Income Statement Danske Andelskassers Bank A/S

Equities

DAB

DK0060299063

Banks

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Jan. 22	Danske Andelskassers Bank sees 2026 pre-tax profit at DKK 100-150 mln	RE
Nov. 21	Danske Andelskassers mulls possibility of issuing senior notes	RE

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Published financial data: DANSKE ANDELSKASSERS BANK A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest Income On Loans	297M	271M	294M	549M	625M
Interest Income On Investments	4.06M	6.26M	10.79M	10.88M	22.91M
Interest Income, Total	301M	277M	305M	560M	648M
Interest On Deposits	-13.48M	-32.63M	-13.56M	61.58M	111M
Interest Expense, Total	-13.48M	-32.63M	-13.56M	61.58M	111M
Net Interest Income	314M	310M	318M	499M	537M
Gain (Loss) on Sale of Assets	-20K	116K	34K	-35K	-10K
Gain (Loss) on Sale of Invest. & Securities - (Rev)	36.57M	60.98M	-48.05M	87.41M	86.44M
Total Other Non Interest Income	259M	292M	314M	280M	271M
Non Interest Income, Total	296M	353M	265M	368M	358M
Revenues Before Provison For Loan Losses	610M	662M	584M	866M	895M
Provision For Loan Losses	26.7M	-14.57M	-29.64M	70.22M	-21.2M
Total Revenues	583M	677M	614M	796M	916M
Occupancy Expense	11M	10.17M	9.28M	9.49M	21.06M
Selling General & Admin Expenses, Total	412M	431M	428M	444M	500M
Total Other Non Interest Expense	34.9M	34.14M	33.2M	37.48M	39.36M
Non Interest Expense, Total	458M	475M	470M	491M	561M
EBT, Excl. Unusual Items	126M	202M	143M	305M	356M
Restructuring Charges	-	-	-	-	-
Asset Writedown	-1.22M	-50K	1.79M	-1M	-956K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	124M	202M	145M	304M	355M
Income Tax Expense	11.22M	4.48M	-4.2M	8.23M	68.05M
Earnings From Continuing Operations	113M	198M	149M	296M	287M
Net Income to Company	113M	198M	149M	296M	287M
Net Income - (IS)	113M	198M	149M	296M	287M
Preferred Dividend and Other Adjustments	26.62M	19.99M	16.38M	16.38M	16.38M
Net Income to Common Incl Extra Items	86.44M	178M	133M	279M	270M
Net Income to Common Excl. Extra Items	86.44M	178M	133M	279M	270M
Per Share Items
Net EPS - Basic	0.48	0.96	0.72	1.3	1.21
Basic EPS - Continuing Operations	0.48	0.96	0.72	1.3	1.21
Basic Weighted Average Shares Outstanding	181M	186M	186M	215M	223M
Net EPS - Diluted	0.48	0.96	0.7	1.3	1.21
Diluted EPS - Continuing Operations	0.48	0.96	0.7	1.3	1.21
Diluted Weighted Average Shares Outstanding	181M	186M	186M	215M	223M
Normalized Basic EPS	0.43	0.68	0.48	0.89	1
Normalized Diluted EPS	0.43	0.68	0.48	0.89	1
Dividend Per Share	-	0.29	0.18	0.37	0.36
Payout Ratio	108.45	10.41	47.05	19.37	34.94
Supplemental Items
Effective Tax Rate - (Ratio)	9.03	2.22	-2.9	2.71	19.19
Total Current Taxes	6.53M	16M	8.5M	18.1M	23.28M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	4.71M	4.03M	9.22M	-7.25M	7.96M
Normalized Net Income	78.44M	126M	89.53M	191M	222M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	11.89M	16.78M	17.71M	-	-
Total Stock-Based Compensation	11.89M	16.78M	17.71M	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	256M	1.52B	1.51B	1.32B	1.65B
Investment Securities, Total	982M	613M	517M	590M	665M
Trading Asset Securities, Total	33.54M	176M	29.16M	15.09M	18.29M
Mortgage Backed Securities	3.9B	3.12B	3.02B	3.21B	3.83B
Total investments	4.92B	3.91B	3.56B	3.81B	4.51B
Gross Loans	6.86B	7.24B	7.48B	8.29B	8.1B
Allowance For Loan Losses	-540M	-444M	-324M	-358M	-326M
Net Loans	6.32B	6.79B	7.15B	7.93B	7.78B
Gross Property Plant And Equipment	142M	133M	131M	135M	121M
Accumulated Depreciation	-37.91M	-37.2M	-36.41M	-37.38M	-38.82M
Net Property Plant And Equipment	104M	95.46M	94.92M	97.68M	82.32M
Investment in Real Estate	11.06M	11.01M	8.05M	6.85M	5.3M
Accrued Interest Receivable	10.84M	10.86M	12.36M	47.48M	127M
Other Receivables	4.93M	-	1.32M	-	1.73M
Restricted Cash	880M	-	-	-	-
Other Current Assets, Total	12.47M	7.62M	-	3.87M	298K
Deferred Tax Assets Long-Term (Collected)	52.03M	68.2M	81.15M	99.34M	62.19M
Other Real Estate Owned And Foreclosed	-	-	-	-	-
Other Long-Term Assets, Total	734M	1.1B	1.53B	2.83B	3.11B
Total Assets	13.3B	13.5B	13.95B	16.14B	17.33B
Liabilities
Accrued Expenses, Total	3.13M	3.22M	3.25M	3.41M	2.79M
Interest Bearing Deposits	1.26B	1.89B	2.2B	4.35B	4.64B
Non-Interest Bearing Deposits	8.68B	8.48B	8.5B	8.03B	8.5B
Total Deposits	9.94B	10.36B	10.7B	12.38B	13.14B
Short-Term Borrowings	475M	178M	149M	180M	134M
Current Portion of Leases	8.2M	7.91M	7.83M	8.73M	8.35M
Long-Term Debt	104M	204M	304M	299M	449M
Long-Term Leases	36.28M	33.54M	33.48M	34.78M	29.95M
Current Income Taxes Payable	-	5.21M	-	8.4M	-
Other Current Liabilities - (Bank / Utility Template)	305M	392M	351M	298M	436M
Pension & Other Post Retirement Benefits	44.01M	41.59M	38.93M	37.07M	24.34M
Other Non Current Liabilities	342M	69.3M	79.8M	63.46M	80.48M
Total Liabilities	11.26B	11.3B	11.67B	13.31B	14.3B
Common Stock, Total	372M	372M	372M	446M	446M
Additional Paid In Capital	53.99M	53.99M	53.99M	289M	289M
Retained Earnings	914M	1.08B	1.16B	1.4B	1.59B
Comprehensive Income and Other	703M	703M	703M	703M	703M
Total Common Equity	2.04B	2.21B	2.29B	2.83B	3.03B
Total Equity	2.04B	2.21B	2.29B	2.83B	3.03B
Total Liabilities And Equity	13.3B	13.5B	13.95B	16.14B	17.33B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	184M	186M	186M	223M	223M
ECS Total Common Shares Outstanding	184M	186M	186M	223M	223M
Book Value / Share	9.65	10.46	10.88	11.53	12.4
Tangible Book Value	2.04B	2.21B	2.29B	2.83B	3.03B
Tangible Book Value Per Share	9.65	10.46	10.88	11.53	12.4
Total Debt	624M	424M	494M	523M	621M
Net Debt	334M	-1.27B	-1.04B	-810M	-1.05B
Full Time Employees	296	295	307	297	321

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	113M	198M	149M	296M	287M
Depreciation, Depletion & Amortization	22.46M	11.28M	12.67M	12.75M	13.73M
Total Depreciation, Depletion & Amortization	22.46M	11.28M	12.67M	12.75M	13.73M
Total Asset Writedown	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-1.33B	304M	-93.58M	-1.12B	-473M
Other Operating Activities	41.86M	5.41M	-31.99M	67.83M	45.65M
Cash from Operations	-1.15B	519M	36.36M	-741M	-127M
Capital Expenditure	-2.66M	-	-960K	-2.22M	-624K
Sale of Property, Plant, and Equipment	-	1.66M	-	-	-
Cash from Investing	-2.66M	1.66M	-960K	-2.22M	-624K
Long-Term Debt Issued, Total	-	-	99.25M	-	-
Total Debt Issued	-	-	99.25M	-	-
Long-Term Debt Repaid, Total	-8.41M	-8.13M	-7.91M	-113M	-9.37M
Total Debt Repaid	-8.41M	-8.13M	-7.91M	-113M	-9.37M
Issuance of Common Stock	337M	111M	823K	409M	150M
Repurchase of Common Stock	-1.77M	-262M	-	-1K	-95K
Common Dividends Paid	-123M	-20.56M	-70.22M	-57.27M	-100M
Common & Preferred Stock Dividends Paid	-123M	-20.56M	-70.22M	-57.27M	-100M
Net Increase (Decrease) in Deposit Accounts - (CF)	333M	71.36M	-67.61M	316M	424M
Special Dividend Paid	-	-25.98M	-	-	-
Other Financing Activities, Total	-5.74M	-5.73M	-	-	-
Cash from Financing	531M	-140M	-45.66M	555M	465M
Net Change in Cash	-621M	380M	-10.26M	-189M	337M
Supplemental Items
Cash Interest Paid	5.74M	5.73M	7.79M	12.78M	7.73M
Cash Income Tax Paid (Refund)	9.84M	11.58M	13.99M	16.41M	40.68M
Net Debt Issued / Repaid	-8.41M	-8.13M	91.34M	-113M	-9.37M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.88	1.47	1.09	1.96	1.71
Return On Equity %	5.62	9.3	6.65	11.55	9.78
Return on Common Equity	4.3	8.36	5.92	10.91	9.22
Shareholders Value Added	-128M	-57.4M	-120M	-11.57M	-65.18M
Margin Analysis
SG&A Margin	72.49	65.11	71.24	56.99	56.89
Net Interest Income / Total Revenues %	53.89	45.75	51.9	62.65	58.66
EBT Excl. Non-Recurring Items Margin %	21.53	29.85	23.35	38.3	38.81
Income From Continuing Operations Margin %	19.39	29.18	24.33	37.14	31.28
Net Income Margin %	19.39	29.18	24.33	37.14	31.28
Net Avail. For Common Margin %	14.83	26.22	21.66	35.08	29.49
Normalized Net Income Margin	13.45	18.65	14.59	23.94	24.26
Asset quality
Allowance for Credit Losses / Total Loans %	7.87	6.13	4.34	4.32	4.02
Capital And Funding
Total Average Common Equity / Total Average Assets %	15.6	15.85	16.36	17.01	17.51
Total Average Equity / Total Average Assets %	15.6	15.85	16.36	17.01	17.51
Total Equity + Allowance for Loan Losses / Total Loans %	37.67	36.61	34.91	38.52	41.4
Gross Loans / Total Deposits %	68.98	69.84	69.88	66.94	61.69
Net Loans / Total Deposits %	63.55	65.55	66.85	64.05	59.21
Interbank Ratio	19.63	44.22	30.37	24.67	40.22
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	-8.22	-5.19	-9.7	5.93	4.2
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	-9.9	-1.42	2.8	56.59	7.8
Non Interest Income, 1 Yr. Growth %	-38	19.36	-24.73	38.43	-2.71
Provision For Loan Losses, 1 Yr. Growth %	11.62	-154.57	103.47	-336.89	-130.19
Total Revenues, 1 Yr. Growth %	-27.25	16.13	-9.38	29.72	15.12
Earnings From Cont. Operations, 1 Yr. Growth %	-67.63	74.72	-24.44	98.06	-3.05
Net Income, 1 Yr. Growth %	-67.63	74.72	-24.44	98.06	-3.05
Normalized Net Income, 1 Yr. Growth %	-63.54	61.01	-29.11	112.8	16.65
Diluted EPS Before Extra, 1 Yr. Growth %	-74.84	100.15	-26.85	85.7	-6.81
Dividend Per Share, 1 Yr. Growth %	-	-	-36.79	105.56	-2.7
Gross Loans, 1 Yr. Growth %	-2.2	5.56	3.31	10.8	-2.19
Allowance For Loan Losses, 1 Yr. Growth %	-10.24	-17.77	-26.91	10.38	-9.01
Net Loans, 1 Yr. Growth %	-1.44	7.56	5.29	10.82	-1.88
Total Assets, 1 Yr. Growth %	6.36	1.54	3.31	15.71	7.34
Total Deposits, 1 Yr Growth %	7.41	4.27	3.24	15.68	6.13
Tangible Book Value, 1 Yr. Growth %	3.08	7.99	3.62	23.96	6.9
Common Equity, 1 Yr. Growth %	3.08	7.99	3.62	23.96	6.9
Total Equity, 1 Yr. Growth %	3.08	7.99	3.62	23.96	6.9
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	-4.07	-5.75	0.67	26.88	29.92
Non Interest Income, 2 Yr. CAGR %	16.72	-13.98	-5.22	2.08	16.05
Provision For Loan Losses, 2 Yr. CAGR %	83.36	-21.96	5.37	119.55	-15.43
Total Revenues, 2 Yr. CAGR %	2.92	-8.09	2.59	8.42	22.2
Earnings From Cont. Operations, 2 Yr. CAGR %	-5.86	-24.79	14.9	22.33	38.57
Net Income, 2 Yr. CAGR %	-5.86	-24.79	14.9	22.33	38.57
Normalized Net Income, 2 Yr. CAGR %	8.11	-23.38	6.84	22.82	57.55
Diluted EPS Before Extra, 2 Yr. CAGR %	-17.36	-29.03	21	16.55	31.55
Dividend Per Share, 2 Yr. CAGR %	-	-28.04	-	12.95	41.42
Gross Loans, 2 Yr. CAGR %	-0.3	1.61	4.43	6.99	4.1
Allowance For Loan Losses, 2 Yr. CAGR %	-8.88	-14.08	-22.48	-10.18	0.22
Net Loans, 2 Yr. CAGR %	0.55	2.96	6.42	8.02	4.28
Total Assets, 2 Yr. CAGR %	9.47	3.92	2.42	9.34	11.45
Total Deposits, 2 Yr CAGR %	7.49	5.83	3.76	9.28	10.8
Tangible Book Value, 2 Yr. CAGR %	19.67	5.51	5.78	13.34	15.12
Common Equity, 2 Yr. CAGR %	19.67	5.51	5.78	13.34	15.12
Total Equity, 2 Yr. CAGR %	19.67	5.51	5.78	13.34	15.12
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	-1.82	-3.2	-2.98	16.64	20.17
Non Interest Income, 3 Yr. CAGR %	5.87	17.59	-17.72	7.54	0.46
Provision For Loan Losses, 3 Yr. CAGR %	-13.88	22.42	7.41	38.04	13.32
Total Revenues, 3 Yr. CAGR %	2.63	7.14	-8.52	10.93	10.61
Earnings From Cont. Operations, 3 Yr. CAGR %	10.21	15.69	-24.68	37.76	13.21
Net Income, 3 Yr. CAGR %	10.21	15.69	-24.68	37.76	13.21
Normalized Net Income, 3 Yr. CAGR %	5.44	23.46	-25.34	34.42	20.73
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.48	10.98	-28.31	39.57	8.18
Dividend Per Share, 3 Yr. CAGR %	-	-	-31.08	-	7.47
Gross Loans, 3 Yr. CAGR %	-0.57	1.62	2.17	6.52	3.84
Allowance For Loan Losses, 3 Yr. CAGR %	-13.84	-11.94	-18.59	-12.78	-9.79
Net Loans, 3 Yr. CAGR %	0.99	2.83	3.73	7.87	4.61
Total Assets, 3 Yr. CAGR %	7.2	6.76	3.72	6.67	8.67
Total Deposits, 3 Yr CAGR %	5.42	6.41	4.96	7.59	8.22
Tangible Book Value, 3 Yr. CAGR %	12.99	15.64	4.87	11.52	11.15
Common Equity, 3 Yr. CAGR %	12.99	15.64	4.87	11.52	11.15
Total Equity, 3 Yr. CAGR %	12.99	15.64	4.87	11.52	11.15
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	-1.17	-2.92	-0.83	7.87	9.04
Non Interest Income, 5 Yr. CAGR %	3.62	10.98	1.29	11.12	-5.59
Provision For Loan Losses, 5 Yr. CAGR %	-25.77	-25.75	-6.64	54.64	-2.38
Total Revenues, 5 Yr. CAGR %	4.76	6.07	2.62	7.65	2.71
Earnings From Cont. Operations, 5 Yr. CAGR %	56.95	39.07	12.06	18.3	-3.88
Net Income, 5 Yr. CAGR %	56.95	39.07	12.06	18.3	-3.88
Normalized Net Income, 5 Yr. CAGR %	108.94	21.54	6	23.21	0.65
Diluted EPS Before Extra, 5 Yr. CAGR %	15.98	57.1	7.61	13.18	-8.61
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-8.46
Gross Loans, 5 Yr. CAGR %	0.45	1.22	1.4	3.74	2.94
Allowance For Loan Losses, 5 Yr. CAGR %	-15.69	-14.59	-17.4	-11.24	-11.53
Net Loans, 5 Yr. CAGR %	3.05	3.09	3.13	4.88	3.95
Total Assets, 5 Yr. CAGR %	4.75	4.79	5.26	7.78	6.74
Total Deposits, 5 Yr CAGR %	3.63	4.27	4.75	7.55	7.26
Tangible Book Value, 5 Yr. CAGR %	11.24	12.17	10.05	14.71	8.86
Common Equity, 5 Yr. CAGR %	11.24	12.17	10.05	14.71	8.86
Total Equity, 5 Yr. CAGR %	11.24	12.17	10.05	14.71	8.86