Ringkjøbing Landbobank A/S
Ringkjøbing Landbobank – interim report 2011
Ringkjøbing Landbobank A/S 03.08.2011 09:00 --------------------------------------------------------------------------- The bank's pre-tax profit for the first half of 2011 was DKK 179 million against DKK 190 million for 2010. This result was equivalent to a 16% return p.a. on equity. Given the costs incurred in connection with the Deposit Guarantee Fund in connection with the collapse of Amagerbanken and Fjordbank Mors, the result is considered highly satisfactory. (million DKK) 1st 2010 2009 2008 2007 2006 2005 2004 2003 2002 half 2011 -------------------------------------------------------------------------------- Total core income 375 758 753 735 696 609 511 417 368 328 -------------------------------------------------------------------------------- Total costs etc. -123 -240 -238 -239 -234 -208 -190 -184 -163 -155 Core earnings 252 518 515 496 462 401 321 233 205 173 before write-downs Write-downs on -54 -138 -159 -77 +11 +69 +5 +4 -10 +6 loans Core earnings 198 380 356 419 473 470 326 237 195 179 Result for the 0 +38 +56 -73 -18 +103 +35 +51 +106 +30 portfolio Bank Package I -19 -80 -107 -28 0 0 0 0 0 0 and deposit guarantee Profit before tax 179 338 305 318 455 573 361 288 301 209 Core earnings were DKK 198 million and they are continuing to move towards the upper part of the announced DKK 300-400 million range. The half-year - highlights: -- The DKK 179 million profit is equivalent to a return on equity of 16% p.a. after payment of dividend -- 15% fall in write-downs to DKK 54 million -- Rate of costs computed at 32.8 - the lowest in Denmark. -- Substantial increase of 11% in deposits and modest growth in loans -- Free of all government schemes - but payment to The Deposit Guarantee Fund of net DKK 18 million -- Capital adequacy ratio of 20.2, equivalent to cover of 253% -- Core capital ratio of 18.7 -- Highly satisfactory increase in customers in both branch network and Private Banking. -- The expectations for core earnings remain in the DKK 300-400 million range, but core earnings are moving towards the most satisfactory part of the range. 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 4% lower in the first half of 2011 with a decrease from DKK 389 million in 2010 to DKK 375 million. Net interest income decreased by 3% from DKK 300 million to DKK 290 million. The underlying trend in the figures and the intake of new customers is positive, but the item was negatively affected by a lower interest margin and the low interest level. Like the rest of the financial sector, the bank will increase its interest rates during the third quarter of 2011. Combined with continued growth in the figures, this is expected to have a positive effect on the net interest income in the coming quarters. Fees, commissions and foreign exchange earnings amounted to net DKK 79 million in the first half of 2011 against net DKK 82 million in 2010, a fall of 4%. The half-year was characterised by relatively low trading and conversion activity and the larger figures therefore did not result in a corresponding increase in income. Costs and depreciations Total costs including depreciations on tangible assets amounted to DKK 123 million in the half-year, 3% higher than last year. The rate of costs was computed at 32.8, still the lowest in the country. 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 showed a fall of 15% to net DKK 54 million in the half-year against DKK 63 million last year. The write-downs are equivalent to 0.7% of the total average of loans, write-downs, guarantees and provisions. The bank's customers appear to be coping better with the weak economic conditions than the average in Denmark. The present level of write-downs is considered satisfactory. The bank's total account for write-downs and provisions amounted to DKK 616 million at the end of the half-year, equivalent to 4.2% of total loans and guarantees. Actual write-downs on loans (including interest on the account for write-downs) this half-year continue to be low at a mere DKK 4 million, such that the account for write-downs and provisions increased by net DKK 50 million in the first half-year. The portfolio of loans with zeroed interest amounts to DKK 68 million, equivalent to 0.46% of the bank's total loans and guarantees at the end of the half-year. This is at the same level as last year. Core earnings (million DKK) 1st 2010 2009 2008 2007 2006 2005 2004 2003 2002 half 2011 -------------------------------------------------------------------------------- Total core income 375 758 753 735 696 609 511 417 368 328 -------------------------------------------------------------------------------- Total costs etc. -123 -240 -238 -239 -234 -208 -190 -184 -163 -155 Core earnings 252 518 515 496 462 401 321 233 205 173 before write-downs Write-downs on -54 -138 -159 -77 +11 +69 +5 +4 -10 +6 loans Core earnings 198 380 356 419 473 470 326 237 195 179 Core earnings were DKK 198 million against last year's DKK 206 million, a decrease of 4%. The realised earnings continue to move towards the upper part of the announced DKK 300-400 million range. Result for the portfolio The result for the portfolio for the first half-year was DKK -0.3 million including funding costs for the portfolio. The bank's holding of shares etc. at the end of the half-year amounted to DKK 286 million, DKK 49 million of which was in listed shares etc. while DKK 237 million was in sector shares etc. The bond portfolio at the end of the half-year amounted to DKK 2,283 million, and the great majority of the portfolio consists of AAA-rated Danish mortgage credit bonds and bonds guaranteed by the Danish government. The total interest rate risk, computed as the impact on the result of a one percentage point change in the interest level, was 0.2% 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 2011: Risk in DKK % risk relative to equity at end of million half-year -------------------------------------------------------------------------------- Highest risk of 10.6 0.45% loss: -------------------------------------------------------------------------------- Smallest risk of 2.5 0.11% loss: Average risk of loss 5.7 0.24% The bank's policy remains to keep the market risk at a low level. Result after tax The result after tax was DKK 135 million for the first half of 2011 against DKK 144 million last year. The result after tax is equivalent to a return on equity of 12% p.a. after payment of dividend. The balance sheet The bank's balance sheet total at the end of the half-year stood at DKK 18,440 million against last year's DKK 18,544 million. Deposits increased by 11% from DKK 11,194 million to DKK 12,404 million. The bank's loans increased slightly to DKK 13,131 million. The underlying growth in new customers from the branch network and within the niches Private Banking and wind turbine financing remains good. However, the changed pattern of consumption with a higher savings ratio is generally resulting in greater repayments on the bank's existing loans portfolio than previously, and part of the growth is therefore consumed by these repayments. The bank's portfolio of guarantees at the end of the half-year was DKK 1,044 million against DKK 1,357 million in 2010. Liquidity The bank's liquidity is good, and the excess liquidity relative to the statutory requirement is 172%. The bank's short-term funding with term to maturity of less than 12 months amounts to only DKK 1.5 billion, balanced by DKK 4.6 billion in short-term money market placing, primarily in Danmarks Nationalbank, 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 853 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 Ringkjøbing Landbobank has a liability to the mandatory deposit guarantee scheme in Denmark in connection with Amagerbanken's collapse in February 2011 and Fjordbank Mors's collapse in June 2011. The bank's share of these losses is 0.6%. With the most recently announced dividend rate, Amagerbanken has cost the bank DKK 11.9 million while Fjordbank Mors has cost DKK 8.2 million. The bank has previously overprovided by DKK 1.5 million, and the total expense in the first half-year was thus computed at DKK 18.6 million. Capital The bank's equity at the beginning of 2011 was DKK 2,312 million, to which must be added the profit for the period and from which must be deducted the dividend paid and the shares purchased, after which the equity at the end of the first half of 2011 was DKK 2,360 million. The bank's holding of own shares at the end of the half-year was 50,202, equivalent to 1.0 % of the share capital. The bank's capital adequacy ratio (Tier 2) was computed at 20.2 at the end of the first half of 2011. The core capital ratio (Tier 1) was computed at 18.7. Capital adequacy 1st half 2010 2009 2008 2007 2011 -------------------------------------------------------------------------------- Core capital ratio without hybrid core 17.2 17.1 15.1 11.6 10.0 capital -------------------------------------------------------------------------------- Core capital ratio 18.7 18.6 16.6 13.0 11.2 Capital adequacy ratio 20.2 22.4 20.2 16.3 13.0 Individual solvency requirement 8.0 8.0 8.0 8.0 8.0 Capital adequacy 253% 280% 253% 204% 163% The individual solvency requirement for Ringkjøbing Landbobank is calculated at 6.9% because of the bank's robust business model, and the ratio was thus reported at 8%. Rating The bank is rated by the international credit rating agency Moody's. Following Amagerbanken's collapse, the Danish banking and mortgage credit sector was downgraded such that Ringkjøbing Landbobank's stand alone rating was lowered from A2 with negative outlook to A3 with stable outlook in May 2011. This also applies to the bank's long-term rating. Encouraging increase in customer numbers The bank implemented several outreach initiatives towards new customers just over a year 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. A highly positive increase in customers is currently being seen in the branch network and within the Private Banking segment, with transfer of deposits, pension and securities customers. The majority of the growth in lending to date 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 applied are unchanged relative to the audited annual report presented for 2010. Expectations for earnings in 2011 The bank's core earnings for the first half of 2011 were DKK 198 million, which is in line with the announced expectations at the beginning of the year. The realised earnings thus continue to move towards the upper part of the announced DKK 300-400 million range. Main and key figures for the bank 1st half 1st half Full year year year 2011 2010 2010 -------------------------------------------------------------------------------- Main figures for the bank (million DKK) -------------------------------------------------------------------------------- Total core income 375 389 758 -------------------------------------------------------------------------------- Total costs and depreciations -123 -120 -240 -------------------------------------------------------------------------------- Core earnings before write-downs on loans 252 269 518 -------------------------------------------------------------------------------- Write-downs on loans -54 -63 -138 -------------------------------------------------------------------------------- Core earnings 198 206 380 -------------------------------------------------------------------------------- Result for portfolio +0 +28 +38 -------------------------------------------------------------------------------- Costs national bank package I and the deposit -19 -44 -80 guarantee scheme -------------------------------------------------------------------------------- Profit before tax 179 190 338 -------------------------------------------------------------------------------- Profit after tax 135 144 257 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shareholders' equity 2,360 2,194 2,312 -------------------------------------------------------------------------------- Total capital base 2,762 2,885 2,943 -------------------------------------------------------------------------------- Deposits 12,404 11,194 11,662 -------------------------------------------------------------------------------- Loans 13,131 13,070 13,151 -------------------------------------------------------------------------------- Balance sheet total 18,440 18,544 18,247 -------------------------------------------------------------------------------- Guarantees 1,044 1,357 1,042 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Key figures for the bank (per cent) -------------------------------------------------------------------------------- Pre-tax return on equity, beginning of year 15.9 18.5 16.5 -------------------------------------------------------------------------------- Return on equity after tax, beginning of year 12.0 14.0 12.5 -------------------------------------------------------------------------------- Rate of costs 32.8 30.8 31.6 -------------------------------------------------------------------------------- Core capital ratio 18.7 17.2 18.6 -------------------------------------------------------------------------------- Solvency ratio 20.2 20.7 22.4 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Key figures per 5 DKK share (DKK) -------------------------------------------------------------------------------- Core earnings 39 41 75 -------------------------------------------------------------------------------- Profit before tax 36 38 67 -------------------------------------------------------------------------------- Profit after tax 27 29 51 -------------------------------------------------------------------------------- Net asset value 473 435 459 -------------------------------------------------------------------------------- Price, end of period 615 575 725 -------------------------------------------------------------------------------- Dividend - - 12 -------------------------------------------------------------------------------- Profit and loss account Note 1.1-30.6 1.1-30.6 1.1-31.12 2011 2010 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- 1 Interest receivable 405,547 430,216 836,339 -------------------------------------------------------------------------------- 2 Interest payable 117,252 122,063 241,954 -------------------------------------------------------------------------------- Net income from interest 288,295 308,153 594,385 -------------------------------------------------------------------------------- 3 Dividend on capital shares etc. 1,101 1,215 1,219 -------------------------------------------------------------------------------- 4 Income from fees and commissions 82,766 85,648 170,389 -------------------------------------------------------------------------------- 4 Fees and commissions paid 13,132 12,234 25,996 -------------------------------------------------------------------------------- Net income from interest and fees 359,030 382,782 739,997 -------------------------------------------------------------------------------- 5 Value adjustments +13,824 +32,489 +52,159 -------------------------------------------------------------------------------- Other operating income 2,141 2,079 3,893 -------------------------------------------------------------------------------- 6,7 Staff and administration costs 121,327 118,728 236,374 -------------------------------------------------------------------------------- Amortisation, depreciation and 1,914 1,174 3,219 write-downs on intangible and tangible assets -------------------------------------------------------------------------------- Other operating costs -------------------------------------------------------------------------------- Miscellaneous other operating costs 0 0 195 -------------------------------------------------------------------------------- Guarantee commission, national bank 18,570 31,060 46,590 package I etc. -------------------------------------------------------------------------------- Write-downs on loans and debtors etc. -------------------------------------------------------------------------------- 11 Write-downs on loans and other debtors -53,986 -63,493 -138,217 -------------------------------------------------------------------------------- Write-downs on national bank package I 0 -13,019 -33,152 etc. -------------------------------------------------------------------------------- Result of capital shares in associated 0 0 +14 companies -------------------------------------------------------------------------------- Profit before tax 179,198 189,876 338,316 -------------------------------------------------------------------------------- 8 Tax 44,500 46,200 81,443 -------------------------------------------------------------------------------- Profit after tax 134,698 143,676 256,873 -------------------------------------------------------------------------------- Core earnings 1.1-30.6 1.1-30.6 1.1-31.12 2011 2010 2010 DKK 1,000 DKK 1,000 DKK 1,000 --------------------------------------- Net income from interest 289,823 300,295 583,398 -------------------------------------------------------------------------------- Net income from fees and provisions 58,834 59,237 118,145 excl. commission -------------------------------------------------------------------------------- Income from sector shares etc. 4,084 4,783 3,931 -------------------------------------------------------------------------------- Foreign exchange income 9,589 8,720 22,440 -------------------------------------------------------------------------------- Other operating income etc. 2,141 2,079 3,893 -------------------------------------------------------------------------------- Total core income excl. trade income 364,471 375,114 731,807 -------------------------------------------------------------------------------- Trade income 10,800 14,177 26,248 -------------------------------------------------------------------------------- Total core income 375,271 389,291 758,055 -------------------------------------------------------------------------------- Staff and administration costs 121,327 118,729 236,374 -------------------------------------------------------------------------------- Amortisation, depreciation and 1,914 1,174 3,219 write-downs on intangible and tangible assets -------------------------------------------------------------------------------- Other operating costs 0 0 195 -------------------------------------------------------------------------------- Total costs etc. 123,241 119,903 239,788 -------------------------------------------------------------------------------- Core earnings before write-downs on 252,030 269,388 518,267 loans -------------------------------------------------------------------------------- Write-downs on loans and other debtors -53,986 -63,493 -138,217 -------------------------------------------------------------------------------- Core earnings 198,044 205,895 380,050 -------------------------------------------------------------------------------- Result for portfolio -276 +28,060 +38,008 -------------------------------------------------------------------------------- Costs national bank package I etc. -18,570 -44,079 -79,742 -------------------------------------------------------------------------------- Profit before tax 179,198 189,876 338,316 -------------------------------------------------------------------------------- Tax 44,500 46,200 81,443 -------------------------------------------------------------------------------- Profit after tax 134,698 143,676 256,873 -------------------------------------------------------------------------------- Balance sheet Note End End End June 2011 June 2010 Dec. 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- Assets -------------------------------------------------------------------------------- Cash in hand and claims at call on 78,244 63,221 59,597 central banks -------------------------------------------------------------------------------- 9 Claims on credit institutions and central banks -------------------------------------------------------------------------------- Claims at notice on central banks 0 197,988 1,329,844 -------------------------------------------------------------------------------- Money market operations and 1,649,641 2,233,606 1,063,528 bilateral loans - term to maturity under 1 year -------------------------------------------------------------------------------- Bilateral loans - term to maturity 606,431 267,013 261,335 over 1 year -------------------------------------------------------------------------------- 10,11, Loans and other debtors at amortised 13,130,560 13,070,022 13,151,216 12 cost price -------------------------------------------------------------------------------- Loans and other debtors at amortised 12,277,223 12,294,611 12,326,328 cost price -------------------------------------------------------------------------------- Wind turbine loans with direct 853,337 775,411 824,888 funding -------------------------------------------------------------------------------- 13 Bonds at current value 2,283,097 1,803,323 1,546,282 -------------------------------------------------------------------------------- 14 Shares etc. 285,863 256,304 257,253 -------------------------------------------------------------------------------- Capital shares in associated 527 513 527 companies -------------------------------------------------------------------------------- Land and buildings total 75,395 76,229 75,662 -------------------------------------------------------------------------------- Investment properties 7,261 7,261 7,261 -------------------------------------------------------------------------------- Domicile properties 68,134 68,968 68,401 -------------------------------------------------------------------------------- Other tangible assets 4,806 2,472 4,430 -------------------------------------------------------------------------------- Actual tax assets 0 27,253 20,827 -------------------------------------------------------------------------------- Temporary assets 493 150 150 -------------------------------------------------------------------------------- Other assets 316,028 538,129 469,600 -------------------------------------------------------------------------------- Periodic-defined items 8,847 7,471 6,953 -------------------------------------------------------------------------------- Total assets 18,439,932 18,543,694 18,247,204 -------------------------------------------------------------------------------- Balance sheet Note End End End June 2011 June 2010 Dec. 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- Liabilities and equity -------------------------------------------------------------------------------- 15 Debt to credit institutions and central banks -------------------------------------------------------------------------------- Debt to central banks 0 0 0 -------------------------------------------------------------------------------- Money market operations and bilateral 1,352,409 1,141,807 636,326 credits - term to maturity under 1 year -------------------------------------------------------------------------------- Bilateral credits - term to maturity 316,446 1,350,925 1,170,976 over 1 year -------------------------------------------------------------------------------- Bilateral credits from KfW Bankengruppe 853,337 775,411 824,888 -------------------------------------------------------------------------------- 16 Deposits and other debts 12,403,690 11,193,615 11,661,654 -------------------------------------------------------------------------------- 17 Issued bonds at amortised cost price 336,594 539,829 337,617 -------------------------------------------------------------------------------- Actual tax liabilities 3,229 0 0 -------------------------------------------------------------------------------- Other liabilities 396,377 564,308 592,871 -------------------------------------------------------------------------------- Periodic-defined items 294 512 282 -------------------------------------------------------------------------------- Total debt 15,662,376 15,566,407 15,224,614 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Provisions for pensions and similar 4,699 6,378 5,858 liabilities -------------------------------------------------------------------------------- Provisions for deferred tax 3,929 5,088 3,929 -------------------------------------------------------------------------------- 11 Provisions for losses on guarantees 1,679 1,941 1,383 -------------------------------------------------------------------------------- Provisions for national bank package I 0 60,120 0 -------------------------------------------------------------------------------- Other provisions for liabilities 2,077 7,160 2,077 -------------------------------------------------------------------------------- Total provisions for liabilities 12,384 80,687 13,247 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Subordinated loan capital 198,122 490,679 488,882 -------------------------------------------------------------------------------- Hybrid core capital 206,752 212,412 208,117 -------------------------------------------------------------------------------- 18 Total subordinated debt 404,874 703,091 696,999 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 19 Share capital 25,200 25,200 25,200 -------------------------------------------------------------------------------- Reserve for net revaluation under the 176 162 176 intrinsic value method -------------------------------------------------------------------------------- Proposed dividend etc. - - 60,980 -------------------------------------------------------------------------------- Profit carried forward 2,334,922 2,168,147 2,225,988 -------------------------------------------------------------------------------- Total shareholders' equity 2,360,298 2,193,509 2,312,344 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total liabilities and equity 18,439,932 18,543,694 18,247,204 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 21 Contingent liabilities etc. -------------------------------------------------------------------------------- 22 Capital adequacy computation -------------------------------------------------------------------------------- 23 Miscellaneous comments -------------------------------------------------------------------------------- Statement of shareholders' equity DKK 1,000 Share Provisi Reserve for net Propo-s Profit Total capita ons for revalua-tion ed carried share-hol l re-valu under the dividen forward ders' ation intrinsic value d etc. equity method -------------------------------------------------------------------------------- On 30 June 25,200 0 176 60,980 2,225,988 2,312,344 2011: Shareholders' equity at the end of the previous financial year -------------------------------------------------------------------------------- Paid dividend -60,980 -60,980 -------------------------------------------------------------------------------- Dividend 168 168 received from own shares -------------------------------------------------------------------------------- Purchase and -27,904 -27,904 sale of own shares -------------------------------------------------------------------------------- Other 1,972 1,972 shareholders' equity items -------------------------------------------------------------------------------- Profit for the 134,698 134,698 period -------------------------------------------------------------------------------- Shareholders' 25,200 0 176 0 2,334,922 2,360,298 equity on the balance sheet date -------------------------------------------------------------------------------- On 30 June 2010: 25,200 0 162 0 2,030,411 2,055,773 Shareholders' equity at the end of the previous financial year -------------------------------------------------------------------------------- Purchase and sale of own shares -7,638 -7,638 -------------------------------------------------------------------------------- Other shareholders' equity items 1,698 1,698 -------------------------------------------------------------------------------- Profit for the period 143,676 143,676 -------------------------------------------------------------------------------- Shareholders' equity on the balance 25,200 0 162 0 2,168,147 2,193,509 sheet date -------------------------------------------------------------------------------- On 31 December 2010: 25,200 0 162 0 2,030,411 2,055,773 Shareholders' equity at the end of the previous financial year -------------------------------------------------------------------------------- Purchase and sale of own shares -3,595 -3,595 -------------------------------------------------------------------------------- Other shareholders' equity items 3,293 3,293 -------------------------------------------------------------------------------- Profit for the year 14 60,980 195,879 256,873 -------------------------------------------------------------------------------- Shareholders' equity on the 25,200 0 176 60,980 2,225,988 2,312,344 balance sheet date -------------------------------------------------------------------------------- Notes Note 1.1-30.6 1.1-30.6 1.1-31.12 2011 2010 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- 1 Interest receivable -------------------------------------------------------------------------------- Claims on credit institutions and central 19,319 20,232 37,150 banks -------------------------------------------------------------------------------- Loans and other debtors 369,844 380,795 748,211 -------------------------------------------------------------------------------- Loans - interest concerning the -16,664 -13,918 -29,221 written-down part of loans -------------------------------------------------------------------------------- Bonds 22,155 26,292 47,905 -------------------------------------------------------------------------------- Total derivatives financial instruments, 10,893 16,815 31,080 -------------------------------------------------------------------------------- of which -------------------------------------------------------------------------------- Currency contracts 5,081 9,159 13,537 -------------------------------------------------------------------------------- Interest-rate contracts 5,812 7,656 17,543 -------------------------------------------------------------------------------- Other interest receivable 0 0 1,214 -------------------------------------------------------------------------------- Total interest receivable 405,547 430,216 836,339 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 2 Interest payable -------------------------------------------------------------------------------- Credit institutions and central banks 25,047 22,822 45,468 -------------------------------------------------------------------------------- Deposits and other debts 76,884 76,271 146,978 -------------------------------------------------------------------------------- Issued bonds 6,220 9,768 21,252 -------------------------------------------------------------------------------- Subordinated debt 9,084 13,202 28,049 -------------------------------------------------------------------------------- Other interest payable 17 0 207 -------------------------------------------------------------------------------- Total interest payable 117,252 122,063 241,954 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3 Dividend from shares etc. -------------------------------------------------------------------------------- Shares 1,101 1,215 1,219 -------------------------------------------------------------------------------- Total dividend from shares etc. 1,101 1,215 1,219 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 4 Gross income from fees and commissions -------------------------------------------------------------------------------- Securities trading 14,021 18,770 34,812 -------------------------------------------------------------------------------- Asset management 29,789 28,642 56,624 -------------------------------------------------------------------------------- Payment handling 8,974 8,593 19,170 -------------------------------------------------------------------------------- Loan fees 3,077 4,406 9,985 -------------------------------------------------------------------------------- Guarantee commissions 17,830 16,083 31,270 -------------------------------------------------------------------------------- Other fees and commissions 9,075 9,016 18,528 -------------------------------------------------------------------------------- Total gross income from fees and 82,766 85,510 170,389 commissions -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net income from fees and commissions -------------------------------------------------------------------------------- Securities trading 10,800 14,177 26,248 -------------------------------------------------------------------------------- Asset management 27,470 26,133 52,068 -------------------------------------------------------------------------------- Payment handling 8,056 7,904 16,816 -------------------------------------------------------------------------------- Loan fees 2,308 3,448 7,728 -------------------------------------------------------------------------------- Guarantee commissions 17,830 16,083 31,270 -------------------------------------------------------------------------------- Other fees and commissions 3,170 5,531 10,263 -------------------------------------------------------------------------------- Total net income from fees and commissions 69,634 73,276 144,393 -------------------------------------------------------------------------------- Foreign exchange income 9,589 8,720 22,440 -------------------------------------------------------------------------------- Total net income from fees, commissions and 79,223 81,996 166,833 foreign exchange income -------------------------------------------------------------------------------- Notes Note 1.1-30. 1.1-30. 1.1-31. 6 6 12 2011 2010 2010 DKK DKK DKK 1,000 1,000 1,000 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 5 Value adjustments -------------------------------------------------------------------------------- Loans and other debtors at current value 194 1,699 4,336 -------------------------------------------------------------------------------- Bonds -1,514 36,829 34,044 -------------------------------------------------------------------------------- Shares etc. -1,711 -123 2,702 -------------------------------------------------------------------------------- Shares in sector companies etc. 4,047 3,705 2,853 -------------------------------------------------------------------------------- Investment properties 0 0 0 -------------------------------------------------------------------------------- Foreign exchange income 9,589 8,720 22,440 -------------------------------------------------------------------------------- Total derivatives financial instruments, of -6,503 980 -11,334 which -------------------------------------------------------------------------------- Interest-rate contracts -6,503 980 -11,333 -------------------------------------------------------------------------------- Share contracts 0 0 -1 -------------------------------------------------------------------------------- Issued bonds 1,463 -2,700 -965 -------------------------------------------------------------------------------- Other liabilities 8,259 -16,621 -1,917 -------------------------------------------------------------------------------- Total value adjustments 13,824 32,489 52,159 -------------------------------------------------------------------------------- 6 Staff and administration costs -------------------------------------------------------------------------------- Salaries and payments to the board of directors, board of managers and shareholders' committee -------------------------------------------------------------------------------- Board of managers 2,976 2,826 6,027 -------------------------------------------------------------------------------- Board of directors 471 432 828 -------------------------------------------------------------------------------- Shareholders' committee 0 0 331 -------------------------------------------------------------------------------- Total 3,447 3,258 7,186 -------------------------------------------------------------------------------- Staff costs -------------------------------------------------------------------------------- Salaries 56,604 54,381 109,878 -------------------------------------------------------------------------------- Pensions 5,761 5,581 11,320 -------------------------------------------------------------------------------- Social security expenses 7,944 6,634 12,752 -------------------------------------------------------------------------------- Total 70,309 66,596 133,950 -------------------------------------------------------------------------------- Other administration costs 47,571 48,874 95,238 -------------------------------------------------------------------------------- Total staff and administration costs 121,327 118,728 236,374 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 7 Number of employees -------------------------------------------------------------------------------- Average number of employees during the period 253.0 255.7 254.0 converted into full-time employees -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 8 Tax -------------------------------------------------------------------------------- Tax calculated on the period profit 44,500 46,200 83,055 -------------------------------------------------------------------------------- Adjustment of deferred tax 0 0 -1,159 -------------------------------------------------------------------------------- Adjustment of tax calculated for previous years 0 0 -453 -------------------------------------------------------------------------------- Total tax 44,500 46,200 81,443 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 -0.2 -0.7 -0.8 non-deductible costs -------------------------------------------------------------------------------- Adjustment of tax calculated for previous years 0.0 0.0 -0.1 -------------------------------------------------------------------------------- Total effective tax rate 24.8 24.3 24.1 -------------------------------------------------------------------------------- Notes Note End End End June 2011 June 2010 Dec. 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- 9 Claims on credit institutions and central banks -------------------------------------------------------------------------------- Claims at call 477,801 65,543 303,528 -------------------------------------------------------------------------------- Up to and including 3 months 1,135,000 1,706,051 1,429,844 -------------------------------------------------------------------------------- More than 3 months and up to and 36,840 660,000 660,000 including 1 year -------------------------------------------------------------------------------- More than 1 year and up to and 606,431 259,151 261,335 including 5 years -------------------------------------------------------------------------------- More than 5 years 0 7,862 0 -------------------------------------------------------------------------------- Total claims on credit institutions 2,256,072 2,698,607 2,654,707 and central banks -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 10 Loans and other debtors at amortised cost price -------------------------------------------------------------------------------- At call 3,253,935 3,137,031 3,528,048 -------------------------------------------------------------------------------- Up to and including 3 months 503,366 843,872 585,341 -------------------------------------------------------------------------------- More than 3 months and up to and 2,232,807 1,702,122 1,961,971 including 1 year -------------------------------------------------------------------------------- More than 1 year and up to and 3,941,493 4,062,690 4,065,526 including 5 years -------------------------------------------------------------------------------- More than 5 years 3,198,959 3,324,307 3,010,330 -------------------------------------------------------------------------------- Total loans and other debtors at 13,130,560 13,070,022 13,151,216 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 532,441 424,517 424,517 loans and other debtors at the end of the previous financial year -------------------------------------------------------------------------------- Write-downs/value adjustments during 132,680 132,124 289,432 the period -------------------------------------------------------------------------------- Reverse entry - write-downs made in -59,109 -47,691 -120,381 previous financial years -------------------------------------------------------------------------------- Booked losses covered by write-downs -22,988 -31,673 -61,127 -------------------------------------------------------------------------------- Cumulative individual write-downs on 583,024 477,277 532,441 loans and other debtors on the balance sheet date -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Group write-downs -------------------------------------------------------------------------------- Cumulative group write-downs on loans 31,211 41,132 41,132 and other debtors at the end of the previous financial year -------------------------------------------------------------------------------- Write-downs/value adjustments during 0 0 0 the period -------------------------------------------------------------------------------- Reverse entry - write-downs made in -407 -8,758 -9,921 previous financial years -------------------------------------------------------------------------------- Cumulative group write-downs on loans 30,804 32,374 31,211 and other debtors on the balance sheet date -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total cumulative write-downs on loans 613,828 509,651 563,652 and other debtors on the balance sheet date -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Provisions for losses on guarantees -------------------------------------------------------------------------------- Cumulative individual provisions for 1,383 1,376 1,376 losses on guarantees at the end of the previous financial year -------------------------------------------------------------------------------- Provisions/value adjustments during 683 933 1,000 the period -------------------------------------------------------------------------------- Reverse entry - provisions made in -387 -368 -993 previous financial years -------------------------------------------------------------------------------- Cumulative individual provisions for 1,679 1,941 1,383 losses on guarantees on the balance sheet date -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total cumulative write-downs on loans 615,506 511,592 565,035 and other debtors and provisions for losses on guarantees on the balance sheet date -------------------------------------------------------------------------------- Notes Note End End End June 2011 June 2010 Dec. 2010 DKK 1,000 DKK 1,000 DKK 1,000 -------------------------------------------------------------------------------- 12 Suspended calculation of interest -------------------------------------------------------------------------------- Loans and other debtors with suspended 67,921 55,577 66,237 calculation of interest on the balance sheet date -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 13 Bonds at current value -------------------------------------------------------------------------------- Listed on the stock exchange 2,283,097 1,803,323 1,546,282 -------------------------------------------------------------------------------- Total bonds at current value 2,283,097 1,803,323 1,546,282 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 14 Shares etc. -------------------------------------------------------------------------------- Listed on NASDAQ OMX Copenhagen 49,200 24,049 25,342 -------------------------------------------------------------------------------- Listed on other stock exchanges 0 24 0 -------------------------------------------------------------------------------- Unlisted shares at current value 1,415 1,310 1,415 -------------------------------------------------------------------------------- Sector shares at current value 214,334 209,511 209,086 -------------------------------------------------------------------------------- Other holdings 20,914 21,410 21,410 -------------------------------------------------------------------------------- Total shares etc. 285,863 256,304 257,253 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 15 Debt to credit institutions and central banks -------------------------------------------------------------------------------- Debt payable on demand 233,191 427,323 520,010 -------------------------------------------------------------------------------- Up to and including 3 months 249,947 158,321 27,169 -------------------------------------------------------------------------------- More than 3 months and up to and 969,730 624,437 184,789 including 1 year -------------------------------------------------------------------------------- More than 1 year and up to and 745,469 1,726,395 1,570,313 including 5 years -------------------------------------------------------------------------------- More than 5 years 323,855 331,667 329,909 -------------------------------------------------------------------------------- Total debt to credit institutions and 2,522,192 3,268,143 2,632,190 central banks -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The bank has undrawn long-term 174,587 770,392 770,896 committed revolving credit facilities equivalent to: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 16 Deposits and other debts -------------------------------------------------------------------------------- On demand 6,067,637 5,846,963 5,755,406 -------------------------------------------------------------------------------- Deposits and other debts at notice: -------------------------------------------------------------------------------- Up to and including 3 months 2,016,154 1,887,697 2,058,207 -------------------------------------------------------------------------------- More than 3 months and up to and 1,091,840 841,816 832,457 including 1 year -------------------------------------------------------------------------------- More than 1 year and up to and 1,881,450 1,288,423 1,600,801 including 5 years -------------------------------------------------------------------------------- More than 5 years 1,346,609 1,328,716 1,414,783 -------------------------------------------------------------------------------- Total deposits and other debts 12,403,690 11,193,615 11,661,654 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Distributed as follows: -------------------------------------------------------------------------------- On demand 5,619,085 5,786,897 5,582,938 -------------------------------------------------------------------------------- At notice 138,271 115,959 131,139 -------------------------------------------------------------------------------- Time deposits 3,288,899 2,340,294 2,925,948 -------------------------------------------------------------------------------- Long term deposit agreements 2,240,192 1,835,245 1,860,570 -------------------------------------------------------------------------------- Special types of deposits 1,117,243 1,115,220 1,161,059 -------------------------------------------------------------------------------- 12,403,690 11,193,615 11,661,654 -------------------------------------------------------------------------------- Notes Note End End End June 2011 June 2010 Dec. 2010 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 0 -------------------------------------------------------------------------------- More than 3 months and up to and 2,955 432,975 0 including 1 year -------------------------------------------------------------------------------- More than 1 year and up to and including 333,639 106,854 337,617 5 years -------------------------------------------------------------------------------- More than 5 years 0 0 0 -------------------------------------------------------------------------------- Total issued bonds at amortised cost 336,594 539,829 337,617 price -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Distributed as follows: -------------------------------------------------------------------------------- Issues in Danish kroner: 220,000 0 220,000 Nom. 220 million DKK -------------------------------------------------------------------------------- Issues in Norwegian kroner -------------------------------------------------------------------------------- Nom. 500 million NOK 0 467,150 0 -------------------------------------------------------------------------------- Own holding of issued bonds 0 -44,268 0 -------------------------------------------------------------------------------- Nom. 100 million NOK 95,780 93,430 95,340 -------------------------------------------------------------------------------- Regulation at amortised cost price and 6,977 9,680 8,440 adjustment to current value of issues -------------------------------------------------------------------------------- Other issues 13,837 13,837 13,837 -------------------------------------------------------------------------------- 336,594 539,829 337,617 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 18 Subordinated debt -------------------------------------------------------------------------------- Subordinated loan capital: -------------------------------------------------------------------------------- 3.995% bond loan, nom. DKK 300 million, 0 300,000 300,000 expiry 9.2.2014(early redemption) -------------------------------------------------------------------------------- Floating rate loan, principal EUR 27 201,385 201,118 201,269 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 3,489 11,773 5,424 adjustment to current value of subordinated loan capital and hybrid core capital -------------------------------------------------------------------------------- Own holding of subordinated loan capital 0 -9,800 -9,694 -------------------------------------------------------------------------------- Total subordinated debt 404,874 703,091 696,999 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 0 0 0 -------------------------------------------------------------------------------- End of period 5,040,000 5,040,000 5,040,000 -------------------------------------------------------------------------------- Total share capital 25,200 25,200 25,200 -------------------------------------------------------------------------------- Notes Note End End End June 2011 June 2010 Dec. 2010 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 30,874 7,846 6,900 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of own shares: -------------------------------------------------------------------------------- Beginning of period 9,517 8,572 8,572 -------------------------------------------------------------------------------- Net purchases and sales of own shares +40,685 +10,378 +945 during the period -------------------------------------------------------------------------------- End of period 50,202 18,950 9,517 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Nominal value of holding of own shares, end 251 95 48 of period -------------------------------------------------------------------------------- Own shares' proportion of share capital, 1.0 0.4 0.2 end of period (%) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 21 Contingent liabilities etc. -------------------------------------------------------------------------------- Contingent liabilities -------------------------------------------------------------------------------- Finance guarantees 637,515 917,279 668,504 -------------------------------------------------------------------------------- Guarantees for foreign loans 8,607 8,595 8,602 -------------------------------------------------------------------------------- Guarantees against losses on mortgage 52,237 45,235 44,098 credit loans -------------------------------------------------------------------------------- Guarantee against losses Totalkredit 122,065 110,831 112,585 -------------------------------------------------------------------------------- Registration and conversion guarantees 80,293 74,203 82,614 -------------------------------------------------------------------------------- Guarantee on national bank package I 0 96,867 0 -------------------------------------------------------------------------------- Other contingent liabilities 143,017 104,116 125,580 -------------------------------------------------------------------------------- Total contingent liabilities 1,043,734 1,357,126 1,041,983 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- First mortgage loans were provided for 853,337 775,411 824,888 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 137,067 189,059 468,198 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 2011 June 2010 Dec. 2010 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 11,456,011 11,721,587 11,110,261 counterpart risks -------------------------------------------------------------------------------- Market risk 840,151 885,194 714,897 -------------------------------------------------------------------------------- Operational risk 1,396,138 1,322,788 1,322,788 -------------------------------------------------------------------------------- Total risk weighted items 13,692,300 13,929,569 13,147,946 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Share capital 25,200 25,200 25,200 -------------------------------------------------------------------------------- Reserve for net revaluation under the 176 162 176 intrinsic value method -------------------------------------------------------------------------------- Profit carried forward 2,334,922 2,168,146 2,286,968 -------------------------------------------------------------------------------- Core capital 2,360,298 2,193,508 2,312,344 -------------------------------------------------------------------------------- Proposed dividend etc. 0 0 -60,980 -------------------------------------------------------------------------------- Deduction from / addition to the core -176 -162 -176 capital -------------------------------------------------------------------------------- Core capital after deductions 2,360,122 2,193,346 2,251,188 -------------------------------------------------------------------------------- Hybrid core capital 200.000 200,000 200,000 -------------------------------------------------------------------------------- Core capital after deductions incl. 2,560,122 2,393,346 2,451,188 hybrid core capital -------------------------------------------------------------------------------- Subordinated loan capital 201,385 491,318 491,575 -------------------------------------------------------------------------------- Deduction from / addition to the capital 176 162 176 base -------------------------------------------------------------------------------- Capital base after deductions 2,761,683 2,884,826 2,942,939 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Core capital ratio excl. hybrid core 17.2 15.7 17.1 capital(per cent) -------------------------------------------------------------------------------- Core capital ratio(per cent) 18.7 17.2 18.6 -------------------------------------------------------------------------------- Solvency ratio(per cent) 20.2 20.7 22.4 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Capital base requirements under Section 1,095,384 1,114,366 1,051,836 124 (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. · Key figures per DKK 5 share for 1st half year 2011, 1st half year 2010 and for the full year 2010 are all calculated on the basis of 5,040,000 shares. Core earnings - pages 1 and 3 · The comparative figures for the years 2002-2005 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 etc. -------------------------------------------------------------------------------- Main figures summary 1st half 1st half Full year year year 2011 2010 2010 -------------------------------------------------------------------------------- Profit and loss account summary (million DKK) -------------------------------------------------------------------------------- - Net income from interest 288 308 595 -------------------------------------------------------------------------------- Dividend on capital shares etc. 1 1 1 -------------------------------------------------------------------------------- Net income from fees and commissions etc. 70 74 144 -------------------------------------------------------------------------------- Net income from interest and fees 359 383 740 -------------------------------------------------------------------------------- Value adjustments +14 +32 +52 -------------------------------------------------------------------------------- Other ordinary income 2 2 4 -------------------------------------------------------------------------------- Staff and administration costs 121 119 237 -------------------------------------------------------------------------------- Amortisation, depreciation etc. on 2 1 3 tangible assets -------------------------------------------------------------------------------- Total other operating costs 19 31 47 -------------------------------------------------------------------------------- Total write-downs -54 -76 -171 -------------------------------------------------------------------------------- Profit before tax 179 190 338 -------------------------------------------------------------------------------- Tax 44 46 81 -------------------------------------------------------------------------------- Profit after tax 135 144 257 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- - Main figures from the balance sheet (million DKK) -------------------------------------------------------------------------------- - Loans and other debtors 13,131 13,070 13,151 -------------------------------------------------------------------------------- Deposits and other debts 12,404 11,194 11,662 -------------------------------------------------------------------------------- Subordinated debt 405 703 697 -------------------------------------------------------------------------------- Shareholders' equity 2,360 2,194 2,312 -------------------------------------------------------------------------------- Balance sheet total 18,440 18,544 18,247 -------------------------------------------------------------------------------- Danish Financial Supervisory Authority key figures for Danish banks 1st half 1st half Full year year year 2011 2010 2010 -------------------------------------------------------------------------------- Solvency ratio % 20.2 20.7 22.4 -------------------------------------------------------------------------------- Core capital ratio % 18.7 17.2 18.6 -------------------------------------------------------------------------------- Pre-tax return on equity % 7.7 8.9 15.5 -------------------------------------------------------------------------------- Return on equity after tax % 5.8 6.8 11.8 -------------------------------------------------------------------------------- Income/cost ratio DKK 1.92 1.84 1.74 -------------------------------------------------------------------------------- Interest risk % 0.2 0.3 0.1 -------------------------------------------------------------------------------- Foreign exchange position % 0.5 0.4 0.5 -------------------------------------------------------------------------------- Foreign exchange risk % 0.0 0.0 0.0 -------------------------------------------------------------------------------- Excess cover relative to statutory % 171.6 228.3 231.8 liquidity requirements -------------------------------------------------------------------------------- Loans and write-downs thereon relative to % 110.8 121.3 117.6 deposits -------------------------------------------------------------------------------- Loans relative to shareholders' equity 5.6 6.0 5.7 -------------------------------------------------------------------------------- Growth in loans % -0.2 0.0 0.8 -------------------------------------------------------------------------------- Total large exposures % 50.3 0.0 10.2 -------------------------------------------------------------------------------- Cumulative write-down percentage % 4.2 3.4 3.8 -------------------------------------------------------------------------------- Write-down percentage for the period % 0.37 0.51 0.94 -------------------------------------------------------------------------------- Proportion of debtors at reduced interest % 0.5 0.4 0.4 -------------------------------------------------------------------------------- Result after tax per share * / *** DKK 534.5 570.1 1,019.3 -------------------------------------------------------------------------------- Book value per share * / ** DKK 9,461 8,737 9,193 -------------------------------------------------------------------------------- Price/result per share * / *** 23.0 20.2 14.2 -------------------------------------------------------------------------------- Price/book value per share * / ** 1.30 1.32 1.58 -------------------------------------------------------------------------------- * 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 half-yearly report for Ringkjøbing Landbobank A/S for the period 1 January - 30 June 2011. The half-year 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 half-yearly report provides a true and fair view of the bank's assets, liabilities and financial position as of 30 June 2011 and of the bank's activities for the period 1 January-30 June 2011. 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 half-yearly 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. Ringkøbing, 3 August 2011 Management: Bent Naur John Fisker General Manager Manager Board of Directors: Jens Lykke Kjeldsen Gravers Kjærgaard Chairman Vice-chairman Gert Asmussen Inge Sandgrav Bak Keld Hansen Martin Krogh Pedersen Bo Bennedsgaard Gitte E. S. Vigsø Employee board member Employee board member 03.08.2011 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: Ringkjøbing Landbobank A/S Norway Phone: Fax: E-mail: Internet: ISIN: NO0010398159 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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