The Board of Directors of Forstædernes Bank A/S has approved the Bank's Annual
Report for 2009.
The Annual Report has been submitted to NASDAQ OMX Copenhagen A/S and is also
available on Forstædernes
Bank's website at forbank.dk. For further information, please refer to the
Annual Report.
Financial highlights
Core earnings from business operations, before costs relating to the
government guarantee scheme
and impairment losses, came to DKK 183m in 2009 against DKK 225m in 2008.
Impairment losses for 2009 were DKK 5,346m against DKK 1,534m in 2008.
The investment portfolio generated an income of DKK 163m compared with a loss
of DKK 500m in
2008. Core income from securities was negative in the amount of DKK 8m against
an income of DKK
232m in 2008.
Forstædernes Bank recorded a loss after tax of DKK 3,861m compared with DKK
1,227m in 2008.
Liquidity and capital structure
Excess cover relative to the statutory 10% liquidity requirement was 224% at
end-2009, or DKK
7.5bn.
The Bank received additional capital from Nykredit Realkredit A/S in the
amount of DKK 2,954m in
2009. Moreover, subordinate loan capital of a nominal amount of DKK 600m was
redeemed prematurely.
Equity stood at DKK 2,147m, and the core capital ratio was 11.2% against
10.5% in 2008.
The individual capital need was 14.1% at end-2009, and the capital adequacy
ratio was 15.7%
against 15.5% at end-2008.
Expected merger between Forstædernes Bank A/S and Nykredit Realkredit A/S
The Boards of Directors of Nykredit Bank A/S and Forstædernes Bank A/S have
decided to propose a
merger of the two companies with Nykredit Bank A/S as the surviving company.
Nykredit Bank A/S and
Forstædernes Bank A/S are expected to merge at 1 April 2010, effective 1
January 2010 for accounting
purposes. The merger is subject to approval by the Danish Financial Supervisory
Authority.
Contacts
Peter Engberg Jensen, Chairman, Nykredit - tel +45 44 55 14 70
Niels Fessel, Managing Director - tel +45 44 55 30 05
