IR newsletter

Danske Bank's IR newsletter follow up on the publication of our reports and related activities.

You can read the newsletter below or download it in PDF format at the bottom of the page.

Earnings report and consensus estimate
Danske Bank’s net profit for the first quarter of DKr2.6bn was 12% below the con-sensus estimate. The main reasons for the difference were lower earnings from Danica and slightly higher impairment charges because of rising portfolio provi-sions in particular. On the other hand, one-off income from property sales were up slightly. Expenses were lower than expected, primarily because of lower integration costs. Net interest income and fee income were close to estimates.

The report also contained lower expectations for the full-year 2008 results, and that led analysts to adjust their 2008 estimates. The consensus is now net profit of DKr13bn, against DKr14bn before the first-quarter report. The decrease is owing solely to Danica, whose estimated earnings have been reduced by DKr1bn.

You can see the new estimates on the Web site Consensus 2008.

Roadshow
The roadshow for Q1 2008 went to Copenhagen Stockholm, Helsinki, Vienna, Oslo, Milan, Paris, London, Dublin, Edinburgh and Reykjavik.

In addition to IR staff, participants from the Bank included CFO Tonny Thierry An-dersen and head of Danske Markets Steen Blaafalk.

On the roadshow we held meetings with about 100 investors.

Investors’ interest on the roadshow
There is much interest in Danske Bank at present, and many attended the road-show in Europe. The financial report itself was received with some disappointment, and the lowered expectations for full-year 2008 were considered more realistic than before. The previous quarters’ interest in the US housing market and sub-prime loans was replaced by increasing attention on the expected slowdown in the European economies, particularly the Danish economy, which is already showing clear signs of deceleration.

For this reason was there still much attention on the Danish housing market, which has great significance for the Bank, and the trend in Ireland, whose housing market is also seeing price declines. Finally, the economic situation in the three Baltic coun-tries was also discussed at nearly every meeting. Generally there is much uncer-tainty about the size of the losses one can expect in the coming quarters, not least because of our cautious announcement.

Danske Bank at Danske Markets Nordic Bank Seminar
CFO Tonny Thierry Andersen took part in the Danske Markets’ Nordic Bank seminar.

You can download the presentation from our Web site:
Danske Bank at Danske Markets Nordic Bank Seminar

Cheuvreux European Spring Large Cap Conference
CEO Peter Straarup participated in the Cheuvreux European Spring Large Cap Conference in Paris.

You can download the presentation from our Web site:
Cheuvreux European Spring Large Cap Conference

Goldman Sachs European Financials Conference
CFO Tonny Thierry Andersen participated in the Goldman Sachs European Financial Conference in Berlin.

You can download the presentation from our Web site:
Goldman Sachs European Financials Conference

New features on the site
Covered bonds
We have added a new section to our Web site on the Bank’s covered bond is-sues. Besides reading about the programme itself and details about the under-lying pools, you can also download a prospectus

Most popular pages on the IR Web site
After the release of our interim report for the first quarter of 2008, we had almost 18,000 visitors at our site.

Here are the top five pages visited since the release:

1. The Group
2. Financial information
3. Live fact sheet
4. Reports
5. Share monitor

Awards
Institutional Investor:
On the basis of information from analysts and investors in Europe, Institutional Investor magazine named Danske Bank the best at investor relations in Denmark.

IR Magazine
Danske Bank’s Investor Relations department attended IR Magazine’s annual award ceremony, which was held in Copenhagen this year.

On the basis of evaluations from Nordic investors and equity analysts, Danske Bank received the following awards:
• Best IR by a large-cap company
• Best IR support by a CEO/CFO
• Best use of technology
• Best IR officer
• Grand prix for best overall Investor Relations

New staff menber at IR
Karina Sørensen was appointed IR Assistant on 1 May 2008. Karina comes from a position as VP Assistant at Novo Nordisk A/S.

Karina Sørensen Direct line: +45 45 24 06 80
Karsre@danskebank.dk