Jyske Bank A/S
Preliminary financial information for the first six months of 2009 – earnings forecast upgraded
Jyske Bank A/S / Half-yearly Results Release of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Preliminary financial information for the first six months of 2009 - earnings forecast upgraded ? Profit for the second quarter before tax and contribution to the Danish Private Contingency Associa-tion was DKK 546m against DKK 27m for the first quarter of 2009. ? The contribution to the Danish Private Contingency Association for the second quarter was DKK 201m against DKK 94m for the first quarter of 2009. Since 1 October 2008, Jyske Bank has recog-nised charges totalling DKK 526m in respect of the Danish Private Contingency Association. ? Core earnings before loan impairment charges and provisions for guarantees were DKK 1,447m for the first half of 2009. ? Loan impairment charges and provisions for guarantees under core earnings for the first half of 2009 were DKK 1,026m. ? Earnings on investment portfolios amounted to DKK 152m for the first six months of 2009 ? Pre-tax profit at mid-year was DKK 278m. ? The solvency ratio was 14.0% (Tier 1: 12.2%). At end-2008, the solvency ratio was 12.7% (Tier 1: 11.0%) ? The liquidity reserve amounted to DKK 46.7bn. ? Our forecast of core earnings before loan impairment charges and provisions for guarantees for 2009 has been raised by about DKK 300m. Our forecast of loan impairment charges and provisions for guarantees is maintained. According to Mr Anders Dam, Managing Director and CEO: 'Our second-quarter earnings were satisfactory. The results were favourably affected by one-off items in the range of DKK 100m under expenses. Overall, profit before the return on own investments seems to be about DKK 300m higher than forecast at the beginning of 2009. Impairments charges for the past four quarters amounted to DKK 175m, DKK 681m, DKK 649m and DKK 377m (the second quarter of 2009), respectively. So far, our calculation model for impairment charges reflects the development of the Danish economy. We expect the adverse development of the Danish economy to be less severe for the rest of 2009, and for that reason we expect the falling trend of impairment charges to continue. In view of that assessment, we maintain our forecast of impairment charges for the full year,' concludes Mr Dam. News Source: NASDAQ OMX 16.07.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Jyske Bank A/S DK Phone: Fax: E-mail: Internet: ISIN: XS0129919246 Category Code: IR LSE Ticker: 0EXT Sequence Number: 217 Time of Receipt: Jul 16, 2009 08:20:02 End of News DGAP News-Service ---------------------------------------------------------------------------
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