Interim Report for the first quarter 2010

Satisfactory core earnings before impairments, which are better than expected   

Loans and advances redu­ce­­d by DKK 700 million                                

Impairment charges at a high level - leaving a balanced result                  

The Bank adjusts its expectations for core earnings before loan impairment      
charges and costs for Bank Package I to the level of DKK 310-360 million against
previous level of DKK 280-350 million                                           

Today, Amagerbanken's Board of Directors approved the interim report for the    
first quarter 2010, which is enclosed.                                          
The following may be pointed out:                                               
* Core income amounted to DKK 231 million - better than expected                
* Cost ratio was 51.4% after costs from Bank Package II                         
* Core earnings before loan impairment charges amounted to DKK 97 million -     
  better than ex­pected 
* Loan impairment charges amounted to DKK 103 million or 1.6% p.a. of lending   
* The Bank's accumulated impairment charges amounted to DKK 3 billion, equal to 
  10.8% of len­ding 
* Investment portfolio amounted to DKK 31 million - same level as first quarter 
  2009 
* Sector-related costs amounted to DKK 32 million and are a substantial expense 
  in the first quarter 2010. Costs relate to the Bank's contribution to the 
  Private Contingency Association under Bank package I 
* The net result for the period was a loss of DKK 6 million                     
* Loans and advances dropped by DKK 700 million since December 2009             
* Solvency ratio is 17.1%, of which core capital constitutes 12.0%              
* On the basis of the development in the first quarter 2010 the Bank adjusts    
  forecast upwards for all 2010 to posi­­tive core earnings before loan
impairment 
  charges and sector-related costs to the tune of DKK 310-360 million against 
  earlier DKK 280-350 million 

”The Bank is satisfied with core earnings before loan impairment charges and    
achievement of the planned balance sheet reduction. The Bank experiences a      
slight improvement in the real estate market, which should also be part of      
realization of the further balance sheet reduction in this segment. The effort  
to minimize the Bank's risk of impairments resulting in final losses still takes
the highest priority”, says Mr. Jørgen Brænd­strup, Managing Director and Chief 
Executive.                                                                      


Inquiry:                                                                        
Mr. Jørgen Brændstrup, Managing Director, Chief Executive, 
phone no. +45 32 66 60 01