NASDAQ OMX Copenhagen 29 April 2009
Announcement of interim report - Q1 2009
Satisfactory core earnings before impairment.
Trading income at a satisfactory level - lower trading activity.
Impairment of loans and advances at expected level.
Expectations for core earnings before impairment in 2009 are maintained.
Within the end of April 2009 the Bank will apply for participation in Bank
Package II of DKK 1,400m.
Today, Amagerbanken's Board of Directors approved the interim report - Q1 2009
submitted on continued weak market conditions with exceptional risk and
insecurity as a consequence. See enclosed interim report - Q1 2009.
The following may be pointed out:
Core income amounted to DKK 289m, same level as in Q1 2008
Cost ratio of 56.4%, same level as in Q1 2008
Core earnings before impairment amounted to DKK 136m, same level as in Q1 2008
Impairment on loans and advances amounted to DKK 75m due to continuous weak
market conditions which also forward-looking might influence the business
oriented activities
Investment portfolios amounted to DKK 31m against negative DKK 49m in Q1 2008
Sector related costs amounted to DKK 44m and is a substantial expense item in Q1
2009. Costs relate to the Bank's contribution to the Danish Contingency
Committee under Bank Package I
The net result for the period before tax amounted to DKK 47m
The Bank's solvency ratio is 10.9%, of which core capital 6.9%
Expectations for core earnings before impairment for all 2009 are maintained at
the level DKK 480 - 520m
The Bank will apply for raising of hybrid core capital of DKK 1,400m under Bank
Package II
“After a very challenging 2008 we have experienced the first months of 2009 as
more stable. The financial crisis and the weak market conditions have resulted
in the fact that the Bank's need to make impairments is at an expected high,
though significantly reduced, level. The negative development, which started at
the real estate market, has now been spreading to other sectors, where the
Bank's exposure is at a considerably lower level”, says Mr. Jørgen Brændstrup,
Managing Director and Chief Executive.
Questions to this report may be addressed to Mr. Jørgen Brændstrup, Managing
Director and Chief Executive by phone +45 32 66 60 01.
Encl.: Interim Report, Q1 2009 - Amagerbanken (Announcement no. 07, 29 April
2009)
