Brief: Banknordik Raises Financial Guidance

Foeroya Banki P/F

07/10/2020 09:33

Oct 7 (Reuters) - BankNordik P/F  BNORDIK.CO :
    * BANKNORDIK UPGRADES FINANCIAL GUIDANCE
    * DUE TO A FAVOURABLE PERFORMANCE, BANKNORDIK IS RAISING ITS
GUIDANCE FOR PROFIT FOR YEAR AFTER TAX FROM ORIGINALLY DKK
100M-150M TO DKK 120M-160M.
    * GUIDANCE IMPROVEMENT IS MAINLY BASED ON
BETTER-THAN-EXPECTED
COST AND CORE EARNINGS PERFORMANCE RELATIVE TO OUTLOOK AT
BEGINNING OF YEAR
    * PANDEMIC HAS HAD A LIMITED IMPACT ON GROUP'S FINANCIAL
RESULTS
    * IN ADDITION, RECENT FAVOURABLE DEVELOPMENTS IN FINANCIAL
MARKETS
HAVE HAD A POSITIVE EFFECT ON BANK'S INVESTMENT PORTFOLIO
    * INCREASES ITS FULL-YEAR 2020 NET PROFIT GUIDANCE AND
REVISES
GROUP'S FINANCIAL TARGETS
    * AS A RESULT, TARGET FOR RETURN ON EQUITY IS CHANGED FROM
6%-8%
TO 8%, WHILE TARGET FOR COST/INCOME RATIO IS ADJUSTED FROM 67%
TO 65%.

Source text for Eikon:  ID: 
Further company coverage:  BNORDIK.CO 

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