Danske Bank (DK) - Net profit of DKr4,803m for the first half year ...

Published: 12:17 21.08.2003 GMT+2 /HUGIN /Source: Danske Bank /CSE: 

DDB /ISIN: DK0010274414
 

Net profit of DKr4,803m for the first half year of 2003.
 

On August 21, 2003, Danske Bank Group released its Interim Report for

2003. Highlights are shown below:
 

  * The Danske Bank Group recorded a net profit of DKr4,803m, against

    a net profit of DKr4,334m for the first half of 2002.

  * Earnings per share increased by 13%.

  * Core income rose by 3% to DKr13,872m. This increase was a result

    primarily of the positive trend in trading income and income from

    mortgage finance and insurance activities.

  * Operating expenses and depreciation amounted to DKr7,494m - the

    same level as in the first half of 2002. Excluding severance

    costs and performance-based compensation, expenses fell 6%

    relative to the first half of 2002.

  * Provisions for bad and doubtful debts totalled DKr947m, against

    DKr640m in the same period the year before.

  * Core earnings amounted to DKr5,431m, which was marginally higher

    than the level recorded in the first half of 2002. Earnings from

    investment portfolios totalled DKr1,282m, against DKr702m in

    2002.

  * The return on average shareholders' equity was 21.5% p.a. before

    tax and 15.4% p.a. after tax.

  * For the year 2003 as a whole, the Group expects core earnings to

    remain largely at the level recorded in 2002.

  * In the course of the second half of the year, Danske Bank will

    repurchase own shares for a market value of up to DKr3bn.
 

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

an earnings perspective, it was a generally satisfactory first half

year, with a significant contribution from trading activity. Mortgage

finance also lifted earnings owing to considerable refinancing

activity, just as insurance premiums showed good growth. Interest

income from banking activities reflected the fall in interest rates,

but earnings from investment portfolios hedged part of this decline."
 

Contacts:
 

Thursday, August 21, from 2.00pm:

Peter Straarup,

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

Jesper Ovesen,

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

Material from the results presentation at the press conference will

be available on Danske Bank's Web site from about 2.30pm.
 
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