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BankNordik lowers FY'16 profit guidance on weather claims

Faroe Islands-based P/F BankNordik lowered its full-year 2016 profit forecast after incurring extraordinarily high insurance claims from harsh weather conditions in December.

The claims are expected to amount to between 15 million and 20 million Danish kroner, the lender said. As a result, profit before impairment charges net of reinsurance, nonrecurring items, value adjustments and tax is now expected to amount to between 165 million and 180 million kroner, compared to an earlier estimate of between 175 million and 200 million kroner.

The final result will be subject to the final settlement of insurance claims, net of reinsurance, as well as general economic conditions.

As of Dec. 27, US$1 was equivalent to 7.11 Danish kroner.