BankNordik P/F reported consolidated and parent earnings results for the year 2011. For the period, on consolidated basis the bank reported net interest income was DKK 547,005,000 against DKK 479,520,000 a year ago. Net interest and fee income was DKK 680,654,000 against DKK 589,019,000 a year ago. Interest and fee income and income from insurance activities was DKK 735,006,000 against DKK 643,679,000 a year ago. Profit before tax was DKK 30,689,000 against DKK 384,632,000 a year ago. Portion attributable to shareholders of the bank was DKK 31,671,000 against DKK 307,484,000 a year ago. Diluted earnings per share were DKK 3.23 against DKK 32.17 a year ago. Cash flow from operations was DKK 2,054,753,000 against cash used in operations of DKK 1,556,221,000 a year ago. Acquisition of intangible assets was DKK 391,100,000 against DKK 335,832,000 a year ago. Acquisition of tangible assets was DKK 102,403,000 against DKK 14,827,000 a year ago. Net operating income improved from DKK 666 million to DKK 754 million, an expected increase in the group's income from insurance activities failed to materialise due to large claims following severe storms in the Faroe Islands in November and December. Operating profit almost doubled to DKK 134 million in 2011 from DKK 73 million in 2010. A key factor in the improvement was the considerable drop in loan impairment charges to DKK 101 million from DKK 200 million in 2010. Return on equity after tax was 1.63% against 17% a year ago. Book value per share was (nom. DKK 100) DKK 992 against DKK 1,050 per share. For the year, on parent basis the bank reported net interest income was DKK 537,957,000 against DKK 467,125,000 a year ago. Net interest and fee income was DKK 673,330,000 against DKK 566,130,000 a year ago. Profit before tax was DKK 20,174,000 against DKK 376,484, 000 a year ago. Cash flow from operations was DKK 2,039,322,000 against cash used in operations of DKK 1,533,906,000 a year ago. Acquisition of intangible assets was DKK 391,100,000 against DKK 332,182,000 a year ago. Acquisition of tangible assets was DKK 99,960,000 against DKK 12,854,000 a year ago. For the year 2012, the bank expects net interest and fee income remain at the same level as in second half 2011. Net income from insurance activities is expected to be at a higher level than in 2011, since 2011 was negatively influenced by exceptionally bad weather. Earnings are expected to improve in 2012. Income from banking and insurance operations to be in the range of DKK 880 million to DKK 930 million. Operating profit before value adjustments, non-recurring items and tax to be DKK 150 million to DKK 200 million. Return on equity excluding non-recurring costs is forecast at 8% to 10%.