Vestjysk Bank A/S
Annual Report 2011
Vestjysk Bank A/S 22.02.2012 08:40 --------------------------------------------------------------------------- The Danish Financial Supervisory Authority NASDAQ OMX Copenhagen London Stock Exchange Oslo Børs 22 February 2012 Annual Report 2011 We hereby publish vestjyskBANK's Annual Report 2011: -- The Bank's core income totalled DKK 1,111 million. -- After deducting personnel and administrative expenses etc., the Bank's core earnings before impairments totalled DKK 505 million-the Bank's best result ever and 3% higher than in 2010. -- Impairments of loans and receivables totalled DKK 984 million. -- On this basis a net loss for the year of DKK 423 million after tax was realised. -- As planned, the Bank reduced its total loan portfolio in 2011 by 7.5% to DKK 21,716 million. As outlined in the our company announcement of 25 January 2012, the Danish Financial Supervisory Authority challenged vestjyskBANK's goodwill recognition of DKK 96.6 million, relating to the Bonusbanken purchase, in the Bank's 2010 Annual Report and its 2011 Half-year Report. The Danish Financial Supervisory Authority had signalled its intention of bringing the case before the Danish Securities Council. The Danish Financial Supervisory Authority subsequently notified vestjyskBANK that the case had been shelved. Following the adoption of the two banks' annual reports for 2011, vestjyskBANK and Aarhus Lokalbank will make an agreement to seek the two banks merged at the principal terms specified in our company announcement of 25 January 2012. We expect that the final merger plan will be executed and published on 28 February 2012, so as to submit the merger for final adoption at the banks' annual general meetings at the end of March. As outlined in our company announcement of 20 February 2012, vestjyskBANK has converted government capital injection funds of DKK 287.6 million as well as accrued interest of DKK 8.7 million, totalling DKK 296.3 million. The conversion has resulted in the nominal share capital of the Bank increasing by DKK 141.8 million from DKK 125.0 million to 266.8 million. vestjyskBANK Frank Kristensen Chief Executive Officer fk@vestjyskbank.dk Vestjysk Bank A/S Torvet 4-5 DK-7620 Lemvig Denmark Phone +45 96 63 20 00 CVR no. 34631328 www.vestjyskbank.dk News Source: NASDAQ OMX 22.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. 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: Vestjysk Bank A/S Norway Phone: Fax: E-mail: Internet: ISIN: NO0010331499 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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