The Danish Financial Supervisory Authority
NASDAQ OMX Copenhagen
London Stock Exchange
Oslo Børs
1 May 2013
vestjyskBANK's Quarterly Report for Q1 2013
Summary of vestjyskBANK's results for Q1 2013:
- Results before tax at DKK 35 million (Q1 2012: DKK 14 million)
- Core income of DKK 336 million (Q1 2012: DKK 283 million)
- Rate of cost at 47.8% (Q1 2012: 57.8%)
- Core earnings before impairments at DKK 175 million (Q1 2012: DKK 120 million)
- Impairments of loans and receivables, etc. at DKK 140 million (Q1 2012: DKK 106 million)
- Targeted efforts to narrow deposit-lending gap. At 31 March 2013, the deposit deficit stood at DKK 2.7 billion (31 March 2012: DKK 6.0 billion).
- Solvency ratio at 12.1%; core capital ratio at 6.0% and individual solvency need at 10.0% corresponding to a surplus at DKK 493 million
- Liquidity cover ratio at 101.0% as of 31 March 2013
- Repayment of subordinated loan capital of DKK 75 million and NOK 50 million as well as regular repayment of Financial Stability Company–backed bond loans of SEK 2,500 million (DKK 1,870 million)
Outlook for 2013:
- Core earnings at around DKK 500 million before impairment charges
- Additional conversion of government hybrid capital for solvency improvement measures
- Significant decline in the need for impairment charges compared to 2012, however, uncertainty remains regarding levels
Inquiries regarding this announcement can be made to CEO Vagn Thorsager on tel. +45 96 63 21 03.
vestjyskBANK
Steen Hemmingsen Vagn Thorsager
Chairman of the Board CEO
Vestjysk Bank A/S
Torvet 4-5
DK-7620 Lemvig
Denmark
Phone +45 96 63 20 00
CVR no. 34631328
www.vestjyskbank.dk
