Financial results first quarter 2019

7.7%

Return on equity after tax

DKK 3.0 bn

Net profit

"The first three months of the year brought continued growth in lending. This is evidence of good underlying developments across our business. Overall, however, we had a difficult financial start to the year."

Jesper Nielsen

Interim Chief Executive Officer

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30. apr 2019Interim report - first quarter 2019
30. apr 2019Conference call presentation - first quarter 2019
30. apr 2019Fact Book Q1 2019
30. apr 2019Debt investor update Q1 2019
02. maj 2019Speech from conference call - first quarter 2019
30. apr 2019Audio from conference call - first quarter 2019
30. apr 2019One-off items Q1 2019
30. apr 2019Financial statements Q1 2019
30. apr 2019Additional Pillar 3 disclosures Q1 2019
30. apr 2019Internal Capital Adequacy Assessment - first quarter 2019
30. apr 2019Supervisory Diamond - first quarter 2019
01. feb 2019Risk Management 2018
01. feb 2019CR Report 2018
01. feb 2019CR Factbook 2018

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Outlook 2019

The outlook for 2019 has been changed from Annual Report 2018.

We still expect net profit for 2019 to be in the range of DKK 14-16 billion. However, this now includes the expected gain on the sale of Danica Pension Sweden of approximately DKK 1.3 billion, subject to closing of the transaction.

We now expect net interest income to be at lower than the level in 2018, as volume growth will be more than offset by higher funding costs and margin pressure.

Net fee income is still expected to be higher, due mainly to the effect of the acquisition of SEB Pension Danmark and subject to customer activity.

Expenses are still expected to be at around the level in 2018 (including the donation of DKK 1.5 billion) due to higher costs related to AML, SEB Pension Danmark, VAT and a higher activity level. The outlook includes costs of DKK 0.3 billion specifically earmarked for AML digitalisation efforts.

Loan impairments are still expected to be higher.

The outlook is subject to uncertainty and macroeconomic developments.

We maintain our long-term ambition of being in the top three among major Nordic peers in terms of return on shareholders’ equity.

Facts & figures

Our financial Fact Book is updated every quarter. It covers financial statistics, key statistics and macroeconomics.

234

number of branches

2.2

million

eBanking, Mobile and Tablet Banking customers

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One-off items

(DKK millions)	Q1 2019	Q2 2019	Q3 2019	Q4 2019	YTD 2019
Reported pre-tax profit	4,012				4,012
Change in VA add-on to discount curve at Danica	-140				-140
Non-core value adjustment	-300				-300
One-off items, in sum	-440				-440
Adjusted pre-tax profit	4,452				4,452

(DKK millions)	Q1 2019	Q2 2019	Q3 2019	Q4 2019	YTD 2019
Net interest income	0				0
Net fee income	0				0
Net trading income	-140				-140
Other income	0				0
Revenues, in sum	-140				-140
Costs	0				0
Impairments	0				0
Profit before tax, Non-core	-300				-300
Effect on pre-tax profit	0				0

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Financial accounts

Income statement

Balance sheet

Financial highlights

Key figures

Income statement

Income statement (DKK m) 	 Q119 	 Q418 	 Q318 	 Q218 	 Q118 	 Q417 	 Q317 	 Q217 	 Q117 	 Q416 	 Q316 	 Q216 	 Q116 	 Q415 	 Q315 	 Q215 	 Q115 	 Q414 	 Q314 	 Q214 	 Q114 	 Q413 	 Q313 	 Q213 	 Q113 	 Q412 	 Q312 	 Q212 	 Q112 	 Q411 	 Q311 	 Q211 	 Q111 	 Q410 	 Q310 	 Q210 	 Q110 	 Q409 	 Q309 	 Q209 	 Q109 	 Q408 	 Q308 	 Q208 	 Q108 	 Q407 	 Q307 	 Q207 	 Q107 	 Q406 	Q306	Q206	Q106	2005	Q405	Q305	Q205	Q105	2004	Q404	Q304	Q204	Q104
																																																															
 Net interest income 	5,520	5,895	5,852	5,878	5,946	6,108	6,050	5,783	5,866	5,927	5,616	5,602	5,347	5,279	5,323	5,499	5,301	5,742	5,735	5,681	5,155	5,640	5,561	5,464	5,412	5,713	5,698	5,717	5,650	 6,182 	 6,016 	 5,785 	 5,554 	 6,069 	 5,840 	5,927	6,007	6,765	6,625	6,907	7,227	7,365	6,739	6,665	6,236	6,320	6,267	6,074	5,730	5,291	4,924	4,762	4,524	17,166	4,432	4,462	4,270	4,002	14,752	3,739	3,661	3,719	3,633
 Net fee income 	3,869	4,078	3,777	3,786	3,762	4,345	3,572	3,819	3,928	4,113	3,480	3,426	3,450	4,041	3,458	3,812	3,707	3,153	2,793	2,643	2,564	2,763	2,261	2,192	2,252	2,671	2,134	2,049	2,012	 2,218 	 1,938 	 2,049 	 2,093 	 2,325 	 2,069 	2,068	2,048	2,077	1,918	1,920	1,763	1,944	1,895	2,058	2,213	2,330	2,265	2,336	2,235	1,880	1,651	1,806	1,964	7,289	2,004	1,880	1,812	1,592	5,898	1,581	1,351	1,463	1,503
 Net trading income 	1,299	938	1,236	1,066	1,435	1,346	1,595	1,647	2,500	2,105	2,359	1,953	1,441	1,500	954	1,371	3,023	928	1,613	2,251	1,901	1,467	413	2,148	1,771	1,830	2,199	2,895	3,638	 1,638 	 267 	 2,445 	 2,975 	 795 	 1,930 	2,817	2,379	1,961	3,886	4,918	7,479	2,190	368	2,160	1,358	1,522	1,855	2,167	1,834	1,537	1,627	1,543	1,924	6,351	1,566	1,493	1,695	1,597	4,877	1,607	964	880	1,426
 Other income 	115	20	235	152	309	420	328	487	356	757	589	562	1,231	768	449	622	504	366	304	365	309	300	333	373	302	306	333	325	321	 849 	 825 	 972 	 1,002 	 1,013 	 703 	1,091	1,050	872	703	861	647	940	677	931	1,037	872	586	679	873	789	675	721	513	2,255	599	577	588	492	2,029	823	374	389	443
 Net income from insurance business 	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,078	491	576	351	614	479	-346	341	925	403	679	164	 976 	 -735 	 261 	 67 	 685 	 705 	153	603	1,779	470	470	91	-403	-493	-272	-565	180	269	358	311	554	768	-165	198	1,647	568	358	365	356	1,631	761	366	192	312
 Total income 	10,802	10,931	11,100	10,881	11,452	12,219	11,544	11,736	12,649	12,902	12,044	11,543	11,469	11,588	10,184	11,304	12,535	11,267	10,936	11,516	10,281	10,784	9,049	9,830	10,077	11,445	10,767	11,665	11,785	 11,863 	 8,311 	 11,512 	 11,691 	 10,887 	 11,247 	12,056	12,087	13,454	13,602	15,076	17,207	12,036	9,186	11,542	10,279	11,224	11,242	11,614	10,983	10,051	9,645	8,667	9,123	34,708	9,169	8,770	8,730	8,039	29,187	8,511	6,716	6,643	7,317
 Expenses 	6,145	6,243	7,367	5,788	5,612	5,757	5,480	5,760	5,724	6,056	5,471	5,805	5,310	10,874	5,554	5,649	5,761	15,189	5,530	5,589	5,432	6,587	5,460	5,943	5,804	6,591	5,680	6,047	6,324	 6,459 	 5,499 	 6,678 	 7,351 	 6,457 	 6,294 	6,836	6,423	7,184	6,338	8,489	6,896	9,964	5,829	6,610	6,323	6,574	5,966	6,663	5,867	5,104	4,642	4,868	4,871	18,198	4,960	4,580	4,700	3,958	15,393	4,370	3,486	3,744	3,793
 Profit before loan impairment charges 	4,657	4,688	3,733	5,094	5,841	6,462	6,064	5,976	6,925	6,847	6,573	5,738	6,159	714	4,630	5,655	6,774	-3,922	5,406	5,927	4,849	4,197	3,589	3,887	4,274	4,854	5,087	5,618	5,461	 5,404 	 2,812 	 4,834 	 4,340 	 4,430 	 4,953 	5,220	5,664	6,270	7,264	6,587	10,311	2,072	3,357	4,932	3,956	4,650	5,276	4,951	5,116	4,947	5,003	3,799	4,252	16,510	4,209	4,190	4,030	4,081	13,794	4,141	3,230	2,899	3,524
 Loan impairment charges 	357	-43	100	-377	-330	-241	-166	-231	-235	-160	264	22	-130	-139	-86	-219	502	853	668	626	641	916	944	813	1,438	1,420	1,662	1,685	2,913	 4,789 	 2,802 	 2,753 	 2,841 	 2,982 	 3,083 	3,479	4,273	4,982	6,164	6,550	7,981	9,199	1,775	572	542	427	255	183	-178	58	-111	-314	-129	-1,096	-808	-63	-99	-126	759	-75	213	291	330
 Profit before tax, core 	4,300	4,731	3,632	5,471	6,171	6,703	6,230	6,208	7,160	7,007	6,309	5,715	6,289	853	4,716	5,874	6,272	-4,775	4,738	5,301	4,208	3,282	2,646	3,074	2,834	3,434	3,425	3,933	2,548																																		
 Profit before tax, Non-core 	-288	-286	-44	16	32	27	6	-25	-19	32	-42	65	-18	13	3	-60	90	-477	-232	-162	-632	-420	-342	-397	-618	-1,179	-1,216	-1,433	-973																																		
 Profit before tax 	4,012	4,445	3,588	5,487	6,202	6,729	6,236	6,182	7,140	7,039	6,267	5,780	6,271	866	4,719	5,814	6,362	-5,252	4,506	5,139	3,576	2,862	2,304	2,677	2,216	2,255	2,209	2,500	1,575	 615 	 10 	 2,081 	 1,499 	 1,448 	 1,870 	1,741	1,391	1,288	1,100	37	2,330	-7,127	1,582	4,360	3,414	4,223	5,021	4,768	5,294	4,889	5,114	4,113	4,381	17,606	5,017	4,253	4,129	4,207	13,035	4,216	3,017	2,608	3,194
 Tax 	1,024	1,029	1,107	1,256	1,329	1,081	1,305	1,392	1,610	1,449	1,362	1,362	1,326	831	1,051	1,346	1,411	998	1,232	986	805	939	768	493	744	1,110	901	1,005	797	 415 	 394 	 881 	 792 	 377 	 983 	804	622	883	517	865	777	-1,242	468	1,120	847	659	1,344	961	1,472	1,129	1,416	1,157	1,250	4,921	1,283	1,286	1,129	1,223	3,718	1,172	804	786	956
 Net profit 	2,988	3,415	2,482	4,231	4,873	5,649	4,931	4,790	5,530	5,590	4,905	4,418	4,945	35	3,668	4,468	4,951	-6,250	3,274	4,153	2,771	1,923	1,536	2,184	1,472	1,145	1,308	1,495	778	 200 	 -384 	 1,200 	 707 	 1,071 	 887 	937	769	405	583	-828	1,553	-5,885	1,114	3,240	2,567	3,564	3,677	3,807	3,822	3,760	3,698	2,956	3,131	12,685	3,734	2,967	3,000	2,984	9,317	3,044	2,213	1,822	2,238
 Attributable to minority interests 	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	-1	1	0	0	0	5	-1	0	-1	 -   	 14 	 -2 	 3 	 - 	-	-	-	-	-	-14	9	14	1	1	-3	34	25	1	2	-1	-12	-1	4	1	3	-9	9	28	8	2	9	9

Balance sheet

Balance sheet (DKK m) 	 Q119 	 Q418 	 Q318 	 Q218 	 Q118 	 Q417 	 Q317 	 Q217 	 Q117 	 Q416 	 Q316 	 Q216 	 Q116 	 Q415 	 Q315 	 Q215 	 Q115 	 Q414 	 Q314 	 Q214 	 Q114 	 Q413 	 Q313 	 Q213 	 Q113 	 Q412 	 Q312 	 Q212 	 Q112 	 Q411 	 Q311 	 Q211 	 Q111 	 Q410 	 Q310 	 Q210 	 Q110 	 Q409 	 Q309 	 Q209 	 Q109 	 Q408 	 Q308 	 Q208 	 Q108 	 Q407 	 Q307 	 Q207 	 Q107 	 Q406 	Q306	Q206	Q106	Q405	Q305	Q205	Q105	Q404	Q304	Q204	Q104
 Assets 																																																													
 Cash in hand and demand deposits with central banks 	 47,593 	 40,997 	 70,445 	 68,023 	 82,023 	 82,818 	 90,401 	 77,364 	 57,917 	 53,211 	 64,374 	 57,332 	 69,347 	 76,837 	 58,702 	 125,965 	 85,097 	 33,876 	 28,636 	 40,284 	 47,581 	 43,721 	 38,512 	 66,277 	 96,143 	 97,267 	 61,812 	 36,906 	 36,097 	 28,617 	 19,663 	 20,444 	 26,204 	 35,403 	21,645	38,724	25,352	33,714	22,930	19,377	29,056	16,379	18,995	15,473	35,807	13,861	13,524	18,934	17,594	12,319	17,276	10,364	29,677	13,881	17,940	5,347	10,257	7,741	8,491	4,895	13,780
 Due from credit institutions and central banks 	 231,503 	 225,600 	 242,940 	 265,433 	 311,583 	 333,975 	 289,165 	 327,839 	 333,239 	 245,479 	 255,793 	 186,582 	 127,756 	 103,859 	 184,526 	 185,277 	 173,630 	 112,760 	 115,212 	 114,587 	 146,395 	 131,381 	 181,518 	 165,435 	 186,097 	 200,646 	 213,823 	 154,362 	 208,466 	 180,870 	 145,300 	 142,088 	 170,692 	 228,100 	218,533	217,100	231,222	202,356	301,880	261,928	206,842	215,823	364,847	378,895	350,673	345,959	313,520	289,967	293,226	275,268	305,267	278,570	275,488	274,918	215,926	259,136	245,078	230,690	202,383	208,606	215,255
 Trading portfolio assets 	 468,444 	 415,818 	 443,767 	 523,460 	 466,739 	 449,292 	 467,607 	 489,463 	 463,752 	 509,679 	 552,921 	 577,415 	 566,268 	 547,019 	 559,636 	 596,740 	 800,073 	 742,513 	 751,138 	 696,501 	 706,907 	 695,723 	 707,571 	 721,432 	 831,669 	 812,927 	 924,903 	 862,961 	 869,047 	 909,755 	 911,584 	 644,915 	 630,831 	 641,993 	810,111	775,937	665,664	620,052	649,879	617,493	719,675	860,788	747,052	756,536	710,982	652,137	587,228	539,256	475,451	490,954	431,660	394,124	357,484	444,521	456,773	555,310	468,076	422,547	385,634	337,315	367,654
 Investment securities 	 264,909 	 276,424 	 275,230 	 274,104 	 281,317 	 324,618 	 324,181 	 331,817 	 337,105 	 343,337 	 335,425 	 333,321 	 335,965 	 343,304 	 336,081 	 330,926 	 321,892 	 330,994 	 309,345 	 207,171 	 202,060 	 161,917 	 121,713 	 121,526 	 113,643 	 107,724 	 103,940 	 105,480 	 108,282 	 109,264 	 108,465 	 111,061 	 110,897 	 118,556 	119,685	116,523	118,053	118,979	138,062	147,275	146,488	140,793	44,488	46,085	42,685	37,651	33,309	32,728	26,124	26,338	29,035	26,215	31,790	28,712	51,262	39,051	34,555	31,505	46,580	39,828	39,023
 Loans and advances at amortised cost 	 1,004,334 	 986,240 	 978,399 	 971,964 	 955,335 	 1,112,752 	 1,143,833 	 1,136,847 	 1,145,705 	 1,141,567 	 1,127,393 	 1,141,990 	 1,131,658 	 1,079,257 	 1,072,700 	 1,068,246 	 1,113,192 	 1,092,902 	 1,091,964 	 1,084,773 	 1,094,602 	 1,088,728 	 1,122,988 	 1,152,056 	 1,169,599 	 1,161,816 	 1,207,499 	 1,242,364 	 1,205,235 	 1,126,482 	 1,135,217 	 1,168,498 	 1,149,259 	 1,146,731 	1,138,322	1,177,776	1,150,125	1,127,142	1,188,473	1,214,501	1,274,664	1,352,113	1,400,277	1,360,989	1,354,902	1,360,413	1,330,492	1,285,059	1,227,700	1,054,322	1,007,570	973,041	860,591	829,603	824,661	766,921	738,880	615,238	613,921	585,924	567,251
 Loans and advances at fair value 	 1,059,489 	 1,057,340 	 1,079,927 	 1,024,751 	 1,000,923 	 787,223 	 784,638 	 772,356 	 770,440 	 766,003 	 765,547 	 757,222 	 748,774 	 741,660 	 740,105 	 737,370 	 745,902 	 741,609 	 744,244 	 740,197 	 737,027 	 728,081 	 727,086 	 726,433 	 731,337 	 732,762 	 725,795 	 721,637 	 718,744 	 720,741 	 713,497 	 696,403 	 691,096 	 701,715 	707,712	703,818	695,096	688,473	692,122	683,577	679,220	667,181	640,524	632,474	639,876	627,809	614,033	600,337	607,725	602,584	592,784	573,105	567,002	569,092	557,717	545,801	531,206	524,428	515,900	509,427	512,016
 Assets under pooled schemes and unit-linked investment contracts 	 92,952 	 93,988 	 149,108 	 144,773 	 110,648 	 112,065 	 109,774 	 106,045 	 105,125 	 99,848 	 94,092 	 91,499 	 91,140 	 91,893 	 85,366 	 90,081 	 90,151 	 80,148 	 79,969 	 78,480 	 74,101 	 74,761 	 70,034 	 69,687 	 73,290 	 70,625 	 69,630 	 65,377 	 66,324 	 61,888 	 58,762 	 64,956 	 63,738 	 59,698 	57,213	54,854	52,495	45,909	43,036	39,228	34,431	34,635	39,585	40,238	39,836	40,758	38,792	40,215	39,006	39,602	37,945	36,540	37,501	35,676	33,565	32,143	32,619	29,207	28,995	28,114	28,299
 Assets under insurance contracts 	 424,824 	 377,369 	 385,391 	 385,833 	 284,603 	 296,867 	 297,538 	 290,620 	 289,697 	 285,398 	 309,412 	 294,647 	 268,338 	 265,572 	 259,960 	 269,214 	 286,539 	 268,450 	 263,338 	 259,052 	 251,323 	 246,484 	 244,343 	 239,839 	 241,838 	 241,343 	 237,232 	 237,717 	 234,295 	 230,668 	 225,568 	 222,203 	 218,980 	 217,515 	220,524	211,830	207,112	196,944	196,482	188,382	182,403	181,259	183,908	183,226	186,912	190,223	192,893	194,564	195,069	194,302	190,226	181,366	187,732	188,342	192,449	185,610	169,984	163,205	157,913	148,714	149,749
 Holdings in associated undertakings 	 381 	 381 	 461 	 450 	 483 	 455 	 420 	 668 	 658 	 653 	 1,355 	 1,130 	 1,229 	 1,209 	 1,148 	 1,214 	 1,214 	 1,318 	 1,363 	 1,215 	 1,239 	 1,376 	 1,373 	 1,421 	 1,173 	 1,118 	 1,131 	 1,086 	 1,045 	 989 	 1,069 	 1,028 	 1,051 	 1,040 	989	994	1,182	1,086	1,006	961	977	939	1,105	1,084	1,118	1,128	984	977	1,114	971	941	917	991	1,044	979	681	651	1,308	1,423	1,395	1,419
 Intangible assets 	 11,147 	 11,224 	 11,185 	 11,125 	 7,174 	 7,177 	 7,087 	 6,963 	 6,852 	 6,790 	 6,670 	 6,587 	 6,538 	 6,505 	 11,060 	 11,148 	 11,195 	 11,253 	 20,480 	 20,542 	 20,601 	 20,641 	 20,697 	 20,777 	 20,943 	 21,181 	 21,572 	 21,603 	 21,670 	 22,233 	 22,357 	 22,456 	 22,642 	 22,936 	23,079	22,945	22,924	23,037	23,239	23,533	24,981	25,094	28,926	29,100	29,064	29,296	29,780	30,093	30,391	7,384	7,518	7,551	7,576	7,626	7,629	7,708	7,143	447	331	156	83
 Investment property 	 3,050 	 3,167 	 3,266 	 3,314 	 3,321 	 4,461 	 4,901 	 4,947 	 4,951 	 4,937 	 4,845 	 4,730 	 4,749 	 4,681 	 3,551 	 3,541 	 3,462 	 3,536 	 3,170 	 3,257 	 3,213 	 3,200 	 4,051 	 4,118 	 4,126 	 4,131 	 4,237 	 4,256 	 4,612 	 4,624 	 4,622 	 4,797 	 4,894 	 4,799 	5,170	5,216	5,174	4,948	4,701	4,574	4,540	4,470	4,525	4,566	5,360	4,904	3,863	3,957	3,831	3,914	3,818	3,679	3,580	3,626	3,853	3,832	4,428	4,463	4,629	4,638	4,734
 Tangible assets 	 13,863 	 7,768 	 7,511 	 7,378 	 7,146 	 7,047 	 6,883 	 6,552 	 6,024 	 5,849 	 5,619 	 5,475 	 5,271 	 5,076 	 7,095 	 6,987 	 6,843 	 6,609 	 6,222 	 6,190 	 6,129 	 6,106 	 6,358 	 6,347 	 6,511 	 6,544 	 6,525 	 6,756 	 7,012 	 7,267 	 7,064 	 7,313 	 7,656 	 7,861 	 8,103 	8,364	8,456	8,800	8,865	9,031	9,045	9,061	9,178	9,080	9,001	9,312	8,638	8,643	8,658	7,854	7,459	7,468	7,314	7,248	7,239	7,158	7,567	6,468	6,522	6,528	6,545
 Other assets 	 92,425 	 82,151 	 25,398 	 25,811 	 27,260 	 20,778 	 21,357 	 21,236 	 22,075 	 20,919 	 25,123 	 25,397 	 31,485 	 26,006 	 28,121 	 25,504 	 31,968 	 27,047 	 22,213 	 21,236 	 23,040 	 24,938 	 21,986 	 21,756 	 24,629 	 26,865 	 20,007 	 19,843 	 20,589 	 21,005 	 27,856 	 20,899 	 27,941 	 27,539 	 30,030 	29,902	25,656	27,037	27,627	29,691	31,311	35,439	32,441	34,029	37,189	36,079	27,706	27,124	25,258	23,549	21,571	19,588	24,982	27,699	28,897	24,588	20,711	15,260	14,348	12,299	11,521
 Total assets 	 3,714,914 	 3,578,467 	 3,673,028 	 3,706,419 	 3,538,555 	 3,539,528 	 3,547,785 	 3,572,717 	 3,543,540 	 3,483,670 	 3,548,569 	 3,483,327 	 3,388,518 	 3,292,878 	 3,348,051 	 3,452,213 	 3,671,158 	 3,453,015 	 3,437,294 	 3,273,485 	 3,314,218 	 3,227,057 	 3,268,230 	 3,317,104 	 3,500,998 	 3,484,949 	 3,598,106 	 3,480,348 	 3,501,418 	 3,424,403 	 3,381,024 	 3,127,061 	 3,125,881 	 3,213,886 	 3,361,116 	3,363,983	3,208,511	3,098,477	3,298,302	3,239,551	3,343,633	3,543,974	3,515,851	3,491,775	3,443,405	3,349,530	3,194,762	3,071,854	2,951,147	2,739,361	2,653,070	2,512,528	2,391,708	2,431,988	2,398,890	2,433,286	2,271,155	2,052,507	1,987,070	1,887,839	1,917,329
																																																													
 Liabilities 																																																													
 Due to credit institutions and central banks 	 226,145 	 248,601 	 265,816 	 264,598 	 250,140 	 242,887 	 256,238 	 256,566 	 248,298 	 272,883 	 333,440 	 289,363 	 306,201 	 271,588 	 283,559 	 312,871 	 366,613 	 329,048 	 324,611 	 289,065 	 333,387 	 312,597 	 416,452 	 415,999 	 485,512 	 459,932 	 518,983 	 515,557 	 488,324 	 393,388 	 373,622 	 317,167 	 309,688 	 317,988 	314,513	313,735	330,232	311,169	368,306	381,810	451,125	562,726	744,068	648,939	597,007	677,355	529,209	517,013	539,104	564,549	545,937	470,457	422,092	476,363	485,209	511,431	457,525	353,369	392,959	331,501	363,883
 Trading portfolio liabilities 	 423,359 	 390,226 	 401,703 	 447,012 	 385,635 	 400,596 	 408,537 	 451,663 	 446,325 	 478,301 	 479,244 	 487,322 	 493,395 	 471,131 	 445,553 	 485,838 	 609,719 	 550,629 	 532,982 	 407,457 	 386,249 	 435,183 	 435,111 	 455,351 	 544,406 	 531,860 	 670,039 	 628,008 	 627,332 	 697,913 	 677,319 	 429,391 	 447,881 	 478,386 	658,039	604,512	468,012	380,567	456,675	430,456	514,475	623,290	407,304	427,848	431,795	331,547	342,458	281,413	271,281	237,412	229,167	218,920	204,690	212,042	243,854	262,772	195,414	215,807	173,797	115,376	135,126
 Deposits 	 1,084,157 	 1,059,119 	 1,068,829 	 1,054,547 	 1,085,108 	 1,046,858 	 1,051,135 	 1,040,938 	 996,055 	 943,865 	 957,601 	 952,386 	 888,681 	 863,474 	 958,343 	 984,409 	 1,018,038 	 966,197 	 985,916 	 1,023,307 	 1,041,738 	 943,901 	 901,395 	 900,358 	 899,050 	 929,092 	 858,738 	 854,162 	 854,520 	 848,994 	 888,638 	 891,546 	 866,362 	 861,053 	827,771	808,551	820,299	859,580	845,699	838,903	843,110	874,690	909,360	979,367	1,005,134	923,995	911,519	887,471	782,340	702,943	677,603	688,845	617,987	631,184	583,732	603,476	569,271	487,863	474,502	479,162	468,569
 Issued bonds at fair value (DKK bn) 	 765,284 	 759,588 	 793,349 	 798,589 	 828,415 	 758,375 	 749,414 	 733,172 	 734,250 	 726,732 	 715,730 	 706,503 	 682,542 	 694,519 	 687,554 	 691,544 	 678,875 	 655,965 	 656,022 	 648,068 	 623,956 	 614,196 	 605,817 	 616,457 	 623,133 	 614,325 	 618,513 	 596,837 	 604,323 	 557,699 	 534,245 	 529,808 	 542,065 	 555,486 	563,519	555,829	550,303	517,055	536,442	521,981	511,118	479,534	480,521	488,593	502,538	518,693	489,926	485,650	483,066	484,217	470,227	456,298	446,806	438,675	438,451	434,358	465,460	432,399	405,853	410,771	402,641
 Deposits under pooled schemes and unit-linked investment contracts 	 98,448 	 97,840 	 157,613 	 153,702 	 119,809 	 119,901 	 117,390 	 114,537 	 112,298 	 106,418 	 101,950 	 99,313 	 95,974 	 96,958 	 91,754 	 95,432 	 96,142 	 86,433 	 86,875 	 85,899 	 82,863 	 81,882 	 77,247 	 79,128 	 82,260 	 78,741 	 77,360 	 73,368 	 73,874 	 69,211 	 65,181 	 69,852 	 68,844 	 67,277 	63,218	60,028	58,270	53,133	49,170	44,819	40,808	41,827	45,726	47,619	47,273	50,260	48,143	48,298	47,553	46,983	44,603	42,731	43,863	42,287	39,117	36,441	38,377	35,944	35,317	35,008	34,655
 Liabilities under insurance contracts 	 458,521 	 417,279 	 422,288 	 422,586 	 314,585 	 322,726 	 320,253 	 309,933 	 314,759 	 314,977 	 337,817 	 319,351 	 299,824 	 285,030 	 282,324 	 288,658 	 305,261 	 288,352 	 281,996 	 276,156 	 267,629 	 262,468 	 263,310 	 261,088 	 265,300 	 266,938 	 262,624 	 258,367 	 253,604 	 248,966 	 240,519 	 237,074 	 235,556 	 238,132 	242,917	233,654	230,808	223,876	223,842	214,921	208,972	210,988	206,976	209,123	211,669	213,419	215,448	213,966	215,313	215,793	213,770	205,805	210,402	212,328	211,848	207,544	193,541	191,149	186,051	178,035	178,848
 Issued bonds at amortised cost 	 290,490 	 285,629 	 314,628 	 321,395 	 313,364 	 405,080 	 409,035 	 428,134 	 449,234 	 392,512 	 382,487 	 391,477 	 381,367 	 363,931 	 344,499 	 345,532 	 350,724 	 330,207 	 315,867 	 297,571 	 308,336 	 310,178 	 317,587 	 342,280 	 347,289 	 340,005 	 344,791 	 316,967 	 363,892 	 366,920 	 359,022 	 410,409 	 422,272 	 450,219 	447,277	543,917	517,394	514,601	575,237	564,134	562,128	526,606	493,890	462,089	436,305	402,391	438,809	423,345	403,757	293,736	305,672	268,291	296,379	251,099	227,343	217,551	200,417	190,255	182,771	201,194	206,901
 Other liabilities 	 181,042 	 133,817 	 54,217 	 49,246 	 53,022 	 45,729 	 41,014 	 44,766 	 45,861 	 43,536 	 41,784 	 40,797 	 45,068 	 45,426 	 52,845 	 51,028 	 51,613 	 52,773 	 53,767 	 49,730 	 53,846 	 54,775 	 49,492 	 45,914 	 50,919 	 58,267 	 49,457 	 46,671 	 43,929 	 48,129 	 46,749 	 43,558 	 52,094 	 63,267 	60,775	56,476	50,073	57,835	59,005	59,708	54,363	68,206	64,262	67,063	52,730	68,490	61,317	59,828	52,925	49,605	48,854	47,555	37,187	50,084	53,388	50,170	45,982	45,050	33,840	35,403	28,967
 Subordinated debt 	 28,891 	 23,092 	 33,882 	 33,847 	 28,840 	 29,120 	 29,390 	 30,110 	 35,922 	 37,831 	 38,249 	 38,726 	 39,361 	 39,991 	 40,022 	 36,846 	 36,948 	 41,028 	 41,291 	 41,094 	 65,277 	 66,219 	 58,502 	 58,905 	 63,561 	 67,785 	 68,652 	 62,584 	 64,033 	 67,328 	 70,059 	 72,288 	 75,626 	 77,336 	79,578	84,636	81,471	80,022	83,578	83,402	58,027	57,860	57,597	56,329	57,830	59,025	56,583	57,391	62,120	48,951	40,358	40,164	41,951	43,837	45,522	41,888	40,462	33,698	36,847	37,321	33,667
 Total liabilities 	 3,556,337 	 3,415,191 	 3,512,325 	 3,545,522 	 3,378,918 	 3,371,272 	 3,382,406 	 3,409,819 	 3,383,002 	 3,317,055 	 3,388,302 	 3,325,238 	 3,232,413 	 3,132,048 	 3,186,453 	 3,292,158 	 3,513,933 	 3,300,632 	 3,279,327 	 3,118,347 	 3,163,281 	 3,081,400 	 3,124,913 	 3,175,480 	 3,361,430 	 3,346,945 	 3,469,157 	 3,352,521 	 3,373,831 	 3,298,548 	 3,255,354 	 3,001,093 	 3,020,388 	 3,109,144 	3,257,607	3,261,338	3,106,862	2,997,818	3,197,954	3,140,134	3,244,126	3,445,727	3,409,704	3,386,970	3,342,281	3,245,175	3,093,412	2,974,375	2,857,459	2,644,189	2,576,191	2,439,066	2,321,357	2,357,899	2,328,464	2,365,631	2,206,449	1,985,534	1,921,937	1,823,771	1,853,257
 Shareholders' equity 																																																													
 Share capital 	8,960	8,960	8,960	8,960	9,368	9,368	9,368	9,368	9,837	9,837	9,837	9,837	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	10,086	9,317	9,317	9,317	9,317	9,317	9,317	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,988	6,383	6,383	6,383	6,383	6,383	6,383	6,723	6,723	6,723	6,723	7,117
 Foreign currency translation reserve 	-976	-745	-623	-764	-706	-681	-654	-650	-637	-633	-595	-604	-557	-593	-588	-605	-589	-477	-262	-262	-254	-277	-242	-237	-196	-195	-229	-313	-229	-186	-258	-234	-216	-136	-192	-201	-264	-184	-209	-167	-176	-290	-34	-11	-5	-30	3	3	4	9	9	1	-14	-12	-5	-10	-31	-32	-5	2	5
 Reserve for available-for-sale financial assets 	192	90	127	137	126	130	236	256	259	187	115	72	22	-401	-437	-353	-312	-316	-273	-407	-387	-562	-778	-906	-1,199	-1,523	-1,701	-2,036	-1,772	-2,253	-1,766	-1,572	-1,303	-1,330	-1,170	-1,281	-997	-1,229	-662	-1,682	-2,554	-1,937	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
 Proposed dividends 	0	7,616	0	0	0	9,368	0	0	0	8,853	0	0	0	8,069	0	0	0	5,547	0	0	0	2,017	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,940	0	0	0	5,416	0	0	0	6,383	0	0	0	5,010	0	0	0
 Retained earnings 	135,981	133,056	137,836	138,232	136,387	135,731	141,995	139,590	136,690	134,028	139,448	137,476	135,121	132,352	141,040	139,587	136,666	131,868	142,680	140,053	135,917	134,393	134,250	132,681	130,877	129,632	121,558	120,859	120,222	118,917	118,322	118,404	99,995	99,205	97,883	97,139	95,922	95,084	94,231	94,278	95,249	93,464	99,155	97,795	94,108	91,325	94,223	90,415	86,645	82,713	70,440	67,029	63,933	61,288	64,004	61,237	57,752	55,005	58,148	57,074	56,687
 Additional tier 1 ect. 	14,421	14,299	14,404	14,340	14,462	14,339	14,435	14,334	14,389	14,343	11,460	11,308	11,433	11,317	11,497	11,340	11,374	5,673	5,734	5,666	5,575																																								
 Minority interests 	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	2	2	2	0	0	0	0	0	4	4	0	49	60	55	53	29	15	0	0	0	0	0	0	0	22	38	33	33	132	136	73	51	46	47	49	49	47	44	45	262	267	267	269	263
 Total equity 	158,577	163,276	160,703	160,897	159,637	168,256	165,380	162,898	160,538	166,615	160,266	158,089	156,105	160,830	161,598	160,055	157,226	152,384	157,967	155,138	150,937	145,657	143,317	141,624	139,568	138,004	128,949	127,827	127,587	125,855	125,670	125,968	105,493	104,742	103,509	102,645	101,649	100,659	100,348	99,417	99,507	98,247	106,147	104,805	101,124	104,355	101,350	97,479	93,688	95,172	76,879	73,462	70,351	74,089	70,426	67,655	64,706	66,973	65,133	64,068	64,072
 Total liabilities and equity 	 3,714,914 	 3,578,467 	 3,673,028 	 3,706,419 	 3,538,555 	 3,539,528 	 3,547,785 	 3,572,717 	 3,543,540 	 3,483,670 	 3,548,569 	 3,483,327 	 3,388,518 	 3,292,878 	 3,348,051 	 3,452,213 	 3,671,158 	 3,453,015 	 3,437,294 	 3,273,485 	 3,314,218 	 3,227,057 	 3,268,230 	 3,317,104 	 3,500,998 	 3,484,949 	 3,598,106 	 3,480,348 	 3,501,418 	 3,424,403 	 3,381,024 	 3,127,061 	 3,125,881 	 3,213,886 	3,361,116	3,363,983	3,208,511	3,098,477	3,298,302	3,239,551	3,343,633	3,543,974	3,515,851	3,491,775	3,443,405	3,349,530	3,194,762	3,071,854	2,951,147	2,739,361	2,653,070	2,512,528	2,391,708	2,431,988	2,398,890	2,433,286	2,271,155	2,052,507	1,987,070	1,887,839	1,917,329
 Risk-weighted assets, end of period 	 758,365 	 748,104 	 738,241 	 753,986 	 755,277 	 753,409 	 769,133 	 778,668 	 799,363 	 815,249 	 814,343 	 800,329 	 841,289 	 833,594 	 832,074 	 892,429 	 895,120 	 865,086 	 867,698 	 886,673 	 895,875 	 852,250 	 867,974 	 778,848 	 797,170 	 819,436 	 850,674 	 892,510 	 900,258 	 905,979 	 894,790 	 860,293 	 855,221 	 844,209 	843,435	879,029	837,833	834,242	933,523	960,823	984,406	960,079	927,477	888,354	904,017	1,312,906	1,259,820	1,193,507	1,137,443	1,118,990	1,052,684	1,019,453	972,186	944,163	932,750	927,064	884,065	808,329	797,447	796,347	803,432

Financial highlights

Highlights 	 Q119 	 Q418 	 Q318 	 Q218 	 Q118 	 Q417 	 Q317 	 Q217 	 Q117 	 Q416 	 Q316 	 Q216 	 Q116 	 Q415 	 Q315 	 Q215 	 Q115 	 Q414 	 Q314 	 Q214 	 Q114 	 Q413 	 Q313 	 Q213 	 Q113 	 Q412 	 Q312 	 Q212 	 Q112 	 Q411 	 Q311 	 Q211 	 Q111 	 Q410 	 Q310 	 Q210 	 Q110 	 Q409 	 Q309 	 Q209 	 Q109 	 Q408 	 Q308 	 Q208 	 Q108 	Q407	 Q307 	 Q207 	 Q107 	 Q406 	Q306	Q206	Q106	2005	Q405	Q305	Q205	Q105	2004	Q404	Q304	Q204	Q104
																																																															
 Total income (DKK m) 	10,802 	10,931 	11,100 	10,881 	11,452 	12,219 	11,544 	11,736 	12,649 	12,902 	12,044 	11,543 	11,469 	11,588 	10,184 	11,304 	12,535 	11,267 	10,936 	11,516 	10,281 	10,784 	9,049 	9,830 	10,077 	11,445 	10,767 	11,665 	11,785 	11,863 	8,311 	 11,512 	 11,691 	 10,887 	 11,247 	12,056	12,087	13,454	13,602	15,076	17,207	12,036	9,186	11,542	10,279	11,224	11,242	11,614	10,983	10,051	9,645	8,667	9,123	34,708	9,169	8,770	8,730	8,039	29,187	8,511	6,716	6,643	7,317
 Expenses (DKK m) 	6,145 	6,243 	7,367 	5,788 	5,612 	5,757 	5,480 	5,760 	5,724 	6,056 	5,471 	5,805 	5,310 	6,273 	5,554 	5,649 	5,761 	6,090 	5,530 	5,589 	5,432 	6,587 	5,460 	5,804 	5,905 	6,591 	5,680 	6,047 	6,324 	6,459 	5,499 	 6,678 	 7,351 	 6,457 	 6,294 	6,836	6,423	7,184	6,338	8,489	6,896	9,964	5,829	6,610	6,323	6,574	5,966	6,663	5,867	5,104	4,642	4,868	4,871	18,198	4,960	4,580	4,700	3,958	15,393	4,370	3,486	3,744	3,793
 Loan impairment charges (DKK m) 	357 	-43 	100 	-377 	-330 	-241 	-166 	-231 	-235 	-160 	264 	22 	-130 	-139 	-86 	-219 	502 	853 	668 	626 	641 	916 	944 	813 	1,438 	1,420 	1,662 	1,685 	2,913 	4,789 	2,802 	 2,753 	 2,841 	 2,982 	 3,083 	3,479	4,273	4,982	6,164	6,550	7,981	9,199	1,775	572	542	427	255	183	-178	58	-111	-314	-129	-1,096	-808	-63	-99	-126	759	-75	213	291	330
 Net profit for the period (DKK m) 	2,988 	3,415 	2,482 	4,231 	4,873 	5,649 	4,931 	4,790 	5,530 	5,590 	4,905 	4,418 	4,945 	35 	3,668 	4,468 	4,951 	-6,250 	3,274 	4,153 	2,771 	1,923 	1,535 	2,184 	1,472 	1,145 	1,308 	1,495 	778 	201 	-384 	 1,200 	 707 	 1,071 	 887 	937	769	405	583	-828	1,553	-5,885	1,114	3,240	2,567	3,564	3,677	3,807	3,822	3,760	3,698	2,956	3,131	12,685	3,734	2,967	3,000	2,984	9,317	3,044	2,213	1,822	2,238
																																																															
 Loans and advances at amortised cost (DKK bn) 	1,004 	986 	978 	972 	955 	1,113 	1,144 	1,137 	1,146 	1,142 	1,127 	1,142 	1,132 	1,079 	1,073 	1,068 	1,113 	1,093 	1,092 	1,085 	1,095 	1,089 	1,123 	1,152 	1,170 	1,162 	1,207 	1,242 	1,205 	1,126 	1,135 	 1,168 	 1,149 	 1,147 	 1,138 	1,178	1,150	1,127	1,188	1,215	1,275	1,352	1,400	1,361	1,355	1,360	1,330	1,285	1,228	1,054	1,008	973	861	830	830	825	767	739	615	615	614	586	567
 Loans and advances at fair value (DKK bn) 	1,059 	1,057 	1,080 	1,025 	1,001 	787 	785 	772 	770 	766 	766 	757 	749 	742 	740 	737 	746 	742 	744 	740 	737 	728 	727 	726 	731 	733 	726 	722 	719 	721 	713 	 696 	 691 	 702 	 708 	704	695	688	692	684	679	667	641	632	640	628	614	600	608	603	593	573	567	569	569	558	546	531	524	524	516	509	512
 Trading portfolio assets (DKK bn) 	468 	416 	444 	523 	467 	449 	468 	489 	464 	510 	553 	577 	566 	547 	560 	597 	800 	743 	751 	697 	707 	696 	708 	721 	832 	813 	925 	863 	869 	910 	912 	 645 	 631 	 642 	 810 	776	666	620	650	617	720	861	747	757	711	652	587	539	475	491	432	394	357	445	445	457	555	468	423	423	386	337	368
 Total assets (DKK bn) 	3,715 	3,578 	3,673 	3,706 	3,539 	3,540 	3,548 	3,573 	3,544 	3,484 	3,549 	3,483 	3,389 	3,293 	3,348 	3,452 	3,671 	3,453 	3,437 	3,273 	3,314 	3,227 	3,268 	3,317 	3,501 	3,485 	3,598 	3,480 	3,501 	3,424 	3,381 	 3,127 	 3,126 	 3,214 	 3,361 	3,364	3,209	3,098	3,298	3,240	3,344	3,544	3,516	3,492	3,443	3,350	3,195	3,072	2,951	2,739	2,653	2,513	2,392	2,432	2,432	2,399	2,433	2,271	2,053	2,053	1,987	1,888	1,917
																																																															
 Due to credit institutions and central banks (DKK bn) 	226 	249 	266 	265 	250 	243 	256 	257 	248 	273 	333 	289 	306 	272 	284 	313 	367 	329 	325 	289 	333 	313 	416 	416 	486 	460 	519 	516 	488 	393 	374 	 317 	 310 	 318 	 315 	314	330	311	368	382	451	563	744	649	597	677	529	517	539	565	546	470	422	476	476	485	511	458	353	353	393	332	364
 Deposits (DKK bn) 	1,084 	1,059 	1,069 	1,057 	1,085 	1,047 	1,051 	1,041 	996 	944 	958 	952 	889 	863 	958 	984 	1,018 	966 	986 	1,023 	1,042 	944 	901 	900 	899 	929 	859 	854 	855 	849 	889 	 892 	 866 	 861 	 828 	809	820	860	846	834	843	875	909	979	1,005	924	912	887	782	703	678	689	618	631	631	584	603	569	488	488	475	479	469
 Issued bonds at fair value (DKK bn) 	765 	760 	793 	799 	828 	758 	749 	733 	734 	727 	716 	707 	683 	695 	688 	692 	679 	656 	656 	648 	624 	614 	606 	616 	623 	614 	619 	597 	604 	558 	534 	 530 	 542 	 555 	 564 	556	550	517	536	522	511	480	481	489	503	519	490	486	483	484	470	456	447	439	439	438	434	465	432	432	406	411	403
 Subordinated debt (DKK bn) 	29 	23 	34 	34 	29 	29 	29 	30 	36 	38 	38 	39 	39 	40 	40 	37 	37 	41 	41 	41 	65 	66 	59 	59 	64 	68 	69 	63 	64 	67 	70 	 72 	 76 	 77 	 80 	85	81	80	84	83	58	58	58	56	58	59	57	57	62	49	40	40	42	44	44	46	42	40	34	34	37	37	34
 Shareholders' equity (DKK bn) 	144 	149 	146 	147 	145 	154 	151 	149 	146 	152 	149 	147 	145 	150 	150 	149 	146 	147 	153 	150 	146 	146 	143 	142 	140 	138 	129 	128 	128 	126 	126 	 126 	 105 	 105 	 104 	103	102	101	100	99	100	98	106	105	101	104	101	97	94	95	77	73	70	74	74	71	68	65	67	67	65	64	64

Key figures

Ratios and key figures 	 Q119 	 Q418 	 Q318 	 Q218 	 Q118 	 Q417 	 Q317 	 Q217 	 Q117 	 Q416 	 Q316 	 Q216 	 Q116 	 Q415 	 Q315 	 Q215 	 Q115 	 Q414 	 Q314 	 Q214 	 Q114 	 Q413 	 Q313 	 Q213 	 Q113 	 Q412 	 Q312 	 Q212 	 Q112 	 Q411 	 Q311 	 Q211 	 Q111 	 Q410 	 Q310 	 Q210 	 Q110 	 Q409 	 Q309 	 Q209 	 Q109 	 Q408 	 Q308 	 Q208 	 Q108 	 Q407 	 Q307 	 Q207 	 Q107 	 Q406 	Q306	Q206	Q106	2005	Q405	Q305	Q205	Q105	2004	Q404	Q304	Q204	Q104
																																																															
 Return on average shareholders' equity (%) 	7.7	8.8	6.4	11.2	12.6	14.4	12.8	12.6	14.4	14.5	12.9	11.8	13.1	-0.2	9.5	11.8	13.3	-16.9	8.5	11.1	7.6	5.3	4.3	6.2	4.3	3.5	4.1	4.7	2.5	0.6	-1.2	3.8	2.7	4.1	3.4	3.7	3.0	1.6	2.3	-3.4	6.3	-23.1	4.2	12.6	9.8	13.9	14.7	15.8	15.9	17.6	19.7	16.4	16.8	18.4	20.7	17.2	18.1	17.7	13.9	18.4	13.7	11.4	13.3
 Earnings per share (DKK) 	3.3	3.7	2.7	4.7	5.3	6.1	5.3	5.0	5.8	5.8	5.0	4.4	5.0	-0.1	3.6	4.4	4.9	-6.3	3.2	4.1	2.8	1.9	1.5	2.2	1.5	1.2	1.4	1.6	0.8	0.2	-0.4	1.3	1.0	1.5	1.3	1.4	1.1	0.6	0.8	-1.2	2.3	-8.6	1.6	4.7	3.7	5.2	5.3	5.5	5.6	6.0	5.9	4.7	5.0	20.2	6.0	4.7	4.8	4.8	14.4	4.8	3.5	2.8	3.4
 Share price, end of period (DKK) 	116.8	128.9	168.7	199.8	225.4	241.6	251.8	250.4	237.5	214.2	193.4	175.4	185.0	185.2	201.5	196.8	183.5	167.4	160.2	153.9	151.0	124.4	118.7	98.0	104.0	95.7	104.7	81.4	94.5	73.0	78.6	95.3	116.5	143.0	131.9	118.1	135.6	118.0	133.3	91.5	47.2	52.0	124.8	137.0	174.3	199.8	212.3	226.0	259.5	250.0	230.7	221.5	229.0	221.2	221.2	190.1	185.3	165.7	167.5	167.5	157.7	144.8	137.9
 Book value per share (DKK) 	168.7	174.3	171.0	168.3	164.4	172.2	167.0	162.5	158.3	162.8	157.4	153.2	149.3	153.2	153.1	150.2	146.0	146.8	152.3	149.6	145.4	145.6	143.3	141.6	139.5	137.9	140.2	138.4	137.0	135.7	135.7	136.3	152.1	151.4	149.6	148.4	147.0	145.8	145.7	144.1	143.8	142.4	154.3	152.8	147.5	152.7	148.3	142.5	136.7	139.1	123.1	117.5	112.5	118.2	118.2	112.3	107.7	103.1	106.7	106.7	102.5	99.7	97.8
 Tier 1 capital ratio (%) 	19.8	20.1	19.6	19.0	18.9	20.1	19.1	18.6	17.9	19.1	18.3	18.3	17.4	18.5	18.1	16.5	16.2	16.7	16.6	16.0	15.7	19.0	18.3	20.3	19.6	18.9	17.0	16.2	16.0	16.0	16.0	16.6	14.6	14.8	14.4	13.7	14.2	14.1	12.6	12.2	9.0	9.2	10.0	10.0	9.5	6.4	6.6	6.7	6.6	8.6	7.1	7.1	7.3	7.3	7.3	6.5	6.5	6.8	7.7	7.7	7.4	7.6	7.1
 Total capital ratio (%) 	21.8	21.3	20.9	21.6	21.4	22.6	21.6	21.1	20.4	21.8	21.0	21.1	20.1	21.0	20.6	18.7	18.4	19.3	19.3	18.6	18.1	21.4	19.1	21.8	21.6	21.3	19.4	17.7	17.6	17.9	18.0	18.8	17.4	17.7	17.4	17.2	17.9	17.8	16.3	16.1	12.9	13.0	13.9	14.1	13.6	9.3	9.3	9.7	10.1	11.4	9.7	9.8	10.2	10.3	10.3	9.4	9.1	9.7	10.2	10.2	10.0	10.4	10.3
 Cost/income ratio (%) 	56.9	57.1	66.4	53.2	49.0	47.1	47.5	49.1	45.3	46.9	45.4	50.3	46.3	54.1	54.5	50.0	46.0	54.1	50.6	48.5	52.8	61.1	60.3	60.5	57.6	57.6	52.8	51.8	53.7	54.4	66.2	58.0	62.9	59.3	56.0	56.7	53.1	53.4	46.6	56.3	40.1	82.8	63.5	57.3	61.5	58.6	53.1	57.4	53.4	50.8	48.1	56.2	53.4	52.4	54.1	52.2	53.8	49.2	52.7	51.3	51.9	56.4	51.8
 Loan loss ratio, core activities, p.a. (bp) 	8	-1	2	-8	-7	-5	-3	-5	-5	-3	5	0	-3	-3	-2	-5	11	18	14	13	14	20	20	17	30	31	32	34	60																																		
 Loan loss ratio, total, p.a. (bp) 	13	-1	2	-9	-8	-14	-8	-5	-5	-5	5	-1	-3	-4	-1	-5	8	26	17	15	20	23	24	23	41	54	55	62	79	99	57	57	59	62	63	72	90	101	124	128	150	171	34	11	11	9	5	4	-4	1	-2	-9	-4	-22	-2	-3	-4	-2	7	10	12	0	0

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Tulle Louise Præstrud

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Financial results first quarter 2019

7.7%

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234

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million

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