Pre-tax profits of DKK 144 million and an annualized 11.2% return
on equity - best profit performance in 15 quarters
• Net income from interest, fees, charges and commissions amounted to DKK 538
million - 4%
up on Q4 2011, and 13% higher than in Q1 2011.
• Market-value adjustments came to DKK 79 million versus DKK 33 million in Q4
• Core earnings before impairment ended at DKK 265 million - 51% up on Q4 2011
and 38% higher than in Q1 2011.
• Cost/income ratio improved to 0.58% (Q4 2011: 0.69%) - expectation of zero
cost growth in 2012 maintained.
• Loan impairment of DKK 106 million, equal to an annualized impairment ratio
of 1.18% - in line with expectations.
• Capital increase in Q1 successfully completed - Common Equity (Tier 1) ratio
now stands at 13.1% and the solvency ratio at 15.5%. The solvency need ratio
remains unchanged 8.8%.
• The programme to phase out the leasing portfolio is proceeding at a
satisfactory pace. Excess coverage relative to the strategic liquidity target
improved by DKK 3.0 billion to DKK 6.9 billion.
• Core earnings before impairment are expected to hover at the DKK 800 million
level for the full year.