vestjyskBANK's Annual Report for 2008
Profit before tax amounts to DKK 254m.
Core earnings before impairment amount to DKK 357m. The result is higher than
expected.
Profit for the year has been affected by the merger with Ringkjøbing Bank and
the takeover of Bonusbanken.
The impairment percentage is calculated at 0.6, which corresponds to impairment
of loans and advances and accounts receivable, etc. including sector assignments
of DKK 176m.
Few large commitments.
Contributions to sector assignments total DKK 46m.
Merger costs amount to DKK 35m.
Negative market value adjustments amount to DKK 59m.
The solvency ratio is calculated at 9.8, prior to impairments pertaining to
transfer of assets 10.7.
The core capital ratio is calculated at 6.4, prior to impairments pertaining to
transfer of assets 7.3.
The takeover of Bonusbanken has affected solvency and the core capital
percentage negatively by 0.7 percentage points.
The gap between deposits and loans and advances has decreased by DKK 1.3bn.
Expectations to core earnings for 2009 lie in the region of DKK 500-550m before
impairment and expenses relating to banking packages.
