Stock Exchange Announcement No. 11-2008
23 April 2008
Announcement of quarterly report - Q1 2008
Today, Amagerbanken's Board of Directors approved the group Q1 report 2008. The
result is continued satisfactory.
The following may be pointed out:
Pre-tax profit for the period amounted to DKK 125m, an increase of 48% compared
to same period last year
Return on opening equity before tax was 21.5% p.a.
Increase of net interest income of 17.9%
Core earnings amounted to DKK 124m and is significantly better than expected
The volume of business - deposits, loans and advances and guarantees - rose by
17.0% compared to Q1 2007
Cost ratio of 55.6% against 53.5% in Q1 2007 - as expected
Credit loss expenses, etc. amounted to an income of DKK 0.8m and is lower than
expected and may be ascribed to a fine credit quality of lending portfolio
Value adjustments, etc. amounted to DKK 0.9m against minus DKK 41.2m in Q1 2007.
In 2008 a subsequent adjustment of sale of Totalkredit shares in previous years
of DKK 33m was included. Value adjustments are furthermore attributable to the
trend in the Bank's ownership in Jeudan in which the Bank in Q1 2008 achieved a
non-realised profit of DKK 11.4m against a non-realised loss of DKK 60.1m in Q1
2007
The net profit for the period amounted to DKK 94.3m
Expectations for core earnings before impairment losses for 2008 are maintained
The Bank's solvency ratio is 12.7%, core capital accounting for 8.4%
Yours faithfully,
A M A G E R B A N K E N
Knud Christensen
Managing Director and
Chief Executive
Questions to this report may be addressed to Mr. Knud Christensen, Managing
Director and Chief Executive by phone +45 32 66 60 00 (best after 14.00 p.m.)
011-2008 - Amagerbanken - Announcement of quarterly Report - 1. quarter 2008
| Source: Amagerbanken A/S
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