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Quarterly Report

May 6, 2004

Press release: Net profit of DKr2,440m for the first quarter of 2004
Danske Bank today announced its financial results for the first quarter of 2004. The report is available at Highlights are shown below:

  • The Danske Bank Group recorded a net profit of DKr2,440m for the first quarter, against DKr2,259m for the first quarter of 2003.
  • Earnings per share increased by 13%.
  • Core income was DKr6,731m, against DKr7,000m in the first quarter of 2003.
  • Operating expenses and depreciation fell by 6%, and the cost/core income ratio improved from 52.6% to 51.6%.
  • Provisions for bad and doubtful debts amounted to DKr321m, against DKr478m in the first quarter of 2003.
  • Core earnings rose by 3% from DKr2,843m to DKr2,937m.
  • Investment portfolios generated earnings of DKr523m, against DKr229m in the first quarter of 2003.
  • Core earnings for 2004 as a whole are expected to be slightly higher than in 2003.
  • In April 2004, Moody’s, the international rating agency, upgraded the Group’s long-term rating from Aa2 to Aa1.

Commenting on the results, chief executive Peter Straarup said, “We saw a fair increase in lending to retail customers, and our market share is growing. In Denmark, the popularity of our property financing products Danske Prioritet and Bolig Plus contributed to this trend, whereas corporate demand for loan facilities was more subdued. In the mortgage finance business, the strong demand for interest-only loans continued.”

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