FI Newsletter

Danske Bank reports a net profit of DKr6,087m for the first half of 2006
Danske Bank has today announced its financial results for the first half of 2006. You can read the full report in the Investor Relations section.

Highlights are shown below:

• The Danske Bank Group recorded a net profit of DKr6,087m, against a net profit of DKr5,984m for the first half of 2005. The result matches expectations.
• Larger-than-expected profit increases at Banking Activities and Danske Markets.
• Net profit per share up 2% despite integration costs.
• Total income rose 6% to DKr17,790m.
• The cost/income ratio rose from 51.6% to 54.7%.
• Net positive entry for credit loss expenses of DKr443m, against DKr225m in the first half of 2005.
• Bank lending rose by DKr130bn, or 23%, from the end of June 2005 to DKr699bn at the end of June 2006.
• Postponement of the booking of risk allowance due to negative return on investments at Danica Pension.
• In view of the net profit for the period, expectations for full-year earnings are, on the whole, unchanged.
  

Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said: "The Group’s net profit for the first half of the year is satisfactory. The economic fundamentals of the countries in which we operate remain sound, and this feeds through to our financial results. Our banking operations are doing well both in Denmark and abroad with strong lending growth in all markets."

Euromoney Awards for Excellence 2006
Danske Bank has been awarded Best Bank in Denmark and even Best Nordic Bank.

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