Robust profits and focus on capital strenght
• Pre-tax profits of DKK 345 million – DKK 212 million up on 2010
o 7.9% return on equity
• Core earnings before impairment of DKK 698 million - in line with forecasts
o 2% growth in net interest income
o 4% downturn in net income from fees, charges and commissions and 52% decline in
market-value adjustments
o Satisfactory cost trend - down 1% on 2010
• Loan impairment of DKK 404 million – 14% up on 2010
o Impairment for business customers: 1.5%
o Impairment for retail customers: 0.4%
• High customer activity level in challenging market
o More than 7,000 new customers net
o Deposits up 2%, and a 1% increase in lending
• Focus on capital strength
o The phase-out of leasing activities proceeds according to plan, and in the period until 2015
it will result in a gradual strengthening of the Common Equity (Tier 1) ratio of 1.8 percentage point.
o Fully underwritten rights issue scheduled to be launched in Q1 - expected gross proceeds of
DKK 850 million, equal to an expected strengthening of the Common Equity (Tier 1) ratio to about 12.5%
• Outlook for 2012
o Core earnings before impairment hovering around DKK 800 million
o Impairment losses remain at a high level
