1 January 2011 – 30 June 2011
- Profit before tax came to DKK 445m, up DKK 288m on H1/2010.
- Impairment losses on loans and advances came to DKK 201m, down DKK 548m on H1/2010.
- Core income from business operations amounted to DKK 1,699m in H1/2011, equal to a reduction of DKK 236m compared with H1/2010. The decline was in part due to subdued Markets activity and lower Treasury income.
- Operating costs dropped from DKK 992m in H1/2010 to DKK 887m in H1/2011.
- Investment portfolio income declined from a gain of DKK 153m in H1/2010 to a loss of DKK 161m in H1/2011. The decline was mainly attributable to capital losses on subordinated debt instruments in Amagerbanken and Fjordbank Mors (Kalvebod issues) of a total DKK 190m.
- In total, Amagerbanken and Fjordbank Mors have generated expenses of around DKK 340m.
- The income:cost ratio was 1.4 compared with 1.1 in H1/2010.
- The balance sheet stood at DKK 182.1bn against DKK 210.4bn at end-2010.
- Profit before tax generated a return on equity of 6.4% pa against 2.6% pa for H1/2010.
Liquidity
- Excess cover relative to statutory liquidity requirements was 198.7% against 251.1% at end-2010. The level is considered adequate considering the Bank's liquidity risk and requirements.
Capital
- The capital adequacy and core capital ratios came to 18.5% and 17.9%. The core capital ratio excluding hybrid core capital was 17.6%.
- The internal capital adequacy requirement (ICAAP) was 10.2%.
- Equity was DKK 14.1bn against DKK 13.8bn at end-2010.
Outlook for 2011
Based on developments in H1/2011 and the expectation of a continued subdued level of activity for the rest of the year, the Bank expects a profit before tax and impairment losses of DKK 1.7bn for the full year 2011 against previously DKK 2.4bn.
Information about The Nykredit Bank Group
The Nykredit Bank Group's H1 Interim Report 2011 and further information about the Nykredit Bank Group are available at nykredit.com.
Contacts
Karsten Knudsen, Chairman – tel +45 44 55 19 04
Bjørn Mortensen, Managing Director – tel +45 44 55 18 95
