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11 Aug 2005 – Press releases

Interim report - first six months of 2005


Danske Bank reports a net profit of DKr6,054m for the first half of 2005
Danske Bank has today announced its financial results for the first six months of 2005. The report can be viewed at www.danskebank.com/reports. Highlights are shown below:

  • The Danske Bank Group recorded a net profit of DKr6,054m, against a net profit of DKr4,060m for the first half of 2004. This is better than expected at the release of the report for the first quarter of 2005.
  • Earnings per share increased by 55% to DKr9.6.
  • Income rose by 21% to DKr16,863m, up from DKr13,960m in the first half of 2004.
  • The cost/income ratio improved from 54.0% to 51.3%.
  • The Group recorded a net positive entry for credit loss expenses of DKr225m in the first half of 2005, against a charge of DKr621m in the first half of 2004.
  • Bank loans and advances, including lending extended by the banks in Northern Ireland and the Republic of Ireland, grew by 31%.
  • The integration of Northern Bank and National Irish Bank is going according to plan. The Group still expects to complete the IT conversion at Easter 2006.
  • The Group upgraded its full-year profit before tax, which is now expected to be about 10% higher than in 2004.

Commenting on the results, chief executive Peter Straarup said, "We have achieved a satisfactory result which is even better than we had expected at the release of the report for the first quarter of 2005. This is due primarily to increases in lending and trading volumes, which were higher than expected. All our business areas contributed to the increase in profit. On the basis of the result achieved in the first half of 2005, we have upgraded our expectations for the full year."

Contacts:
Thursday, August 11, from 2.00pm CET
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

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

The Interim Report for the first half of 2005 will be presented at a press conference at 2.00pm CET. It is possible to follow the presentation, subtitled in English, at www.danskebank.com, where the presentation material will be published.