Jyske Banks Financial Statements: Greece and Hedge case run into half a billion Danish kroner
Jyske Bank generated a pre-tax profit of DKK 601m in 2011 against DKK 1,003m in 2010.
The 2011 financial statements are heavily affected by large provisions. Jyske Banks portfolio of Greek government bonds has been written down to market value resulting in a negative effect of DKK 299m on the financial statements.
Also, provisions in the amount of DKK 229 were made for claims for damages that may follow from the so-called Jyske Invest Hedge case.
On the whole, Greece and the Hedge case cost Jyske Bank more than half a billion Danish kroner.Anders Dam, CEO and Managing Director, comments on the figures, the provisions and the banking business in general.
The 2011 financial statements are heavily affected by large provisions. Jyske Banks portfolio of Greek government bonds has been written down to market value resulting in a negative effect of DKK 299m on the financial statements.
Also, provisions in the amount of DKK 229 were made for claims for damages that may follow from the so-called Jyske Invest Hedge case.
On the whole, Greece and the Hedge case cost Jyske Bank more than half a billion Danish kroner.Anders Dam, CEO and Managing Director, comments on the figures, the provisions and the banking business in general.
