Brief: Spar Nord Narrows Financial Guidance

Spar Nord Bank A/S

08/07/2020 07:50

July 8 (Reuters) - Spar Nord Bank A/S  SPNO.CO :
    * REG-SPAR NORD NARROWS FINANCIAL GUIDANCE
    * NOW EXPECTS CORE EARNINGS BEFORE IMPAIRMENT FOR FULL YEAR
2020
IN 800-1,050 MILLION RANGE.
    * GUIDANCE FOR PROFIT AFTER TAX, SUSPENDED SINCE MARCH, IS
NOW
REINTRODUCED AT DKK 350-550 MILLION.
    * NOW EXPECTS TO EMPLOY ABOUT 1,510 STAFF (FTE) AT 31
DECEMBER
2020, COMPARED WITH 1,549 FTE AT 31 DECEMBER 2019.
    * SEVERANCE PAYMENTS ARE EXPECTED TO AMOUNT TO APPROXIMATELY
DKK
25 MILLION, TO BE RECOGNISED FOR Q2 OF 2020
    * THROUGH ACTIVE INITIATIVES, CO HAS IDENTIFIED SAVINGS ON
OTHER
OPERATING EXPENSES (I.E. MARKETING, TRAVEL EXPENSES, ETC.) OF
ABOUT DKK 35 MILLION RELATIVE TO WHAT WAS ORIGINALLY EXPECTED
    * IDENTIFIED SAVINGS ON OTHER OPERATING EXPENSES (I.E.
MARKETING,
TRAVEL EXPENSES, ETC.) OF ABOUT DKK 35 MILLION
    * IMPAIRMENT WRITE-DOWNS FOR FULL YEAR ARE NOW EXPECTED TO
BE IN
DKK 300-500 MILLION RANGE
    * PRELIMINARY FIGURES INDICATE THAT IMPAIRMENT WILL IMPACT
Q2
OPERATING PROFIT BY DKK 58 MILLION

Source text for Eikon:  ID:nGNE7s8rq8 
Further company coverage:  SPNO.CO 

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