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Interim Report - First half of 2003

August 21, 2003

Net profit of DKr4,803m for the first half of 2003

Danske Bank today announced its financial results for the first half of 2003. The report is available at These are some of the highlights:

  • The Danske Bank Group recorded a net profit of DKr4,803m, against a net profit of DKr4,334m for the first half of 2002.
  • Earnings per share increased by 13%.
  • Core income rose by 3% to DKr13,872m. This increase was a result primarily of the positive trend in trading income and income from mortgage finance and insurance activities.
  • Operating expenses and depreciation amounted to DKr7,494m – the same level as in the first half of 2002. Excluding severance costs and performance-based compensation, expenses fell 6% relative to the first half of 2002.
  • Provisions for bad and doubtful debts totalled DKr947m, against DKr640m in the same period the year before.
  • Core earnings amounted to DKr5,431m, which was marginally higher than the level recorded in the first half of 2002. Earnings from investment portfolios totalled DKr1,282m, against DKr702m in 2002.
  • The return on average shareholders’ equity was 21.5% p.a. before tax and 15.4% p.a. after tax.
  • For the year 2003 as a whole, the Group expects core earnings to remain largely at the level recorded in 2002.
  • In the course of the second half of the year, Danske Bank will repurchase own shares for a market value of up to DKr3bn.

Commenting on the results, chief executive Peter Straarup said, "From an earnings perspective, it was a generally satisfactory first half year, with a significant contribution from trading activity. Mortgage finance also lifted earnings owing to considerable refinancing activity, just as insurance premiums showed good growth. Interest income from banking activities reflected the fall in interest rates, but earnings from investment portfolios hedged part of this decline."

Thursday, August 21, from 2.00pm:
Peter Straarup,
Chairman of the Executive Board, tel.: +45 33 44 01 07
Jesper Ovesen,
Chief Financial Officer, tel.: +45 33 44 25 00

Material from the results presentation at the press conference will be available on Danske Bank’s Web site from about 2.30pm.