Business

BankNordik announces strong start to the year

Earlier this month the largest Faroese bank reported an operating profit of DKK 77m for Q1 2018, an increase of DKK 30m compared to Q1 2017 (+66%). Furthermore, operating costs were down by DKK 1m to DKK 115m, consistent with the efforts to curb expenditure growth.

BankNordik has made a strong start in 2018.

Earlier this month the largest Faroese bank reported an operating profit of DKK 77m for Q1 2018, an increase of DKK 30m compared to Q1 2017 (+66%). Furthermore, operating costs were down by DKK 1m to DKK 115m, consistent with the efforts to curb expenditure growth.

Profit before tax was DKK 148m in Q1 2018 compared to DKK 57m in Q1 2017.

These numbers please BankNordik CEO, Árni Ellefsen:

“BankNordik had a strong first quarter of 2018 financially, as we continued to reverse impairment charges and recognised a substantial gain on the sale and leaseback of our head office property. Customer engagement remains robust and lending volumes are up, although our net interest income remains challenged by the persistent margin pressure,” says Mr. Ellefsen.

“The quality of our customer relationships was strengthened during the quarter and we remain dedicated to further improving the overall customer experience, in particular regards to the Danish market. In April, we launched a new website as part of the announced process that BankNordik has undertaken to redesign the entire digital user interface by integrating all applications into one single platform. Moreover, we are working hard on completing the planned action steps to further enhance operational efficiency by gradually streamlining processes and automating tasks,” explains Mr. Ellefsen.

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