Danske Bank (DK) - Danske Bank today announced its financial resul ...

Published: 11:48 06.05.2003 GMT+2 /HUGIN /Source: Danske Bank /CSE: 

DDB /ISIN: DK0010274414
 

Danske Bank today announced its financial results for the first

quarter of 2003.
 

Commenting on the results, chief executive Peter Straarup said, "From

an earnings perspective, it was a satisfactory first quarter, with

core earnings slightly better than we had expected when we presented

the Annual Report for 2002. This was owing especially to increased

revenue from strong remortgaging activity and trading in fixed-income

products as well as ongoing cost containment."
 

  * The Danske Bank Group recorded a net profit of DKr2,259m for the

    first quarter, against DKr1,936m for the first quarter of 2002.

    The Group's core earnings were slightly better than expected at

    the presentation of the Annual Report for 2002.

  * Core income rose by 4% to DKr7,000m (first quarter of 2002:

    DKr6,745m). The increase was owing primarily to positive trends

    in trading and mortgage finance activities.

  * Operating expenses and depreciation amounted to DKr3,679m - the

    same level as in the first quarter of 2002 despite an increase in

    severance costs. The cost/core income ratio fell from 54.6% in

    the first quarter of 2002 to 52.6%.

  * Provisions for bad and doubtful debts rose by DKr92m to DKr478m.

    Provisions remain low compared with the total volume of loans and

    guarantees.

  * Core earnings increased by DKr167m to DKr2,843m (first quarter of

    2002: DKr2,676m), and earnings from investment portfolios rose to

    DKr229m (first quarter of 2002: DKr95m).

  * Core earnings for the year as a whole are expected to remain

    largely at the same level as in 2002 despite the increase in the

    first quarter. The Group therefore maintains the estimate

    presented in the Annual Report for 2002.
 

Contacts:

Peter Straarup,

Chairman of the Executive Board, tel.: +45 33 44 01 07

Jesper Ovesen,

Chief Financial Officer, tel.: +45 33 44 25 00
 
This press release was brought to you by Hugin Online, distributor of 

electronic press releases for companies listed on selected European 

stock exchanges.  Address:
 http://www.huginonline.com/Denmark/DDB
 

To alter your subscription profile or to unsubscribe, please go to:
 http://www.huginonline.com/email
 

The Hugin Team