Alm. Brand Bank A/S - Interim Report Q1 2010

Highlights 

• Alm. Brand Bank A/S generated a profit of DKK 72 million before tax and
before losses and writedowns in Q1 2010. Including losses and writedowns, Alm.
Brand Bank A/S posted a loss of DKK 47 million. 

• Although not satisfactory, this performance was considerably better than the
forecast of an overall profit of DKK 40 million before tax and before losses
and writedowns for FY 2010. 

• The bank upgrades its full-year guidance by DKK 20 million to a profit of
around DKK 60 million before tax and before losses and writedowns. 

• Total losses and writedowns on loans and advances, including credit-related
losses and writedowns on mortgage deeds, amounted to DKK 119 million in Q1
2010, against DKK 267 million in Q4 2009. 

Other highlights

• Net interest income amounted to DKK 124 million in Q1 2010, compared with DKK
110 million in Q4 2009. The positive trend in net interest income was primarily
attributable to the lower level of interest rates on fixed-rate deposits and
the return on high-yielding bonds. On the other hand, higher funding costs
resulting from the Second Bank Package served to reduce the net interest
income. 

• The bank's losses and writedowns on loans and advances amounted to DKK 70
million in Q1 2010, against DKK 215 million in Q4 2009. In addition, the bank
incurred credit losses and writedowns on its mortgage deed portfolio of DKK 49
million in Q1 2010, against DKK 52 million in Q4 2009. 

• The bank's costs amounted to DKK 122 million in Q1 2010, against DKK 133
million in the same period of last year. The lower cost level was attributable
to the bank's new strategy and extensive focus on cost savings. 

Please direct any questions regarding this announcement to Ole Joachim Jensen,
Chief Executive, on tel. +45 35 47 48 49 or Susanne Biltoft, Head of
Information and Investor Relations, on tel. +45 35 47 76 61. 

Alm. Brand Bank A/S


Ole Joachim Jensen	
Chief Executive