BRF merger affects Jyske Bank's record expectations of the first six months.

May 22, 2014

Jyske Bank has announced its expectations of the coming financial statements for the first six months of the year pointing to a record pre-tax profit of DKK 3bn.

However, this figure is to be seen in the light of the recognition as income of DKK 2.4bn from the merger with BRFkredit that was finalised on 30 April.

It also appears from the announcement that the alignment of the accounting policies of Jyske Bank and BRFkredit has a negative effect on the group in the amount of DKK 1.3bn in the form of increased impairment charges.

Anders Dam, CEO and Managing Director, comments on the announcement together with Carsten Tirsbæk Madsen, CEO at BRF, and Birger K. Nielsen, who is responsible for investor relations at Jyske Bank.