Interim report - first six
months of 2006

August 10, 2006

Press Release
Danske Bank has today announced its financial results for the first half of 2006. The report can be viewed at www.danskebank.com/reports.
Highlights are shown below:

  • The Danske Bank Group recorded a net profit of DKr6,087m, against a net profit of DKr5,984m for the first half of 2005. The result matches expectations.
  • Larger-than-expected profit increases at Banking Activities and Danske Markets.
  • Net profit per share up 2% despite integration costs.
  • Total income rose 6% to DKr17,790m.
  • The cost/income ratio rose from 51.6% to 54.7%.
  • Net positive entry for credit loss expenses of DKr443m, against DKr225m in the first half of 2005.
  • Bank lending rose by DKr130bn, or 23%, from the end of June 2005 to DKr699bn at the end of June 2006.
  • Postponement of the booking of risk allowance due to negative return on investments at Danica Pension.
  • In view of the net profit for the period, expectations for full-year earnings are, on the whole, unchanged.

Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said: "The Group’s net profit for the first half of the year is satisfactory. The economic fundamentals of the countries in which we operate remain sound, and this feeds through to our financial results. Our banking operations are doing well both in Denmark and abroad with strong lending growth in all markets."

Contacts:
Thursday, August 10, from 2.00pm CET:

  • 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

The Interim Report for the first half of 2006 will be presented at a press conference at 2.00pm CET. It is possible to follow the presentation, subtitled in English, at www.danskebank.com/reports, where the presentation material will be published.

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