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26 Oct 2004 – Press releases

Interim report - first nine months of 2004

October 26, 2004

Press release: Net profit of DKr6,879m for the first nine months of 2004
Danske Bank today announced its financial results for the first nine months of 2004. The report can be viewed at www.danskebank.com/reports. Highlights are shown below:

  • The Danske Bank Group recorded a net profit of DKr6,879m, against a net profit of DKr6,834m for the same period of 2003.
  • Core income was DKr19,805m, against DKr20,392m for the first three quarters of 2003.
  • Operating expenses and depreciation declined 5% relative to the first three quarters of 2003. The cost/core income ratio improved to 52.9% from 53.9%.
  • Provisions for bad and doubtful debts fell to DKr405m from DKr1,262m in the first three quarters of 2003.
  • Core earnings rose to DKr8,918m, against DKr8,140m for the same period of 2003.
  • Earnings from investment portfolios were DKr726m, against DKr1,459m for the first three quarters of 2003.
  • Core earnings are expected to be between DKr11bn and DKr12bn for full-year 2004.
Commenting on the results, chief executive Peter Straarup said, "We achieved sound growth in lending to customers in Denmark, Norway and Sweden. Our core banking activities continue to show good growth. With the exception of Danske Markets, all business areas have contributed to the growth in core earnings, which showed a total increase of 10%."

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