Brief: Glarner Kantonalbank Restatement On Q1 Results

Glarner Kantonalbank

30/06/2020 06:10

June 30 (Reuters) - GLARNER KANTONALBANK  GLKBN.S :
    * RESTATEMENT OF THE GLARNER KANTONALBANK ON THE QUARTERLY
RESULTS
AS AT 31.3.2020
    * ANNOUNCES THAT THE FINANCIAL STATEMENTS Q1 PUBLISHED ON 22
APRIL
2020 WERE 688,000 SWISS FRANCS NET OVERSTATED DUE TO AN
INCORRECT VALUATION IN FINANCIAL INVESTMENTS
    * ACTUAL VALUATION OF THE FINANCIAL ASSETS AMOUNTED TO CHF
272.8
MILLION AS AT 31.3.2020, INSTEAD OF PUBLISHED 273.6 MILLION
FRANCS
    * TAX DEFERRALS CONTAINED IN THE ACCRUED EXPENSES AND
DEFERRED
INCOME WERE 110,000 FRANCS TOO HIGH IN THE PUBLISHED RESULT
    * OTHER ORDINARY EXPENSES ARISE FROM THE CORRECTION OF
VALUATION
AS OF 31.3.2020 AT CHF 4.7 MILLION
    * BUSINESS SUCCESS IS REDUCED FROM CHF 6.6 MILLION TO CHF
5.8
MILLION
    * TAX EXPENDITURE THUS AMOUNTED TO CHF 780,000 INSTEAD OF
THE
PUBLISHED 890,000 FRANCS
    * RESTATEMENT RESULTED IN A CHF 688,000 LOWER PROFIT OF
AROUND CHF
5.0 MILLION

Source text for Eikon:  ID:nTEN7q46ea 
Further company coverage:  GLKBN.S 

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