Annual Report 2007 - Lokalbanken i Nordsjælland a/s
Pre-tax profit of DKK 82m
In 2007, Lokalbanken i Nordsjælland a/s realised a pre-tax profit of DKK 82m,
corresponding to a return on equity of 12%. The pre-tax profit is in line with
the latest expectations of DKK 80-85m, announced on 17 January 2008.
Given the changing market conditions particularly in the second half of 2007,
the Bank's Management considers the profit satisfactory.
The other key figures have developed as follows:
Loans and advances: DKK 3,928m (+29%)
Deposits: DKK 3,415m (+7%)
Balance sheet total: DKK 5,760m (+21%)
Equity: DKK 678m (+ 5%)
Interest and fee income: DKK 287.2m (+8%)
Translation/market value adjustments: DKK -4.5m
Impairment losses on loans and advances: DKK 3.1m
For 2008, the Bank expects a moderate improvement in profit before impairment
losses and tax and a pre-tax profit of DKK 60-80m. Expectations for pre-tax
profit are characterised by some uncertainty primarily related to the
development in impairment losses and translation/market value adjustments as
the housing market as well as the financial markets look to be more volatile
than usual.
The Bank's Supervisory Board will recommend a dividend distribution of DKK 4
per share (20% per share of DKK 20) to the Annual General Meeting on 12 March
2008.
For further details, please refer to Lokalbanken's annual report, which is
attached as a PDF file. A printed version of the annual report is expected to
be available on 25 February 2008.
