Ringkjoebing Landbobank A/S
Ringkjoebing Landbobank A/S
- ISIN: DK0060032068
- Land: .
Nachricht vom 08.08.2012 | 08:36
Ringkjoebing Landbobank - interim report 2012
Ringkjoebing Landbobank A/S / Half-yearly Results
08.08.2012 08:36
Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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The bank's pre-tax profit for the first half of 2012 was DKK 237 million
against DKK 179 million in 2011, an increase of 32%. The profit represents a
return of 20% p.a. on equity, which is considered highly satisfactory in the
current financial situation.
(Million DKK) 1st half 1st half 2011 2010 2009 2008
2012 2011
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Total core income 418 375 767 758 753 735
Total costs and depreciations -133 -123 -248 -240 -238 -239
Core earnings before write-downs on 285 252 519 518 515 496
loans
Write-downs on loans -79 -54 -129 -138 -159 -77
Core earnings 206 198 390 380 356 419
Result for the portfolio +33 0 +1 +38 +56 -73
Expenses for bank packages -2 -19 -11 -80 -107 -28
Profit before tax 237 179 380 338 305 318
The core earnings were DKK 206 million against DKK 198 million last year, an
increase of 4%, and are now approaching the top of the range reported for the
year.
The half-year - highlights:
-- 32% increase in pre-tax profit, from DKK 179 million to DKK 237 million
-- The profit represents a return of 20% on equity after payment of dividend
-- The core earnings represent a 4% increase to DKK 206 million
-- The rate of costs improved by 3% to 31.9 - the lowest in Denmark
-- Both loans and deposits have grown by 1% since the beginning of the year
-- The capital adequacy ratio is 21.1 - equivalent to cover of 264%
-- Core capital ratio 19.6
-- Highly satisfactory increase in customers in both the branch network and
Private Banking
Please do not hesitate to contact the bank's management if you have any
questions.
Yours sincerely,
Ringkjoebing Landbobank
John Fisker
Management report
Core income
The net interest income in the first half of 2012 was DKK 316 million, an
increase of 9% relative to last year. Since last year we have seen an
increasing trend in net interest income deriving from the increasing deposits
and a rising interest margin. Like the rest of the financial sector, the bank
has increased its interest margin. However, the very low interest rate is
resulting in a lower return on the bank's securities portfolio and liquid
resources.
Fees, commissions and foreign exchange earnings amount to net DKK 98 million in
the first half of 2012 against net DKK 79 million in 2011, an increase of 24%.
The large sums within asset management and the pension area have affected
earnings positively, and there has been a brisk level of activity within
conversion of credit association loans.
Total core income was 11% higher in the first half of the year, increasing from
DKK 375 million in 2011 to DKK 418 million in 2012.
Costs and depreciations
Total costs including depreciations on tangible assets were DKK 133 million in
the first half of 2012 against DKK 123 million last year, an increase of 8%.
Most of the increase is the new fixed premium paid to the Guarantee Fund for
Depositors and Investors, which will be booked as a cost from 2012. It was
decided in connection with Bank Package IV to establish an insurance scheme
with a premium fixed relative to the deposits for which cover is provided. DKK
1,950 million will be paid annually to the Fund, in which the bank currently
has a 0.65% share, equivalent to DKK 12.7 million a year. Payments will be made
to the Fund until it has reached DKK 7,500 million. Future costs for the Fund
will be financed by the payments, so it is not possible to determine how low
long this cost will continue. On the other hand, the fluctuating costs of bank
bailouts will disappear in time. DKK 6.1 million was debited to the scheme in
the first half-year.
Notwithstanding the new insurance scheme, the rate of costs improved by 3%
relative to 2011 and is now 31.9%, still 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 individual solvency requirement.
Write-downs on loans
Write-downs on loans amounted to DKK 79 million in the first half of 2012
against DKK 54 million in the preceding year. The level of write-downs remains
acceptable and is equivalent to 1.1% p.a. of the total average of loans,
write-downs, guarantees and provisions. The bank's customers still appear to be
coping better with the weak economic conditions than the average in Denmark.
The bank's total account for write-downs and provisions amounted to DKK 731
million at the end of the half-year, equivalent to 4.8% of total loans and
guarantees. Actual write-downs on loans remain at a very low level, exceeded in
the half-year by the income items 'paid into previously written-down loans' and
'interest income on customer commitments for which provisions were made', and
the account for write-downs and provisions thus increased by DKK 81 million
during the first half-year.
The portfolio of loans with zeroed interest amounts to DKK 91 million,
equivalent to 0.6% of the bank's total loans and guarantees at the end of the
half-year.
Given the low growth experienced by the Danish economy in 2011, which is
continuing this year, the bank is satisfied with the conservative credit policy
on the basis of which the bank has always been run. The bank's losses are still
expected to remain at a relatively high level in 2012, equivalent to that of
the past three years, as a natural part of the economic cycle. It is also still
the bank's judgment that 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 to the general level of losses in the banking sector as a
whole.
Core earnings
(Million DKK) 1st 1st 2011 2010 2009 2008 2007 2006 2005
half half
2012 2011
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Total core income 418 375 767 758 753 735 696 609 511
Total costs etc. -133 -123 -248 -240 -238 -239 -234 -208 -190
Core earnings before 285 252 519 518 515 496 462 401 321
write-downs
Write-downs on loans -79 -54 -129 -138 -159 -77 +11 +69 +5
Core earnings 206 198 390 380 356 419 473 470 326
The core earnings were DKK 206 million against DKK 198 million last year, an
increase of 4%, and are now approaching the top of the range of DKK 300-400
million reported for the entire year.
Result for the portfolio
The result for the portfolio for the first half of 2012 was positive by DKK 33
million including funding costs for the portfolio.
The bank's holding of shares etc. at the end of the half-year amounted to DKK
265 million, DKK 27 million of which was in listed shares etc. while DKK 238
million was in sector shares etc. The bond portfolio amounted to DKK 3,632
million, and the great majority of the portfolio consists of AAA-rated Danish
mortgage credit bonds and short bank bonds with rated Nordic counterparties.
The total interest rate risk - computed as the impact on the result of a one
percentage point change in the interest level - was 1.2% of the bank's core
capital after deduction at the end of the half-year.
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 half of 2012:
Risk in Risk relative to equity
million DKK end of 1st half in %
-----------------------------------------------------------
-----------------------------------------------------------
Highest risk of loss: 27.5 1.07%
Lowest risk of loss: 3.6 0.14%
Average risk of loss 14.1 0.55%
The bank's policy remains to keep the market risk at a low level.
Result after tax
The result after tax was DKK 178 million for the first half of 2012 against DKK
135 million last year.
The result after tax is equivalent to a return on equity of 15% p.a. after
payment of dividend.
Balance sheet
The bank's balance sheet total at the end of the half-year stood at DKK 18,033
million against last year's DKK 18,440 million. Deposits increased by 4% from
DKK 12,404 million to DKK 12,939 million relative to 2011. The bank's loans
decreased by 2% to DKK 12,869 million. The underlying growth in new customers
from the branch network and within the niches Private Banking and wind turbine
financing remains good. The changed pattern of consumption with a higher rate
of saving and the general trend by many customers to trim their balance sheets
means, however, that in general there is a greater return flow on the bank's
existing loans portfolio than previously, so that the entire growth in the
first half of the year generally went into neutralising this flow. The bank's
loans grew by 1% in 2012.
The bank's portfolio of guarantees at the end of the half-year was DKK 1,687
million against DKK 1,044 million in 2011.
Liquidity
The bank's liquidity is good, with loans and deposits at the same level. The
excess cover relative to the statutory requirement is 145%. The bank's
short-term funding with term to maturity of less than 12 months amounts to only
DKK 693 million, balanced by DKK 4.4 billion in short-term money market
placings, primarily Danish banks and liquid securities. The bank is thus not
dependent on the short-term money market.
The bank's loans portfolio is thus more than fully financed by deposits and the
bank's equity. In addition, part of the German loans portfolio for wind
turbines was refinanced back-to-back with KFW Bankengruppe, and the DKK 761
million in question can thus be disregarded in terms of liquidity. The bank
requires no financing for the coming year to meet the minimum requirement that
it must always be able to manage for up to 12 months without access to the
financial markets.
The deposit guarantee scheme
The future fixed costs of the insurance scheme are recognised under other
operating costs. We have, however, received an additional charge from the
estate in bankruptcy of Fjordbank Mors, which was recognised as an expense of
DKK 2 million in the half-year.
Buy-back programme
It was decided at the general meeting to cancel 100,000 repurchased own shares.
Following expiration of the deadline in the statutory notice, the reduction to
4,940,000 shares was implemented in the second quarter of 2012.
The bank's holding of own shares at the end of the first half of 2012 was
32,967.
Rating
Moody's concluded its announced review of the Danish financial sector in the
second quarter of 2012. The result was a reduction in the credit rating of one
to three notches for a number of Danish institutions.
The downward adjustments are primarily attributable to Moody's concern about
Danish banks as a whole and the Danish economy. Ringkjoebing Landbobank was
given a downward adjustment from A3 to Baa1 with stable outlook.
Relatively speaking the change is modest, and the bank's stand-alone rating is
now the highest among Danish financial institutions. Moody's also cited the
bank's solid results throughout the crisis and its strong capitalisation as the
reasons for the relative placing.
Capital
The bank's equity at the beginning of 2012 was DKK 2,483 million, to which must
be added the profit for the period and from which must be deducted the dividend
paid and the value of the shares purchased, after which the equity at the end
of the first half-year was DKK 2,574 million.
The bank's capital adequacy ratio (Tier 2) was computed at 21.1 at the end of
the first half of 2012. The core capital ratio (Tier 1) was computed at 19.6.
Capital adequacy 1st half 2011 2010 2009 2008 2007
2012
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Core capital ratio excl. hybrid core 18.2 18.3 17.1 15.1 11.6 10.0
capital
Core capital ratio 19.6 19.8 18.6 16.6 13.0 11.2
Capital adequacy ratio 21.1 21.4 22.4 20.2 16.3 13.0
Individual solvency requirement 8.0 8.0 8.0 8.0 8.0 8.0
Capital adequacy 264% 268% 280% 253% 204% 163%
The individual solvency requirement calculated for Ringkjoebing Landbobank is
7.1% because of the bank's robust business model, and the ratio was thus
reported at 8%. The Danish FSA reviewed the report during its routine annual
visit and had no comments on it.
Encouraging increase in customer numbers
The bank implemented several outreach initiatives towards new customers just
over two years ago. The basis was the fact that the bank has both the liquidity
and the capital to support growth, that we felt comfortable about the bank's
credit facilities, and that our cost structure is suitable for the future. The
biggest challenge in times of low growth in society is thus creating growth in
the bank's top line.
The bank's outreach initiatives were intensified in 2012, when an investment
was made in a further extension of the bank's Private Banking platform at
national level. It is also planned to step up the outreach activities in the
branch network in Central and West Jutland in autumn 2012.
A highly positive increase in customers is currently being seen in the branch
network and within the Private Banking segment, with transfers of deposits,
pension and securities customers. To date, the growth in lending has been
swallowed up by repayments on the loans portfolio. In the bank's judgment, we
are, however, currently enhancing the foundation for future earnings.
Accounting policies and key figures
The accounting policies are unchanged relative to the presented and audited
2011 annual report. It is, however, noted that in its internal accounts, the
bank is booking the fixed expenses of the Guarantee Fund for Depositors and
Investors under other operating expenses from 2012.
Expectations for earnings in 2012
The core earnings were DKK 206 million against DKK 198 million last year, an
increase of 4%, and are now approaching the top of the range of DKK 300-400
million reported for the entire year.
Main and key figures for the bank
1st half 1st half Full year
2012 2011 2011
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Main figures for the bank (million DKK)
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Total core income 418 375 767
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Total costs and depreciations -133 -123 -248
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Core earnings before write-downs on loans 285 252 519
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Write-downs on loans -79 -54 -129
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Core earnings 206 198 390
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Result for portfolio 33 +0 +1
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Expenses for bank packages -2 -19 -11
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Profit before tax 237 179 380
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Profit after tax 178 135 286
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Shareholders' equity 2,574 2,360 2,483
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Total capital base 2,975 2,762 2,818
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Deposits 12,939 12,404 12,755
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Loans 12,869 13,131 12,747
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Balance sheet total 18,033 18,440 17,549
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Guarantees 1,687 1,044 1,052
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Key figures for the bank (per cent)
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Pre-tax return on equity, beginning of year 19.6 15.9 16.9
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Return on equity after tax, beginning of year 14.7 12.0 12.7
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Rate of costs 31.9 32.8 32.4
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Core capital ratio (Tier 1) 19.6 18.7 19.8
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Solvency ratio (Tier 2) 21.1 20.2 21.4
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Key figures per 5 DKK share (DKK)
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Core earnings 42 39 79
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Profit before tax 48 36 77
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Profit after tax 36 27 58
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Net asset value 521 473 489
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Price, end of period 697 615 579
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Dividend - - 13
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Profit and loss account
Note 1.1-30.6 1.1-30.6 1.1-31.12
2012 2011 2011
DKK 1,000 DKK 1,000 DKK 1,000
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1 Interest receivable 427,136 405,547 858,257
--------------------------------------------------------------------------------
2 Interest payable 107,210 117,252 245,291
--------------------------------------------------------------------------------
Net income from interest 319,926 288,295 612,966
--------------------------------------------------------------------------------
3 Dividend on capital shares etc. 1,574 1,101 1,111
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4 Income from fees and commissions 104,362 82,766 158,303
--------------------------------------------------------------------------------
4 Fees and commissions paid 12,061 13,132 24,312
--------------------------------------------------------------------------------
Net income from interest and fees 413,801 359,030 748,068
--------------------------------------------------------------------------------
5 Value adjustments +35,450 +13,824 +16,386
--------------------------------------------------------------------------------
Other operating income 1,819 2,141 4,535
--------------------------------------------------------------------------------
6,7 Staff and administration costs 125,328 121,327 244,068
--------------------------------------------------------------------------------
Amortisation, depreciation and 1,717 1,914 4,375
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs
--------------------------------------------------------------------------------
Miscellaneous other operating costs 127 0 381
--------------------------------------------------------------------------------
Expenses for The Deposit Guarantee 8.144 18,570 11,178
Fund
--------------------------------------------------------------------------------
Write-downs on loans and debtors
etc.
--------------------------------------------------------------------------------
11 Write-downs on loans and other -79,120 -53,986 -128,799
debtors
--------------------------------------------------------------------------------
Result of capital shares in 0 0 +11
associated companies
--------------------------------------------------------------------------------
Profit before tax 236,634 179,198 380,199
--------------------------------------------------------------------------------
8 Tax 59,000 44,500 94,128
--------------------------------------------------------------------------------
Profit after tax 177,634 134,698 286,071
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income 0 0 0
--------------------------------------------------------------------------------
Comprehensive income after tax 177,634 134,698 286,071
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Core earnings
1.1-30.6 1.1-30.6 1.1-31.12
2012 2011 2011
DKK 1,000 DKK 1,000 DKK 1,000
---------------------------------------
Net income from interest 316,203 289,823 606,576
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Net income from fees and provisions 80,881 58,834 115,200
excl, commission
--------------------------------------------------------------------------------
Income from sector shares etc. 1,849 4,084 4,437
--------------------------------------------------------------------------------
Foreign exchange income 5,722 9,589 17,914
--------------------------------------------------------------------------------
Other operating income etc. 1,819 2,141 4,535
--------------------------------------------------------------------------------
Total core income excl. trade income 406,474 364,471 748,662
--------------------------------------------------------------------------------
Trade income 11,420 10,800 18,791
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Total core income 417,894 375,271 767,453
--------------------------------------------------------------------------------
Staff and administration costs 125,328 121,327 244,068
--------------------------------------------------------------------------------
Amortisation, depreciation and 1,717 1,914 4,375
write-downs on
intangible and tangible assets
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Other operating costs 6,271 0 381
--------------------------------------------------------------------------------
Total costs etc. 133,316 123,241 248,824
--------------------------------------------------------------------------------
Core earnings before write-downs on 284,578 252,030 518,629
loans
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Write-downs on loans and other debtors -79,120 -53,986 -128,799
--------------------------------------------------------------------------------
Core earnings 205,458 198,044 389,830
--------------------------------------------------------------------------------
Result for portfolio 33,176 -276 +1,547
--------------------------------------------------------------------------------
Expenses for bank packages -2,000 -18,570 -11,178
--------------------------------------------------------------------------------
Profit before tax 236,634 179,198 380,199
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Tax 59,000 44,500 94,128
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Profit after tax 177,634 134,698 286,071
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Balance sheet
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
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Assets
--------------------------------------------------------------------------------
Cash in hand and claims at call on 38,592 78,244 33,935
central banks
--------------------------------------------------------------------------------
9 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at notice on central banks 0 0 186,989
--------------------------------------------------------------------------------
Money market operations and 634,345 1,649,641 536,453
bilateral loans
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral loans - term to maturity 188,920 606,431 590,876
over 1 year
--------------------------------------------------------------------------------
10,11, Loans and other debtors at amortised 12,868,757 13,130,560 12,746,560
12 cost price
--------------------------------------------------------------------------------
Loans and other debtors at amortised 12,107,284 12,277,223 11,938,197
cost price
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Wind turbine loans with direct 761,473 853,337 808,363
funding
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13 Bonds at current value 3,631,557 2,283,097 2,755,912
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14 Shares etc. 265,282 285,863 249,054
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Capital shares in associated 538 527 538
companies
--------------------------------------------------------------------------------
Land and buildings total 74,782 75,395 74,722
--------------------------------------------------------------------------------
Investment properties 6,756 7,261 6,681
--------------------------------------------------------------------------------
Domicile properties 68,026 68,134 68,041
--------------------------------------------------------------------------------
Other tangible assets 4,338 4,806 4,893
--------------------------------------------------------------------------------
Actual tax assets 0 0 12,255
--------------------------------------------------------------------------------
Temporary assets 3,401 493 1,382
--------------------------------------------------------------------------------
Other assets 315,857 316,028 348,567
--------------------------------------------------------------------------------
Periodic-defined items 6,705 8,847 6,887
--------------------------------------------------------------------------------
Total assets 18,033,074 18,439,932 17,549,023
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Balance sheet
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Liabilities and equity
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15 Debt to credit institutions and central
banks
--------------------------------------------------------------------------------
Debt to central banks 0 0 0
--------------------------------------------------------------------------------
Money market operations and bilateral 583,224 1,352,409 285,028
credits
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral credits - term to maturity 74,334 316,446 148,684
over 1 year
--------------------------------------------------------------------------------
Bilateral credits from KfW Bankengruppe 761,473 853,337 808,363
--------------------------------------------------------------------------------
16 Deposits and other debts 12,938,505 12,403,690 12,755,415
--------------------------------------------------------------------------------
17 Issued bonds at amortised cost price 338,313 336,594 338,958
--------------------------------------------------------------------------------
Actual tax liabilities 28,749 3,229 0
--------------------------------------------------------------------------------
Other liabilities 307,881 396,377 301,813
--------------------------------------------------------------------------------
Periodic-defined items 161 294 183
--------------------------------------------------------------------------------
Total debt 15,032,640 15,662,376 14,638,444
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for pensions and similar 0 4,699 5,146
liabilities
--------------------------------------------------------------------------------
Provisions for deferred tax 4,789 3,929 4,789
--------------------------------------------------------------------------------
11 Provisions for losses on guarantees 8,916 1,679 5,038
--------------------------------------------------------------------------------
Other provisions for liabilities 0 2,077 0
--------------------------------------------------------------------------------
Total provisions for liabilities 13,705 12,384 14,973
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Subordinated loan capital 198,016 198,122 198,014
--------------------------------------------------------------------------------
Hybrid core capital 214,829 206,752 214,472
--------------------------------------------------------------------------------
18 Total subordinated debt 412,845 404,874 412,486
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
19 Share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------
Reserve for net revaluation under the 187 176 187
intrinsic value method
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Proposed dividend etc. - - 66,020
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Profit carried forward 2,548,497 2,334,922 2,391,713
--------------------------------------------------------------------------------
Total shareholders' equity 2,573,884 2,360,298 2,483,120
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities and equity 18,033,074 18,439,932 17,549,023
--------------------------------------------------------------------------------
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20 Own capital shares
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21 Contingent liabilities etc.
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22 Capital adequacy computation
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23 Miscellaneous comments
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Statement of shareholders' equity
DKK 1,000 Share Reserve for net Propose Profit Total
capita revaluation under d carried share-hol
l the intrinsic value dividen forward ders'
method d etc. equity
--------------------------------------------------------------------------------
On 30 June 2012: 25,200 187 66,020 2,391,713 2,483,120
Shareholders' equity
at the end of the
previous financial
year
--------------------------------------------------------------------------------
Reduction of share -500 500 0
capital
--------------------------------------------------------------------------------
Paid dividend -66,020 -66,020
--------------------------------------------------------------------------------
Dividend received 1,326 1,326
from own shares
--------------------------------------------------------------------------------
Purchase and sale of -22,176 -22,176
own shares
--------------------------------------------------------------------------------
Other shareholders' 0 0
equity items
--------------------------------------------------------------------------------
Profit for the 177,634 177,634
period
--------------------------------------------------------------------------------
Shareholders' equity 24,700 187 0 2,548,997 2,573,884
on the balance
sheet date
--------------------------------------------------------------------------------
On 30 June 2011: 25,200 176 60,980 2,225,988 2,312,344
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Paid dividend -60,980 -60,980
--------------------------------------------------------------------------------
Dividend received from own shares 168 168
--------------------------------------------------------------------------------
Purchase and sale of own shares -27,904 -27,904
--------------------------------------------------------------------------------
Other shareholders' equity items 1,972 1,972
--------------------------------------------------------------------------------
Profit for the period 134,698 134,698
--------------------------------------------------------------------------------
Shareholders' equity on the balance 25,200 176 0 2,334,922 2,360,298
sheet date
--------------------------------------------------------------------------------
On 31 December 2011: 25,200 176 60,980 2,225,988 2,312,344
Shareholders' equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Paid dividend -60,980 -60,980
--------------------------------------------------------------------------------
Dividend received from own shares 168 168
--------------------------------------------------------------------------------
Purchase and sale of own shares -58,391 -58,391
--------------------------------------------------------------------------------
Other shareholders' equity items 3,908 3,908
--------------------------------------------------------------------------------
Profit for the year 11 66,020 220,040 286,071
--------------------------------------------------------------------------------
Shareholders' equity on the balance 25,200 187 66,020 2,391,713 2,483,120
sheet date
--------------------------------------------------------------------------------
Notes
Note 1.1-30. 1.1-30. 1.1-31.12
6 6 2011
2012 2011 DKK 1,000
DKK DKK
1,000 1,000
--------------------------------------------------------------------------------
1 Interest receivable
--------------------------------------------------------------------------------
Claims on credit institutions and central 7,845 19,319 38,712
banks
--------------------------------------------------------------------------------
Loans and other debtors 390,945 369,844 775,891
--------------------------------------------------------------------------------
Loans - interest concerning the written-down -19,815 -16,664 -35,740
part of loans
--------------------------------------------------------------------------------
Bonds 40,882 22,155 58,993
--------------------------------------------------------------------------------
Total derivatives financial instruments, 7,169 10,893 20,069
--------------------------------------------------------------------------------
of which
--------------------------------------------------------------------------------
Currency contracts 556 5,081 9,205
--------------------------------------------------------------------------------
Interest-rate contracts 6,613 5,812 10,864
--------------------------------------------------------------------------------
Other interest receivable 110 0 332
--------------------------------------------------------------------------------
Total interest receivable 427,136 405,547 858,257
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2 Interest payable
--------------------------------------------------------------------------------
Credit institutions and central banks 14,514 25,047 44,311
--------------------------------------------------------------------------------
Deposits and other debts 78,815 76,884 169,174
--------------------------------------------------------------------------------
Issued bonds 6,034 6,220 12,887
--------------------------------------------------------------------------------
Subordinated debt 7,847 9,084 18,605
--------------------------------------------------------------------------------
Other interest payable 0 17 314
--------------------------------------------------------------------------------
Total interest payable 107,210 117,252 245,291
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3 Dividend from shares etc.
--------------------------------------------------------------------------------
Shares 1,574 1,101 1,111
--------------------------------------------------------------------------------
Total dividend from shares etc. 1,574 1,101 1,111
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
4 Gross income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 13,564 14,021 24,117
--------------------------------------------------------------------------------
Asset management 31,987 29,789 53,997
--------------------------------------------------------------------------------
Payment handling 10,029 8,974 19,679
--------------------------------------------------------------------------------
Loan fees 8,713 3,077 7,817
--------------------------------------------------------------------------------
Guarantee commissions 20,579 17,830 34,898
--------------------------------------------------------------------------------
Other fees and commissions 19,490 9,075 17,795
--------------------------------------------------------------------------------
Total gross income from fees and commissions 104,362 82,766 158,303
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 11,420 10,800 18,791
--------------------------------------------------------------------------------
Asset management 29,692 27,470 49,887
--------------------------------------------------------------------------------
Payment handling 8,780 8,056 17,618
--------------------------------------------------------------------------------
Loan fees 7,502 2,308 6,052
--------------------------------------------------------------------------------
Guarantee commissions 20,579 17,830 34,898
--------------------------------------------------------------------------------
Other fees and commissions 14,328 3,170 6,745
--------------------------------------------------------------------------------
Total net income from fees and commissions 92,301 69,634 133,991
--------------------------------------------------------------------------------
Foreign exchange income 5,722 9,589 17,914
--------------------------------------------------------------------------------
Total net income from fees, commissions and 98,023 79,223 151,905
foreign exchange income
--------------------------------------------------------------------------------
Notes
Note 1.1-30. 1.1-30. 1.1-31.
6 6 12
2012 2011 2011
DKK DKK DKK
1,000 1,000 1,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Value adjustments
--------------------------------------------------------------------------------
Loans and other debtors at current value 2,379 194 6,746
--------------------------------------------------------------------------------
Bonds 34,203 -1,514 2,619
--------------------------------------------------------------------------------
Shares etc. 2,573 -1,711 -4,956
--------------------------------------------------------------------------------
Shares in sector companies etc. 948 4,047 3,680
--------------------------------------------------------------------------------
Investment properties 0 0 -579
--------------------------------------------------------------------------------
Foreign exchange income 5,722 9,589 17,914
--------------------------------------------------------------------------------
Total derivatives financial instruments, -15,614 -6,503 -10,050
--------------------------------------------------------------------------------
of which
--------------------------------------------------------------------------------
Interest-rate contracts -15,628 -6,503 -10,050
--------------------------------------------------------------------------------
Share contracts 14 0 0
--------------------------------------------------------------------------------
Issued bonds 491 1,463 -744
--------------------------------------------------------------------------------
Other liabilities 4,748 8,259 1,756
--------------------------------------------------------------------------------
Total value adjustments 35,450 13,824 16,386
--------------------------------------------------------------------------------
6 Staff and administration costs
--------------------------------------------------------------------------------
Salaries and payments to the board of
directors, board of managers and shareholders'
committee
--------------------------------------------------------------------------------
Board of managers 3,116 2,976 7,237
--------------------------------------------------------------------------------
Board of directors 577 471 1,049
--------------------------------------------------------------------------------
Shareholders' committee 0 0 336
--------------------------------------------------------------------------------
Total 3,693 3,447 8,622
--------------------------------------------------------------------------------
Staff costs
--------------------------------------------------------------------------------
Salaries 56,497 56,604 111,030
--------------------------------------------------------------------------------
Pensions 5,731 5,761 11,522
--------------------------------------------------------------------------------
Social security expenses 452 449 900
--------------------------------------------------------------------------------
Costs depending on number of staff 6,921 7,495 14,719
--------------------------------------------------------------------------------
Total 69,601 70,309 138,171
--------------------------------------------------------------------------------
Other administration costs 52,034 47,571 97,275
--------------------------------------------------------------------------------
Total staff and administration costs 125,328 121,327 244,068
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
7 Number of employees
--------------------------------------------------------------------------------
Average number of employees during the period 245 253 252
converted into full-time employees
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
8 Tax
--------------------------------------------------------------------------------
Tax calculated on the period profit 59,000 44,500 93,159
--------------------------------------------------------------------------------
Adjustment of deferred tax 0 0 860
--------------------------------------------------------------------------------
Adjustment of tax calculated for previous years 0 0 109
--------------------------------------------------------------------------------
Total tax 59,000 44,500 94,128
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Effective tax rate (per cent):
--------------------------------------------------------------------------------
The current tax rate of the bank 25.0 25.0 25.0
--------------------------------------------------------------------------------
Adjustment of tax of non-liable income and -0.1 -0.2 -0.5
non-deductible costs
--------------------------------------------------------------------------------
Adjustment of tax calculated for previous years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total effective tax rate 24.9 24.8 24.5
--------------------------------------------------------------------------------
Notes
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
9 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at call 532,464 477,801 17,910
--------------------------------------------------------------------------------
Up to and including 3 months 50,000 1,135,000 661,989
--------------------------------------------------------------------------------
More than 3 months and up to and 51,881 36,840 43,543
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 188,420 606,431 590,876
including 5 years
--------------------------------------------------------------------------------
More than 5 years 500 0 0
--------------------------------------------------------------------------------
Total claims on credit institutions 823,265 2,256,072 1,314,318
and central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Loans and other debtors at amortised
cost price
--------------------------------------------------------------------------------
At call 2,503,797 3,253,935 2,689,793
--------------------------------------------------------------------------------
Up to and including 3 months 790,768 503,366 476,999
--------------------------------------------------------------------------------
More than 3 months and up to and 1,505,672 2,232,807 2,016,455
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 4,079,426 3,941,493 3,666,432
including 5 years
--------------------------------------------------------------------------------
More than 5 years 3,989,094 3,198,959 3,896,881
--------------------------------------------------------------------------------
Total loans and other debtors at 12,868,757 13,130,560 12,746,560
amortised cost price
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
11 Write-downs on loans and other debtors
and provisions for losses on
guarantees
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Individual write-downs
--------------------------------------------------------------------------------
Cumulative individual write-downs on 577,352 532,441 532,441
loans and other debtors at the end of
the previous financial year
--------------------------------------------------------------------------------
Write-downs/value adjustments during 148,291 132,680 205,130
the period
--------------------------------------------------------------------------------
Reverse entry - write-downs made in -75,778 -59,109 -110,870
previous financial years
--------------------------------------------------------------------------------
Booked losses covered by write-downs -22,896 -22,988 -49,349
--------------------------------------------------------------------------------
Cumulative individual write-downs on 626,969 583,024 577,352
loans and other debtors on the
balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Group write-downs
--------------------------------------------------------------------------------
Cumulative group write-downs on loans 67,466 31,211 31,211
and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Write-downs/value adjustments during 27,739 0 36,255
the period
--------------------------------------------------------------------------------
Reverse entry - write-downs made in 0 -407 0
previous financial years
--------------------------------------------------------------------------------
Cumulative group write-downs on loans 95,205 30,804 67,466
and other debtors on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative write-downs on loans 722,174 613,828 644,818
and other debtors on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Provisions for losses on guarantees
--------------------------------------------------------------------------------
Cumulative individual provisions for 5,038 1,383 1,383
losses on guarantees at the end of
the previous financial year
--------------------------------------------------------------------------------
Provisions/value adjustments during 7,763 683 4,605
the period
--------------------------------------------------------------------------------
Reverse entry - provisions made in -3,631 -387 -885
previous financial years
--------------------------------------------------------------------------------
Booked losses covered by write-downs -254 0 -65
--------------------------------------------------------------------------------
Cumulative individual provisions for 8,916 1,679 5,038
losses on guarantees on the balance
sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total cumulative write-downs on loans 731,090 615,507 649,856
and other debtors and provisions for
losses on guarantees on the balance
sheet date
--------------------------------------------------------------------------------
Notes
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
12 Suspended calculation of interest
--------------------------------------------------------------------------------
Loans and other debtors with suspended 90,778 67,921 61,419
calculation of interest on the
balance sheet date
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
13 Bonds at current value
--------------------------------------------------------------------------------
Listed on the stock exchange 3,631,557 2,283,097 2,755,912
--------------------------------------------------------------------------------
Total bonds at current value 3,631,557 2,283,097 2,755,912
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
14 Shares etc.
--------------------------------------------------------------------------------
Listed on NASDAQ OMX Copenhagen 27,134 49,200 12,033
--------------------------------------------------------------------------------
Unlisted shares at current value 1,461 1,415 1,460
--------------------------------------------------------------------------------
Sector shares at current value 215,682 214,334 214,583
--------------------------------------------------------------------------------
Other holdings 21,005 20,914 20,978
--------------------------------------------------------------------------------
Total shares etc. 265,282 285,863 249,054
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
15 Debt to credit institutions and
central banks
--------------------------------------------------------------------------------
Debt payable on demand 204,978 233,191 210,686
--------------------------------------------------------------------------------
Up to and including 3 months 330,081 249,947 26,619
--------------------------------------------------------------------------------
More than 3 months and up to and 153,736 969,730 150,127
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 492,744 745,469 583,111
including 5 years
--------------------------------------------------------------------------------
More than 5 years 237,492 323,855 271,532
--------------------------------------------------------------------------------
Total debt to credit institutions and 1,419,031 2,522,192 1,242,075
central banks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The bank has undrawn long-term 74,334 174,587 174,342
committed
revolving credit facilities equivalent
to:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
16 Deposits and other debts
--------------------------------------------------------------------------------
On demand 6,952,974 6,067,637 6,372,268
--------------------------------------------------------------------------------
Deposits and other debts at notice:
--------------------------------------------------------------------------------
Up to and including 3 months 1,779,231 2,016,154 2,166,283
--------------------------------------------------------------------------------
More than 3 months and up to and 1,381,575 1,091,840 1,175,194
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 1,424,401 1,881,450 1,561,041
including 5 years
--------------------------------------------------------------------------------
More than 5 years 1,400,324 1,346,609 1,480,629
--------------------------------------------------------------------------------
Total deposits and other debts 12,938,505 12,403,690 12,755,415
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
On demand 6,290,973 5,619,085 5,822,693
--------------------------------------------------------------------------------
At notice 144,812 138,271 146,889
--------------------------------------------------------------------------------
Time deposits 3,476,356 3,288,899 3,740,496
--------------------------------------------------------------------------------
Long term deposit agreements 1,832,762 2,240,192 1,805,129
--------------------------------------------------------------------------------
Special types of deposits 1,193,602 1,117,243 1,240,208
--------------------------------------------------------------------------------
12,938,505 12,403,690 12,755,415
--------------------------------------------------------------------------------
Notes
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
17 Issued bonds at amortised cost price
--------------------------------------------------------------------------------
On demand 0 0 0
--------------------------------------------------------------------------------
Up to and including 3 months 0 0 2,955
--------------------------------------------------------------------------------
More than 3 months and up to and 4,583 2,955 0
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and including 333,730 333,639 336,003
5 years
--------------------------------------------------------------------------------
More than 5 years 0 0 0
--------------------------------------------------------------------------------
Total issued bonds at amortised cost 338,313 336,594 338,958
price
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
Issues in Danish kroner: 220,000 220,000 220,000
Nom. 220 million DKK
--------------------------------------------------------------------------------
Issues in Norwegian kroner
--------------------------------------------------------------------------------
Nom. 100 million NOK 98,680 95,780 95,880
--------------------------------------------------------------------------------
Regulation at amortised cost price and 8,750 6,977 9,241
adjustment to
current value of issues
--------------------------------------------------------------------------------
Other issues 10,883 13,837 13,837
--------------------------------------------------------------------------------
338,313 336,594 338,958
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
18 Subordinated debt
--------------------------------------------------------------------------------
Subordinated loan capital:
--------------------------------------------------------------------------------
Floating rate loan, principal EUR 27 200,702 201,385 200,723
million, expiry
30.6.2021
--------------------------------------------------------------------------------
Hybrid core capital:
--------------------------------------------------------------------------------
4.795% bond loan, nom, DKK 200 million, 200,000 200,000 200,000
indefinite term
--------------------------------------------------------------------------------
Regulation at amortised cost price and 12,143 3,489 11,763
adjustment to current value of
subordinated loan capital and hybrid
core capital
--------------------------------------------------------------------------------
Total subordinated debt 412,845 404,874 412,486
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
19 Share capital
--------------------------------------------------------------------------------
Number of shares at DKK 5 each:
--------------------------------------------------------------------------------
Beginning of period 5,040,000 5,040,000 5,040,000
--------------------------------------------------------------------------------
Changes during the period -100,000 0 0
--------------------------------------------------------------------------------
End of period 4,940,000 5,040,000 5,040,000
--------------------------------------------------------------------------------
Reserved for final cancellation in May 0 0 100,000
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------
Notes
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
20 Own capital shares
--------------------------------------------------------------------------------
Own capital shares included in the balance 0 0 0
sheet at
--------------------------------------------------------------------------------
The market value is 22,978 30,874 58,395
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of own shares:
--------------------------------------------------------------------------------
Beginning of period 100,855 9,517 9,517
--------------------------------------------------------------------------------
Cancelled during the year -100,000 0 0
--------------------------------------------------------------------------------
Net purchases and sales of own shares 32,112 +40,685 91,338
during the period
--------------------------------------------------------------------------------
End of period 32,967 50,202 100,855
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nominal value of holding of own shares, 165 251 504
end of period
--------------------------------------------------------------------------------
Own shares' proportion of share capital, 0.7 1.0 2.0
end of period (%)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
21 Contingent liabilities etc.
--------------------------------------------------------------------------------
Contingent liabilities
--------------------------------------------------------------------------------
Finance guarantees 720,192 637,515 653,353
--------------------------------------------------------------------------------
Guarantees for foreign loans 5,575 8,607 5,576
--------------------------------------------------------------------------------
Guarantees against losses on mortgage 51,547 52,237 50,138
credit loans
--------------------------------------------------------------------------------
Guarantee against losses Totalkredit 128,516 122,065 118,540
--------------------------------------------------------------------------------
Registration and conversion guarantees 81,748 80,293 55,361
--------------------------------------------------------------------------------
Sector guarantees 39,413 36,418 39,413
--------------------------------------------------------------------------------
Other contingent liabilities 659,670 106,599 129,841
--------------------------------------------------------------------------------
Total contingent liabilities 1,686,661 1,043,734 1,052,222
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
First mortgage loans were provided for 761,473 853,337 808,363
German wind turbine projects. The loans
are funded directly by KfW Bankengruppe,
to which security in the associated loans
has been provided. Each reduction of the
first mortgage loans is deducted directly
from the funding at the KfW Bankengruppe.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
As security for clearing and any debt, the 197,266 137,067 269,005
bank has pledged securities from its
holding to the Central Bank of Denmark to
a total market price of
--------------------------------------------------------------------------------
Notes
Note End End End
June 2012 June 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
22 Capital adequacy computation
--------------------------------------------------------------------------------
Calculated pursuant to the Executive
order on Capital Adequacy issued by the
Danish Financial Supervisory Authority.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted items with credit and 11,309,947 11,456,011 11,041,407
counterpart risks
--------------------------------------------------------------------------------
Market risk 1,331,919 840,151 750,457
--------------------------------------------------------------------------------
Operational risk 1,483,500 1,396,138 1,396,138
--------------------------------------------------------------------------------
Total risk weighted items 14,125,366 13,692,300 13,188,002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------
Reserve for net revaluation under the 187 176 187
intrinsic value method
--------------------------------------------------------------------------------
Profit carried forward 2,548,997 2,334,922 2,457,733
--------------------------------------------------------------------------------
Core capital 2,573,884 2,360,298 2,483,120
--------------------------------------------------------------------------------
Proposed dividend etc. 0 0 -66,020
--------------------------------------------------------------------------------
Deduction from / addition to the core -187 -176 -187
capital
--------------------------------------------------------------------------------
Core capital after deductions 2,573,697 2,360,122 2,416,913
--------------------------------------------------------------------------------
Hybrid core capital 200,000 200,000 200,000
--------------------------------------------------------------------------------
Core capital after deductions incl. 2,773,697 2,560,122 2,616,913
hybrid core capital
--------------------------------------------------------------------------------
Subordinated loan capital 200,702 201,385 200,723
--------------------------------------------------------------------------------
Deduction from / addition to the capital 187 176 187
base
--------------------------------------------------------------------------------
Capital base after deductions 2,974,586 2,761,683 2,817,823
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Core capital ratio excl. hybrid core 18,2 17,2 18,3
capital (per cent)
--------------------------------------------------------------------------------
Core capital ratio (per cent) 19,6 18,7 19,8
--------------------------------------------------------------------------------
Solvency ratio (per cent) 21,1 20,2 21,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Capital base requirements under Section 1,130,029 1,095,384 1,055,040
124 (2,1) of the Danish Financial
Business Act
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
23 Miscellaneous comments on:
--------------------------------------------------------------------------------
Main and key figures for the bank and key figures per DKK 5 share - page 6
- Total capital base is calculated as the banks capital base after
deductions, cf. note 22.
- Return on equity at the beginning of the year before and after tax
are computed after allocation of dividend etc., net.
- Key figures per DKK 5 share for 1st half 2012, and for the full
year 2011 are calculated on the basis of 4,940,000 shares and for 1st half
2011 calculated on the basis of 5,040,000 shares.
Core earnings - page 3
- The comparative figures for 2005 have not been adjusted for the
change made in 2007 from actual banking operations to core earnings.
--------------------------------------------------------------------------------
Main figures summary
1st 1st Full
half half year
2012 2011 2011
--------------------------------------------------------------------------------
Profit and loss account summary (million DKK)
--------------------------------------------------------------------------------
-
Net income from interest 320 288 613
--------------------------------------------------------------------------------
Dividend on capital shares etc. 2 1 1
--------------------------------------------------------------------------------
Net income from fees and commissions 92 70 134
--------------------------------------------------------------------------------
Net income from interest and fees 414 359 748
--------------------------------------------------------------------------------
Value adjustments +35 +14 +16
--------------------------------------------------------------------------------
Other operating income 2 2 5
--------------------------------------------------------------------------------
Staff and administration costs 125 121 244
--------------------------------------------------------------------------------
Amortisation, depreciation and write-downs on 2 2 4
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 8 19 12
--------------------------------------------------------------------------------
Total write-downs on loans and other debtors etc. -79 -54 -129
--------------------------------------------------------------------------------
Profit before tax 237 179 380
--------------------------------------------------------------------------------
Tax 59 44 94
--------------------------------------------------------------------------------
Profit after tax 178 135 286
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Main figures from the balance sheet (million DKK)
--------------------------------------------------------------------------------
-
Loans and other debtors 12,869 13,131 12,747
--------------------------------------------------------------------------------
Deposits and other debts 12,939 12,404 12,755
--------------------------------------------------------------------------------
Subordinated debt 413 405 412
--------------------------------------------------------------------------------
Shareholders' equity 2,574 2,360 2,483
--------------------------------------------------------------------------------
Balance sheet total 18,033 18,440 17,549
--------------------------------------------------------------------------------
Danish Financial Supervisory Authority
key figures for Danish banks
1st 1st Full
half half year
2012 2011 2011
--------------------------------------------------------------------------------
Solvency ratio % 21.1 20.2 21.4
--------------------------------------------------------------------------------
Core capital ratio % 19.6 18.7 19.8
--------------------------------------------------------------------------------
Pre-tax return on equity % 9.4 7.7 15.9
--------------------------------------------------------------------------------
Return on equity after tax % 7.0 5.8 11.9
--------------------------------------------------------------------------------
Income/cost ratio DKK 2.10 1.92 1.98
--------------------------------------------------------------------------------
Interest risk % 1.2 0.2 0.7
--------------------------------------------------------------------------------
Foreign exchange position % 1.0 0.5 0.9
--------------------------------------------------------------------------------
Foreign exchange risk % 0.0 0.0 0.0
--------------------------------------------------------------------------------
Excess cover relative to statutory liquidity % 145.4 171.6 140.5
requirements
--------------------------------------------------------------------------------
Loans and write-downs thereon relative to % 105.0 110.8 105.0
deposits
--------------------------------------------------------------------------------
Loans relative to shareholders' equity 5.0 5.6 5.1
--------------------------------------------------------------------------------
Growth in loans % 1.0 -0.2 -3.1
--------------------------------------------------------------------------------
Total large exposures % 60.9 50.3 41.7
--------------------------------------------------------------------------------
Cumulative write-down percentage % 4.8 4.2 4.5
--------------------------------------------------------------------------------
Write-down percentage for the period % 0.52 0.37 0.89
--------------------------------------------------------------------------------
Proportion of debtors at reduced interest % 0.6 0.5 0.4
--------------------------------------------------------------------------------
Result after tax per share * / *** DKK 719.2 534.5 1.146.6
--------------------------------------------------------------------------------
Book value per share * / ** DKK 10,491 9,461 10,055
--------------------------------------------------------------------------------
Price/result per share * / *** 19.4 23.0 10.1
--------------------------------------------------------------------------------
Price/book value per share * / ** 1.33 1.30 1.15
--------------------------------------------------------------------------------
* 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.
--------------------------------------------------------------------------------
-
Statement by management and board of directors
The board of directors and management have today considered and approved the
interim report for Ringkjoebing Landbobank A/S for the period 1 January - 30
June 2012.
The interim report was prepared in accordance with the provisions of the Danish
Act on Financial Activities and further Danish requirements on listed financial
companies concerning disclosure. We consider the accounting policies to be
appropriate and the accounting estimates made to be responsible, such that the
interim report provides a true and fair view of the bank's assets, liabilities
and financial position as of 30 June 2012 and of the bank's activities for the
period 1 January - 30 June 2012. We also believe that the management report
etc. contain a true and fair review of the developments in the bank's
activities and financial circumstances, and a description of the most important
risks and uncertainty factors which could affect the bank.
The interim report was not audited or reviewed, but the external auditors have
checked that the conditions for ongoing inclusion of the earnings for the
period in the Tier 1 capital have been met.
Ringkoebing, 8 August 2012
Management:
John Fisker
Executive General Manager
Board of Directors:
Jens Lykke Kjeldsen Gravers Kjaergaard
Chairman Deputy chairman
Gert Asmussen Inge Sandgrav Bak
Keld Hansen Martin Krogh Pedersen
Bo Bennedsgaard Gitte E. S. Vigsoe
Employee board member Employee board member
Click on, or paste the following link into your web browser, to view the
associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=3
99989
News Source: NASDAQ OMX
08.08.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Ringkjoebing Landbobank A/S
Dänemark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0060032068
Category Code: IR
LSE Ticker: 0FTC
Sequence Number: 1154
Time of Receipt: Aug 08, 2012 08:35:49
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
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