Share on Facebook Share on Twitter Share on Google+ Share on Linkedin Highlights The bank posted a pre-tax profit of DKK 15 million in Q2 2016, against a loss of DKK 86 million in Q2 2015. The performance was better than expected and satisfactory. Core earnings in the forward-looking activities amounted to DKK 13 million (Q2 2015: DKK 14 million). The forward-looking activities reported a pre-tax profit of DKK 15 million, which was in line with expectations. This marked a DKK 23 million improvement on Q2 2015, which was driven primarily by greater business volume, fewer costs and a better return on the investment portfolio. Impairment writedowns on private customers amounted to a reversal of DKK 3 million in Q2 2016, compared with DKK 0 million in Q2 2015. The bank’s underlying activities continue to develop favourably with an increase in the level of activity. Year on year, the number of full-service customers increased by 13%, and the portfolio of Totalkredit loans for which the bank acted as intermediary grew by 19%. The winding-up activities produced a break-even result in Q2 2016, marking a significant improvement of DKK 78 million on Q2 2015. The performance was better than expected. Impairment writedowns in the winding-up portfolio amounted to DKK 13 million in Q2 2016, compared with DKK 62 million in the year-earlier period. The bank expects to generate a pre-tax profit of about DKK 50 million in the forward-looking activities, marking a downward adjustment of DKK 20 million. The guidance for the bank’s winding-up activities is lifted by DKK 25 million to a pre-tax loss of DKK 25-50 million. Other highlights Income from the forward-looking activities increased by 4% to DKK 140 million in Q2 2016, against DKK 135 million in Q2 2015. The improvement was attributable to higher income from the bank’s leasing portfolio. Costs related to the forward-looking activities amounted to DKK 91 million in Q2 2016, which was 1% or DKK 1 million lower than the DKK 92 million reported in Q2 2015. Value adjustments produced a loss of DKK 1 million in Q2 2016, against a loss of DKK 22 million in Q2 2015. In Q2 2016, the bank reduced the winding-up portfolio by DKK 36 million adjusted for losses and writedowns. The reduction of the winding-up portfolio is generally progressing better than expected. At 30 June 2016, the bank had excess liquidity of DKK 3.0 billion, corresponding to an excess cover of 288% relative to the statutory requirement. The excess cover increased by DKK 0.3 billion in Q2. At 30 June 2016, the bank’s total capital stood at DKK 1.4 billion, and the total capital ratio was 20.1. The bank’s individual solvency need was calculated at 13.8%, and the bank thus had an excess cover of 6.3 percentage points. The banking group had a total capital ratio of 18.7, and the individual solvency need was calculated at 13.5%. The banking group thus had an excess cover of 5.2 percentage points. Contact Please direct any questions regarding this announcement to: Kim Bai Wadstrøm, Managing Director, tel. +45 35 47 70 14, or Susanne Biltoft, Head of Information and Investor Relations, tel. +45 35 47 76 61.