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21 April 2010
Ringkjøbing Landbobank's quarterly report for the 1st quarter of 2010
The bank's pre-tax profit for the first quarter of 2010 was DKK 101 million
against DKK 58 million for the first quarter of 2009. The result is equivalent
to a 20% return on equity. Given the costs incurred in connection with the
national bank package I, the profit is considered highly satisfactory.
--------------------------------------------------------------------------------
| (million DKK) | 1st | | | 200 | 200 | 200 | 200 | 200 | 200 | 2001 |
| | qtr | 200 | 200 | 7 | 6 | 5 | 4 | 3 | 2 | |
| | . | 9 | 8 | | | | | | | |
| | 201 | | | | | | | | | |
| | 0 | | | | | | | | | |
| | | | | | | | | | | |
--------------------------------------------------------------------------------
| Core income | 188 | 753 | 735 | 696 | 609 | 511 | 417 | 368 | 328 | 275 |
--------------------------------------------------------------------------------
| Total costs | -60 | -23 | -23 | -23 | -20 | -19 | -18 | -16 | -15 | -133 |
| | | 8 | 9 | 4 | 8 | 0 | 4 | 3 | 5 | |
--------------------------------------------------------------------------------
| Core earnings | 128 | 515 | 496 | 462 | 401 | 321 | 233 | 205 | 173 | 142 |
| before | | | | | | | | | | |
| write-downs | | | | | | | | | | |
--------------------------------------------------------------------------------
| Write-downs on | -21 | -15 | -77 | +11 | +69 | +5 | +4 | -10 | +6 | +6 |
| loans | | 9 | | | | | | | | |
--------------------------------------------------------------------------------
| Core earnings | 107 | 356 | 419 | 473 | 470 | 326 | 237 | 195 | 179 | 148 |
--------------------------------------------------------------------------------
| Result for | +18 | +56 | -73 | -18 | +10 | +35 | +51 | +10 | +30 | +7 |
| portfolio | | | | | 3 | | | 6 | | |
--------------------------------------------------------------------------------
| Profit before | 125 | 412 | 346 | 455 | 573 | 361 | 288 | 301 | 209 | 155 |
| national bank | | | | | | | | | | |
| package I | | | | | | | | | | |
--------------------------------------------------------------------------------
| Costs of | -24 | -10 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| national bank | | 7 | | | | | | | | |
| package I | | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 101 | 305 | 318 | 455 | 573 | 361 | 288 | 301 | 209 | 155 |
| tax | | | | | | | | | | |
--------------------------------------------------------------------------------
Core earnings before write-downs were DKK 128 million against last year's DKK
121 million, an increase of 6%. Write-downs totalling DKK 21 million were made,
after which the bank's core earnings were DKK 107 million, which is marginally
higher than last year.
The quarter - highlights:
Increase in pre-tax profit from DKK 58 million last year to DKK 101 million for
the first quarter of 2010
This result is equivalent to a 20% p.a. return on equity at the beginning of the
period
Highly satisfactory level of write-downs of DKK 21 million - equivalent to 0.56%
p.a.
Rate of costs at an unchanged level and computed at 31.8, the lowest in Denmark
Required solvency computed below the minimum statutory requirements and reported
at 8%
Solvency ratio increased to 20.5%, equivalent to cover of 256%
Core capital ratio increased to 17.0 without joining bank package II
Satisfactory increase in customer numbers and new activities suggest increasing
business volume
Please do not hesitate to contact the bank's management if you have any
questions.
Yours sincerely,
Ringkjøbing Landbobank
Bent Naur John Fisker
Management Report
Core income
Core income was 6% higher in the first quarter of 2010 with an increase from DKK
177 million in 2009 to DKK 188 million.
Net interest income increased by 3% from DKK 147 million to DKK 150 million. The
underlying trend in income from business with customers is good, but the item
was negatively affected by the low interest level, as interest income from
financing of the bank's own holding of bonds was two percentage points lower in
the first quarter of 2010 compared to the first quarter of 2009, equivalent to a
lower income for the quarter of approx. DKK 7.5 million.
Fees, commissions and foreign exchange earnings amounted to net DKK 36 million
in 2010 against net DKK 30 million in 2009, an increase of 23%. This development
is primarily attributable to the fact that the volume of trading within
securities has picked up, and to increasing earnings from the bank's asset
management activities as a result of increasing volumes.
Costs and depreciations
Total costs including depreciation on tangible assets amounted to DKK 60 million
against last year's DKK 56 million, an increase of 7%. The rate of increase is
expected to be considerably lower for the year.
The rate of costs remains at last year's level and is computed at 31.8, which
continues to be the lowest in Denmark. A low rate of costs is especially
important in periods of difficult economic conditions as the bank's results are
thus very robust, which is also reflected in the computation of the bank's
solvency requirement.
Write-downs on loans
Write-downs on loans was negative by net DKK 21 million in the quarter compared
with the same period last year, where the item was negative by DKK 16 million.
The net write-downs for the quarter are equivalent to 0.56% p.a. of total
average of loans, write-downs, guarantees and provisions. The bank's customers
appear to be coping better with the recession than the average in Denmark, and
the present level of write-downs is considered highly satisfactory.
The bank's total account for write-downs and provisions amounted to DKK 497
million at the end of the quarter, equivalent to 3.4% of total loans and
guarantees. Actual write-offs on loans (including interest on the account for
write-downs) this quarter continue to be low, and DKK 9 million was actually
reversed in the quarter, such that the account for write-downs and provisions
increased by net DKK 30 million in the quarter.
The portfolio of loans with suspended calculation of interest amounts to DKK 70
million, equivalent to 0.47% of the bank's total loans and guarantees at the end
of the quarter.
In general the bank's loans portfolio is strong. Given the recession in 2009 in
the Danish economy and the fall in value of many assets concurrently with
increasing unemployment, the bank is satisfied with the conservative credit
policy on the basis of which the bank has always operated. The bank's losses are
expected to remain at a relatively high level this year, a natural part of the
economic cycle. However, in the bank's judgment the credit policy, the
diversified loans portfolio and the bank's location in Central and West Jutland
will have a positive effect on the bank compared with the general trend in the
banking sector as a whole.
Core earnings
--------------------------------------------------------------------------------
| (million DKK) | 1st | | | 200 | 200 | 200 | 200 | 200 | 200 | 2001 |
| | qtr | 200 | 200 | 7 | 6 | 5 | 4 | 3 | 2 | |
| | . | 9 | 8 | | | | | | | |
| | 201 | | | | | | | | | |
| | 0 | | | | | | | | | |
| | | | | | | | | | | |
--------------------------------------------------------------------------------
| Core income | 188 | 753 | 735 | 696 | 609 | 511 | 417 | 368 | 328 | 275 |
--------------------------------------------------------------------------------
| Total costs | -60 | -23 | -23 | -23 | -20 | -19 | -18 | -16 | -15 | -133 |
| | | 8 | 9 | 4 | 8 | 0 | 4 | 3 | 5 | |
--------------------------------------------------------------------------------
| Core earnings | 128 | 515 | 496 | 462 | 401 | 321 | 233 | 205 | 173 | 142 |
| before | | | | | | | | | | |
| write-downs | | | | | | | | | | |
--------------------------------------------------------------------------------
| Write-downs on | -21 | -15 | -77 | +11 | +69 | +5 | +4 | -10 | +6 | +6 |
| loans | | 9 | | | | | | | | |
--------------------------------------------------------------------------------
| Core earnings | 107 | 356 | 419 | 473 | 470 | 326 | 237 | 195 | 179 | 148 |
--------------------------------------------------------------------------------
| Result for | +18 | +56 | -73 | -18 | +10 | +35 | +51 | +10 | +30 | +7 |
| portfolio | | | | | 3 | | | 6 | | |
--------------------------------------------------------------------------------
| Profit before | 125 | 412 | 346 | 455 | 573 | 361 | 288 | 301 | 209 | 155 |
| national bank | | | | | | | | | | |
| package I | | | | | | | | | | |
--------------------------------------------------------------------------------
| Costs of | -24 | -10 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| national bank | | 7 | | | | | | | | |
| package I | | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 101 | 305 | 318 | 455 | 573 | 361 | 288 | 301 | 209 | 155 |
| tax | | | | | | | | | | |
--------------------------------------------------------------------------------
Core earnings before write-downs were DKK 128 million for the first quarter of
2010 against DKK 121 million in 2009, an increase of 6%. Net write-downs
totalling DKK 21 million were made, after which the bank's core earnings were
DKK 107 million for the first quarter of 2010.
Result for portfolio
The result for the portfolio for the first quarter of the year was positive by
DKK 18 million including funding costs for the portfolio. The result comprised a
gain on interest-bearing debts and debt of DKK 15 million including funding
costs, and a gain of DKK 3 million including funding costs on listed shares etc.
All securities are included at market value.
The bank's holding of shares etc. at the end of the quarter amounted to DKK 254
million, DKK 23 million of which was in listed shares etc. while DKK 231 million
was in sector shares etc. The bond portfolio at the end of the quarter amounted
to DKK 1,864 million, and the great majority of the portfolio consists of
AAA-rated Danish mortgage credit bonds.
The total interest rate risk, computed as the impact on the result of a one
percentage point change in the interest level, was 0.9% of the bank's core
capital after deduction at the end of the quarter.
The bank's total market risk within exposure to interest rate risk, exposure in
listed shares etc. and foreign exchange exposure remains at a low level. The
bank's risk of losses calculated on the basis of a value-at-risk model (computed
with a 10-day horizon and 99% probability) was as follows in the first quarter
of 2010:
% risk relative to equity
Risk in million DKK end of quarter
Highest risk of loss: 12.9 0.61%
Smallest risk of loss: 4.4 0.21%
Average risk of loss: 9.1 0.43%
The bank's policy continues to be to keep the market risk at a low level.
Profit after tax
The profit after tax was DKK 76 million in the first quarter of 2010 against DKK
42 million in the same period last year, an increase of 80%. Tax of DKK 25
million was calculated, giving an effective tax rate of 24.9%. The result after
tax is equivalent to a 15% return on equity at the beginning of the period.
The balance sheet
The bank's balance sheet total at the end of the quarter stood at DKK 18,311
million against last year's DKK 18,207 million. Deposits increased by 19% from
DKK 9,528 million to DKK 11,306 million. The bank's loans remain at an unchanged
level at DKK 12,880 million.
The bank's portfolio of guarantees at the end of the first quarter of 2010 was
DKK 1,397 million against DKK 2,112 million in 2009.
Liquidity
The bank's liquidity is good, and the excess liquidity relative to the statutory
requirement is 203.8%. The bank's short-term funding with term to maturity of
less than 12 months amounts to only DKK 1.4 billion, balanced by DKK 4.5 billion
in short-term money market placing, primarily in Danmarks Nationalbank, Danish
banks and liquid securities. The bank also had undrawn confirmed credit
facilities with foreign banks with term to maturity of over 12 months to the
equivalent of a total of DKK 0.8 billion as backup facilities. The bank is thus
not dependent on the short-term money market.
Rating
Ringkjøbing Landbobank was rated for the first time in May 2007 by the
international credit rating agency Moody's Investors Service. The bank's ratings
since the start are:
Financial strength C+
Short-term liquidity P-1
Long-term liquidity A1
These ratings were most recently confirmed in September 2009 with negative
outlook. The bank is highly satisfied that the rating has been maintained
despite the gloomy prospects for the Danish economy. Ringkjøbing Landbobank is
thus the only Danish bank which was not downgraded in 2009.
Bank package I
Together with most of the financial sector in Denmark, Ringkjøbing Landbobank
joined bank package I, which runs until 30 September 2010 and provides an
unconditional guarantee by the Danish state for Danish banks' deposits and
senior debts. The guarantee premium was DKK 15 million in the first quarter of
2010. The guarantee premium for the remaining period until 30 September 2010
will amount to DKK 29 million.
In the first quarter of 2010, losses of DKK 9 million were booked for bank
package I on the basis of the information published by the Financial Stability
Company on expected losses according to the net realisation principle.
Capital
The bank's equity at the beginning of 2010 was DKK 2,056 million, to which must
be added the profit for the quarter, after which the equity on 31 March 2010 was
DKK 2,129 million.
The solvency ratio was computed at 20.5 at the end of the first quarter of 2010,
and the core capital ratio was computed at 17.0 on the same date.
1st qtr.
Solvency coverage 2010 2009 2008 2007 2006
Core capital ratio excl. hybrid core capital 15.5 15.1 11.6 10.0 9.2
Core capital ratio 17.0 16.6 13.0 11.2 10.4
Solvency ratio 20.5 20.2 16.3 13.0 12.3
Individual solvency requirement 8.0 8.0 8.0 8.0 8.0
Solvency coverage 256% 253% 204% 163% 154%
Since 2007, the Danish financial sector has been subject to a requirement that a
bank's solvency ratio must be at least 8%, and this ratio must also at a minimum
comply with the required individual solvency requirement calculated internally
by the bank, which may be higher than the 8%. If the calculated individual
solvency requirement is less than 8%, a bank cannot, however, be permitted at
any time to use any such calculated lower figure. The calculated individual
solvency requirement for Ringkjøbing Landbobank is below the 8% because of the
bank's robust business model, and the ratio was thus reported at 8%.
In the first quarter of 2010 the bank received an ordinary visit by the Danish
Financial Supervisory Authority, which, over a three-week period, conducted an
inspection, which included a review of one third of the bank's loans volume. The
visit did not have any effect on the results, and the bank's individual solvency
requirement was confirmed at below 8%.
New business model provides an opportunity for more new customers
The bank expects that the financial crisis will cause changes to the financial
sector's present business model. The future will generally be characterised by
lower risk, greater reserves and lover gearing of the equity in the financial
sector. Ringkjøbing Landbobank's balance sheet and cost structure already fit
this scenario well, and the adjustments which will be carried out in the years
to come will of course offer opportunities for the bank in the market.
Given this background and the fact that the bank has both liquidity and capital
to support growth, the bank implemented several out-reach initiatives towards
new customers in the second half of 2009. A highly positive increase in
customers is currently being seen in the branch network and within the Private
Banking segment with transfer of pension and securities customers.
In support of this development, the bank has increased its staffing within
investments. In addition, the bank's central Private Banking department will
also be strengthened during the second quarter of 2010 to utilise the many
opportunities which the bank is currently experiencing.
Accounting policies and key figures
The accounting policies applied are unchanged relative to the audited annual
report presented for 2009.
Expectations for earnings in 2010
The bank's core earnings for the first quarter of 2010 were DKK 107 million,
which is slightly better than the budget for 2010. The announced range of DKK
200-400 million is maintained.
Financial calendar 2010
The financial calendar for the forthcoming publications is as follows:
11 August 2010 Interim report 2010
27 October 2010 Quarterly report for 1st-3rd quarter 2010
Main and key figures for the bank
--------------------------------------------------------------------------------
| | 1st qtr. | 1st qtr. | Full |
| | 2010 | 2009 | year |
| | | | 2009 |
--------------------------------------------------------------------------------
| Main figures for the bank (million DKK) | | | |
--------------------------------------------------------------------------------
| Total core income | 188 | 177 | 753 |
--------------------------------------------------------------------------------
| Total costs and depreciations | -60 | -56 | -238 |
--------------------------------------------------------------------------------
| Core earnings before write-downs on loans | 128 | 121 | 515 |
--------------------------------------------------------------------------------
| Write-downs on loans | -21 | -16 | -159 |
--------------------------------------------------------------------------------
| Core earnings | 107 | 105 | 356 |
--------------------------------------------------------------------------------
| Result for portfolio | +18 | -32 | +56 |
--------------------------------------------------------------------------------
| Profit before national bank package I | 125 | 73 | 412 |
--------------------------------------------------------------------------------
| Costs national bank package I | -24 | -15 | -107 |
--------------------------------------------------------------------------------
| Profit before tax | 101 | 58 | 305 |
--------------------------------------------------------------------------------
| Profit after tax | 76 | 42 | 232 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | 2,129 | 1,887 | 2,056 |
--------------------------------------------------------------------------------
| Total capital base | 2,820 | 2,560 | 2,747 |
--------------------------------------------------------------------------------
| Deposits | 11,306 | 9,528 | 11,187 |
--------------------------------------------------------------------------------
| Loans | 12,880 | 12,900 | 13,047 |
--------------------------------------------------------------------------------
| Balance sheet total | 18,311 | 18,207 | 17,928 |
--------------------------------------------------------------------------------
| Guarantees | 1,397 | 2,112 | 1,486 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Key figures for the bank (per cent) | | | |
--------------------------------------------------------------------------------
| Pre-tax return on equity, beginning of year | 19.7 | 12.9 | 17.1 |
--------------------------------------------------------------------------------
| Return on equity after tax, beginning of | 14.8 | 9.4 | 13.0 |
| year | | | |
--------------------------------------------------------------------------------
| Rate of costs | 31.8 | 31.6 | 31.6 |
--------------------------------------------------------------------------------
| Core capital ratio | 17.0 | 14.7 | 16.6 |
--------------------------------------------------------------------------------
| Solvency ratio | 20.5 | 18.3 | 20.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Key figures per 5 DKK share (DKK) | | | |
--------------------------------------------------------------------------------
| Core earnings | 21 | 21 | 71 |
--------------------------------------------------------------------------------
| Profit before tax | 20 | 11 | 60 |
--------------------------------------------------------------------------------
| Profit after tax | 15 | 8 | 46 |
--------------------------------------------------------------------------------
| Net asset value | 422 | 374 | 408 |
--------------------------------------------------------------------------------
| Price, end of period | 615 | 324 | 609 |
--------------------------------------------------------------------------------
Profit and loss account
--------------------------------------------------------------------------------
| Note | 1.1-31.3 | 1.1-31.3 | 1.1-31.12 |
| | 2010 | 2009 | 2009 |
| | DKK 1,000 | DKK 1,000 | DKK |
| | | | 1,000 |
--------------------------------------------------------------------------------
| 1 | Interest receivable | 215,720 | 286,310 | 993,756 |
--------------------------------------------------------------------------------
| 2 | Interest payable | 62,006 | 134,530 | 377,728 |
--------------------------------------------------------------------------------
| | Net income from interest | 153,714 | 151,780 | 616,028 |
--------------------------------------------------------------------------------
| | Interest-like commission income | 83 | 5,105 | 9,266 |
--------------------------------------------------------------------------------
| | Dividend on capital shares etc. | 6 | 5 | 3,243 |
--------------------------------------------------------------------------------
| 3 | Income from fees and commissions | 37,909 | 27,746 | 140,362 |
--------------------------------------------------------------------------------
| 3 | Fees and commissions paid | 5,216 | 4,752 | 23,823 |
--------------------------------------------------------------------------------
| | Net income from interest and fees | 186,496 | 179,884 | 745,076 |
--------------------------------------------------------------------------------
| 4 | Value adjustments | +17,271 | -36,378 | +58,130 |
--------------------------------------------------------------------------------
| | Other operating income | 1,227 | 1,127 | 5,351 |
--------------------------------------------------------------------------------
| 5,6 | Staff and administration costs | 59,062 | 55,144 | 235,604 |
--------------------------------------------------------------------------------
| | Amortisation, depreciation and | 567 | 520 | 2,424 |
| | write-downs on | | | |
| | intangible and | | | |
| | tangible assets | | | |
--------------------------------------------------------------------------------
| | Other operating costs | | | |
--------------------------------------------------------------------------------
| | Miscellaneous other operating | 0 | 0 | 56 |
| | costs | | | |
--------------------------------------------------------------------------------
| | Guarantee commission, national | 14,530 | 12,486 | 55,785 |
| | bank package I | | | |
--------------------------------------------------------------------------------
| | Write-downs on loans and debtors | | | |
| | etc. | | | |
--------------------------------------------------------------------------------
| 10 | Write-downs on loans and other | -20,696 | -15,858 | -158,600 |
| | debtors | | | |
--------------------------------------------------------------------------------
| | Write-downs on national bank | -9,144 | -2,915 | -51,173 |
| | package I | | | |
--------------------------------------------------------------------------------
| | Result of capital shares in | | 0 | -59 |
| | associated companies | | | |
--------------------------------------------------------------------------------
| | Profit before tax | 100,995 | 57,710 | 304,856 |
--------------------------------------------------------------------------------
| 7 | Tax | 25,100 | 15,600 | 72,775 |
--------------------------------------------------------------------------------
| | Profit after tax | 75,895 | 42,110 | 232,081 |
--------------------------------------------------------------------------------
Core earnings
--------------------------------------------------------------------------------
| | 1.1-31.3 | 1.1-31.3 | 1.1-31.12 |
| | 2010 | 2009 | 2009 |
| | DKK 1,000 | DKK 1,000 | DKK |
| | | | 1,000 |
--------------------------------------------------------------------------------
| | Net income from interest | 150,216 | 146,551 | 596,828 |
--------------------------------------------------------------------------------
| | Interest-like commission income | 83 | 5,105 | 9,266 |
--------------------------------------------------------------------------------
| | Net income from fees and | 26,231 | 19,811 | 97,751 |
| | provisions excl. commission | | | |
--------------------------------------------------------------------------------
| | Income from sector shares etc. | -450 | -5,889 | 8,448 |
--------------------------------------------------------------------------------
| | Foreign exchange income | 3,580 | 6,509 | 16,515 |
--------------------------------------------------------------------------------
| | Other operating income | 1,227 | 1,127 | 5,351 |
--------------------------------------------------------------------------------
| | Total core income excl. trade | 180,887 | 173,214 | 734,159 |
| | income | | | |
--------------------------------------------------------------------------------
| | Trade income | 6,462 | 3,183 | 18,788 |
--------------------------------------------------------------------------------
| | Total core income | 187,349 | 176,397 | 752,947 |
--------------------------------------------------------------------------------
| | Staff and administration costs | 59,062 | 55,144 | 235,604 |
--------------------------------------------------------------------------------
| | Amortisation, depreciation and | 567 | 520 | 2,424 |
| | write-downs on | | | |
| | intangible and | | | |
| | tangible assets | | | |
--------------------------------------------------------------------------------
| | Other operating costs | 0 | 0 | 56 |
--------------------------------------------------------------------------------
| | Total costs etc. | 59,629 | 55,664 | 238,084 |
--------------------------------------------------------------------------------
| | Core earnings before write-downs | 127,720 | 120,733 | 514,863 |
| | on loans | | | |
--------------------------------------------------------------------------------
| | Write-downs on loans and other | -20,696 | -15,858 | -158,600 |
| | debtors | | | |
--------------------------------------------------------------------------------
| | Core earnings | 107,024 | 104,875 | 356,263 |
--------------------------------------------------------------------------------
| | Result for portfolio | +17,645 | -31,764 | +55,551 |
--------------------------------------------------------------------------------
| | Result before national bank | 124,669 | 73,111 | 411,814 |
| | package I | | | |
--------------------------------------------------------------------------------
| | Costs national bank package I | -23,674 | -15,401 | -106,958 |
--------------------------------------------------------------------------------
| | Profit before tax | 100,995 | 57,710 | 304,856 |
--------------------------------------------------------------------------------
| | Tax | 25,100 | 15,600 | 72,775 |
--------------------------------------------------------------------------------
| | Profit after tax | 75,895 | 42,110 | 232,081 |
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
| Note | End | End | End |
| | March | March | Dec. |
| | 2010 | 2009 | 2009 |
| | DKK | DKK | DKK |
| | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| | Assets | | | |
--------------------------------------------------------------------------------
| | Cash in hand and claims at call | 38,731 | 55,854 | 42,723 |
| | on central banks | | | |
--------------------------------------------------------------------------------
| 8 | Claims on credit institutions | | | |
| | and central banks | | | |
--------------------------------------------------------------------------------
| | Claims on central banks | 626,890 | 1,810,661 | 649,846 |
--------------------------------------------------------------------------------
| | Claims on credit institutions | | | |
--------------------------------------------------------------------------------
| | Money market operations and | 1,946,863 | 1,392,309 | 1,751,361 |
| | bilateral loans | | | |
| | - term | | | |
| | to maturity under 1 year | | | |
--------------------------------------------------------------------------------
| | Bilateral loans - term to | 141,339 | 249,418 | 90,792 |
| | maturity over 1 year | | | |
--------------------------------------------------------------------------------
| 9,10, | Loans and other debtors at | 12,879,61 | 12,899,67 | 13,047,21 |
| 11 | amortised cost price | 9 | 9 | 2 |
--------------------------------------------------------------------------------
| 12 | Bonds at current value | 1,863,944 | 1,100,373 | 1,679,453 |
--------------------------------------------------------------------------------
| 13 | Shares etc. | 253,631 | 232,553 | 256,697 |
--------------------------------------------------------------------------------
| | Capital shares in associated | 513 | 571 | 513 |
| | companies | | | |
--------------------------------------------------------------------------------
| | Land and buildings total | 76,614 | 75,664 | 76,589 |
--------------------------------------------------------------------------------
| | Investment properties | 7,261 | 7,261 | 7,261 |
--------------------------------------------------------------------------------
| | Domicile properties | 69,353 | 68,403 | 69,328 |
--------------------------------------------------------------------------------
| | Other tangible assets | 2,762 | 3,346 | 3,055 |
--------------------------------------------------------------------------------
| | Actual tax assets | 48,053 | 50,250 | 46,261 |
--------------------------------------------------------------------------------
| | Deferred tax assets | 0 | 27,713 | 0 |
--------------------------------------------------------------------------------
| | Temporary assets | 1,234 | 1,025 | 1,023 |
--------------------------------------------------------------------------------
| | Other assets | 424,373 | 300,568 | 275,171 |
--------------------------------------------------------------------------------
| | Periodic-defined items | 6,789 | 7,018 | 7,260 |
--------------------------------------------------------------------------------
| | Total assets | 18,311,35 | 18,207,00 | 17,927,95 |
| | | 5 | 2 | 6 |
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
| Note | End | End | End |
| | March | March | Dec. |
| | 2010 | 2009 | 2009 |
| | DKK | DKK | DKK |
| | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| | Liabilities and equity | | | |
--------------------------------------------------------------------------------
| 14 | Debt to credit institutions and | | | |
| | central banks | | | |
--------------------------------------------------------------------------------
| | Debt to central banks | 0 | 790,000 | 0 |
--------------------------------------------------------------------------------
| | Debt to credit institutions | | | |
--------------------------------------------------------------------------------
| | Money market operations and | 960,482 | 1,243,384 | 699,732 |
| | bilateral credits | | | |
| | - term | | | |
| | to maturity under 1 year | | | |
--------------------------------------------------------------------------------
| | Bilateral credits - term to | 2,198,500 | 3,107,207 | 2,294,991 |
| | maturity over 1 year | | | |
--------------------------------------------------------------------------------
| 15 | Deposits and other debts | 11,306,12 | 9,528,273 | 11,187,47 |
| | | 4 | | 0 |
--------------------------------------------------------------------------------
| 16 | Issued bonds at amortised cost | 579,510 | 532,442 | 557,337 |
| | price | | | |
--------------------------------------------------------------------------------
| | Other liabilities | 357,250 | 388,536 | 364,332 |
--------------------------------------------------------------------------------
| | Periodic-defined items | 480 | 902 | 689 |
--------------------------------------------------------------------------------
| | Total debt | 15,402,34 | 15,590,74 | 15,104,55 |
| | | 6 | 4 | 1 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Provisions for pensions and | 6,991 | 8,856 | 7,463 |
| | similar liabilities | | | |
--------------------------------------------------------------------------------
| | Provisions for deferred tax | 5,088 | 0 | 5,088 |
--------------------------------------------------------------------------------
| 10 | Provisions for losses on | 1,046 | 5,491 | 1,376 |
| | guarantees | | | |
--------------------------------------------------------------------------------
| | Provisions for national bank | 54,245 | 11,743 | 45,101 |
| | package I | | | |
--------------------------------------------------------------------------------
| | Other provisions for liabilities | 13,210 | 828 | 13,210 |
--------------------------------------------------------------------------------
| | Total provisions for liabilities | 80,580 | 26,918 | 72,238 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Subordinated loan capital | 491,802 | 499,015 | 491,625 |
--------------------------------------------------------------------------------
| | Hybrid core capital | 207,631 | 203,458 | 203,769 |
--------------------------------------------------------------------------------
| 17 | Total subordinated debt | 699,433 | 702,473 | 695,394 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 18 | Share capital | 25,200 | 25,200 | 25,200 |
--------------------------------------------------------------------------------
| | Reserve for net revaluation | 162 | 188 | 162 |
| | under the intrinsic value method | | | |
--------------------------------------------------------------------------------
| | Profit carried forward | 2,103,634 | 1,861,479 | 2,030,411 |
--------------------------------------------------------------------------------
| | Total shareholders' equity | 2,128,996 | 1,886,867 | 2,055,773 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total liabilities and equity | 18,311,35 | 18,207,00 | 17,927,95 |
| | | 5 | 2 | 6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 20 | Contingent liabilities etc. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 21 | Capital adequacy computation | | | |
--------------------------------------------------------------------------------
Statement of shareholders' equity
--------------------------------------------------------------------------------
| DKK 1,000 | Shar | Provis | Reserve | Propo- | Profit | Total |
| | e | ions | for net | sed | carried | share-ho |
| | capi | for | revalua-t | di | forward | lders' |
| | tal | re-val | ion under | vidend | | e |
| | | uation | the | etc. | | quity |
| | | | intrinsic | | | |
| | | | value | | | |
| | | | method | | | |
--------------------------------------------------------------------------------
| On 31 March 2010: | 25,2 | 0 | 162 | 0 | 2,030,4 | 2,055,77 |
| Shareholders' | 00 | | | | 11 | 3 |
| equity at the end | | | | | | |
| of the previous | | | | | | |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Purchase and sale | | | | | -3,524 | -3,524 |
| of own shares | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 852 | 852 |
| shareholders' | | | | | | |
| equity items | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | 75,895 | 75,895 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,2 | 0 | 162 | 0 | 2,103,6 | 2,128,99 |
| equity on the | 00 | | | | 34 | 6 |
| balance sheet date | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| On 31 March 2009: | 25,2 | 0 | 188 | 0 | 1,759,4 | 1,784,79 |
| Shareholders' | 00 | | | | 02 | 0 |
| equity at the end | | | | | | |
| of the previous | | | | | | |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Purchase and sale | | | | | 59,065 | 59,065 |
| of own shares | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 902 | 902 |
| shareholders' | | | | | | |
| equity items | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | 42,110 | 42,110 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,2 | 0 | 188 | 0 | 1,861,4 | 1,886,86 |
| equity on the | 00 | | | | 79 | 7 |
| balance sheet date | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| On 31 December | 25,2 | 0 | 188 | 0 | 1,759,4 | 1,784,79 |
| 2009: | 00 | | | | 02 | 0 |
| Shareholders' | | | | | | |
| equity at the end | | | | | | |
| of the previous | | | | | | |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Purchase and sale | | | | | 55,583 | 55,583 |
| of own shares | | | | | | |
--------------------------------------------------------------------------------
| Tax regarding | | | | | -20,278 | -20,278 |
| trade with own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 3,597 | 3,597 |
| shareholders' | | | | | | |
| equity items | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | -26 | | 232,107 | 232,081 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,2 | 0 | 162 | 0 | 2,030,4 | 2,055,77 |
| equity on the | 00 | | | | 11 | 3 |
| balance sheet date | | | | | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | 1.1-31.3 | 1.1-31.3 | 1.1-31.12 |
| | 2010 | 2009 | 2009 |
| | DKK | DKK 1,000 | DKK |
| | 1,000 | | 1,000 |
--------------------------------------------------------------------------------
| 1 | Interest receivable | | | |
--------------------------------------------------------------------------------
| | Claims on credit institutions and | 9,709 | 21,489 | 63,512 |
| | central banks | | | |
--------------------------------------------------------------------------------
| | Loans and other debtors | 192,502 | 250,741 | 865,961 |
--------------------------------------------------------------------------------
| | Loans - interest concerning the | -7,203 | -7,004 | -26,109 |
| | written-down part of loans | | | |
--------------------------------------------------------------------------------
| | Bonds | 12,724 | 15,352 | 65,062 |
--------------------------------------------------------------------------------
| | Total derivatives financial | 7,988 | 5,732 | 24,338 |
| | instruments, | | | |
--------------------------------------------------------------------------------
| | of which | | | |
--------------------------------------------------------------------------------
| | Currency contracts | 4,622 | 7,365 | 24,759 |
--------------------------------------------------------------------------------
| | Interest-rate contracts | 3,366 | -1,633 | -421 |
--------------------------------------------------------------------------------
| | Other interest receivable | 0 | 0 | 992 |
--------------------------------------------------------------------------------
| | Total interest receivable | 215,720 | 286,310 | 993,756 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 2 | Interest payable | | | |
--------------------------------------------------------------------------------
| | Credit institutions and central | 10,696 | 43,124 | 94,946 |
| | banks | | | |
--------------------------------------------------------------------------------
| | Deposits and other debts | 39,961 | 75,441 | 230,197 |
--------------------------------------------------------------------------------
| | Issued bonds | 4,766 | 7,885 | 21,525 |
--------------------------------------------------------------------------------
| | Subordinated debt | 6,583 | 8,080 | 30,743 |
--------------------------------------------------------------------------------
| | Other interest payable | 0 | 0 | 317 |
--------------------------------------------------------------------------------
| | Total interest payable | 62,006 | 134,530 | 377,728 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 3 | Gross income from fees and | | | |
| | commissions | | | |
--------------------------------------------------------------------------------
| | Securities trading | 8,493 | 4,390 | 26,678 |
--------------------------------------------------------------------------------
| | Asset management | 9,650 | 6,189 | 40,943 |
--------------------------------------------------------------------------------
| | Payment handling | 4,220 | 3,864 | 16,419 |
--------------------------------------------------------------------------------
| | Loan fees | 2,589 | 1,846 | 9,854 |
--------------------------------------------------------------------------------
| | Guarantee commissions | 7,684 | 6,989 | 29,991 |
--------------------------------------------------------------------------------
| | Other fees and commissions | 5,273 | 4,468 | 16,477 |
--------------------------------------------------------------------------------
| | Total gross income from fees and | 37,909 | 27,746 | 140,362 |
| | commissions | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Net income from fees and | | | |
| | commissions | | | |
--------------------------------------------------------------------------------
| | Securities trading | 6,462 | 3,183 | 18,788 |
--------------------------------------------------------------------------------
| | Asset management | 8,527 | 5,318 | 36,983 |
--------------------------------------------------------------------------------
| | Payment handling | 3,847 | 3,378 | 14,868 |
--------------------------------------------------------------------------------
| | Loan fees | 2,102 | 1,196 | 7,401 |
--------------------------------------------------------------------------------
| | Guarantee commissions | 7,684 | 6,989 | 29,991 |
--------------------------------------------------------------------------------
| | Other fees and commissions | 4,071 | 2,930 | 8,508 |
--------------------------------------------------------------------------------
| | Total net income from fees and | 32,693 | 22,994 | 116,539 |
| | commissions | | | |
--------------------------------------------------------------------------------
| | Foreign exchange income | 3,580 | 6,509 | 16,515 |
--------------------------------------------------------------------------------
| | Total net income from fees, | 36,273 | 29,503 | 133,054 |
| | commissions and foreign exchange | | | |
| | income | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 | Value adjustments | | | |
--------------------------------------------------------------------------------
| | Loans and other debtors at | 781 | 3,046 | 8,665 |
| | current value | | | |
--------------------------------------------------------------------------------
| | Bonds | 19,427 | -19,925 | 39,402 |
--------------------------------------------------------------------------------
| | Shares etc. | 2,715 | -2,943 | 7,159 |
--------------------------------------------------------------------------------
| | Shares etc. in sector companies | -450 | -5,889 | 5,246 |
--------------------------------------------------------------------------------
| | Foreign exchange income | 3,580 | 6,509 | 16,515 |
--------------------------------------------------------------------------------
| | Total derivatives financial | 4,394 | 21,428 | -5,758 |
| | instruments | | | |
--------------------------------------------------------------------------------
| | Issued bonds | -1,292 | -8,475 | 5,937 |
--------------------------------------------------------------------------------
| | Other liabilities | -11,884 | -30,129 | -19,036 |
--------------------------------------------------------------------------------
| | Total value adjustments | 17,271 | -36,378 | 58,130 |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | 1.1-31.3 | 1.1-31.3 | 1.1-31.12 |
| | | 2010 | 2009 | 2009 |
| | | DKK | DKK | DKK |
| | | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| 5 | Staff and administration costs | | | |
--------------------------------------------------------------------------------
| | Salaries and payments to the board | | | |
| | of directors, board of managers | | | |
| | and shareholders' committee | | | |
--------------------------------------------------------------------------------
| | Board of managers | 1,201 | 1,174 | 5,873 |
--------------------------------------------------------------------------------
| | Board of directors | 0 | 0 | 847 |
--------------------------------------------------------------------------------
| | Shareholders' committee | 0 | 0 | 307 |
--------------------------------------------------------------------------------
| | Total | 1,201 | 1,174 | 7,027 |
--------------------------------------------------------------------------------
| | Staff costs | | | |
--------------------------------------------------------------------------------
| | Salaries | 25,767 | 26,068 | 110,783 |
--------------------------------------------------------------------------------
| | Pensions | 2,811 | 2,743 | 11,111 |
--------------------------------------------------------------------------------
| | Social security expenses | 3,497 | 3,355 | 12,660 |
--------------------------------------------------------------------------------
| | Total | 32,075 | 32,166 | 134,554 |
--------------------------------------------------------------------------------
| | Other administration costs | 25,786 | 21,804 | 94,023 |
--------------------------------------------------------------------------------
| | Total staff and administration | 59,062 | 55,144 | 235,604 |
| | costs | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 6 | Number of employees | | | |
--------------------------------------------------------------------------------
| | Average number of employees during | 256.4 | 265.1 | 262.0 |
| | the period converted into | | | |
| | full-time employees | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 7 | Tax | | | |
--------------------------------------------------------------------------------
| | Tax calculated on the period | 25,100 | 15,600 | 64,201 |
| | profit | | | |
--------------------------------------------------------------------------------
| | Adjustment of deferred tax | 0 | 0 | 8,572 |
--------------------------------------------------------------------------------
| | Adjustment of tax calculated for | 0 | 0 | 2 |
| | previous years | | | |
--------------------------------------------------------------------------------
| | Total tax | 25,100 | 15,600 | 72,775 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Effective tax rate (per cent): | | | |
--------------------------------------------------------------------------------
| | The current tax rate of the bank | 25.0 | 25.0 | 25.0 |
--------------------------------------------------------------------------------
| | Adjustment of tax of non-liable | -0.1 | 2.0 | -1.1 |
| | income and non-deductible costs | | | |
--------------------------------------------------------------------------------
| | Adjustment of tax calculated for | 0.0 | 0.0 | 0.0 |
| | previous years | | | |
--------------------------------------------------------------------------------
| | Total effective tax rate | 24.9 | 27.0 | 23.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Note | | End | End | End |
| | | Marc | March | Dec. |
| | | h | 2009 | 2009 |
| | | 2010 | DKK | DKK |
| | | DKK | 1,000 | 1,000 |
| | | 1,000 | | |
--------------------------------------------------------------------------------
| 8 | Claims on credit institutions and | | | |
| | central banks | | | |
--------------------------------------------------------------------------------
| | Claims at call | 158,344 | 437,975 | 306,531 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 1,425,50 | 2,727,754 | 1,298,234 |
| | | 8 | | |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 989,901 | 37,241 | 796,442 |
| | including 1 year | | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 133,475 | 211,869 | 54,324 |
| | including 5 years | | | |
--------------------------------------------------------------------------------
| | More than 5 years | 7,864 | 37,549 | 36,468 |
--------------------------------------------------------------------------------
| | Total claims on credit | 2,715,09 | 3,452,388 | 2,491,999 |
| | institutions and central banks | 2 | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End | End | End |
| | | Marc | March | Dec. |
| | | h | 2009 | 2009 |
| | | 2010 | DKK | DKK |
| | | DKK | 1,000 | 1,000 |
| | | 1,000 | | |
--------------------------------------------------------------------------------
| 9 | Loans and other debtors at | | | |
| | amortised cost price | | | |
--------------------------------------------------------------------------------
| | At call | 2,978,73 | 2,966,856 | 2,851,137 |
| | | 7 | | |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 899,709 | 1,266,067 | 862,975 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 1,836,00 | 1,884,804 | 2,066,758 |
| | including 1 year | 1 | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 4,177,34 | 3,704,581 | 4,155,151 |
| | including 5 years | 7 | | |
--------------------------------------------------------------------------------
| | More than 5 years | 2,987,82 | 3,077,371 | 3,111,191 |
| | | 5 | | |
--------------------------------------------------------------------------------
| | Total loans and other debtors at | 12,879,6 | 12,899,67 | 13,047,21 |
| | amortised cost price | 19 | 9 | 2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10 | Write-downs on loans and other | | | |
| | debtors and provisions for losses | | | |
| | on guarantees | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Individual write-downs | | | |
--------------------------------------------------------------------------------
| | Cumulative individual write-downs | 424,517 | 336,820 | 336,820 |
| | on loans and other debtors at the | | | |
| | end of the previous financial year | | | |
--------------------------------------------------------------------------------
| | Write-downs/value adjustments | 52,473 | 44,784 | 195,056 |
| | during the period | | | |
--------------------------------------------------------------------------------
| | Reverse entry - write-downs made | -14,071 | -18,641 | -53,832 |
| | in previous financial years | | | |
--------------------------------------------------------------------------------
| | Booked losses covered by | -1,224 | -3,707 | -53,527 |
| | write-downs | | | |
--------------------------------------------------------------------------------
| | Cumulative individual write-downs | 461,695 | 359,256 | 424,517 |
| | on loans and other debtors on the | | | |
| | balance sheet date | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Group write-downs | | | |
--------------------------------------------------------------------------------
| | Cumulative group write-downs on | 41,132 | 17,594 | 17,594 |
| | loans and other debtors at the end | | | |
| | of the previous financial year | | | |
--------------------------------------------------------------------------------
| | Write-downs/value adjustments | 0 | 0 | 35,167 |
| | during the period | | | |
--------------------------------------------------------------------------------
| | Reverse entry - write-downs made | -7,330 | -7,251 | -11,629 |
| | in previous financial years | | | |
--------------------------------------------------------------------------------
| | Cumulative group write-downs on | 33,802 | 10,343 | 41,132 |
| | loans and other debtors on the | | | |
| | balance sheet date | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Total cumulative write-downs on | 495,497 | 369,599 | 465,649 |
| | loans and other debtors on the | | | |
| | balance sheet date | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Provisions for losses on | | | |
| | guarantees | | | |
--------------------------------------------------------------------------------
| | Cumulative individual provisions | 1,376 | 1,669 | 1,669 |
| | for losses on guarantees at the | | | |
| | end of the previous financial year | | | |
--------------------------------------------------------------------------------
| | Provisions/value adjustments | 0 | 3,822 | 3,822 |
| | during the period | | | |
--------------------------------------------------------------------------------
| | Reverse entry - provisions made in | -330 | 0 | -4,115 |
| | previous financial years | | | |
--------------------------------------------------------------------------------
| | Book loss covered by provisions | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | Cumulative individual provisions | 1,046 | 5,491 | 1,376 |
| | for losses on guarantees on the | | | |
| | balance sheet date | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Total cumulative write-downs on | 496,543 | 375,090 | 467,025 |
| | loans and other debtors and | | | |
| | provisions for losses on | | | |
| | guarantees on the balance sheet | | | |
| | date | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 11 | Suspended calculation of interest | | | |
--------------------------------------------------------------------------------
| | Loans and other debtors with | 69,536 | 34,764 | 62,649 |
| | suspended calculation of interest | | | |
| | on the balance sheet date | | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End | End | End |
| | | March | March | Dec. |
| | | 2010 | 2009 | 2009 |
| | | DKK | DKK | DKK |
| | | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| 12 | Bonds at current value | | | |
--------------------------------------------------------------------------------
| | Listed on the stock exchange | 1,863,944 | 1,100,373 | 1,679,453 |
--------------------------------------------------------------------------------
| | Total bonds at current value | 1,863,944 | 1,100,373 | 1,679,453 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 13 | Shares etc. | | | |
--------------------------------------------------------------------------------
| | Listed on NASDAQ OMX Copenhagen | 23,355 | 12,486 | 25,428 |
--------------------------------------------------------------------------------
| | Listed on other stock exchanges | 3 | 0 | 0 |
--------------------------------------------------------------------------------
| | Unlisted shares at current | 1,335 | 9,811 | 2,591 |
| | value | | | |
--------------------------------------------------------------------------------
| | Sector shares at current value | 205,146 | 192,168 | 204,527 |
--------------------------------------------------------------------------------
| | Other holdings | 23,792 | 18,088 | 24,151 |
--------------------------------------------------------------------------------
| | Total shares etc. | 253,631 | 232,553 | 256,697 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 14 | Debt to credit institutions and | | | |
| | central banks | | | |
--------------------------------------------------------------------------------
| | Debt payable on demand | 357,857 | 400,007 | 407,506 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 474,793 | 1,524,999 | 240,334 |
--------------------------------------------------------------------------------
| | More than 3 months and up to | 127,832 | 108,378 | 51,892 |
| | and including 1 year | | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 1,904,199 | 2,750,769 | 1,974,750 |
| | including 5 years | | | |
--------------------------------------------------------------------------------
| | More than 5 years | 294,301 | 356,438 | 320,241 |
--------------------------------------------------------------------------------
| | Total debt to credit | 3,158,982 | 5,140,591 | 2,994,723 |
| | institutions and central banks | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | The bank has undrawn long-term | | | |
| | committed | | | |
| | revolving credit | | | |
| | facilities equivalent to: | | | |
--------------------------------------------------------------------------------
| | Term to maturity under 1 year | 300,000 | 100,000 | 300,000 |
--------------------------------------------------------------------------------
| | Term to maturity over 1 year | 770,023 | 1,070,338 | 769,735 |
--------------------------------------------------------------------------------
| | Total | 1,070,023 | 1,170,338 | 1,069,735 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The bank also has an undrawn | 800,000 | 800,000 | 800,000 |
| | loan facility with the Central | | | |
| | Bank of Denmark on the basis of | | | |
| | statutory excess solvency which | | | |
| | expires on 26 February 2011 of | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 15 | Deposits and other debts | | | |
--------------------------------------------------------------------------------
| | On demand | 6,055,129 | 4,224,455 | 5,318,439 |
--------------------------------------------------------------------------------
| | Deposits and other debts at | | | |
| | notice: | | | |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 1,333,973 | 2,028,960 | 2,019,860 |
--------------------------------------------------------------------------------
| | More than 3 months and up to | 1,362,602 | 795,166 | 1,141,367 |
| | and including 1 year | | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 1,234,576 | 1,090,786 | 1,251,393 |
| | including 5 years | | | |
--------------------------------------------------------------------------------
| | More than 5 years | 1,319,844 | 1,388,906 | 1,456,411 |
--------------------------------------------------------------------------------
| | Total deposits and other debts | 11,306,12 | 9,528,273 | 11,187,470 |
| | | 4 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Distributed as follows: | | | |
--------------------------------------------------------------------------------
| | On demand | 5,580,150 | 3,927,412 | 4,870,100 |
--------------------------------------------------------------------------------
| | At notice | 109,488 | 54,706 | 88,810 |
--------------------------------------------------------------------------------
| | Time deposits | 2,656,393 | 2,777,311 | 3,174,223 |
--------------------------------------------------------------------------------
| | Long term deposit agreements | 1,855,183 | 1,595,819 | 1,801,769 |
--------------------------------------------------------------------------------
| | Special types of deposits | 1,104,910 | 1,173,025 | 1,252,568 |
--------------------------------------------------------------------------------
| | | 11,306,12 | 9,528,273 | 11,187,470 |
| | | 4 | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End | End | End |
| | | Marc | March | Dec. |
| | | h | 2009 | 2009 |
| | | 2010 | DKK | DKK |
| | | DKK | 1,000 | 1,000 |
| | | 1,000 | | |
--------------------------------------------------------------------------------
| 16 | Issued bonds at amortised cost | | | |
| | price | | | |
--------------------------------------------------------------------------------
| | On demand | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 464,258 | 0 | 446,461 |
| | including 1 year | | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 13,837 | 434,176 | 11,264 |
| | including 5 years | | | |
--------------------------------------------------------------------------------
| | More than 5 years | 101,415 | 98,266 | 99,612 |
--------------------------------------------------------------------------------
| | Total issued bonds at amortised | 579,510 | 532,442 | 557,337 |
| | cost price | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Distributed as follows: | | | |
--------------------------------------------------------------------------------
| | Issues in Norwegian kroner | | | |
--------------------------------------------------------------------------------
| | Nom. 500 million NOK | 464,500 | 418,900 | 447,100 |
--------------------------------------------------------------------------------
| | Nom. 100 million NOK | 92,900 | 83,780 | 89,420 |
--------------------------------------------------------------------------------
| | Regulation at amortised cost price | 8,273 | 18,492 | 6,980 |
| | and adjustment to | | | |
| | current value | | | |
| | of issues in Norwegian kroner | | | |
--------------------------------------------------------------------------------
| | Other issues | 13,837 | 11,270 | 13,837 |
--------------------------------------------------------------------------------
| | | 579,510 | 532,442 | 557,337 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 17 | Subordinated debt | | | |
--------------------------------------------------------------------------------
| | Subordinated loan capital: | | | |
--------------------------------------------------------------------------------
| | 3.995% bond loan, nom. DKK 300 | 300,000 | 300,000 | 300,000 |
| | million, | | | |
| | expiry 9.2.2014 | | | |
--------------------------------------------------------------------------------
| | Floating rate loan, principal EUR | 201,007 | 201,101 | 200,921 |
| | 27 million, expiry | | | |
| | 30.6.2021 | | | |
--------------------------------------------------------------------------------
| | Hybrid core capital: | | | |
--------------------------------------------------------------------------------
| | 4.795% bond loan, nom. DKK 200 | 200,000 | 200,000 | 200,000 |
| | million, | | | |
| | indefinite term | | | |
--------------------------------------------------------------------------------
| | Regulation at amortised cost price | 8,226 | 1,372 | 4,631 |
| | and adjustment to current value of | | | |
| | subordinated loan capital and | | | |
| | hybrid core capital | | | |
--------------------------------------------------------------------------------
| | Own holding of subordinated loan | -9,800 | 0 | -10,158 |
| | capital | | | |
--------------------------------------------------------------------------------
| | Total subordinated debt | 699,433 | 702,473 | 695,394 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| 18 | Share capital | | | |
--------------------------------------------------------------------------------
| | Number of shares at DKK 5 each: | | | |
--------------------------------------------------------------------------------
| | Beginning of period | 5,040,00 | 5,040,000 | 5,040,000 |
| | | 0 | | |
--------------------------------------------------------------------------------
| | Changes during the period | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | End of period | 5,040,00 | 5,040,000 | 5,040,000 |
| | | 0 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total share capital | 25,200 | 25,200 | 25,200 |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | End | End | End |
| | March | March | Dec. |
| | 2010 | 2009 | 2009 |
| | DKK | DKK | DKK |
| | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| 19 | Own capital shares | | | |
--------------------------------------------------------------------------------
| | Own capital shares included in | 0 | 0 | 0 |
| | the balance sheet at | | | |
--------------------------------------------------------------------------------
| | The market value is | 7,846 | 2,678 | 5,220 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Number of own shares: | | | |
--------------------------------------------------------------------------------
| | Beginning of period | 8,572 | 204,333 | 204,333 |
--------------------------------------------------------------------------------
| | Net purchases and sales of own | +4,186 | -196,055 | -195,761 |
| | shares during the period | | | |
--------------------------------------------------------------------------------
| | End of period | 12,758 | 8,278 | 8,572 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Nominal value of holding of own | 64 | 41 | 43 |
| | shares, end of period | | | |
--------------------------------------------------------------------------------
| | Own shares' proportion of share | 0.3 | 0.2 | 0.2 |
| | capital, end of period (%) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 20 | Contingent liabilities etc. | | | |
--------------------------------------------------------------------------------
| | Contingent liabilities | | | |
--------------------------------------------------------------------------------
| | Finance guarantees | 948,935 | 686,143 | 1,009,540 |
--------------------------------------------------------------------------------
| | Guarantees for foreign loans | 23,292 | 919,471 | 29,613 |
--------------------------------------------------------------------------------
| | Guarantees against losses on | 47,376 | 50,257 | 48,774 |
| | mortgage credit loans | | | |
--------------------------------------------------------------------------------
| | Guarantee against losses | 112,687 | 113,117 | 116,327 |
| | Totalkredit | | | |
--------------------------------------------------------------------------------
| | Registration and conversion | 71,366 | 105,624 | 74,389 |
| | guarantees | | | |
--------------------------------------------------------------------------------
| | Guarantee on national bank | 100,742 | 142,258 | 109,886 |
| | package I | | | |
--------------------------------------------------------------------------------
| | Other contingent liabilities | 92,220 | 95,051 | 97,147 |
--------------------------------------------------------------------------------
| | Total contingent liabilities | 1,396,618 | 2,111,921 | 1,485,676 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Binding agreements | | | |
--------------------------------------------------------------------------------
| | Irrevocable credit commitments | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | Other | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | Total binding agreements | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | As security for clearing and | 264,426 | 1,051,737 | 292,858 |
| | any debt, the bank has pledged | | | |
| | securities from its holding to | | | |
| | the Central Bank of Denmark to | | | |
| | a total market price of | | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | End | End | End |
| | March | March | Dec. |
| | 2010 | 2009 | 2009 |
| | DKK | DKK | DKK |
| | 1,000 | 1,000 | 1,000 |
--------------------------------------------------------------------------------
| 21 | Capital adequacy computation | | | |
--------------------------------------------------------------------------------
| | Calculated pursuant to the | | | |
| | Executive order on Capital | | | |
| | Adequacy issued by the Danish | | | |
| | Financial Supervisory | | | |
| | Authority. | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Weighted items with credit and | 11,450,370 | 12,055,75 | 11,378,127 |
| | counterpart risks | | 2 | |
--------------------------------------------------------------------------------
| | Market risk | 951,970 | 686,406 | 914,819 |
--------------------------------------------------------------------------------
| | Operational risk | 1,322,788 | 1,251,250 | 1,322,788 |
--------------------------------------------------------------------------------
| | Total risk weighted items | 13,725,128 | 13,993,40 | 13,615,734 |
| | | | 8 | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Share capital | 25,200 | 25,200 | 25,200 |
--------------------------------------------------------------------------------
| | Reserve for net revaluation | 162 | 188 | 162 |
| | under the intrinsic value | | | |
| | method | | | |
--------------------------------------------------------------------------------
| | Profit carried forward | 2,103,634 | 1,861,479 | 2,030,411 |
--------------------------------------------------------------------------------
| | Core capital | 2,128,996 | 1,886,867 | 2,055,773 |
--------------------------------------------------------------------------------
| | Proposed dividend etc. | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | Deduction from / addition to | -162 | -27,713 | -162 |
| | the core capital | | | |
--------------------------------------------------------------------------------
| | Core capital after deductions | 2,128,834 | 1,859,154 | 2,055,611 |
--------------------------------------------------------------------------------
| | Hybrid core capital | 200,000 | 200,000 | 200,000 |
--------------------------------------------------------------------------------
| | Core capital after deductions | 2,328,834 | 2,059,154 | 2,255,611 |
| | incl. hybrid core capital | | | |
--------------------------------------------------------------------------------
| | Subordinated loan capital | 491,207 | 501,101 | 490,921 |
--------------------------------------------------------------------------------
| | Deduction from / addition to | 162 | 0 | 162 |
| | the capital base | | | |
--------------------------------------------------------------------------------
| | Capital base after deductions | 2,820,203 | 2,560,255 | 2,746,694 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Core capital ratio excl. hybrid | 15.5 | 13.3 | 15.1 |
| | core capital (per cent) | | | |
--------------------------------------------------------------------------------
| | Core capital ratio (per cent) | 17.0 | 14.7 | 16.6 |
--------------------------------------------------------------------------------
| | Solvency ratio (per cent) | 20.5 | 18.3 | 20.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Capital base requirements under | 1,098,010 | 1,119,473 | 1,089,259 |
| | Section 124 (2,1) of the Danish | | | |
| | Financial Business Act | | | |
--------------------------------------------------------------------------------
| | Minimum capital requirements | 37,224 | 37,241 | 37,208 |
| | under Section 124 (2,2) of the | | | |
| | Danish Financial Business Act | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Note | |
--------------------------------------------------------------------------------
| 22 | Miscellaneous comments on: |
--------------------------------------------------------------------------------
| | Main and key figures for the bank and key figures per DKK 5 share - |
| | page 7 |
| | Total capital base is calculated as the banks capital base after |
| | deductions, cf. note 21. |
| | Key figures per DKK 5 share for 1s quarter 2010, 1st quarter 2009 |
| | and for the full year 2009 are all calculated on the basis of |
| | 5,040,000 shares. |
| | Core earnings - pages 1 and 3 |
| | The comparative figures for the years 2001-2005 have not been |
| | adjusted for the change made in 2007 from actual banking operations |
| | to core earnings. |
| | Write-downs - page 1 and 2 |
| | All calculations etc. concerning write-downs on pages 1 and 2 were |
| | made excl. of amounts under the bank package I. |
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Main figures summary
--------------------------------------------------------------------------------
| | 1st qtr. | 1st qtr. | Full |
| | 2010 | 2009 | year |
| | | | 2009 |
--------------------------------------------------------------------------------
| Profit and loss account summary (million DKK) |
--------------------------------------------------------------------------------
| Net income from interest | 154 | 152 | 616 |
--------------------------------------------------------------------------------
| Dividend on capital shares etc. | 0 | 0 | 3 |
--------------------------------------------------------------------------------
| Net income from fees and commissions | 33 | 28 | 126 |
| etc. | | | |
--------------------------------------------------------------------------------
| Net income from interest and fees | 187 | 180 | 745 |
--------------------------------------------------------------------------------
| Value adjustments | +17 | -36 | +58 |
--------------------------------------------------------------------------------
| Other ordinary income | 1 | 1 | 6 |
--------------------------------------------------------------------------------
| Staff and administration costs | 59 | 55 | 236 |
--------------------------------------------------------------------------------
| Amortisation, depreciation etc. on | 1 | 1 | 2 |
| tangible assets | | | |
--------------------------------------------------------------------------------
| Total other operating costs | 14 | 12 | 56 |
--------------------------------------------------------------------------------
| Total write-downs | -30 | -19 | -210 |
--------------------------------------------------------------------------------
| Profit before tax | 101 | 58 | 305 |
--------------------------------------------------------------------------------
| Tax | 25 | 16 | 73 |
--------------------------------------------------------------------------------
| Profit after tax | 76 | 42 | 232 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Main figures from the balance sheet (million DKK) |
--------------------------------------------------------------------------------
| Loans and other debtors | 12,880 | 12,900 | 13,047 |
--------------------------------------------------------------------------------
| Deposits and other debts | 11,306 | 9,528 | 11,187 |
--------------------------------------------------------------------------------
| Subordinated debt | 699 | 702 | 695 |
--------------------------------------------------------------------------------
| Shareholders' equity | 2,129 | 1,887 | 2,056 |
--------------------------------------------------------------------------------
| Balance sheet total | 18,311 | 18,207 | 17,928 |
--------------------------------------------------------------------------------
Danish Financial Supervisory Authority
key figures for Danish banks
--------------------------------------------------------------------------------
| | 1st qtr. | 1st qtr. | Full |
| | 2010 | 2009 | year |
| | | | 200 |
| | | | 9 |
--------------------------------------------------------------------------------
| Solvency ratio | % | 20.5 | 18.3 | 20.2 |
--------------------------------------------------------------------------------
| Core capital ratio | % | 17.0 | 14.7 | 16.6 |
--------------------------------------------------------------------------------
| Pre-tax return on equity | % | 4.8 | 3.1 | 15.9 |
--------------------------------------------------------------------------------
| Return on equity after tax | % | 3.6 | 2.3 | 12.1 |
--------------------------------------------------------------------------------
| Income/cost ratio | DKK | 1.97 | 1.66 | 1.61 |
--------------------------------------------------------------------------------
| Interest risk | % | 0.9 | 0.9 | 0.6 |
--------------------------------------------------------------------------------
| Foreign exchange position | % | 2.4 | 1.8 | 3.4 |
--------------------------------------------------------------------------------
| Foreign exchange risk | % | 0.1 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Excess cover relative to | % | 203.8 | 166.9 | 205.6 |
| statutory liquidity requirements | | | | |
--------------------------------------------------------------------------------
| Loans and write-downs thereon | % | 118.3 | 139.3 | 120.8 |
| relative to deposits | | | | |
--------------------------------------------------------------------------------
| Loans relative to shareholders' | | 6.1 | 6.8 | 6.3 |
| equity | | | | |
--------------------------------------------------------------------------------
| Growth in loans | % | -1.3 | -7.2 | -6.1 |
--------------------------------------------------------------------------------
| Total large exposures | % | 10.4 | 11.3 | 0.0 |
--------------------------------------------------------------------------------
| Cumulative write-down percentage | % | 3.4 | 2.4 | 3.1 |
--------------------------------------------------------------------------------
| Write-down percentage for the | % | 0.14 | 0.15 | 1.16 |
| period | | | | |
--------------------------------------------------------------------------------
| Proportion of debtors at reduced | % | 0.5 | 0.2 | 0.4 |
| interest | | | | |
--------------------------------------------------------------------------------
| Result after tax per share * / | DKK | 301.2 | 167.1 | 921.0 |
| *** | | | | |
--------------------------------------------------------------------------------
| Book value per share * / ** | DKK | 8,470 | 7,500 | 8,172 |
--------------------------------------------------------------------------------
| Price/result per share * / *** | | 40.8 | 9.7 | 13.2 |
--------------------------------------------------------------------------------
| Price/book value per share * / | | 1.45 | 0.86 | 1.49 |
| ** | | | | |
--------------------------------------------------------------------------------
| * Calculated on the basis of a denomination of DKK 100 per share. |
| ** Calculated on the basis of number of shares outstanding at the end of the |
| period. |
| *** Calculated on the basis of the average number of shares. |
--------------------------------------------------------------------------------
Management's Statement
The board of directors and the board of managers have today approved the
quarterly report of Ringkjøbing Landbobank for the period 1 January - 31 March
2010.
The quarterly report is prepared in accordance with the provisions of the Danish
Financial Business Act and additional Danish requirements placed on listed
financial companies regarding disclosure.
We consider the accounting policies to be appropriate and the estimates which
have been made to be responsible, so that the quarterly report provides a true
and fair picture of the bank's assets, liabilities and financial position as of
31 March 2010 and of the result of the bank's activities for the period
1
January - 31 March 2010. We also believe that the management report provides a
true and fair review of developments in the bank's activities and financial
circumstances, and a description of the most significant risks and uncertainties
which could affect the bank.
The quarterly report has been reviewed, and the external auditor has ensured
that the terms for ongoing inclusion of the period's earnings in the core
capital have been complied with.
Ringkøbing, 21 April 2010
Board of managers:
Bent Naur John Fisker
Executive General Manager General Manager
Board of directors:
Jens Lykke Kjeldsen Gravers Kjærgaard
Chairman Deputy chairman
Gert Asmussen Keld Hansen
Bo Bennedsgaard Søren Nielsen
Employee Representative Employee Representative
Ringkjøbing Landbobank's quarterly report for the 1st quarter of 2010
| Source: Ringkjøbing Landbobank A/S