October 10, 2002

Press release: Net profit of DKr6,414m for the first nine months of 2002
Danske Bank today published its Quarterly Report for the first nine months of 2002. The report can be viewed at www.danskebank.com/reports. Highlights are shown below:

• Danske Bank Group recorded a net profit of DKr6,414m for the first nine months of 2002 compared with DKr6,984m for the same period of 2001. The result for the first nine months of 2001 was, among other things, affected by a low tax expense in the third quarter.
• Core income amounted to DKr20,331m (first nine months of 2001: DKr21,270m).
• Costs declined by DKr977m to DKr11,229m in the first nine months of 2002, corresponding to a fall of 8%. In the same period, the cost/core income ratio fell to 55.2% from 57.4% for the same period of 2001.
• Provisions for bad and doubtful debts fell by DKr49m to DKr1,005m.
• Core earnings amounted to DKr8,097m (first nine months of 2001: DKr8,010m) and earnings from investment portfolios were DKr707m (first nine months of 2001: DKr665m).
• Danica’s pre-tax result improved from a negative DKr75m at the end of June to a profit of DKr310m at the end of September.
• Against the background of the cost reductions and a continued low provisioning ratio, the Group continues to expect a slight increase in core earnings from the level recorded in 2001.
  
  

"We have been able to maintain the Group’s total core earnings for the first nine months of 2002 at the level recorded for the same period of 2001," said Peter Straarup, Danske Bank’s chief executive, commenting on the results. "Our banking activities, which now account for 69% of the Group’s total core earnings before provisions, recorded an increase of 12%. This increase was a result of primarily the decrease in expenses of 14% in Denmark but also of the increase in income from activities in Norway and the UK."

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