- Core earnings before impairment charges: DKK 1,752m.
- Core earnings: DKK 1,458m.
- Other items: DKK 369m.
- Solvency ratio: 11.8 (Tier 1: 10.3).
- Bank lending was 1% higher and deposits (exclusive of pooled deposits)
3% higher than at end-2007.
- The liquidity reserve amounted to DKK 36bn. The liquidity reserve as
defined by Moody's corresponded to just over DKK 9bn after one year's
run-off of capital market funding.
- Our estimate of core earnings for 2008 before impairment charges has
been lowered to the range of DKK 2.2bn - 2.4bn (exclusive of the
Bank's expected contribution of approx. DKK 0.1bn to the new Danish
government guarantee scheme).
According to Anders Dam, Managing Director and CEO:
"To the end of August, Jyske Bank's profit before tax was marginally better
than that of last year. But the unexpectedly dramatic turn that the financial
crisis took in September made a "mensis horribilis" of that month in view of
market value adjustments.
Even so, Jyske Bank achieved a net profit of almost DKK 1,100m, corresponding
to an annualised return on equity of 15%. The fall of DKK 250m in core earnings
before impairment charges was chiefly due to a combination of higher funding
costs, lower fee income and one-off items which in 2007 reduced costs. The
higher impairment charges were due to the slowdown of the Danish economy,"
concludes Anders Dam.
