Q1 INTERIM REPORT - THE NYKREDIT BANK GROUP
1 JANUARY 2009 - 31 MARCH 2009
- The Group recorded a profit before tax of DKK 165m against DKK 125m in
Q1/2008, up 32%
- Profit before tax generated a return on equity of 9.2% pa against 8.1% for
Q1/2008 and a negative return of 4.5%
for the full year 2008
- Results reflect a positive trend in core income from business operations,
which rose by DKK 183m (+44%) and a
lower loss on own trading positions and portfolios of subordinate loan capital
in Danish banks, totalling DKK 29m in
Q1/2009 against a loss of DKK 121m in Q1/2008
- Operating costs rose by DKK 162m to DKK 408m, in part as a consequence of
higher expenses for wages and salaries
of DKK 42m and commission expenses of DKK 89m under the government guarantee
scheme
- Impairment losses and provisions totalled DKK 86m against DKK 2m in Q1/2008.
Compared with the expense of DKK
763m for FY 2008, this is a significant reduction
- Relative to end-2008, the balance sheet increased by DKK 11.6bn (+6%) to DKK
205.4bn
- Liquidity remained at a sound level in Q1/2009 and strengthened compared
with end-2008 through additional issues
totalling DKK 22.0bn under the Bank's ECP and EMTN programmes. Excess cover
relative to statutory liquidity requirements
was 165.0% against 146.1% at end-2008
- The capital adequacy ratio amounted to 11.6% against 10.2% at end-2008 and
9.8% at 31 March 2008
2009 - OUTLOOK
- Economic trends may have a significant impact on earnings, and there is also
an increased risk of rising credit losses.
On balance, the uncertainty surrounding results for 2009 is still substantial.
However, a profit substantially exceeding
the 2008 results is expected.
INFORMATION ABOUT THE NYKREDIT BANK GROUP
The Nykredit Bank Group's Q1 Interim Report 2009 and further information about
the Nykredit Bank Group are available at nykredit.com.
