BankNordik P/F: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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BankNordik P/F Adjusts Management Structure; Reduces Number of Staff in Support Functions; Maintains FY 2012 Profit Guidance
BankNordik P/F announced that it has finalized the integration of the acquired activities from Amagerbanken and adjusts the management structure and reduces the number of staff in support functions. In connection with the organizational restructuring the number of full time employees has been reduced by 14. Adding these layoffs to the reduction in the number of employees in the course of 2012, the number of full time employees now stands at 560 in the Company compared with 583 at the half of 2012 and 612 FTE at the beginning of 2012. Reducing the number of employees by 23 FTE since the half 2012 implies an estimated cost reduction of DKK 15 million annually. Restructuring costs amount to DKK 9 million to be booked in the fourth quarter of 2012 accounts. In addition, the Company maintains the fiscal year 2012 guidance as reported in the half year interim report. The Company expects profit before sector costs, value adjustments and tax of between DKK 80 million and DKK 140 million. According to I/B/E/S Estimates, analysts on average expect the Company to report pre-tax profit of DKK 135.00 million in the fiscal year 2012.
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