Forstædernes Bank A/S
Earnings forecast for the year 2008

Forstædernes Bank A/S / 

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The figures below are preliminary and are subject to change until the
presentation of the Preliminary Announcement of Financial Statements and the
Annual Report on 5 February 2009. 

The Nykredit Realkredit Group's results for 2008 show continued growth in
customer business and low mortgage losses but they were affected by the
extraordinary devel-opment in financial markets involving bank collapses,
plunging equity prices, massive yield spread widening and the acquisition of
Forstædernes Bank. 

The steady expansion of the Nykredit Realkredit Group's customer-oriented
business activities continued in 2008 and went up by 11% to DKK 7.2bn excluding
Forstæder-nes Bank, cf below. 

Notwithstanding the financial crisis and declining property prices, the Group's
im-pairment losses on mortgage loans were only DKK 0.2bn (0.02% of lending) and
DKK 0.4bn on other lending to non-financial customers, excluding Forstædernes
Bank. 

The extraordinary development in financial markets - not least in Q4/2008 - had
a significant effect on the Nykredit Realkredit Group's financial statements as
a result of Nykredit's business relationships with financial institutions. The
most significant effects, excluding Forstædernes Bank, amount to DKK 1.4bn: 

	Impairment losses of DKK 0.2bn under guarantee obligations in relation to the
Private Contingency Association with respect to Roskilde Bank and EBH Bank. 
	Impairment losses on lending to the EBH group of DKK 0.4bn. The loans granted
to the EBH group should be seen in the context of extensive business
cooperation between Nykredit and the EBH group. 
	Value adjustments relating to own positions in Markets & Asset Management of
DKK 0.8bn of which DKK 0.4bn concerned ordinary own positions and DKK 0.4bn
relating to Kalvebod issues (subordinate loan capital for Danish banks). In
this re-spect, Nykredit has not taken advantage of the new rules of IAS 39
according to which recognition of value adjustments through profit or loss may
be omitted. 
	Costs of guarantee commission payable to the Danish government of DKK 0.1bn.

News Source: NASDAQ OMX

16.01.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       Forstædernes Bank A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010017011
WKN:          
 
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