Announcement No. 17-2008
11 August 2008
Interim Report - first half of 2008
Amagerbanken experienced a rise in business volume, impairment of loans and
advances is modest and results are still satisfactory. Expectations for core
earnings in 2008 are maintained
Today, Amagerbanken's Board of Directors approved the interim report - first
half 2008. The following may be pointed out:
Pre-tax profit gives a return on opening equity of 22,3 % p.a.
Core income amounted to DKK 614m - an increase of DKK 38m compared to first half
2007
Increase of net interest income of 23.5 %
Cost ratio of 50.9 % against 50.3 % in first half 2007, which is better than
expected
Core earnings before impairment amounted to DKK 301m which is better than
expected and so far the best in the Bank's history
Impairment of loans and advances, etc. still at a low level and amounting to DKK
10m. Impairments are lower than expected and can be explained by a good standing
among the Bank's lending customers
Value adjustments, etc. amounted to a loss of DKK 32m. During the first half of
2008 the Bank sold its stake in Jeudan with a profit of DKK 21m and received
DKK33m concerning the sale of shares in Totalkredit
The net profit for the period amounted to DKK 197m
The volume of business - deposits, loans and advances and guarantees - rose by
13.5 % compared to first half 2007
Expectations for the Bank's core earnings of 2008 are maintained at the level
DKK 480-520m before impairments.
The Bank's solvency ratio is 12.3 % of which core capital amounts to 8.4 %
At the beginning of July 2008 the Bank was assigned a satisfactory rating by
Moody's of C, A1 and P-1.
Questions to this report may be addressed to Mr. Knud Christensen, Managing
Director and Chief Executive by phone no. +45 32 66 60 00 - best after 14.00
p.m.
