|
|||
2011-12-15 16:45:00 CET 2011-12-15 16:45:24 CET REGULATED INFORMATION Pohjola Pankki Oyj - Company AnnouncementPohjola Bank plc to Specify Non-recurring Expenses in 2011 Pre-tax EarningsPohjola Bank plc STOCK EXCHANGE RELEASE 15 December 2011 at 5.45 pm Pohjola Bank plc to Specify Non-recurring Expenses in 2011 Pre-tax Earnings In its Interim Report Q1-3 issued on 2 November 2011, Pohjola Bank plc reported that consolidated earnings before tax for the fourth quarter would be eroded by higher technical provisions due to the changed mortality model and a decrease in the discount rate. Within Non-life Insurance, the discount rate for technical provisions related to pension liabilities will be reduced by 0.2 percentage points from 3.5% to 3.3%, lowering consolidated earnings before tax by approximately EUR 35 million. The changed mortality model will increase Non-life Insurance technical provisions by around EUR 30 million. The combined non-cashflow-based, non-recurring expenses will reduce consolidated pre-tax earnings by roughly EUR 65 million. These non- recurring expenses will have no impact on the Non-life Insurance operating combined ratio. Pohjola will recognise these amounts in its financial statements on 31 December 2011. Pohjola keep its earnings estimate unchanged announced in the Q1-3 Interim Report, whereby consolidated earnings before these non-recurring items and tax are expected to be at somewhat the same level in 2011 as in 2010. Pohjola Bank plc Carina Geber-Teir Chief Communications Officer FOR MORE INFORMATION, PLEASE CONTACT Vesa Aho, CFO, tel. +358 (0)10 252 2336 Carina Geber-Teir, Chief Communications, Officer, tel. +358 (0)10 252 8394 DISTRIBUTION NASDAQ OMX Helsinki LTD LSE London Stock Exchange SIX Swiss Exchange Major media pohjola.fi and op.fi Pohjola Bank plc is a Finnish financial services group which provides its customers with banking, non-life insurance and asset management services. Our mission is to promote the prosperity, security and wellbeing of our customers. Profitable growth and an increase in company value form our key objectives. Pohjola Group serves corporate customers in Finland and abroad by providing an extensive range of financial, investment, cash-management and non-life insurance services. We offer non-life insurance and private banking services to corporate customers. Pohjola Series A shares have been listed on the Large Cap List of the NASDAQ OMX Helsinki since 1989. The number of shareholders totals around 35,000. Pohjola's consolidated earnings before tax came to 308 million euros in 2010 and the balance sheet total amounted to 36 billion euros on 31 December 2010. Pohjola is part of OP-Pohjola Group, the leading financial services group in Finland which has over four million customers. [HUG#1571794] |
|||
|