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1 May 2007 – Press releases

Announcement of financial results for the first quarter of 2007

Press release: Net profit of DKr3,822m for the first quarter of 2007

Danske Bank has today announced its financial results for the first quarter of 2007. The report can be viewed at www.danskebank.com/reports. Highlights are shown below:

  • Higher-than-expected net profit of DKr3,822m, up 22% on the profit of DKr3,131m for the first quarter of 2006

Danske Bank Group’s purchase of the Sampo Bank group was approved on January 30, 2007, and took effect on February 1, 2007. The Sampo Bank group was consolidated into Danske Bank’s accounts from that date. Realised results for the first quarter of 2007 relative to the restated pro forma figures for the first quarter of 2006 are as follows:

  • Net profit up 10% from DKr3,472m
  • Income up 8% to DKr10,983m. The increase is attributable to solid growth in all banking activities.
  • Cost/income ratio unchanged at 53.4%
  • Net positive entry for credit loss expenses of DKr178m, against a net positive entry of DKr128m in the first quarter of 2006. The positive result reflected, among other things, reversals of impairment charges previously made.
  • Growth in lending of 14%. Units outside Denmark accounted for 67% of total growth in lending by banking activities.
  • Sampo Bank integration on schedule
  • The Group maintains its outlook for 2007 earnings.
  • Profit before credit loss expenses for the year is still expected to roughly match restated pro forma figures for 2006.

Commenting on the results, chief executive Peter Straarup said, "The first quarter of the year was characterised by strong growth in lending. We have seen double-digit growth in lending on almost all our markets. Loans to customers of our non-Danish banking operations exceeded the level recorded in the first quarter last year by DKr97bn. This increase reflects the favourable economic trends in the countries in which Danske Bank operates and the fact that we have extended our activities to new markets. One of the most important events in the first quarter of 2007 was the acquisition of the Sampo Bank group. The integration process is well underway and on schedule."

Contacts:

  • Peter Straarup, Chairman of the Executive Board,
    tel. +45 45 14 60 01
  • Tonny Thierry Andersen, Senior Executive Vice President,
    tel. +45 45 14 07 07
  • Martin Gottlob, head of Investor Relations,
    tel. +45 45 14 07 92

View Danske Bank’s interactive accounts at www.danskebank.com/reports.