Positive activity and continually increasing business volume result in upward
adjustment to expectations in core earnings from DKK 400-450 million to DKK
450-500 million.
The bank's core earnings before write-downs increased by 17% from DKK 208
million in 2006 to DKK 242 million in 2007. This combined with a net reversal
of write-downs of DKK 18 million results in core earnings of DKK 261 million
for the first half-year 2007.
The bank's business volume is continuing to increase, and the level of activity
among the bank's cus-tomers remains good. Apart from these increases in volume,
the bank's targeted initiatives within Pri-vate Banking and pension and asset
management in particular are developing highly satisfactorily.
First half year 2007 - highlights
- Upward adjustment of expectations for core earnings from DKK 400-450 million
to DKK 450-500 million
- 17% increase in core earnings before write-downs from DKK 208 million to DKK
242 million
- Good credit quality resulting in reversal of net DKK 18 million in write-downs
- Result before tax of DKK 251 million gives a 32% pre-tax return on equity at
beginning of year
- Rate of costs unchanged at 33%
- Continuing strong increase in business - loans up by 24% and deposits up by
18%
- Solvency ratio at 14.6% - core capital ratio at 12.7%
- 50,000 own shares reserved for later reduction of the share capital
Please do not hesitate to contact the bank's management if you have any
questions.
