Brief: Spar Nord Cuts Guidance For 2018 Net Profit Due To Loss On Customer Exposure

Spar Nord Bank A/S

29/01/2019 11:58

Jan 29 (Reuters) - Spar Nord Bank A/S  SPNO.CO :
    * REG-SPAR NORD DOWNGRADES GUIDANCE FOR 2018 NET PROFIT DUE
TO
LOSS ON CUSTOM-ER EXPOSURE
    * CORE INCOME BEFORE IMPAIRMENTS ARE EXPECTED TO BE REALISED
AT
AROUND DKK 1,265 MILLION, WHICH IS WITHIN PREVIOUSLY ANNOUNCED
GUIDANCE
    * NOW EXPECTS A PROFIT AFTER TAX OF ABOUT DKK 920 MILLION,
AGAINST
PREVIOUSLY AROUND DKK 1.0 BILLION
    * SAYS AFFECTED BY AN UNFORESEEN LOSS ON ONE OF BANK'S
BUSINESS
CUSTOMERS DUE TO FRAUD, WHICH HAS CAUSED COMPANY TO GO BANKRUPT
    * SAYS LOSS ON ONE OF BANK'S BUSINESS CUSTOMERS LEADING TO
AN
EXPECTED LOSS TO BANK OF ABOUT DKK 45 MILLION

Source text for Eikon:  ID:nGNE2Jmt1J 
Further company coverage:  SPNO.CO 

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