The quarter at a glance
• Highly satisfactory Q1 profit before tax of DKK 95 million, against DKK 51
million for the first quarter of 2006. The performance was supported by
unrealised capital gains on a number of thinly traded shares. Total value
adjustments amounted to a gain of DKK 56 million, against DKK 6 million in Q1
2006.
• The bank reported a net increase of 29% in loans and advances relative to Q1
2006. The improvements were the result of continued growth in the loan
portfolio for property projects and to investment customers as well as by the
general increase in business the bank is recording thanks to the Alm. Brand
Group's dobbeltKUNDE concept.
• The bank has developed a new risk management concept for large agricultural
customers. The concept aims to reduce agricultural customers' funding costs by
way of a controlled risk profile. Contracts with an aggregate volume of more
than DKK 1.5 billion were signed in Q1 2007.
• Interest and fee income improved by 22% to DKK 153 million in Q1 2007.
• The income/cost ratio increased from 1.59 in Q1 2006 to 1.82 in Q1 2007.
Overview
• Loans and advances stood at DKK 15.3 billion at 31 March 2007.
• Shareholders' equity stood at DKK 1,290 million at 31 March 2007.
• The annualised return on equity for Q1 2007 was 30% before tax.
• The full-year 2007 profit forecast is upgraded from DKK 150 million to DKK
190 million.
Please direct any questions regarding this announcement to Henrik Nordam, Chief
Executive, on tel. +45 35 47 48 49.
The Interim Report is enclosed as a PDF document.
