Nykredit Bank A/S - Half Year financial report 2008

H1 INTERIM REPORT - THE NYKREDIT BANK GROUP
1 JANUARY 2008 - 30 JUNE 2008
- The Group recorded a profit before tax of DKK 267m against DKK 545m for
H1/2007 
- Profit before tax generated a return on equity of 8.6% pa against 23.0% for
H1/2007 and 19.6% for FY 2007 
- This development was prompted by the financial market turmoil as interest
rate trends, including yield spread movements, had an adverse effect on income
from securities and derivatives 
- The Bank's customer-oriented activities generally performed satisfactorily
leading to a 9% rise in core income 
- Impairment losses amounted to DKK 33m against DKK 3m in H1/2007. Property
market trends were generally not reflected in impairment losses 
- The Bank has a sound level of liquidity, which strengthened in H1/2008
chiefly on the back of the issue of notes for a nominal amount of DKK 6.7bn
under the Bank's EMTN programme 
- The capital adequacy ratio came to 9.3% against 11.7% at end-2007 and 11.7%
at 30 June 2007