Skip to main content
6 May 2003 – Press releases

Quarterly Report

May 6, 2003

Net profit of DKr2,259m for the first quarter of 2003
Danske Bank today announced its financial results for the first quarter of 2003. The report is available at www.danskebank.com/reports. These are some of the highlights:

  • The Danske Bank Group recorded a net profit of DKr2,259m for the first quarter, against DKr1,936m for the first quarter of 2002. The Group’s core earnings were slightly better than expected at the presentation of the Annual Report for 2002.
  • Core income rose by 4% to DKr7,000m (first quarter of 2002: DKr6,745m). The increase was owing primarily to positive trends in trading and mortgage finance activities.
  • Operating expenses and depreciation amounted to DKr3,679m – the same level as in the first quarter of 2002 despite an increase in severance costs. The cost/core income ratio fell from 54.6% in the first quarter of 2002 to 52.6%.
  • Provisions for bad and doubtful debts rose by DKr92m to DKr478m. Provisions remain low compared with the total volume of loans and guarantees.
  • Core earnings increased by DKr167m to DKr2,843m (first quarter of 2002: DKr2,676m), and earnings from investment portfolios rose to DKr229m (first quarter of 2002: DKr95m).
  • Core earnings for the year as a whole are expected to remain largely at the same level as in 2002 despite the increase in the first quarter. The Group therefore maintains the estimate presented in the Annual Report for 2002.

Commenting on the results, chief executive Peter Straarup said, “From an earnings perspective, it was a satisfactory first quarter, with core earnings slightly better than we had expected when we presented the Annual Report for 2002. This was owing especially to increased revenue from strong remortgaging activity and trading in fixed-income products as well as ongoing cost containment.”
    Contacts:
    Peter Straarup,
    Chairman of the Executive Board, tel.: +45 33 44 01 07
    Jesper Ovesen,
    Chief Financial Officer, tel.: +45 33 44 25 00