Vestjysk Bank A/S
vestjyskBANK’s Half-Year Report for First Half 2012
Vestjysk Bank A/S 23.08.2012 08:30 --------------------------------------------------------------------------- The Danish Financial Supervisory Authority NASDAQ OMX Copenhagen London Stock Exchange Oslo Børs 23 August 2012 vestjyskBANK's Half-Year Report for First Half 2012 Summary of vestjyskBANK's results for first half 2012: -- Operations for first half-year 2012 progressed according to plan with a continued focus on maximising the Bank's earnings. -- Core income of DKK 613 million (DKK 549 million in first half 2011) -- Rate of cost of 55.4 percent (57.4 percent in first half 2011) -- Core earnings before impairments of DKK 272 million (DKK 234 million in first half 2011) -- Impairments of loans and receivables etc. of DKK 235 million (DKK 157 million in first half 2011) -- Profit before tax of DKK 16 million (DKK 21 million in first half 2011) -- Profit after tax of DKK 11 million (DKK 14 million in first half 2011) -- Targeted effort to reduce deposit deficit. At end of June 2012 the deposit deficit stood at DKK 4.5 billion (DKK 8.8 billion at end of June 2011) -- All the elements of vestjyskBANK's capital plan have been executed according to plan, as set out in Company Announcement of 28 June 2012. -- Excess cover in relation to statutory liquidity requirements of 143.5 percent, solvency ratio of 15.1 percent and core capital ratio of 10.7 percent at end June 2012 -- Outlook for fiscal year 2012: -- Core earnings in the range DKK 550-600 million before impairments and before costs related to the Aarhus Lokalbank merger -- Rate of cost of 55 percent -- Impairments of loans and receivables to remain at high level The merger between vestjyskBANK and Aarhus Lokalbank was executed on 30 March 2012 with vestjyskBANK as the continuing company. The results for Aarhus Lokalbank have been recognised in vestjyskBANK's Statement of Income as at 1 April 2012, and its assets and liabilities have been recognised as at the end of March 2012. The numbers for Aarhus Lokalbank have not been included in the 2011 comparative figures. vestjyskBANK Frank Kristensen CEO 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 23.08.2012 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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