Company Announcement 15 - 2008
The OMX Copenhagen Stock Exchange
There are no significant changes to the preliminary accounting figures for the
first half of 2008, published on 11 July 2008.
Core earnings before impairments come to DKK 287m, which is 29 % higher than
the first half of 2007.
Impairments for the first half of 2008 amount to DKK 95m, and translated to per
annum figures this corresponds to 0.6 %.
Core earnings after impairments, amounting to DKK 192m, provide a return on
equity of 17 %.
Earnings from investment portfolios amount to DKK -148m, which is
unsatisfactory and a consequence of the development in the securities markets.
The pre-tax profit comes to DKK 44m.
• All commitments exceeding DKK 25m have been scrutinized.
• Impairments came to DKK 73m in Q2 (plus DKK 22m in Q1).
• In the course of the first half of 2008, the Bank's property portfolio has
been reduced from 30 % to 23 % of the total loans/advances and guarantees.
• The Bank has no real estate of its own and is not exposed to the mortgage
market (0.4 % of the total loans/advances and guarantees).
• The share of large commitments has been reduced to 216 % of the Bank's
capital base against 240 % at the same time the year before.
The Bank upholds its latest expectations of core earnings for 2008 at the level
DKK 300m to 350m, corresponding to a return on equity of about 15 %.
The Executive Board
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Contact person:
Steffen Torvits, Investor Relations and Press Manager, tel. +45 22 22 20 36
This announcement has been issued both in Danish and English. In case of any
discrepancies, the Danish version shall prevail.
