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28 Oct 2003 – Press releases

Interim report - first nine months of 2003

October 28, 2003

Net profit of DKr6,834m for the first nine months of 2003
Danske Bank today published its report for the first nine months 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 DKr6,834m, against a net profit of DKr6,414m for the same period of 2002.
  • Earnings per share increased 9%.
  • Core income was DKr20,392m (first three quarters of 2002: DKr20,331m).
  • Operating expenses and depreciation were reduced by 2% relative to the first three quarters of 2002. Excluding the rise in severance costs and performance-based compensation, expenses fell 5%. The cost/core income ratio improved to 53.9% from 55.2%.
  • Provisions for bad and doubtful debts rose to DKr1,262m (first three quarters of 2002: DKr1,005m).
  • Core earnings rose to DKr8,140m (first three quarters of 2002: DKr8,097m) and earnings from investment portfolios to DKr1,459m (first three quarters of 2002: DKr707m).
  • For the year 2003 as a whole, the Group expects core earnings to remain largely at the level recorded in 2002.
Commenting on the results, chief executive Peter Straarup said, "As before, Danish banking activities account for almost half of Group earnings. Both at Danske Bank and BG Bank, the positive trend in the inflow of new customers continued in the third quarter. The number of young customers, in particular, is rising at both banks."

Contacts:
Peter Straarup,
Chairman of the Executive Board, tel.: +45 33 44 01 07
Tonny Thierry Andersen,
Chief Financial Officer, tel.: +45 33 44 11 47