Danske Bank (DK) - Net profit of DKr9,286m for 2003

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Net profit of DKr9,286m for 2003

Danske Bank has today announced its results for 2003. 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 DKr9,286m, against a net profit of DKr8,242m for 2002. This is the best financial result in the Group's history.
• Earnings per share rose 16%.
• Core earnings amounted to DKr10,467m, against DKr10,156m in 2002. The increase was primarily a result of favourable developments in the activities of Danske Markets and the Group's banking activities in Sweden and of reduced expenses.
• Core income remained largely at the level recorded in 2002.
• Expenses fell by 4% to DKr14,820m. The cost/core income ratio improved to 55.0% from 57.2% in 2002.
• The charge for bad and doubtful debts rose by DKr242m to DKr1,662m but remained at a low level.
• Earnings from investment portfolios totalled DKr2,569m, against DKr1,008m in 2002.
• The Board of Directors is proposing a dividend of DKr6.55 per Danske Bank share, up 38% from DKr4.75 in 2002.
• During the first six months of 2004, Danske Bank will repurchase own shares of a total market value of DKr3bn. During 2004, the Board of Directors will consider whether to repurchase additional shares.
• Core earnings for 2004 are expected to be slightly higher than for 2003.

Commenting on the results, Danske Bank's chief executive, Peter Straarup, said, "Danske Bank Group enhanced its competitiveness in 2003, and the prospects of economic improvement in our home markets in northern Europe support expectations that 2004 will be another good year for the Group."

Contacts:
Thursday, February 5, from 2pm

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

Tonny Thierry Andersen, Chief Financial Officer,
tel. +45 33 44 11 47