Company Announcement 10 - 2008
The OMX Copenhagen Stock Exchange
24 April 2008
Core earnings are being upheld and yield a 20 % return on equity
In Q1 of 2008 core earnings come to DKK 111m and are thus upheld at the 2007
level.
Results before tax come to DKK 87m in Q1 of 2008 compared to DKK 117m in the
same period of 2007. This decline is solely due to a drop in earnings from
investment portfolios. These results yield a return on the average equity of
15.6 % per annum before tax.
• Net interest income in core earnings increased by 15 %.
• Trading income dropped by 6 % due inter alia to lower activities in the
securities markets.
• The cost rate improved from 56 % to 54 %.
• Impairment losses came to DKK 22m and remain at a very low level.
• The business scope increased by 2 % to a level of DKK 72bn (excl. of deposits
managed for investment funds).
• Earnings from investment portfolios dropped by DKK 31m primarily due to
falling share markets.
The Bank is in a solid and comfortable liquidity and funding situation which is
underlined by our excess cover being in the range of DKK 5.7bn, corresponding
to an excess cover of 149 % compared to the statutory 10 % requirement, see
Section 152 of the Danish Financial Business Act.
The Bank upholds its expectations of core earnings for all 2008 at the level of
DKK 400m to 450m.
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.
