Max Bank retains strong position despite break-even performance in H1 2008.
H1 2008 in headlines:
Max Bank "opens the books" and is the first bank to account in detail for the
composition of its lending portfolio.
Strong capital resources with a capital adequacy ratio of 15.8% compared to a
calculated capital adequacy requirement of 8.5%.
Substantial cash resources with a surplus cover of 136.3% in relation to the
requirements of the law.
A 30% increase in primary banking activities.
Staff costs and administrative expenses remained stable and are on a par with
2007.
Impairment losses of DKK 19.0m and negative price adjustments of DKK 13.3m
trigger break-even performance.
Profit before value adjustments and tax for 2008 is now expected in the range
of DKK 25-30m in relation to previous expectations of approx DKK 40m.
Max Bank remains well-equipped for the selected positioning on the market and
to withstand the current situation.
