for loans and advances represents DKK 3,784m (2018: DKK 3,966m). The income includes the consolidated profit on holdings in associates and subsidiaries of DKK 0m (2018: DKK 22m). Total costs including non-recurring costs of DKK 81m (2018: DKK 52m) constitute DKK 2,795m (2018: DKK 2,721m). A reversal of impairment charges for bank loans and advances of DKK 97m (2018: DKK 122m) has been recorded. Pre-tax profit amounts to DKK 1,079m (2018: DKK 1,359m). Post-tax profit amounts to DKK 861m (2018: DKK 1,123m). Subsidiaries Profit after tax of the subsidiaries represents DKK 4m (2018: DKK 21m). Group – Q4 2019 The Group’s profit before tax for the quarter stands at DKK 271m. Tax represents DKK 76m and profit for the period amounts to DKK 195m. • impairment charges for loans and advances of minus DKK 48m (Q3: minus DKK 15m) • investment portfolio earnings of minus DKK 14m (Q3: minus DKK 19m). Total assets The Group’s total assets made up DKK 147.7bn at year-end 2019 against DKK 140.5bn at year-end 2018. Assets Group – year-end (DKKbn) Amounts owed by credit institutions etc Loans and advances at fair value (reverse transactions) Loans and advances at amortised cost (bank loans and advances) Securities and holdings etc Assets related to pooled plans Other assets etc Total 2019 11.3 2018 15.8 12.6 6.5 60.6 34.7 19.0 9.5 147.7 61.0 32.0 16.2 9.0 140.5 Compared with Q3 2019 profit before tax shows: • a core income of DKK 926m (Q3: DKK 924m) • a trading income of DKK 38m (Q3: DKK 50m) • costs (core earnings) of DKK 703m (Q3: DKK 651m) Quarterly results Group (DKKm) Core income Trading income Total income Costs, core earnings Core earnings before impairment Impairment of loans and advances etc Core earnings Investment portfolio earnings Profit before non-recurring items Non-recurring items, net Profit before tax Tax Profit for the period Q4 2019 926 38 964 703 261 (48) 309 (14) 295 (24) 271 76 195 Q3 2019 924 50 974 651 323 (15) 338 (19) 319 12 331 62 269 Q2 2019 905 40 945 710 235 (20) 255 (14) 241 (22) 219 35 184 Q1 2019 900 96 996 719 277 (14) 291 (14) 277 (17) 260 55 205 Q4 2018 948 (2) 946 686 260 (51) 311 (59) 252 (25) 227 32 195 2019 Annual Report / SYDBANK 17
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