Anders Dam comments on Jyske Bank's Annual Report 2009
Out of the profit of DKK 1.2bn before tax, the Danish Private Contingency Association under Bank Package I took care of just over DKK 600m. Gross earnings grew by 6 per cent. Core earnings before loan impairment charges and provisions for guarantees were almost DKK 3.2bn, which was DKK 700m more than for the preceding year. Jyske Bank recognised loan impairment charges and provisions for guarantees of DKK 2.4bn for the full year. Out of this item, 85 per cent was accounted for by corporate customers. For the fourth quarter, loan impairment charges and provisions for guarantees came to just over DKK 1bn. The liquidity reserves strengthened to DKK 54bn and the solvency ratio to 15.3 per cent.
Anders Dam, Managing Director and CEO, finds the accounts quite satisfactory despite the heavy loan impairment charges.