Danske Bank (DK) - Danske Bank - net profit of DKr 8,242m for 2002

Published: 12:34 27.02.2003 GMT+1 /HUGIN /Source: Danske Bank /CSE: 

DDB /ISIN: DK0010274414
 

Danske Bank - net profit of DKr 8,242m for 2002
 

Danske Bank has of Thursday, February 20 announced its results for

2002. The announcement of financial results and the annual report can

be viewed at www.danskebank.com/reports
 

Highlights are shown below:
 
The Danske Bank Group recorded a net profit of DKr8,242m for 2002,

against a net profit of DKr8,713m for 2001.
 

Core earnings remained largely unchanged from 2001. Core income fell

by 4% to DKr27,065m.
 

Expenses fell by 5% to DKr15,489m. The cost/core income ratio fell

from 57.5% in 2001 to 57.2% in 2002. Excluding one-off costs of

DKr350m incurred in connection with the restructuring of investment

banking activities, the cost/core income ratio stood at 55.9%. The

charge for bad and doubtful debts declined by DKr332m to DKr1,420m

and thus remained at a low level. Earnings from investment portfolios

amounted to DKr1,008m, against DKr870m in 2001.
 

The Board of Directors is proposing a dividend of DKr4.75 per Danske

Bank share, similar to the dividend approved for 2001. Given the

subdued activity in the capital markets, the likelihood of continued

low interest rates, and the risk that the European economies will

remain sluggish, the Group expects core earnings in 2003 to be at

roughly the same level as in 2002.
 

Commenting on the results, Danske Bank's chief executive, Peter

Straarup, said, "2002 was the year when we completed our merger

activities and met the cost targets set - one year ahead of schedule.

On balance, Danske Bank had a good year in 2002 despite turbulent

market conditions. The Group maintained its core earnings at roughly

the level recorded in 2001, primarily as a result of the sound

development in banking activities in Denmark and abroad."
 
 http://reports.huginonline.com/893517/114187.pdf
 

Contacts:
 

Thursday, February 20, from 2pm

Peter Straarup, Chief Executive, tel. + 45 33 44 01 07

Jesper Ovesen, Chief Financial Officer, tel. + 45 33 44 25 00
 
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