Max Bank A/S H1 2009

H1 2009 in headlines

- Operating profit, capital adequacy ratio and core capital improved also in Q2.

- 13.5% increase in operating profit, arriving at DKK 26.7m. Net interest and
fee income remains unchanged despite a 20% decline in total business volume.
Staff costs and administrative expenses have seen a slight decrease. 

- Positive translation/market value adjustments up to DKK 15.9m.

- Payments to Bank Aid Package I larger than expected. Payments for H1 total
DKK 21.3m with DKK 12.5m falling on guarantee commission and DKK 8.8m on
covering losses recorded on the contingency association, “Det Private
Beredskab”. 

- Impairment losses of DKK 39.0m, including the above-mentioned DKK 8.8m to
cover losses recorded on Det Private Beredskab. Impairment losses on the Bank's
own loans and advances total approx DKK 30.2m, or 0.58% of aggregate loans,
advances and guarantees. 

- Net loss of DKK 4.9m.

- Continued cost reduction measures up capital adequacy ratio from 11.1% at
year-end to 12.0%. 

- Core capital ratio up from 5.5% at year-end to 6.0%.

- Continued sound cash resources with excess cover of 196% relative to
statutory requirements. 

- Pre-tax performance for FY 2009 is anticipated to be between break-even and a
loss of DKK 20m - primarily as a result of increased impairment losses and
larger payments to Bank Aid Package I than initially expected.