- PROFIT BEFORE TAX AS WELL AS CONTRIBUTION TO BANK PACKAGE I AND THE GUARANTEE FUND FOR DEPOSITORS AND INVESTORS (THE GUARANTEE FUND): DKK 369M (Q1 2010: DKK 301M).
- Contribution to Bank Package I and the Guarantee Fund: DKK 169m (Q1 2010: DKK 122m).
- Profit before tax: DKK 200m (Q1 2010: DKK 179m).
- Net interest and fee income under core earnings: DKK 1,394m (Q1 2010: DKK 1,386m)
- Loan impairment charges and provisions for guarantees under core earnings: DKK 244m (Q1 2010: DKK 598m).
- Core earnings: DKK 297m (Q1 2010: DKK 94m).
- Earnings from investment portfolios net of funding costs: DKK 72m (Q1 2010: DKK 207m).
- Balance of loan impairment charges and provisions: DKK 3,785m (end-2010: DKK 4,408m).
- Solvency ratio 16.2%, Tier-1 capital 14.4% and core capital exclusive of hybrid core capital 12.8% (end-2010: 15.8%, 14.1% and 12.5%, respectively).
- Jyske Bank is considering making an offer to buy Amagerbanken af 2011 A/S or portion thereof
Anders Dam, Managing Director and CEO:
“Our profit before tax as well as contributions to Bank Package I and the Guarantee Fund amounted to DKK 369m. In the first quarter of 2011, our pre-tax profit was adversely affected by the winding up of Amagerbanken and Jyske Bank’s estimated contribution of DKK 163m to the Guarantee fund as a result of this winding up. The net interest income for the period was unchanged relative to the first quarter of 2010, and loan impairment charges for guarantees still showed a falling trend. In the first quarter of 2011, Jyske Bank recognised as losses DKK 530m in respect of Bank Package I. The balance of loan impairment charges and provisions then corresponded to 2.9% of loans, advances and guarantees.
As announced on 23 February 2011, with an overwhelming majority and supported by Jyske Bank’s largest shareholders, members in Jyske Bank’s General Meeting voted against participation in the winding-up procedure under Bank Package III. As a consequence of the General Meeting’s vote against Bank Package III, Jyske Bank’s management decided that it will in future aim at meeting the Swedish capital requirements of systemic risk banks until the issue has been clarified in Denmark.
With a solvency ratio of 16.2% and a core capital ratio (exclusive of hybrid capital) of 12.8% at the end of the first quarter 2011, Jyske Bank’s capital structure is at a satisfactory level and meets fully the published increased capital requirements in Sweden.
At the request of Finansiel Stabilitet (the Financial Stability Company), Jyske Bank has analysed and assessed the healthy parts of Amagerbanken. We are considering making Finansiel Stabilitet an offer to buy Amagerbanken or portion thereof. Such an offer must have been submitted to Finansiel Stabilitet by 9 May”, says Anders Dam.
