August 21, 2012 / 7:07 AM / in 5 years

Jyske Bank says could reverse 900 mln DKK provision

COPENHAGEN, Aug 21 (Reuters) - Denmark’s second biggest bank by market capitalisation, Jyske Bank, said on Tuesday it could reverse most of a 900 million crowns ($149.17 million) provision taken in the first half of the year due to stricter regulations.

“There is a very good chance that we can reverse that money in some years time,” Chief Executive Anders Dam told Reuters after the bank said its business improved in July and posted a small profit for the first seven months of the year after a loss in the first half.

Dam also said Jyske Bank had the means to could carry out acquisitions for up to 18 billion crowns.

Jyske Bank said in July that stricter rules on loan impairments hit first-half pretax results by about 900 million Danish crowns ($148.07 million), knocking it into the red for the period.

On Tuesday it reported a pretax profit of 42 million crowns for the seven months to end July. ($1 = 6.0332 Danish crowns) (Reporting by Ole Mikkelsen; editing by Jason Neely)

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