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Quarterly Report

May 7, 2002

Press release: Net profit of DKr1,936m for the first quarter of 2002
Danske Bank today published its first-quarter report. The report can be viewed at Highlights are shown below:

  • Danske Bank Group recorded a net profit of DKr1,936m for the first quarter of 2002 compared with DKr2,359m for the same period of 2001.
  • Core income amounted to DKr6,745m (first quarter of 2001: DKr6,977m). One reason for the fall of 3% was the plunge of nearly 2 percentage points in Danish money market rates.
  • Operating expenses and depreciation fell by 5% to DKr3,683m. The cost/core income ratio now stands at 54.6% against 55.7% in the first quarter of 2001.
  • The charge for bad and doubtful debts rose DKr84m to DKr386m. The provisioning level remains low compared with total loans, advances and guarantees.
  • Core earnings amounted to DKr2,676m (first quarter of 2001: DKr2,791m) and earnings from investment portfolios were DKr95m (first quarter of 2001: DKr362m).
  • For the year as a whole, core earnings are still expected to grow, although less than in 2001.

"We have seen fair growth in core earnings for banking activities in Denmark, Norway and Sweden," said Peter Straarup, Danske Bank’s chief executive, commenting on the results. "We have achieved cost savings that bring the cost/core income ratio below 55%.

Altogether, the result is satisfactory for a quarter with more difficult conditions than in the comparable period last year. For the year as a whole, we still expect core earnings to grow."

Peter Straarup, Chief Executive, tel. +45 33 44 01 07
Jesper Ovesen, Chief Financial Officer, tel. +45 33 44 25 00