This document is an unofficial translation of the Danish original. In the event
of any inconsistencies, the Danish version shall apply.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 23 April 2008 |
--------------------------------------------------------------------------------
| OMX Den Nordiske Børs København | |
| Nikolaj Plads 6 | |
| 1007 København K | |
--------------------------------------------------------------------------------
Stock exchange announcement no 10/2008
Lokalbanken i Nordsjælland's interim report for Q1 2008
Lokalbanken's Supervisory Board today approved the Bank's interim report for Q1
2008.
Pre-tax profit of DKK 41.2m - 27% up on Q1 2007
An 8.5% decline in profit before impairment losses and translation/market value
adjustments
Translation/market value adjustments of DKK 23.2m
Unchanged expected pre-tax profit for the year of DKK 90 -110m.
--------------------------------------------------------------------------------
| Key figures | Q1 | Q1 | FY |
| (DKK'000) | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net interest and fee income | 67,701 | 68,111 | 287,162 |
--------------------------------------------------------------------------------
| Translation/market value adjustments | 23,167 | 5,454 | -4,485 |
--------------------------------------------------------------------------------
| Staff costs and administrative | 48,637 | 45,866 | 196,942 |
| expenses | | | |
--------------------------------------------------------------------------------
| Impairment losses on loans, advances | -93 | -5,780 | 3,090 |
| and receivables etc | | | |
--------------------------------------------------------------------------------
| Income from investments in | -41 | -135 | 92 |
| associates and subsidiaries | | | |
--------------------------------------------------------------------------------
| Profit before tax | 41,158 | 32,312 | 81,713 |
--------------------------------------------------------------------------------
| Profit after tax | 30,869 | 22,569 | 63,226 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deposits | 3,406,781 | 3,290,132 | 3,414,512 |
--------------------------------------------------------------------------------
| Loans and advances | 4,013,902 | 3,114,399 | 3,928,320 |
--------------------------------------------------------------------------------
| Total assets | 5,579,766 | 4,850,559 | 5,760,180 |
--------------------------------------------------------------------------------
| Equity | 696,630 | 654,671 | 677,736 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Guarantees etc | 1,580,061 | 2,895,166 | 1,886,301 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key ratios | Q1 | Q1 | Full year |
| | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital adequacy | | | |
--------------------------------------------------------------------------------
| Capital adequacy ratio | 12.8 | 13.8 | 12.8 |
--------------------------------------------------------------------------------
| Core capital ratio | 10.9 | 12.8 | 11.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings | | | |
--------------------------------------------------------------------------------
| Return on equity before tax for | 6.0 | 5.0 | 12.3 |
| the period in % | | | |
--------------------------------------------------------------------------------
| Return on equity after tax for the | 4.5 | 3.5 | 9.5 |
| period in % | | | |
--------------------------------------------------------------------------------
| Operating income over operating | 1.82 | 1.77 | 1.40 |
| expenses | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Market risks | | | |
--------------------------------------------------------------------------------
| Interest rate risk in % | 0.9 | 1.7 | 1.1 |
--------------------------------------------------------------------------------
| Currency position in % | 7.6 | 4.0 | 68.4 |
--------------------------------------------------------------------------------
| Currency risk in % | 0.1 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Credit risks | | | |
--------------------------------------------------------------------------------
| Loans and advances in ratio to | 121.9 | 99.2 | 119.4 |
| deposits in % | | | |
--------------------------------------------------------------------------------
| Loans and advances in ratio to | 5.8 | 4.8 | 5.8 |
| equity | | | |
--------------------------------------------------------------------------------
| Loan growth for the period in % | 2.2 | 2.1 | 28.8 |
--------------------------------------------------------------------------------
| The sum of large commitments in % | 127.5 | -* | 178.5 |
--------------------------------------------------------------------------------
| Impairment ratio for the period | 0.0 | -0.1 | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquidity | | | |
--------------------------------------------------------------------------------
| Excess liquidity in relation to | 95.6 | 73.1 | 116.4 |
| statutory requirements of | | | |
| liquidity in % | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The share | | | |
--------------------------------------------------------------------------------
| Earnings per share for the period | 57.2 | 41.8 | 123,2 |
| (DKK 100 nominal) | | | |
--------------------------------------------------------------------------------
| Book value per share (DKK 100 | 1.358 | 1,241 | 1,320 |
| nominal) | | | |
--------------------------------------------------------------------------------
| Dividends per share (DKK 100 | - | - | 20 |
| nominal) | | | |
--------------------------------------------------------------------------------
| Listed price/earnings per share | 24.7 | 51.5 | 16,8 |
| for the period (DKK 100 nominal) | | | |
--------------------------------------------------------------------------------
| Listed price (DKK 100 | 1.04 | 1.74 | 1,56 |
| nominal)/book value per share in | | | |
| DKK | | | |
--------------------------------------------------------------------------------
| Share price at period-end (DKK 100 | 1.410 | 2.154 | 2,064 |
| nominal) | | | |
--------------------------------------------------------------------------------
* As a result of adopting the transitional provisions for calculating capital
adequacy, Basel II, the Bank was not obliged to draw up the key ratio for large
commitments for Q1 2007, and so this key ratio has not been stated.
Management's review on the interim report for Q1 2008
Development in activities and finances
Net interest income has increased by 6% on Q1 2007 despite a narrowing of the
Bank's interest margin. Interest expenses have gone up considerably in
connection with interest rate increases, fiercer competition on the deposits
market as well as higher inter-bank interest rates.
With respect to fees, Q1 has been characterised by less activity than in the
same period last year. This has contributed to lower commission income from
refinancing and home buying as well as commission from securities trading. Fee
and commission income has accordingly dropped by 17% on Q1 2007 to DKK 19.1m.
Translation/market value adjustments generated income to the Bank of DKK 23.2m
against DKK 5.4m in Q1 the year before. This includes a capital gain of DKK 29m
from a subsequent adjustment in connection with the divestment of Totalkredit to
Nykredit. The Bank's own portfolio has in Q1 generated a capital loss of DKK
8.5m. This is a result of the general trend of declining prices and turbulence
on the financial markets which have affected performance for Q1 2008. The Bank
continuously aims for a limited risk on the portfolio of shares and bonds.
The Bank's costs have gone up by 6% compared to the year before, primarily as a
result of increased staff costs and administrative expenses. Costs develop as
expected.
Impairment losses on loans and advances and receivables etc result in an income
of DKK 0.1m compared with an income of DKK 5.8m in Q1 2007. The change is a
result of the Bank no longer having the same basis for reversing impairment
losses because of very favourable conditions for the Bank's commercial customers
in particular.
The Bank's profit before translation/market value adjustments and impairment
losses has gone down by 8.5% on Q1 2007.
The Bank's pre-tax profit has improved by 27% on Q1 2007 and results in a return
on equity of 6.0%. The capital adequacy ratio is 12.8% and is accordingly higher
than the Bank's aim of 12.5% specified in its policy, and is also a satisfactory
excess cover compared to the statutory requirement of 8%.
Liquidity
After Q1 2008, the Bank's excess liquidity was 95.6%.
With its present composition of liquidity, the Bank does not depend so much on
the day-to-day money market. The Bank aims to reduce its dependency on the
day-to-day money market by ensuring longer current facilities to finance growth.
This helps reduce the risk of lacking liquidity, but at the same time affects
the Bank's operations through increased interest expenses.
None of the existing, utilised facilities with other banks expire in 2008, and
will therefore not need refinancing in this financial year.
Totalkredit
The original purchase agreement from 2003 on the sale of Totalkredit to Nykredit
included a subsequent adjustment of Nykredit's acquisition price for
Totalkredit, which was dependent on Totalkredit's market share at 1 April 2010.
Diversification will however hamper a precise calculation of Totalkredit's
market share in 2010. For this reason, Nykredit has offered to set the market
share at 35% at 1 April 2010. This implies an additional payment of DKK 29m to
Lokalbanken. Even if the amount is paid at 1 October 2012 as originally agreed,
the additional payment is recognised as a capital gain in the income statement
in Q1 2008.
Establishment of a new company: MatchPoint Virksomhedsmægler A/S
Lokalbanken has in cooperation with DiBa Bank, Skælskør Bank, Totalbanken and
Carsten Stig Nielsen established a new company - MatchPoint Virksomhedsmægler
A/S. MatchPoint is to render strategic and financial advisory services in
connection with acquisition and sale of enterprises, mergers, succession,
funding, preparation for stock exchange listings and listings. The target group
is small and medium-sized enterprises in particular.
Lokalbanken has invested DKK 2.25m in the company.
The Danish Competition Authority
The case against the seven banks, the so-called Lokalbank cooperation, has now
been closed. The banks have accepted a fine of DKK 570,000 per bank, which was
paid on 15 April 2008 and therefore not included in the results for Q1.
Events after 31 March 2008
No events or unusual circumstances have occurred after 31 March 2008 which would
materially influence the Bank's financial position.
Outlook for all of 2008
The ongoing credit crisis causes some uncertainty as to the development in
activities as well as losses and impairment losses. As mentioned in the annual
report for 2007, the Bank expects a moderate improvement of profit before tax
and impairment losses for 2008. This view is presently maintained despite the
uncertainty, and the Bank expects an unchanged pre-tax profit of DKK 90 -110m
for the financial year 2008.
Accounting policies
The accounting policies remain unchanged compared to the annual report for 2007.
Statement by Management on the interim report
The Supervisory and Executive Boards have today presented the interim report for
Q1 2008 for Lokalbanken i Nordsjælland a/s.
We consider the accounting policies appropriate for the interim report to
provide a true and fair view of the Lokalbanken's financial position and
results.
The interim report has not been audited or reviewed.
Yours faithfully
Lokalbanken i Nordsjælland a/s
Erik Uttenthal Bruno Riis-Nielsen
Chairman of the Supervisory Board CEO
Appendices: Income statement
Balance sheet
Statement of changes in equity
Notes
--------------------------------------------------------------------------------
| Income statement | | Q1 | | Q1 | | FY |
| (DKK'000) | | 2008 | | 2007 | | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Not | | | | | | | |
| e | | | | | | | |
--------------------------------------------------------------------------------
| 1 | Interest income | | 86,861 | | 69,383 | | 305,434 |
--------------------------------------------------------------------------------
| 2 | Interest expenses | | 36,110 | | 21,700 | | 105,178 |
--------------------------------------------------------------------------------
| | Net interest income | | 50,751 | | 47,683 | | 200,256 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Dividends on shares etc | | 65 | | 187 | | 1,242 |
--------------------------------------------------------------------------------
| 3 | Fees and commission | | 19,107 | | 22,971 | | 95,704 |
| | income | | | | | | |
--------------------------------------------------------------------------------
| | Ceded fees and | | 2,222 | | 2,730 | | 10,040 |
| | commission expenses | | | | | | |
--------------------------------------------------------------------------------
| | Net interest and fee | | 67,701 | | 68,111 | | 287,162 |
| | income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 | Translation/market value | | 23,167 | | 5,454 | | -4,485 |
| | adjustments | | | | | | |
--------------------------------------------------------------------------------
| | Other operating income | | 289 | | 691 | | 5,140 |
--------------------------------------------------------------------------------
| 5 | Staff costs and | | 48,637 | | 45,866 | | 196,942 |
| | administrative expenses | | | | | | |
--------------------------------------------------------------------------------
| | Depreciation, | | 640 | | 969 | | 3,654 |
| | amortisation and | | | | | | |
| | impairment losses on | | | | | | |
| | intangible assets and | | | | | | |
| | property, plant and | | | | | | |
| | equipment | | | | | | |
--------------------------------------------------------------------------------
| | Other operating expenses | | 774 | | 754 | | 2,510 |
--------------------------------------------------------------------------------
| | Impairment losses on | | -93 | | -5,780 | | 3,090 |
| | loans, advances and | | | | | | |
| | receivables etc | | | | | | |
--------------------------------------------------------------------------------
| 6 | Profit/loss from | | -41 | | -135 | | 92 |
| | investments in | | | | | | |
| | associates and | | | | | | |
| | subsidiaries | | | | | | |
--------------------------------------------------------------------------------
| | Profit before tax | | 41,158 | | 32,312 | | 81,713 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Tax on profit for the | | 10,289 | | 9,743 | | 18,487 |
| | period | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| | Profit for the period | | 30,869 | | 22,569 | | 63,226 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance sheet | | Q1 | | Q1 | | FY |
| (DKK'000) | | 2008 | | 2007 | | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Not | ASSETS | | | | | | |
| e | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Cash and demand deposits | | 118,03 | | 40,506 | | 55,003 |
| | with central banks | | 2 | | | | |
--------------------------------------------------------------------------------
| | Receivables from credit | | 985,17 | | 980,883 | | 1,098,8 |
| | institutions and central | | 9 | | | | 02 |
| | banks | | | | | | |
--------------------------------------------------------------------------------
| | Loans, advances and other | | 4,013, | | 3,114,3 | | 3,928,3 |
| | receivables at amortised | | 902 | | 99 | | 20 |
| | cost | | | | | | |
--------------------------------------------------------------------------------
| | Bonds at fair value | | 149,35 | | 408,290 | | 334,078 |
| | | | 6 | | | | |
--------------------------------------------------------------------------------
| | Shares etc | | 142,60 | | 158,722 | | 182,183 |
| | | | 3 | | | | |
--------------------------------------------------------------------------------
| | Investments in associates | | 2,250 | | | | |
--------------------------------------------------------------------------------
| | Investments in | | 1,151 | | 511 | | 738 |
| | subsidiaries | | | | | | |
--------------------------------------------------------------------------------
| | Owner-occupied properties, | | 108,18 | | 101,013 | | 105,697 |
| | land and buildings | | 0 | | | | |
--------------------------------------------------------------------------------
| | Other property, plant and | | 3,748 | | 2,711 | | 3,726 |
| | equipment | | | | | | |
--------------------------------------------------------------------------------
| | Current tax assets | | 6,475 | | 0 | | 4,710 |
--------------------------------------------------------------------------------
| | Deferred tax assets | | 15,553 | | 2,500 | | 15,553 |
--------------------------------------------------------------------------------
| | Other assets | | 27,250 | | 35,314 | | 27,117 |
--------------------------------------------------------------------------------
| | Prepayments | | 6,087 | | 5,710 | | 4,253 |
--------------------------------------------------------------------------------
| | Total assets | | 5,579, | | 4,850,5 | | 5,760,1 |
| | | | 766 | | 59 | | 80 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance sheet | | Q1 | | Q1 | | FY |
| (DKK'000) | | 2008 | | 2007 | | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | EQUITY AND LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Payables | | | | | | |
--------------------------------------------------------------------------------
| | Payables to credit | | 1,103, | | 553,888 | | 1,300,9 |
| | institutions and central | | 287 | | | | 90 |
| | banks | | | | | | |
--------------------------------------------------------------------------------
| | Deposits and other | | 3,406, | | 3,290,1 | | 3,414,5 |
| | payables | | 781 | | 32 | | 12 |
--------------------------------------------------------------------------------
| | Issued bonds at amortised | | 187,27 | | 185,524 | | 189,034 |
| | cost | | 3 | | | | |
--------------------------------------------------------------------------------
| | Current tax payables | | 0 | | 7,629 | | 0 |
--------------------------------------------------------------------------------
| | Other liabilities | | 64,915 | | 46,037 | | 61,961 |
--------------------------------------------------------------------------------
| | Deferred income | | 1,450 | | 1,816 | | 912 |
--------------------------------------------------------------------------------
| | Total payables | | 4,763, | | 4,085,0 | | 4,967,4 |
| | | | 706 | | 26 | | 09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Provisions | | | | | | |
--------------------------------------------------------------------------------
| | Provisions for pensions | | 325 | | 275 | | 325 |
| | and similar liabilities | | | | | | |
--------------------------------------------------------------------------------
| | Provisions for deferred | | | | | | |
| | tax | | | | | | |
--------------------------------------------------------------------------------
| | Provisions for loss on | | 19,105 | | 10,087 | | 14,710 |
| | guarantees | | | | | | |
--------------------------------------------------------------------------------
| | Other provisions | | 0 | | 500 | | 0 |
--------------------------------------------------------------------------------
| | Total provisions | | 19,430 | | 10,862 | | 15,035 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Subordinated debt | | 100,00 | | 100,000 | | 100,000 |
| | | | 0 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Equity | | | | | | |
--------------------------------------------------------------------------------
| | Share capital | | 54,000 | | 54,000 | | 54,000 |
--------------------------------------------------------------------------------
| | Revaluation reserve | | 12,398 | | 8,662 | | 12,398 |
--------------------------------------------------------------------------------
| | Statutory reserves | | 151 | | 85 | | 151 |
--------------------------------------------------------------------------------
| | Retained earnings | | 630,08 | | 591,924 | | 600,387 |
| | | | 1 | | | | |
--------------------------------------------------------------------------------
| | Proposed dividends | | 0 | | 0 | | 10,800 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total equity | | 696,63 | | 654,671 | | 677,736 |
| | | | 0 | | | | |
--------------------------------------------------------------------------------
| | Total equity and | | 5,579, | | 4,850,5 | | 5,760,1 |
| | liabilities | | 766 | | 59 | | 80 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7 | Contingent liabilities | | | | | | |
--------------------------------------------------------------------------------
| | Guarantees etc | | 1,575, | | 2,890,0 | | 1,881,7 |
| | | | 492 | | 52 | | 32 |
--------------------------------------------------------------------------------
| | Other contingent | | 4,569 | | 5,114 | | 4,569 |
| | liabilities | | | | | | |
--------------------------------------------------------------------------------
| | Total contingent | | 1,580, | | 2,895,1 | | 1,886,3 |
| | liabilities | | 061 | | 66 | | 01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Statement of | Share | Revalua | Statuto | Retaine | Propose | Total |
| changes in | capital | tion | ry | d | d | |
| equity | | reserve | reserve | Earning | dividen | |
| (DKK'000) | | | s | s | ds | |
| | | | subsidi | | | |
| | | | aries | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 | 54,000 | 8,662 | 85 | 572,985 | 10,800 | 646,532 |
| December 2006 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Fair value | | 3,736 | | | | 3,736 |
| adjustment of | | | | | | |
| owner-occupied | | | | | | |
| properties | | | | | | |
--------------------------------------------------------------------------------
| Dividends on | | | | 240 | | 240 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Income | | 3,736 | | 240 | | 3,976 |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the | | | | 52,427 | 10,800 | 63,227 |
| period | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Total income | | 3,736 | | 52,667 | 10,800 | 67,203 |
| recognised in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividends paid | | | | | -10,800 | -10,800 |
--------------------------------------------------------------------------------
| Acquisition of | | | | 118,474 | | 118,474 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Sale of own | | | | 84,100 | | 84,100 |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | | 1,064 | | 1,064 |
| incentive | | | | | | |
| schemes | | | | | | |
--------------------------------------------------------------------------------
| Tax on equity | | | | 8,111 | | 8,111 |
| items | | | | | | |
--------------------------------------------------------------------------------
| Subsidiaries | | | 66 | -66 | | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 | 54,000 | 12,398 | 151 | 600,387 | 10,800 | 677,736 |
| December 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividends paid | | | | | -10,800 | -10,800 |
--------------------------------------------------------------------------------
| Acquisition and | | | | -1,712 | | -1,712 |
| sale of own | | | | | | |
| shares, net | | | | | | |
--------------------------------------------------------------------------------
| Dividends from | | | | 537 | | 537 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | 30,869 | | 30,869 |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 | 54,000 | 12,398 | 151 | 630,081 | 0 | 696,630 |
| March 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 | 54,000 | 8,662 | 85 | 572,985 | 10,800 | 646,532 |
| December 2006 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividends paid | | | | | -10,800 | -10,800 |
--------------------------------------------------------------------------------
| Acquisition and | | | | -3,870 | | -3,870 |
| sale of own | | | | | | |
| shares, net | | | | | | |
--------------------------------------------------------------------------------
| Dividends from | | | | 240 | | 240 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | 22,569 | | 22,569 |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 | 54,000 | 8,662 | 85 | 591,924 | 0 | 654,671 |
| March 2007 | | | | | | |
--------------------------------------------------------------------------------
The Bank has a portfolio of own shares, corresponding to 5.0% of the Bank's
share capital, which has been deducted from the retained earnings under equity.
--------------------------------------------------------------------------------
| Notes | | Q1 | | Q1 | | FY |
| (DKK'000) | | 2008 | | 2007 | | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1. Interest income | | | | | | |
--------------------------------------------------------------------------------
| | Receivables from credit | | 8,745 | | 7,393 | | 30,427 |
| | institutions and central | | | | | | |
| | banks | | | | | | |
--------------------------------------------------------------------------------
| | Loans, advances and other | | 76,088 | | 59,530 | | 262,625 |
| | receivables | | | | | | |
--------------------------------------------------------------------------------
| | Bonds | | 1,955 | | 2,418 | | 11,892 |
--------------------------------------------------------------------------------
| | Currency, interest, share, | | 73 | | 42 | | 420 |
| | commodity and other | | | | | | |
| | contracts as well as | | | | | | |
| | derivative financial | | | | | | |
| | instruments | | | | | | |
--------------------------------------------------------------------------------
| | Other interest income | | 0 | | 0 | | 70 |
--------------------------------------------------------------------------------
| | Total interest income | | 86,861 | | 69,383 | | 305,434 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The Bank has no interest | | | | | | |
| | income from purchase and | | | | | | |
| | resale transactions | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 2. Interest expenses | | | | | | |
--------------------------------------------------------------------------------
| | Credit institutions and | | 8,913 | | 2,272 | | 15,813 |
| | central banks | | | | | | |
--------------------------------------------------------------------------------
| | Deposits and other | | 23,349 | | 16,262 | | 75,287 |
| | payables | | | | | | |
--------------------------------------------------------------------------------
| | Issued bonds | | 2,384 | | 1,913 | | 8,594 |
--------------------------------------------------------------------------------
| | Subordinated debt | | 1,464 | | 1,253 | | 5,464 |
--------------------------------------------------------------------------------
| | Other interest expenses | | 0 | | 0 | | 20 |
--------------------------------------------------------------------------------
| | Total interest expenses | | 36,110 | | 21,700 | | 105,178 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The Bank has no interest | | | | | | |
| | expenses from purchase and | | | | | | |
| | resale transactions | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 3. Fees and commission | | | | | | |
| | income | | | | | | |
--------------------------------------------------------------------------------
| | Securities trading and | | 5,295 | | 8,283 | | 35,910 |
| | custody accounts | | | | | | |
--------------------------------------------------------------------------------
| | Payment management | | 2,182 | | 1,604 | | 7,646 |
--------------------------------------------------------------------------------
| | Loan application fees | | 2,323 | | 3,179 | | 15,860 |
--------------------------------------------------------------------------------
| | Guarantee commission | | 5,870 | | 5,683 | | 23,892 |
--------------------------------------------------------------------------------
| | Other fees and commissions | | 3,437 | | 4,222 | | 12,396 |
--------------------------------------------------------------------------------
| | Total fees and commission | | 19,107 | | 22,971 | | 95,704 |
| | income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 4. Translation/market | | | | | | |
| | value adjustments | | | | | | |
--------------------------------------------------------------------------------
| | Other loans, advances and | | 20 | | 38 | | 0 |
| | receivables at fair value | | | | | | |
--------------------------------------------------------------------------------
| | Bonds | | -4,512 | | 1,053 | | -2,896 |
--------------------------------------------------------------------------------
| | Shares etc | | 25,757 | | 4,448 | | -2,061 |
--------------------------------------------------------------------------------
| | Currency | | 922 | | -95 | | 957 |
--------------------------------------------------------------------------------
| | Currency, interest, share, | | 980 | | 10 | | -485 |
| | commodity and other | | | | | | |
| | contracts as well as | | | | | | |
| | derivative financial | | | | | | |
| | instruments | | | | | | |
--------------------------------------------------------------------------------
| | Total translation/market | | 23,167 | | 5,454 | | -4,485 |
| | value adjustments | | | | | | |
--------------------------------------------------------------------------------
| | Of this, profit from sale | | 29,760 | | | | |
| | of Totalkredit shares | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 5. Staff costs and | | | | | | |
| | administrative expenses | | | | | | |
--------------------------------------------------------------------------------
| | Salaries and remuneration | | | | | | |
| | to the Supervisory and | | | | | | |
| | Executive Boards as well | | | | | | |
| | as the Committee of | | | | | | |
| | Shareholders | | | | | | |
--------------------------------------------------------------------------------
| | Executive Board | | 595 | | 543 | | 2,253 |
--------------------------------------------------------------------------------
| | Supervisory Board | | 209 | | 206 | | 830 |
--------------------------------------------------------------------------------
| | Committee of Shareholders | | 0 | | 0 | | 127 |
--------------------------------------------------------------------------------
| | Staff costs | | | | | | |
--------------------------------------------------------------------------------
| | Salaries incl share-based | | 21,801 | | 19,765 | | 88,171 |
| | remuneration | | | | | | |
--------------------------------------------------------------------------------
| | Pension | | 2,409 | | 2,093 | | 9,001 |
--------------------------------------------------------------------------------
| | Social security costs and | | 2,878 | | 2,449 | | 10,058 |
| | payroll tax | | | | | | |
--------------------------------------------------------------------------------
| | Other administrative | | 20,745 | | 20,810 | | 86,502 |
| | expenses | | | | | | |
--------------------------------------------------------------------------------
| | Total staff costs and | | 48,637 | | 45,866 | | 196,942 |
| | administrative expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Average number of | | 217 | | 203 | | 210 |
| | full-time employees | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The Executive Board is included in a share option plan, covering |
| | allotment of a total of 12,000 shares. The options may be exercised |
| | from 1 January 2012, and the maximum value of the share option plan |
| | has been set at DKK 6m. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 6. Income from investments | | | | | | |
| | in associates and | | | | | | |
| | subsidiaries | | | | | | |
--------------------------------------------------------------------------------
| | Profit from investments in | | 0 | | 0 | | 0 |
| | associates | | | | | | |
--------------------------------------------------------------------------------
| | Profit/loss from | | -41 | | -135 | | 92 |
| | investments in | | | | | | |
| | subsidiaries | | | | | | |
--------------------------------------------------------------------------------
| | Total profit/loss from | | -41 | | -135 | | 92 |
| | investments in associates | | | | | | |
| | and subsidiaries | | | | | | |
--------------------------------------------------------------------------------
Subsidiaries and associates can be specified as follows:
--------------------------------------------------------------------------------
| Name | Regis-t | Activity | Owner-s | Equity at | {0>Resul |
| | ered in | | hip | 31 | tat |
| | | | | December | 2007<}10 |
| | | | | 2007 | 0{>Profi |
| | | | | | t/ |
| | | | | | loss |
| | | | | | 2007<0} |
--------------------------------------------------------------------------------
| LokalBolig | Hillerø | Management | 78% | 574 | 150 |
| a/s | d | company for | | | |
| | | joint marketing | | | |
| | | activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lokal-Invest | Hillerø | Financing | 100% | 368 | -7 |
| Aps | d | company | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MatchPoint | Køge | Advisory | 23% | 10,000 | * |
| Virksomhedsmæ | | services company | | | |
| g-lerne A/S | | | | | |
--------------------------------------------------------------------------------
* The first financial year of MatchPoint Virksomhedsmæglerne A/S ends at 31
December 2008. Accordingly, no income statement is available at 31 December
2007. The company is an associate.
--------------------------------------------------------------------------------
| Notes | | Q1 | | Q1 | | FY |
| (DKK'000) | | 2008 | | 2007 | | 2007 |
--------------------------------------------------------------------------------
| | 7. Contingent liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Financial guarantees | | 1,080, | | 2,178,6 | | 1,380,5 |
| | | | 341 | | 61 | | 51 |
--------------------------------------------------------------------------------
| | Other guarantees | | 495,15 | | 711,391 | | 501,181 |
| | | | 1 | | | | |
--------------------------------------------------------------------------------
| | Total guarantees etc | | 1,575, | | 2,890,0 | | 1,881,7 |
| | | | 492 | | 52 | | 32 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Other contingent | | | | | | |
| | liabilities | | | | | | |
--------------------------------------------------------------------------------
| | Other liabilities | | 4,569 | | 5,114 | | 4,569 |
--------------------------------------------------------------------------------
| | Total other contingent | | 4,569 | | 5,114 | | 4,569 |
| | liabilities | | | | | | |
--------------------------------------------------------------------------------
