MAx Bank A/S, Half Year financial report

H1 2010 in headlines

- 56.9% increase in primary banking activities, arriving at DKK 41.8m.

- Considerable drop in funding costs

- Cost development kept on a tight leash, only increasing by 1.6%

- Impairment losses of DKK 41.9m

- The level of impairment losses remains relatively high, but is expected to be
lower in 2010 than in 2009. 

- Net loss of DKK 5.8m.

- Strongest cash resources ever with an excess cover of 322.2% relative to the
statutory liquidity requirement find Max Bank well-prepared for the situation
after the lapse of Bank Aid Package 1 at 30 September 2010. 

- Unchanged expectations for the pre-tax results for the year. Expectations for
2010 are still a profit from ordinary banking activities in the range of DKK
77-87m and a pre-tax performance between a loss of DKK 10m and a profit of DKK
20m. 

- The merger of Max Bank A/S and Skælskør Bank A/S has been approved by the
shareholders of Skælskør Bank and is expected to be finally approved by the
shareholders of Max Bank at the Extraordinary General Meeting to be held on 3
September 2010. 


Stock Exchange Announcement No. 31/2010