- PROFIT BEFORE TAX: DKK 1,054 MILLION - annualised return of 21.7% on opening
equity
- Core earnings before impairment charges: DKK 1,237m.
- Core earnings after impairment charges: DKK 1,118m.
- Other items: DKK 64m.
- Solvency ratio: 11.6% (Tier 1: 10.1%).
- Loans and advances grew by 10% (exclusive of repo transactions) and deposits
by 16% (exclusive of pooled deposits).
- The credit quality of the loan portfolio is still good.
- Liquidity reserve DKK 32bn. The liquidity reserve as defined by Moody's
corresponds to almost DKK 6bn after one year's run-off of capital market
funding.
- Our estimate of core earnings for 2008 before impairment charges has been
lowered to DKK 2.3bn - 2.5bn.
According to Anders Dam, Managing Director and CEO:
"The results are regarded as satisfactory in view of the prevailing business
climate and the turbulence in the financial markets.
We have seen an increase of the interest margin on loans and advances, whereas
fee income has been falling. There have been minor shifts in the credit quality
of the loan portfolio as a consequence of the economic slowdown, and credit
monitoring has been intensified. Still, the quality of the loan portfolio
remains high and at a comfortable level.
The external conditions for banking operations have deteriorated over the past
year, and there is no prospect of an improvement in the near future. However,
Jyske Bank's business is sound and offers good opportunities for the future."
