November 1, 2005
Net profit of DKr9,062m for the first nine months of 2005
Danske Bank has today announced its financial results for the first nine months of 2005. The nine-month report can be viewed at www.danskebank.com/ir
. Highlights are shown below:
- The Danske Bank Group recorded a net profit of DKr9,062m, against a net profit of DKr6,273m for the first nine months of 2004. The net profit posted was better than expected at the release of the Interim Report for the first half of 2005.
- Earnings per share increased by 50% to DKr14.4.
- Income rose by 24% to DKr25,688m of which income from banking activities in Northern Ireland and the Republic of Ireland accounted for one third.
- The cost/income ratio improved from 53.3% to 51.5%.
- The Group recorded a net positive entry for credit loss expenses of DKr288m in the first nine months of 2005, against a charge of DKr834m in the first nine months of 2004.
- Bank loans and advances, including lending extended by the banks in Northern Ireland and the Republic of Ireland, grew by 34%.
- The integration of Northern Bank and National Irish Bank is going according to plan, and the migration of systems, products and processes to the Group IT platform is still expected to be completed at Easter 2006.
- The Group upgraded its pre-tax profit for 2005, which is now expected to be around 25% higher than in 2004.
Commenting on the results, chief executive Peter Straarup said, "The successful trend in business recorded in the first half of the year continued in the third quarter, and therefore, we have upgraded our expectations for the full year. The development of banking activities in the Republic of Ireland and Northern Ireland is in line with expectations, and the IT integration is progressing as planned. We have successfully completed the first of a series of test migrations to ensure that we will be well prepared for the final migration next Easter."
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