June 30, 2020 / 5:11 AM / 4 days ago

BRIEF-Glarner Kantonalbank Restatement On Q1 Results

June 30 (Reuters) - GLARNER KANTONALBANK:

* RESTATEMENT OF THE GLARNER KANTONALBANK ON THE QUARTERLY RESULTS AS AT 31.3.2020

* ANNOUNCES THAT THE FINANCIAL STATEMENTS Q1 PUBLISHED ON 22 APRIL 2020 WERE 688,000 SWISS FRANCS NET OVERSTATED DUE TO AN INCORRECT VALUATION IN FINANCIAL INVESTMENTS

* ACTUAL VALUATION OF THE FINANCIAL ASSETS AMOUNTED TO CHF 272.8 MILLION AS AT 31.3.2020, INSTEAD OF PUBLISHED 273.6 MILLION FRANCS

* TAX DEFERRALS CONTAINED IN THE ACCRUED EXPENSES AND DEFERRED INCOME WERE 110,000 FRANCS TOO HIGH IN THE PUBLISHED RESULT

* OTHER ORDINARY EXPENSES ARISE FROM THE CORRECTION OF VALUATION AS OF 31.3.2020 AT CHF 4.7 MILLION

* BUSINESS SUCCESS IS REDUCED FROM CHF 6.6 MILLION TO CHF 5.8 MILLION

* TAX EXPENDITURE THUS AMOUNTED TO CHF 780,000 INSTEAD OF THE PUBLISHED 890,000 FRANCS

* RESTATEMENT RESULTED IN A CHF 688,000 LOWER PROFIT OF AROUND CHF 5.0 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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