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Financial results for 2004

Press release: Danske Bank reports a net profit of DKr10,558m for 2004
Danske Bank has today announced its results for 2004. The announcement of financial results and the annual report can be viewed at Highlights are shown below:

  • Danske Bank Group realised an increase in net profit of 14%. The net profit for 2004 was DKr10,558m, against DKr9,286m for 2003.
  • Earnings per share rose 21%.
  • Group core earnings rose 21% to DKr12,682m, against DKr10,467m the year before. Provisions for bad and doubtful debts amounted to a net positive entry of DKr18m, against a charge of DKr1,662m in 2003. The positive trend was attributable to the favourable economic conditions.
  • Core income stood at DKr27,257m, against DKr26,949m the year before.
  • Costs fell 2%, and the cost/core income ratio improved to 53.5% from 55.0% in 2003.
  • Earnings from investment portfolios totalled DKr1,883m, against DKr2,569m the year before.
  • The Board of Directors is proposing that the annual general meeting approve a dividend of DKr7.85 per share. The dividend per share distributed in 2003 was DKr6.55.
  • In the spring of 2005, the employee shares pool of DKr110m will be allotted to the employees in the form of Danske Bank shares. The shares are allotted free of charge.
  • The approval by the relevant authorities of the purchase of Northern Bank in Northern Ireland and National Irish Bank in the Republic of Ireland is expected by the end of the first quarter of 2005.
  • With effect from the accounting year beginning on January 1, 2005, Danske Bank Group will prepare its financial reports in accordance with the International Financial Reporting Standards (IFRS). The pre-tax profit for 2005 is expected to be at a level similar to that of 2004 presented in accordance with the IFRS.

Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said, "2004 was a good year for Danske Bank Group. The year showed a high level of activity and progress in nearly all business areas. Banking operations in Denmark, Norway and Sweden recorded substantial growth in lending, particularly in the retail segment. With the organisational adjustments at the end of the year and our acquisition of the two banks in Northern Ireland and the Republic of Ireland, we have a very solid platform for future growth."

Thursday, February 10, from 2pm

Peter Straarup, Chief Executive,
tel. + 45 33 44 01 07

Tonny Thierry Andersen, Chief Financial Officer,
tel. +45 33 44 11 47

Martin Gottlob, Head of Investor Relations,
tel. +45 33 44 27 92