 39 Cash flow statement 55 Spar Nord’s corporate social responsibility 41 Notes 57 THE SPAR NORD GROUP AT A GLANCE SPAR NORD’S LOCAL BANKS THE TRADING, FINANCIAL MARKETS LEASING (DISCONTINUING ACTIVITIES) DIVISION & THE INTERNATIONAL DIVISION Spar Nord’s Local Banks constitute the larg- This business area is composed of Markets, The Spar Nord Group is active in leasing in est business unit in the Spar Nord Group. This Asset Management, Shares Investment, In- Denmark and Sweden, primarily via its sub- business area comprises 34 bank regions terest & Forex and the International Division. sidiaries Spar Nord Leasing and SN Finans with 90 local banks; 1,099 employees serve The business area serves the Group’s own re- Nord AB. The company mainly finances vehi- about 322,000 retail and business customers. tail and business customers as well as insti- cles in the core areas transportation, farming Spar Nord’s Local Banks offer banking servic- tutional customers and also supplies whole- and contracting. Since October 2011, leasing es, such as loans and credits, credit and debit sale services to small and medium-sized has been classified as a discontinuing activity, cards, payment services products and a wide financial institutions. as the sustainable activities in Denmark have range of savings products, nonlife insurance, been transferred to the Jyske Bank Group, life insurance and pension products. and the existing portfolio is being phased out. Spar Nord Bank 3 Annual Report 2012 KEY PERFORMANCE FEATURES NOTE PRE-TAX PROFITS OF DKK 290 MILLION AFTER SHARP GROWTH IN CORE INCOME AND CORE EARNINGS BEFORE IMPAIRMENT • The Group’s core income ended at DKK 2,432 million, up 13% on 2011. Net interest income rose 5%, fuelled by a wider interest margin; net income from fees, charges and commissions grew 17% following heavy activity in the mortgage-credit area; and market-value adjustments doubled after extremely favourable growth on the bond side. • The Group’s total costs ended at DKK 1,501 million, which is 3% up on 2011 – adjusted for severance pay and costs arising out of the merger with Sparbank, this amounts to a reduction in costs. • Core earnings before impairment thus ended at DKK 931 million – 33% up on 2011. • Loan impairment, etc. ended at DKK 594 million against DKK 404 million in 2011, DKK 96 million of which constituted impairment in Q2 triggered by the more detailed guidelines issued by the Danish Financial Supervisory Authority. • 2012 was yet another year seeing strong customer inflow – net 12,000 new retail and business customers – excl. intake in connection with the merger. • Growth in market share – overall credit arranged grew by 2% against 0% for the sector, and deposits by 7% compared with 4% for the sector as a whole – both figures excl. the business volume acquired from Sparbank. • Solid capital and cash position: The Common Equity (Tier 1) ratio stood at 12.1%, and the solvency ratio at 15.5%. Excess coverage relative to the solvency need ratio amounted to 5.5% (DKK 2.5 billion), and the excess cash coverage to DKK 14.8 billion. • Merger with Sparbank completed according to plan – announced projections regarding synergies and non-recurring costs still expected to be met. • Outlook for 2013: Core earnings before impairment and one-off costs connected with the Sparbank merger are expected to hover around DKK 1,000-1,100 million, and impairment is expected to be around 1% of total loans, advances and guarantees.
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