The Danish Financial Supervisory Authority
NASDAQ OMX Copenhagen
London Stock Exchange
Oslo Børs
31 May 2012
vestjyskBANK's Quarterly Report for Q1 2012
Summary of vestjyskBANK's results for Q1 2012:
- Operations during Q1 2012 proceeded as planned.
- Core income of DKK 278 million (DKK 270 million for Q1 2011)
- Rate of cost 56.0 percent (56.3 percent for Q1 2011)
- Core earnings before impairments of DKK 123 million (DKK 118 million for Q1 2011)
- Impairments of loans and receivables, excl. the Private Contingency Association (Det Private Beredskab), of DKK 106 million (DKK 68 million for Q1 2011)
- Profit before tax of DKK 14 million (DKK 9 million for Q1 2011)
- Profit after tax of DKK 10 million (DKK 6 million for Q1 2011)
- Deposit deficit at 31 March 2012 of DKK 6.0 billion (DKK 6.7 billion end of 2011)
- Excess cover in relation to statutory liquidity requirements of 178.6 percent, solvency ratio of 12.7 and core capital ratio of 8.4 at 31 March 2012
- The implementation of the components of vestjyskBANK's capital plan is progressing as planned. The rights issue has been concluded and was fully subscribed with gross proceeds of DKK 318.7 million, cf. the company announcement of 23 May 2012.
- The Bank maintains its outlook for fiscal year 2012: Core earnings in the range DKK 550–600 million before impairments and before costs related to the Aarhus Lokalbank merger, a rate of cost of 55 and impairments on loans and receivables of around 1.5 percent.
The merger between vestjyskBANK and Aarhus Lokalbank was executed on 30 March 2012 with vestjyskBANK as the continuing company. The results for Aarhus Lokalbank have been included in the statement of income as of the merger date and have therefore not been included in the statement of income for Q1 2012. The merger balance statement as at 31 March 2012 includes assets and liabilities from Aarhus Lokalbank. The numbers for Aarhus Lokalbank have not been included in the 2011 comparative figures.
vestjyskBANK
Frank Kristensen
CEO
fk@vestjyskbank.dk
Vestjysk Bank A/S
Torvet 4-5
DK-7620 Lemvig
Denmark
Phone +45 96 63 20 00
CVR no. 34631328
www.vestjyskbank.dk
