Quarterly Report

May 3, 2005

Press release: Danske Bank reports a net profit of DKr3,008m for the first quarter of 2005

Danske Bank has today announced its financial results for the first quarter of 2005. The report can be viewed at www.danskebank.com/reports. Highlights are shown below:

  • Danske Bank Group realised a net profit of DKr3,008m in the first quarter of 2005, against DKr2,238m in the same period of 2004.
  • Earnings per share rose 41% to DKr4.8.
  • Income increased by 10% to DKr8,070m, compared with DKr7,317m in the first quarter of 2004.
  • The cost/income ratio improved from 51.8% to 49.0%.
  • Credit loss expenses declined from a charge of DKr330m in the first quarter of 2004 to a net positive entry of DKr126m.
  • The return on equity rose from 13.3% to 17.8%.
  • Bank loans and advances, including lending by Banking Activities Northern Ireland and Banking Activities Ireland, increased by 30%.
  • The integration of Northern Bank and National Irish Bank progresses according to schedule.
  • Expectations for the pre-tax profit for the 2005 accounting year remain unchanged, compared with the expectations announced in the Annual Report for 2004. Income is likely to be higher than expected at the publication of the Annual Report, but the in-crease will be offset by the amortisation of intangible fixed assets.

Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said: "The result is better than expected. Bank lending in the Nordic markets recorded double-digit growth rates, and as far as mortgage lending is concerned, we have seen a considerable demand for FlexGaranti® loans among our customers in Denmark. The integration of the two banks in the Republic of Ireland and Northern Ireland progresses according to schedule, and we still expect to complete the migration of data systems and the integration in general by the end of 2006."

Contacts:
Peter Straarup, Chairman of the Executive Board,
tel.: +45 33 44 01 07

Tonny Thierry Andersen, Chief Financial Officer,
tel.: +45 33 44 11 47

Martin Gottlob, Head of Investor Relations,
tel. +45 33 44 27 92

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