The bank's profit before tax for the first quarter of 2008 was DKK 145 million
against DKK 137 mil-lion last year, an increase of 6%. Core earnings amounted
to DKK 126 million after continuing posi-tive write-downs of net DKK 7 million
in the first quarter of 2008.
The core earnings of DKK 126 million are better than the bank's budget at the
beginning of the year. The bank is, however, maintaining its expectation for
core earnings in the range DKK 375-450 million for the time being because of
the uncertainty caused by the financial crisis.
The quarter - highlights
- 6% increase in profit before tax to DKK 145 million
- 36% p.a. return on equity at the beginning of the period
- Core earnings before write-downs DKK 119 million - at the upper edge of the
budget
- Good credit quality resulting in reversal of net DKK 7 million in write-downs
- Rate of costs 32.8, still the lowest in the country
- Continuing strong increase in business - loans up by 7% and deposits up by 15%
- Solvency ratio 13.4 - core capital ratio 11.6
- Expected core earnings in 2008 maintained for the time being
