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Financial results for 2002

February 20, 2003

Danske Bank – net profit of DKr8,242m for 2002

Danske Bank has today announced its results for 2002. The announcement of financial results and the annual report can be viewed at

Highlights are shown below:

  • The Danske Bank Group recorded a net profit of DKr8,242m for 2002, against a net profit of DKr8,713m for 2001.
  • Core earnings remained largely unchanged from 2001.
  • Core income fell by 4% to DKr27,065m.
  • Expenses fell by 5% to DKr15,489m. The cost/core income ratio fell from 57.5% in 2001 to 57.2% in 2002. Excluding one-off costs of DKr350m incurred in connection with the restructuring of investment banking activities, the cost/core income ratio stood at 55.9%.
  • The charge for bad and doubtful debts declined by DKr332m to DKr1,420m and thus remained at a low level.
  • Earnings from investment portfolios amounted to DKr1,008m, against DKr870m in 2001.
  • The Board of Directors is proposing a dividend of DKr4.75 per Danske Bank share, similar to the dividend approved for 2001.
  • Given the subdued activity in the capital markets, the likelihood of continued low interest rates, and the risk that the European economies will remain sluggish, the Group expects core earnings in 2003 to be at roughly the same level as in 2002.

Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said, “2002 was the year when we completed our merger activities and met the cost targets set – one year ahead of schedule. On balance, Danske Bank had a good year in 2002 despite turbulent market conditions. The Group maintained its core earnings at roughly the level recorded in 2001, primarily as a result of the sound development in banking activities in Denmark and abroad.”

Thursday, February 20, from 2pm
Peter Straarup, Chief Executive, tel. + 45 33 44 01 07
Jesper Ovesen, Chief Financial Officer, tel. + 45 33 44 25 00