BankNordik P/F - Fyrirtækjafréttir

Change in Outlook 2011

In the H1 2011 Interim Report BankNordik forecasted a Group pre-tax profit
before value adjustments and excluding further sector costs in H2 2011 in the
range of DKK 70m-100m. Further, an extra DKK 50m in one-off costs were expected
due to the acquisition of the activities from Amagerbanken af 2011 A/S. 

BankNordik now forecasts to charge as expenses additional DKK 45m in one-off
costs related to the acquisition and integration of activities from
Amagerbanken af 2011 A/S. DKK 25m of this increase primarily relate to expected
higher one-off costs due to a postponement of the planned conversion of the
acquired activities from Amagerbanken af 2011 A/S' IT platform to BankNordik's
IT platform. The IT conversion is now expected to be executed in the beginning
of 2012. The remainin DKK 20m are direct one-off costs in respect of the IT
conversion. BankNordik had planned to book these costs as an asset in the
Group's balance sheet, but will now charge the costs as expenses. 

BankNordik's core business is, however, expected to peform better than last
year and at least as well as forecasted in BankNordik's previous outlook 2011.
The Group's pre-tax profit before value adjustments and excluding further
sector costs in H2 2011 is, therefore, only lowered to the range of DKK
50m-80m. 

BankNordik's outlook 2011 is therefore as follows:

  -- Group pre-tax profit before value adjustments and excluding further sector
     cost in H2 2011 DKK 50m-800m.
  -- Net interest and fee income increases by 10-20 % compared to 2010
  -- Net insurance income on the same level as in 2010
  -- Staff and administrative expenses, amortisation and depreciation and other
     costs increases by 50-55 % compared to 2010
  -- Impairments on loans and guarantees on DKK 50m-100m.

Outlook 2012 will be announced in connection with BankNordik's Q3 2011 results.



Further information:

Janus Petersen, CEO, and Árni Ellefsen, CFO, tel.: (+298) 330 330.