BankNordik P/F - Fyrirtækjafréttir

BankNordik announces preliminary results for 2011

Impact on insurance profits from severe storms in November and December

The Faroe Islands experienced exceptionally bad weather this winter, most
notably tough storms on 24 November and again on 25 December. The financial
impact for the Group's insurance company Trygd has been calculated at DKK 20-25
million. 

Further, preliminary calculations of impairment charges on loans by End-2011
aggregated DKK 90-100 million. Thus they are within - however in the higher end
of - the previously expected range of DKK 50-100 million. 

On the background of these two components BankNordik's result for 2011 is now
calculated on a preliminary basis at DKK 15-25 million before value adjustments
and tax. In the interim report for the third quarter of 2011, published 14
November 2011, a result in the range of DKK 50-80 million was expected for
2011. 

The result includes non-recurring costs of the order of DKK 95 million,
primarily related to the acquisition and integration of the healthy parts of
Amagerbanken Mid-2011. The costs correspond to the expectations disclosed in
October 2011, and the integration is executed according to the plan. 

Publication of the annual report for 2011 is planned for 20 March 2012.



Further information

For further information please contact CEO Janus Petersen or CFO Árni Ellefsen
at +298 330 330.