BankNordik P/F - Company Announcement

BankNordik announces rationalisations measures and publishes preliminary figures for 2012

The implemented cost savings will be used to enhance customer offering.
The preliminary figures for 2012 are released, and the profit is in line with
the expectations. 



BankNordik announces a reorganisation of it's customer handling at branch level
and establishes a new customer service centre. These changes provide some
rationalisations, but also offer a better framework to service the bank's
customers in a swift and efficient way. At the same time, the rationalisations
achieved will support the Bank's competitiveness in attracting new customers. 

Rationalisations will benefit customers

In connection with today's organisational adjustment the number of full-time
employees is reduced by 23, leaving the number of full-time employees in the
banking division of the group at 447. The reduced number of employees yields an
estimated annual cost reduction of DKK 15 million, bringing total cost
reductions since beginning of 2012 to DKK 50 million. 

One of the BankNordik's objectives is to be among the most efficient banks on
the market in order to have a competitive customer offering. Cost reductions
therefore remain on the Bank's agenda, but with the major organisational
adjustments announced today, further reductions in staff costs will primarily
take place through the normal churn of employees. 

New customer offerings

”We plan to use some of the achieved rationalisations to improve our customer
offering within the next few months”, says Janus Petersen, CEO of BankNordik.
“We are now allocating more resources to proactively advice customers with a
complex demand for financial services.” 

Also, the Bank's efficient online offerings and customer service centres are
available for those customers who prefer to do their banking business online or
via the telephone. 

Profit for 2012 in line with guidance

“Our preliminary figures for 2012 show that the profit is in line with our
guidance at the beginning of that year. And the figures clearly demonstrate
that we are on the right track”, comments Janus Petersen, CEO of BankNordik. 

The preliminary operating profit in 2012 landed in the DKK 180-190 million
range before one-offs and other items such as value adjustments and sector
costs. At the beginning of the year the management guided this figure to be in
the range DKK 150-200 million. 

After one-off costs to integration and restructuring of DKK 70 million the
figure will be in the DKK 110-120 million range before special items compared
with DKK 50 million in 2011. This figure is also in line with the guided range
of DKK 80-140 million. 

BankNordik plans to publish the annual report for 2012 on March 5th 2012.



For further information please contact:

Janus Petersen, CEO, phone (+298) 330 340

Árni Ellefsen, CFO, phone (+298) 330 348

Investor Relations: ir@banknordik.fo



BankNordik was founded more than 100 years ago in the Faroe Islands. The Group
has banking activities in Denmark, Greenland and the Faroe Islands and
insurance activities in the Faroe Islands and Iceland. The Group has total
assets of DKK 18bn and 530 employees. The Bank is subject to the supervision of
the Danish Financial Supervisory Authority and is listed on NASDAQ OMX.
www.banknordik.com.