The Danish Financial Supervisory Authority NASDAQ OMX Copenhagen Oslo Børs 29 August 2013 vestjyskBANK's Half-Year Report 2013 Summary of vestjyskBANK's results for first-half 2013:
- Results before tax at DKK -66 million (first-half 2012: DKK 16 million);
- Core income of DKK 641 million (first-half 2012: DKK 604 million);
- Capital gains of DKK 64 million through early repayment of subordinated loan capital of, respectively, DKK 75 million and NOK 90 million;
- Rate of cost at 48.9% (first-half 2012: 55.4%);
- Personnel and administrative expenses at DKK 281 million (first-half 2012: DKK 332 million);
- Core earnings before impairments at DKK 327 million (first-half 2012: DKK 251 million);
- Impairments of loans and receivables, etc. at DKK 393 million (first-half 2012: DKK 235 million, second-half 2012: DKK 1,280 million);
- Targeted efforts to narrow deposit-lending gap successful: At 30 June 2013 the deposit deficit stood at DKK 2.0 billion (31 December 2012: DKK 2.6 billion);
- Solvency ratio at 11.2%; core capital ratio at 5.6% and individual solvency at 10.5% corresponding to a surplus at DKK 150 million;
- Liquidity cover ratio at 111.6% as of 30 June 2013;
- Government guarantee framework through the Financial Stability Company has been reduced from DKK 6.8 billion to DKK 4.5 billion and, as at 30 June 2013, the guarantee facility had been utilised in the amount of DKK 4 billion; and
- Restructuring plan has not yet received final EU approval.
Outlook for fiscal year 2013:
- Core earnings at around DKK 550 million before impairment charges;
- Partial conversion of government hybrid capital for solvency improvement measures; and
- Significant decline in the need for impairment charges compared to 2012, however, uncertainty remains regarding levels.
Release of vestjyskBANK's quarterly report for Q1-Q3 2013 will take place on 28 November 2013 and not as previously announced on 6 November 2013.
Inquiries regarding this announcement can be made to CEO Vagn Thorsager on tel. +45 96 63 21 03.
Vestjysk Bank A/S Steen Hemmingsen Vagn Thorsager Chairman CEO
Vestjysk Bank A/S Torvet 4-5 DK-7620 Lemvig Denmark Phone +45 96 63 20 00 CVR no. 34631328 www.vestjyskbank.dk
