Max Bank A/S
Q1-Q3 2010
Max Bank A/S 10.11.2010 15:16 --------------------------------------------------------------------------- Q1-Q3 2010 in headlines Loss before tax of DKK 2.9m and profit after tax of DKK 2.2m. The merger of Skælskør Bank and Max Bank was approved by the shareholders and the authorities The merger process and the ongoing 'cultural amalgamation' proceed as planned. For accounting purposes, the merger was completed with effect from 3 September 2010. Total business volume calculated as the total amount of loans and advances, deposits, guarantees and deposit volume of DKK 15.2bn. Profit of DKK 46.7m from ordinary banking activities reflecting the continued improvement of these activities. Relocation and staff adjustments have already been carried out, ensuring that many of the estimated operating synergy effects of DKK 15-20m per year may be achieved. Developments in costs for Q3 are still negatively influenced by merger costs and salaries etc. to dismissed employees. Relatively high impairment losses of DKK 66.2m. Earnings expectations for 2010 will remain within the range of a negative DKK 10m and a positive DKK 20m before tax. The issue was carried through after the end of the financial period, having strengthened the Bank's capital resources by almost DKK 100m. Following this the capital adequacy ratio can be calculated at approx 15.4%. Stock Exchange Announcement No. 46/2010 News Source: NASDAQ OMX 10.11.2010 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: Max Bank A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010305903 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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