Stock Exchange Announcement 13 - 2007
The Copenhagen Stock Exchange
22 August 2007
Results increased by 51 % before and by 58 % after tax - Upward adjustment for
core earnings by DKK 50-60m for all 2007
Results before tax came to DKK 223m in the fi rst half-year of 2007 against DKK
148m in 2006.
These results yield a return on the average capital and reserves of 23.1 % per
an-num.
• Increase in core earnings of DKK 58m, corresponding to 37 %.
• Net interest income in core earnings increased by 23 %.
• Trading income increased by 7 %.
• Cost rate improvement from 60 % to 58 %.
• Impairment losses at a very low level.
• Growth in business scope - deposits, loans/advances, guarantees and
securities in account - of 22 % to a level of DKK 76bn.
• Increase in earnings from investment portfolios of DKK 17m.
Following the capital increase in Q2 of 2007 the Bank is armed for continued
growth.
Based on the satisfactory results for the fi rst half-year, expectations of the
core earnings for all 2007 are being adjusted from DKK 360m to a level of DKK
410 to 420m.
Due to a change of the contractual basis with Totalkredit, Forstædernes Bank
expects loss guarantees relative to Totalkredit in the order of DKK 2.3m to
lapse, which means an improvement of the solvency ratio of approx. 0.5
percentage point.
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Contact person:
Steffen Torvits, Investor Relations and Communication 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.
