Q1-Q3: Pre-tax profits of DKK 367 million - acceptable in a turbulent market
• Satisfactory development in core business - net interest income up 20% to DKK
1,024 million (YOY)
• The market turmoil had a spill-over effect on net income from fees, charges
and commissions and market-value adjustments - down by 18 and 85%,
respectively (YOY)
• Impairment losses on loans and advances amounted to DKK 39 million -
corresponding to an impairment percentage of 0.08
• Earnings from investment portfolios, incl. gains on the Totalkredit sale:
DKK -18 million.
• Lending up 9% to DKK 41.6 billion, and bank deposits (excl. pension pools) up
24% to DKK 30.2 billion (YOY)
• Solvency ratio bolstered, now standing at 12.0%
• Strategic liquidity remains satisfactory
• Moody's rating unchanged: C, A1 and P-1 (outlook: stable)
• Unchanged forecasts for core operations, excl. market-value adjustments of
the bond portfolio and contributions to a new government-backed guarantee
scheme
• Extremely unfavourable market conditions for mortgage-credit bonds led to
unrealized capital losses of DKK 140 million after the close of Q3.
Q3: Satisfactory growth in core business, but losses on securities
• Satisfactory growth in retail and leasing activities - 6% growth in net
interest income and a 6% rise in income from fees, charges and commissions
(QOQ)
• DKK -34 million in market-value adjustments pull down the quarter's core
earnings before impairment to DKK 106 million
• DKK 39 million impairment of loans and advances, etc.
• Earnings from investment portfolios ended at DKK -40 million
• Bank lending up 1% and unchanged bank deposits (excl. pension pools) (QOQ)
• 15th consecutive quarterly period with net growth in customers - 1,450 in Q3
and 7,000 since the beginning of the year
• Commitment to make major financial contributions to sector-targeted solutions
