The Board of Directors of Forstædernes Bank A/S has approved the Bank's Annual
Report for 2008.
The Annual Report has been submitted to NASDAQ OMX København and is also
available on
Forstædernes Bank's website at forbank.dk. For further information, please
refer to the Annual Report.
Financial highlights
• Core earnings before impairment losses were DKK 491m in 2008, the same level
as in 2007
• Impairment losses were DKK 1,534m against DKK 50m in 2007. Core earnings
after impairment losses were consequently negative at DKK 1,043m in 2008
against an income of DKK 442m in 2007
• The investment portfolio generated a loss of DKK 566m against a loss of DKK
83m in 2007
• Forstædernes Bank recorded a loss before tax for the year of DKK 1,609m
against a profit of DKK 359m for 2007.
Capital structure
• Nykredit Realkredit A/S owns 99.7% of the Bank's share capital
• As from 17 October 2008, Forstædernes Bank is a subsidiary of Nykredit
Realkredit A/S
• The Bank received additional capital from Nykredit Realkredit A/S in the
amount of DKK 2,353m in
Q4/2008, of which DKK 350m was subordinate capital
• Equity amounted to DKK 3,055m at year-end
• The capital adequacy ratio was 15.5%
• The core capital ratio was 10.5%.
