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Announcement of financial results for the first half of 2007

Press release

Danske Bank has today announced its financial results for the first half of 2007. The report can be viewed at Highlights, which are compared with first-half-2006 pro forma figures, are shown below:

  • Net profit up 11% from DKr6,875m in the first half of 2006 to DKr7,629m, which is better than expected
  • Danske Bank raises its profit guidance for 2007. The net profit for the year is expected to match the pro forma figure for 2006
  • Income up 12% to DKr22,597m due to favourable trends in net trading income and the Group’s banking and insurance operations
  • Net interest income up 11% to DKr11,777m
  • Cost/income ratio unchanged at 55%. Expenses rose 13%, primarily as a result of planned expenses for the integration of Sampo Bank, Northern Bank and National Irish Bank and one-off costs. Excluding these items, the underlying trend in costs showed an increase of only 3%. For 2007 as a whole, the Group expects underlying expenses to grow by 0-1%
  • Credit loss expenses amounted to DKr5m, against a net positive entry of DKr477m in the first half of 2006. Economic conditions in the markets on which the Group operates remained favourable
  • Lending up DKr169bn, or 12%, from the end of June 2006 to DKr1,591bn at the end of June 2007. Units outside Denmark accounted for 56% of total growth in bank lending
  • Sampo Bank integration on schedule

Commenting on the results, chief executive Peter Straarup said, "The first six months of the year have been busy. We have developed new products, which, I am pleased to say, are very popular among our customers. For example, our new online and savings products in Denmark and Sweden have really caught on. Overall, we recorded favourable growth in all our markets, and the market position of the Danske Bank Group is strong. In the first half of 2007, we merged the activities of BG Bank and Danske Bank Denmark. The merger ran smoothly and was well received by our customers. The Group’s operations in Finland and the Baltic countries are busy with the integration process, which is proceeding as planned"

Thursday, August 9, from 2.00pm CET:

  • 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