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
