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Ringkjøbing Landbobank boosts FY'17 guidance

Ringkjøbing Landbobank A/S on Aug. 2 upwardly revised its projected full-year 2017 core earnings to between 600 million Danish kroner and 665 million kroner.

The previous guidance, set at the beginning of 2017, was in the range of 515 million kroner to 615 million kroner.

The Danish lender said first-half core earnings stood at 348 million kroner, up from 314 million kroner a year earlier and "above budget" for the half. Impairment charges for loans and other receivables decreased to 10 million kroner from the year-ago 24 million kroner; total impairment charges in 2017 are still expected to be lower than in 2016.

The bank also said it has 79 million kroner remaining on a 170 million kroner buyback authorization, and that following the implementation of the 5-for-1 share split announced in May, its share capital is now divided into 22,350,000 shares with a nominal value of 1 krone each.

As of Aug. 1, US$1 was equivalent to 6.30 Danish kroner.