Danske Bank factbook, 2007 Q3

7/31/2019 Danske Bank factbook, 2007 Q3

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Danske Bank Fact Book Q3 2007

Table of contents

1.1. Financial goals 4

1.2. Share Data 4

1.3. Ratings 5

1.4. Changes in accounting principles

and presentation 6

2. Financial statistics

2.1. Income statement - Danske Bank Group 8

2.1.1. Breakdown of income 9

2.1.2. Breakdown of expenses 13

2.2. Balance sheet 15

2.2.1. Breakdown of balance sheet 16

2.3. Key ratios 20

3. Business segments and key statistics

3.1. Banking Activities 23

3.1.1. Banking Activities, Denmark 24

3.1.2. Banking Activities, Finland 25

3.1.3. Banking Activities, Sweden 26

3.1.4. Banking Activities, Norway 27

3.1.5. Banking Activities, Northern Ireland 28

3.1.6. Banking Activities, The Rep. of Ireland 29

3.1.7. Banking Activities, Baltics 30

3.1.8. Other Banking Activities 32

3.2. Mortgage Finance 33

3.3. Danske Markets 35

3.4. Danske Capital 36

3.5. Danica Pension 38

3.6. Other areas 39

4. Macroeconomics

4.1.Tables and charts 41


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Fact Book Q3 2007

This publication is meant as a supplement to the information published in the quarterly interim reports and the annual report. Additional information can be found on

www.danskebank.com and www.danskebank.dk.

For further information, please contact:

Tonny Thierry Andersen, Chief Financial Officer Direct: +45 45 14 07 07

Mobile: +45 22 65 65 97

[email protected]

Martin Gottlob, Head of Investor Relations Direct: +45 45 14 07 92

Mobile: +45 25 27 25 41

[email protected]

Lars Holm, Senior IR Officer Direct: +45 45 14 06 04Mobile: +45 25 10 47 17

[email protected]

Heidi Srensen, IR assistant Direct: +45 45 14 06 80

Fax: +45 45 14 97 87

[email protected]

DisclaimerThis publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offers to purchase or sell any securities, currency or financial

instrument. Whilst reasonable care has been taken to ensure that the contents of this publication are not untrue or misleading, no representation is made as to its accuracy or completeness

and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff may perform business services, hold, establish, change or cease to hold positions in any

securities, currency or financial instrument mentioned in this publication. The Danske Bank Groups research analysts are not permitted to invest in securities under coverage in their

research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank is regulated by the FSA for the conduct of investment business in the

UK and is a member of the London Stock Exchange. Copyright 2007 Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or

in part without permission.

Date Event & location

Financial calendar

January 31, 2008 Annual report

Quarterly report

first quarter

Interim report

Quarterly report

first nine months

April 29, 2008

August 7, 2008

October 28, 2008


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1.1. Financial goals

The Group bases its capital management on a set of overall capital targets. Below are the targets for the third quarter of 2007 as well as the realised ratios.

Dividends and share buybacksIf the bank have surplus capital above our target, which is not needed for future growth, the bank's policy is to return this surplus to the shareholders through share

buybacks. The total amount of dividends and share buybacks since 2000 can be seen in the table below.

1.2. Share dataThe Danske Bank Group is the largest financial services organisation in Denmark. The average daily trading volume of Danske Bank shares in the third quarter of 2007

was DKr 714m. With a total trading volume of Dkr133.6bn, the Danske Bank share was the most actively traded share on the Copenhagen Stock Exchange in the first

nine months of 2007.

At the end of September 2007, there were 698,804,276 shares at a nominal value of DKr10 per share. Danske Bank shares are negotiable, and no special rights are

attached to them. No shareholder is obligated to redeem shares in full or in part. The shares are issued to the bearer, but they can be registered by name in the Banks

register of shareholders.

* In November 2006, shareholders equity was raised by DKr14.5bn in connection with the acquisit ion of Sampo Bank. The dividend of 40% has been calculated based on the increased share

capital at the end of 2006.

Total distribution

(DKr m) 2006 2005 2004 2003 2002 2001 2000

Dividends 5,416 6,383 5,277 4,661 3,477 3,477 3,382

Share buybacks - - 5,000 5,000 3,000 - 4,999

Total 5,416 6,383 10,277 9,661 6,477 3,477 8,381

Net profit for the year 13,545 12,822 9,317 9,286 8,242 8,713 6,304

Total as % of the net profit for the year 40% 50% 110% 104% 79% 40% 133%

Financial goals Target Real ised Q3 2007

(%) (%)

Core (tier 1) capital ratio (excl. hybrid core capital) 5.5-6.0 5.7

Hybrid core capital 1.0-1.5 0.9

Solvency ratio 9.0-10.0 9.3

Expected payout ratio 30-50 40

No. of shares Year

2007

Issued shares at January 1 698,804,276

Buyback programme, preceding year -

Issued shares, preceding year -

Issued shares at September 30 698,804,276

The Group's trading portfolio of own shares 8,865,637

The Group's investments in own shares on customers' behalf 6,563,972

Shares outstanding at September 30 683,374,667

Average number of shares outstanding, Q1-Q3 684,133,865


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1.3. Ratings

Danske Bank rating overview

The agencies each use their own rating scales, on which the highest possible ratings are AAA and Aaa (see the table below). Ratings in the A categories areconsidered "investment grade", indicating only a marginal risk that the issuer will go default.

The Danske Bank Group is currently rated by the three large international credit rating agencies: Moody's, Standard & Poor's and Fitch Ratings.

P-1 Aaa A-1+ AAA F1+ AAA

P-2 Aa1 A-1 AA+ F1 AA+P-3 Aa2 A-2 AA F2 AAAa3 A-3 AA- F3 AA-A1 A+ A+A2 A AA3 A- A-Baa1 BBB+ BBB+Baa2 BBB BBBBaa3 BBB- BBB-

Long term Short term Long termStandard & Poors Fitch

Short term Long term Short termMoodys S&Ps Insurer Financial Strength

Long term

AAA

AA+AAAA-A+AA-BBB+BBBBBB-

P-1 Aaa A-1+ AAA F1+ AAA

P-2 Aa1 A-1 AA+ F1 AA+P-3 Aa2 A-2 AA F2 AAAa3 A-3 AA- F3 AA-A1 A+ A+A2 A AA3 A- A-Baa1 BBB+ BBB+Baa2 BBB BBBBaa3 BBB- BBB-

Long term Short term Long termStandard & Poors Fitch

Short term Long term Short termMoodys S&Ps Insurer Financial Strength

Long term

AAA

AA+AAAA-A+AA-BBB+BBBBBB-


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1.4. Changes in accounting principles and presentation

Changes in accounting principles

The Group has not changed its accounting principles from those presented in the Fact Book Q2 2007.

Changes in presentation

In November 2006, the Danske Bank Group entered into an agreement to buy all shares of the Finnish Sampo Bank. The acquisition was approved on January 30, 2007,

and effected on February 1, 2007, from which date the Sampo Bank group was consolidated in the accounts of Danske Bank. Due to the acquisition of Sampo Bank,

beginning the first quarter of 2007, the Groups reporting was expanded with two segments Banking Activities Finland and Banking Activities Baltics.

Comparative figures in the financial reporting on the activities of Finland, the Baltic countries, Danske Markets, Danske Capital and Other Areas have been restated on a

pro forma basis to include the financial results of the Sampo Bank group as of February 1, 2006. Consequently, the results of these areas in the first quarter of 2007 are

compared with pro forma figures for 2006. The pro forma financial highlights were calculated before the time of acquisition in accordance with the accounting policies of

the Sampo Bank group (IFRS).

The breakdown of expenses under 2.1 Income statement does not match the expenses allocated to the business areas, as integration expenses incurred by the business

areas are stated separately. Comparative figures have been restated.


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Financial statistics


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Q3 2006

Denmark; 54.6%

Sweden; 8.2%

Norway; 7.1%

Finland; 14.1%

Baltics; 1.3%

Northern Ireland;

7.5%

Ireland; 4.2%

Others; 2.9%

2.1.1. Breakdown of income

Money market ratesCountry distribution of net interest income

The pro forma figures include the Sampo Bank group as of February 2006.

Q3 2007

Denmark; 51.9%

Sweden; 8.4%

Finland; 13.2%

Norway; 7.9%

Northern Ireland;

7.8%

Others; 3.2%Baltics ; 2.5%

Ireland; 5.1%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

jan-02

apr-02

jul-02

okt-02

jan-03

apr-03

jul-03

okt-03

jan-04

apr-04

jul-04

okt-04

jan-05

apr-05

jul-05

okt-05

jan-06

apr-06

jul-06

okt-06

jan-07

apr-07

jul-07

okt-07

CIBOR 3 month STIBOR 3 month NIBOR 3 month

Danish discount rate LIBOR 3 month EURIBOR 3 month


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Interest income margins, Banking Activities Denmark, Sweden, Norway, Northern Ireland and Ireland

Net interest income in Banking Activities, Denmark (YOY)

Historical net interest income in Banking Activities, Denmark

(DKr m) Q306 Change Q307

Net interest income 2,555

Loan volume 201Loan margins -148

Deposit volume 78

Deposit margins -51

Other 63

Net interest income 2,698

0.50

0.70

0.90

1.10

1.30

1.50

1.70

1.90

2.10

2.30

2.50

Q306 Q406 Q107 Q207 Q307

Lending spread (1) (from Tom/next interest rate) (%) DenmarkLending spread (1) (from Tom/next interest rate) (%) SwedenLending spread (1) (from Tom/next interest rate) (%) NorwayLending spread (1) (from Tom/next interest rate) (%) Northern IrelandLending spread (1) (from Tom/next interest rate) (%) Ireland

0.50

0.70

0.90

1.10

1.30

1.50

1.70

1.90

2.10

2.30

2.50

Q306 Q406 Q107 Q207 Q307

Deposit spread (2) (from Tom/next interest rate) (%) Denmark

Deposit spread (2) (from Tom/next interest rate) (%) SwedenDeposit spread (2) (from Tom/next interest rate) (%) Norway

Deposit spread (2) (from Tom/next interest rate) (%) Northern IrelandDeposit spread (2) (from Tom/next interest rate) (%) Ireland


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Net interest income

Exchange rates (Cross currency: Danish krone (DKK)), end of period


Exchange rate

(end of period) Q307 Q207 Q107 Q406 Q306 Q206 Q106

Euro (EUR) 745.44 744.22 745.08 745.60 745.76 745.92 746.24

US Dollars (USD) 525.74 551.07 559.45 566.14 589.07 586.74 616.52

English pound (GBP) 1,069.80 1,104.18 1,096.03 1,110.35 1,100.43 1,077.76 1,071.57

Swedish kroner (SEK) 80.90 80.43 79.72 82.47 80.36 80.74 79.12

Norwegian kroner (NOK) 96.58 93.35 91.77 90.51 90.56 93.99 93.66

Polish zloty (PLN) 197.57 197.53 192.69 194.62 187.79 183.97 189.28

Estonian kroner (EEK) 47.64 47.56 47.62 47.65 47.66 47.67 47.69

Latvian lats (LVL) 1,059.16 1,068.82 1,049.85 1,069.42 1,071.49 1,071.57 1,072.03

Lithuanian litas (LTL) 215.89 215.54 215.79 215.94 215.99 216.03 216.13

0

1,300

2,600

3,900

5,200

6,500

Q306 Q406 Q107 Q207 Q307

Dkr m


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2.1.2. Breakdown of expenses

Operating expenses Year to date Full year

DKr m Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Operating expenses 5,966 6,663 5,867 6,107 5,402 5,693 5,438 18,496 22,640

Amortisation, intangibles

Banking activities, Finland 179 135 128 - - - - 442 -

Banking activities, Northern Ireland 104 115 113 118 118 112 111 332 459

Banking activities, Ireland 25 26 25 26 25 25 26 76 102

Danske Markets 3 - - - - - - 3 -

Danske Capital 11 9 6 - - - - 26 -

Amortisation, intangibles, total 322 285 272 144 143 137 137 879 561

Integration expenses

Banking activities, Denmark 80 55 13 - - - - 148 -

Banking activities, Finland 112 84 12 - - - - 208 -Banking activities, Northern Ireland 26 191 30 72 49 194 130 247 445

Banking activities, Ireland 43 50 30 8 4 68 79 123 159

Banking activities, Baltics - - - - - - - - -

Other areas - -54 54 - - - - - -

Integration expenses, total 261 326 139 80 53 262 209 726 604

Total expenses, excl. Amortisation of intangible assets and integration expenses 5,383 6,052 5,456 5,883 5,206 5,294 5,092 16,891 21,475



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Total IT expenses

Note: Total IT expenses include costs related to software, hardware, internal IT staff, external IT consultants, rent on premises, depreciation, phone and MIPS etc.

Sampo Bank was consolidated in the accounts with effect from the first quarter of 2007. Comparative figures have not been restated.

Full-time employees broken down by business area

End of period End of year

FTE - end of period Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark 5,968 5,934 6,025 6,168 6,285 6,273 6,258 5,968 6,168

Banking Activities, Finland 2,096 2,119 2,124 2,083 2,012 1,981 1,993 2,096 2,083

Banking Activities, Sweden 918 920 921 1,135 1,122 1,114 1,142 918 1,135

Banking Activities, Norway 1,069 1,069 1,071 1,323 1,293 1,152 1,148 1,069 1,323

Banking Activities, Northern Ireland 1,279 1,313 1,378 1,862 1,845 1,866 1,905 1,279 1,862

Banking Activities, The Republic of Ireland 627 653 666 698 724 717 717 627 698

Banking Activities, Baltics 1,296 1,212 1,158 1,046 1,008 978 943 1,296 1,046

Banking Activities, Others 420 403 392 392 405 391 377 420 392

Banking Activities total 13,673 13,623 13,735 14,707 14,694 14,472 14,483 13,673 14,707

Mortgage Finance 717 720 736 740 755 752 772 717 740

Danske Markets 881 886 861 875 868 844 856 881 875

Danske Capital 564 561 541 464 460 444 418 564 464

Danica Pension 954 936 909 898 907 875 844 954 898

Shared services center* 4,939 4,855 4,879 3,827 3,824 3,771 3,795 4,939 3,827

Others 1,942 1,954 1,989 2,035 2,080 2,153 2,121 1,942 2,035

Group total 23,670 23,535 23,650 23,546 23,588 23,311 23,289 23,670 23,546

* The large increase in full time employees from Q406 to Q107 is due to the transfer of employees from Sweden, Norway, Northern Ireland and the Republic of Ireland to the Shared Services Center.


Year to date Full year

IT expenses (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Total IT expenses (development and operations) 1,035 1,156 963 782 668 703 849 3,154 3,002

Hereof IT integration expenses (development and operations) 111 102 20 - - - - 233 -

Total IT expenses/operating expenses, % 17.3 17.3 16.4 12.8 14.4 14.4 17.4 17.1 13.3

Total IT expenses/profit before tax, % 20.6 24.2 18.2 14.3 13.1 17.1 19.4 20.9 14.4

Total IT integration expenses/operating expenses, % 1.9 1.5 0.3 - - - - 1.3 -

Total IT integration expenses/profit before tax, % 2.2 2.1 0.4 - - - - 1.5 -


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Lending portfolio broken down by segment

2.2.1. Breakdown of balance sheet

Lending portfolio breakdown, end of period End of period End of year

Volume (DKr bn) Segment Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark Retail 143.2 139.1 135.0 130.6 124.3 118.5 113.7 143.2 130.6

Hereof bank loans secured on real property 62.9 61.5 59.8 57.8 54.3 50.9 47.1 62.9 57.8

Corporate 197.6 198.7 187.1 183.3 172.4 172.2 160.1 197.6 183.3

Banking Activities, Finland Retail 83.4 81.2 78.1 77.4 75.2 72.5 69.1 83.4 77.4

Corporate 76.3 73.4 71.0 69.4 69.2 69.5 68.3 76.3 69.4

Banking Activities, Sweden Retail 55.6 54.0 51.5 52.2 48.4 46.9 43.0 55.6 52.2

Corporate 99.0 92.8 86.7 86.3 85.1 81.3 73.7 99.0 86.3

Banking Activities, Norway Retail 55.8 52.2 49.3 46.8 46.6 46.6 44.6 55.8 46.8

Corporate 75.2 66.0 60.5 58.5 54.0 50.1 45.7 75.2 58.5

Banking Activities, Northern Ireland* Retail 18.2 18.3 17.5 17.5 17.3 16.7 18.6 18.2 17.5Corporate 42.7 42.4 38.6 40.9 40.1 36.1 23.1 42.7 40.9

Banking Activities, The Republic of Ireland* Retail 26.5 26.1 22.8 20.6 19.6 19.3 14.4 26.5 20.6

Corporate 40.2 37.4 33.7 30.6 27.1 22.7 22.1 40.2 30.6

Banking Activities, Baltics Retail 12.0 11.1 9.0 8.1 7.3 6.4 5.6 12.0 8.1

Corporate 12.9 11.5 11.5 10.4 9.1 8.0 7.0 12.9 10.4

Danske Markets Retail - - - - - - - - -

Corporate 62.4 39.6 34.4 38.7 38.0 39.4 35.7 62.4 38.7

Other business segments Retail 10.2 7.8 8.0 9.9 8.8 9.4 7.3 10.2 9.9

Corporate 30.1 39.6 38.1 35.7 34.8 32.7 34.7 30.1 35.7

Bank lending total (ex. repos) Retail 404.9 389.8 371.2 363.1 347.5 336.3 316.3 404.9 363.1Corporate 636.4 601.4 561.6 553.8 529.8 512.0 470.4 636.4 553.8

Repos, total Retail - - - - - - - - -

Corporate 289.2 293.9 294.9 294.6 284.1 273.8 217.3 289.2 294.6

Mortgage finance lending total Retail 372.8 363.6 373.0 371.4 363.6 348.3 346.6 372.8 371.4

Corporate 241.2 236.7 234.7 231.2 229.2 224.9 220.4 241.2 231.2

Lending total Retail 777.7 753.4 744.2 734.5 711.1 684.6 662.9 777.7 734.5

Corporate 1,166.8 1,132.0 1,091.2 1,079.6 1,043.1 1,010.7 908.1 1,166.8 1,079.6

Total lending 1,944.5 1,885.4 1,835.4 1,814.1 1,754.2 1,695.3 1,571.0 1,944.5 1,814.1


* After the conversion at Easter 2006, a new method of grouping customers into retail customers and corporate customers has been introduced in Northern Bank and National Irish Bank. The improved method affects the figures for retail and corporate customers

from the first half of 2006. In addition, the method has resulted in the transfer of deposits with National Irish Bank of DKr5bn to Danske Markets.


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Deposit portfolio broken down by segment

Deposit portfolio breakdown, end of period End of period End of yearVolume (DKr bn) Segment Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark Retail 158.1 159.1 151.7 146.7 144.1 145.9 138.4 158.1 146.7

Corporate 141.9 143.9 136.1 128.4 121.2 121.4 120.4 141.9 128.4

Banking Activities, Finland Retail 42.2 41.4 40.6 41.9 40.9 40.3 38.4 42.2 41.9

Corporate 51.5 47.6 44.0 47.4 45.9 47.1 42.5 51.5 47.4

Banking Activities, Sweden Retail 17.8 16.6 13.8 13.7 13.8 13.0 11.5 17.8 13.7

Corporate 35.2 34.6 33.5 36.3 32.2 31.6 27.9 35.2 36.3

Banking Activities, Norway Retail 15.6 15.4 13.9 12.7 12.9 13.7 12.5 15.6 12.7

Corporate 42.1 42.1 34.6 34.0 27.5 30.8 27.8 42.1 34.0

Banking Activities, Northern Ireland* Retail 29.5 29.6 27.8 27.7 25.7 24.2 24.1 29.5 27.7

Corporate 30.4 31.0 29.1 33.3 33.7 30.2 17.6 30.4 33.3Banking Activities, The Republic of Ireland* Retail 14.3 13.5 13.0 12.9 12.2 10.8 11.6 14.3 12.9

Corporate 9.0 9.0 7.9 8.5 7.5 6.3 9.8 9.0 8.5

Banking Activities, Baltics Retail 2.7 2.7 2.5 2.4 2.2 2.2 1.9 2.7 2.4

Corporate 7.8 6.5 6.5 6.3 5.6 5.2 4.5 7.8 6.3

Danske Markets Retail 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7

Corporate 141.1 108.9 112.3 130.5 118.8 124.9 97.9 141.1 130.5

Other business segments Retail 5.7 6.0 5.1 4.6 4.1 4.3 4.3 5.7 4.6

Corporate 51.2 53.8 6.9 5.2 5.1 6.3 6.2 51.2 5.2

Bank deposits total (ex. repos) Retail 286.6 285.0 269.1 263.3 256.6 255.1 243.3 286.6 263.3

Corporate 510.2 477.4 410.9 429.9 397.5 403.8 354.6 510.2 429.9

Repos, total Retail - - - - - - - - -

Corporate 114.7 125.1 102.3 104.0 115.1 121.8 104.9 114.7 104.0

Deposits total Retail 286.6 285.0 269.1 263.3 256.6 255.1 243.3 286.6 263.3

Corporate 624.9 602.5 513.2 533.9 512.6 525.6 459.5 624.9 533.9

Total deposits 911.5 887.5 782.3 797.2 769.2 780.7 702.8 911.5 797.2

Pooled schemes 40.3 40.5 40.3 40.0 38.7 37.3 38.6 40.3 40.0


* After the conversion at Easter 2006, a new method of grouping customers into retail customers and corporate customers has been introduced in Northern Bank and National Irish Bank. The improved method affects the figures for retail and corporate customers for

the first half of 2006. In addition, the method has resulted in the transfer of deposits with National Irish Bank of DKr5bn to Danske Markets.


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Bank lending, retail Q307

Others

3%

Finland

21%

Norway

14%

Northern

Ireland

4%

Sweden

14%

Denmark

34%

Baltics

3%Ireland

7%

Bank lending, corporate Q307

Danske

Markets

10%

Others

5%

Finland

12%

Denmark

30%

Northern

Ireland

7%

Sweden

16%

Norway

12%

Baltics

2%

Ireland

6%

Bank deposits, retail Q307

Finland

15%

Ireland

5%

Denmark56%

Baltics

1%

Sweden

6%

Norway

5%

Northern

Ireland

10%

Others

2%

Bank deposits, corporate Q307

Denmark

27%

Finland

10%

Sweden

7%Norway

8%Northern

Ireland6%

Ireland

2%

Baltics

2%

Others

10%

Danske

Markets

28%


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2.3. Key ratios


Key ratiosQ307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Net profit for the period per share, DKr 5.3 5.5 5.6 6.0 5.9 4.7 5.0 16.4 21.5

Diluted net profit for the period per share, DKr 5.3 5.5 5.6 5.9 5.9 4.7 5.0 16.4 21.4

Net profit for the period as % p.a. of average shareholders' equity 14.7 15.8 15.9 17.6 19.7 16.4 16.8 15.5 17.5

Cost/income ratio for the period, % 53.1 57.4 53.4 50.8 48.1 56.2 53.4 54.7 52.0

Solvency ratio, incl. net profit for the period, % 9.3 9.7 10.1 11.4 9.7 9.8 10.2 9.3 11.4

Core (tier 1) capital ratio, excl. hybrid core capital, % 5.7 5.8 5.6 7.6 6.5 6.5 6.4 5.7 7.6

Core (tier 1) capital ratio, % 6.6 6.7 6.6 8.6 7.1 7.1 7.3 6.6 8.6

Risk-weighted items, end of period (DKr bn) 1,260 1,194 1,137 1,119 1,053 1,019 972 1,260 1,119

Share price end of period, DKr 212.3 226.0 259.5 250.0 230.7 221.5 229.0 212.3 250.0

Book value per share end of period, DKr 148.3 142.5 136.7 139.1 123.1 117.5 112.5 148.3 139.1

Full-time-equivalent staff, end of period* 23,670 23,535 23,650 23,546 23,588 23,311 23,289 23,670 23,546

Price/earnings, end of period 40.0 41.1 46.3 41.7 39.1 47.1 45.8 12.9 11.6

Dividend per share, DKr - - - 7.75 - - - - 7.75

Dividend yield, % - - - 5.0 - - - - 5.0

Pay-out ratio, % - - - 40 - - - - 40

Outstanding shares, end of period (m) 683 684 685 684 624 625 625 683 684

Issued shares, end of period (m) 699 699 699 699 638 638 638 699 699

Share price/book value per share end of period 1.4 1.6 1.9 1.8 1.9 1.9 2.0 1.4 1.8

Market capital, end of period, DKr m 144,967 154,584 177,758 171,027 143,976 138,438 143,100 144,967 171,027

For 2006, the key ratios are calculated in accordance with the Group's organisation- and capital structure prior to the acquisition of the Sampo Bank group.

* The pro forma figures include the Sampo Bank group as of February 2006.


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Return on equity (after tax) p.a., %

15.213.9

18.417.5

15.5

0.0

4.0

8.0

12.0

16.0

20.0

2003 2004 2005 2006 Q1-Q3 2007

As of 2004 the figures are presented in accordance with IFRS. *The pro forma figures include the Sampo Bank group as of February 2006.

Cost/income ratio, %

50.452.7 52.4 52.0 54.7

0.0

13.0

26.0

39.0

52.0

65.0

2003 2004 2005 2006 Q1-Q3 2007

Earnings per share, DKr

13.314.4

20.221.5

16.4

0.0

6.0

12.0

18.0

24.0

30.0

2003 2004 2005 2006 Q1-Q3 2007

Total assets, Dkr bn

1,8262,052

2,432

2,9383,195

0

750

1,500

2,250

3,000

3,750

2003 2004 2005 2006 Q1-Q3 2007*


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22


Business segments and key statistics


23/48

23


3.1. Financial performance, Banking Activities

Banking Activities encompasses all banking activities in Danske Bank Group both national and international.


Banking Activities (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 5,637 5,411 4,943 5,418 5,127 4,874 4,324 15,991 19,743

Hereof amortisation of loans and deposits* 46 46 31 - - - - 123 -

Net fee income 1,934 1,984 1,928 1,980 1,812 1,980 2,003 5,846 7,775

Net trading income 358 303 291 290 315 307 289 952 1,201

Other income 508 578 574 626 497 494 466 1,660 2,083

Total income 8,437 8,276 7,736 8,314 7,751 7,655 7,082 24,449 30,802

Amortisation of intangible assets 308 276 266 144 143 137 137 850 561

Integration expenses 261 380 85 80 53 262 209 726 604

Staff cost ex bonuses 1,663 1,768 1,671 1,567 1,461 1,614 1,537 5,102 6,179Bonuses 85 89 43 48 61 51 46 217 206

Other costs 2,469 2,842 2,515 2,188 1,991 1,993 1,987 7,826 8,159

Operating expenses BA Finland and BA Baltic - - - 886 678 744 500 - 2,808

Operating expenses 4,786 5,355 4,580 4,913 4,387 4,801 4,416 14,721 18,517

Profit before credit loss expenses 3,651 2,921 3,156 3,401 3,364 2,854 2,666 9,728 12,285

Credit loss expenses 238 175 -168 117 119 -273 -109 245 -146

Profit before tax 3,413 2,746 3,324 3,284 3,245 3,127 2,775 9,483 12,431

Loans and advances, end of period 972,636 937,924 885,225 865,334 827,379 797,823 738,903 972,636 865,334

Deposits, end of period 602,479 597,121 558,517 555,788 528,367 525,842 491,931 602,479 555,788

Risk-weighted items (avg.) 853,138 820,194 800,924 761,376 741,072 709,142 674,628 824,943 721,845Allocated capital (avg.) 46,923 45,111 44,051 49,489 48,170 46,094 43,851 45,372 46,920

Profit before credit loss expenses as % p.a. of allocated capital 31.1 25.9 28.7 27.5 27.9 24.8 24.3 28.6 26.2

Pre-tax profit as % p.a. of allocated capital (ROE) 29.1 24.3 30.2 26.5 26.9 27.1 25.3 27.9 26.5

Cost/income ratio 56.7 64.7 59.2 59.1 56.6 62.7 62.4 60.2 60.1

Cost/income ratio, excluding total integration expenses, % 50.0 56.8 54.7 56.4 54.1 57.5 57.5 53.8 56.3

No. of full-time employees (end of period) 13,673 13,623 13,735 14,707 14,694 14,472 14,483 13,673 14,707* The fair value of loans, advances and deposits in the opening balance sheet has been increased by DKr439m compared with the carrying amount of these items recognised before the acquisition. The effect of the value adjustment on interest

income generated by Banking Activities Finland is a decrease of DKr171m in 2007 and DKr67m in each of the following four years.

The pro forma ratios and key figures include the Sampo Bank group as of February 2006.


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30


3.1.7. Financial performance, Baltics

Banking Activities Baltics encompasses the Groups banking activities in Estonia, Latvia and Lithuania, which serve all types of retail and corporate customers.Banking Activities Baltics has 41 branches and around 1,300 employees.


Banking Activities, Baltics (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 158 145 88 104 77 91 52 391 324

Net fee income 37 32 20 26 24 19 15 89 84

Net trading income 22 13 9 40 45 22 10 44 117

Other income 2 6 3 4 4 4 2 11 14

Total income 219 196 120 174 150 136 79 535 539

Integration expenses - - - - - - - - -

Staff cost ex bonuses 47 46 33 - - - - 126 -

Bonuses 6 6 3 - - - - 15 -

Other costs 50 59 36 - - - - 145 -

Operating expenses 103 111 72 110 80 86 53 286 329

Profit before credit loss expenses 116 85 48 64 70 50 26 249 210

Credit loss expenses 12 17 16 7 4 - 3 45 14

Profit before tax 104 68 32 57 66 50 23 204 196



Risk-weighted items (avg.) 22,831 21,808 20,076 17,668 15,625 13,732 11,546 21,582 14,662

Allocated capital (avg.) 1,256 1,199 1,104 1,148 1,016 893 750 1,187 953




Expenses, excl. integration expenses as % of income 47.0 56.6 60.0 63.2 53.3 63.2 67.1 53.5 61.0The pro forma ratios and key figures include the Sampo Bank group as of February 2006.


Profit before tax (Dkr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Estonia (EEK) 71 53 26 44 46 35 18 150 143

Latvia (LVT) 3 2 -2 - 2 - - 3 2

Lithuania (LTL) 30 13 8 13 18 15 5 51 51

Total Banking Activities Baltics 104 68 32 57 66 50 23 204 196The pro forma ratios and key figures include the Sampo Bank group as of February 2006.



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31

3.1.7. Financial performance, Baltics, continued


Banking Activities, Baltics (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

ESTONIA

Market share (lending) (%) (end of period)* 11.7 11.0 11.1 10.6 10.4 9.5 8.9 11.7 10.6

Market share (deposits) (%) (end of period)* 11.7 10.3 10.8 10.3 10.3 10.0 9.4 11.7 10.3

No. of branches (end of period) 21 21 20 19 19 18 16 21 19

No. of customers (000s) (end of period) 160 156 149 145 141 136 129 160 145

No. of netbank customers (000s) (end of period)** 145 141 134 128 122 117 109 145 128

No. of full-time employees (end of period) 644 623 599 578 569 562 551 644 578

LATVIA





No. of netbank customers (000s) (end of period)** 1 1 - - - - - 1 -


LITHUANIA





No. of netbank customers (000s) (end of period)** 58 53 49 44 38 32 28 58 44

No. of full-time employees (end of period) 550 507 484 407 389 374 359 550 407* Market shares Q2 2007 are calculated as of end of August 2007.

** Consists only of active Internet customers.




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32

3.1.8. Financial performance, Other Banking Activities

Other Banking Activities comprises the activities of Nordania Leasing and the Groups banking activities in Germany and Poland.


Other Banking Activities (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006


Net fee income 24 24 29 19 24 23 20 77 86


Other income 341 398 422 402 329 339 360 1,161 1,430

Total income 529 578 595 574 485 483 520 1,702 2,062

Staff cost ex bonuses 57 57 50 58 56 55 55 164 224

Bonuses 4 4 3 5 2 2 4 11 13

Other costs 278 332 330 303 278 268 294 940 1,143

Operating expenses 339 393 383 366 336 325 353 1,115 1,380

Profit before credit loss expenses 190 185 212 208 149 158 167 587 682

Credit loss expenses 168 -7 - -25 38 6 -20 161 -1

Profit before tax 22 192 212 233 111 152 187 426 683




Allocated capital (avg.) 2,255 2,263 2,258 2,560 2,528 2,487 2,393 2,258 2,493


Pre-tax profit as % p.a. of allocated cap. (ROE) 3.9 33.9 37.6 36.4 17.6 24.4 31.3 25.2 27.4

Cost/income ratio, % 64.1 68.0 64.4 63.8 69.3 67.3 67.9 65.5 66.9



Profit before tax (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Nordania 93 113 137 163 50 80 128 343 421

Germany -96 66 61 62 52 62 48 31 224

Poland 25 13 14 8 9 10 11 52 38

Other Banking Activities 22 192 212 233 111 152 187 426 683



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33

3.2. Financial performance, Mortgage Finance

Mortgage Finance encompasses the Danske Bank Groups mortgage finance and real-estate agency business in Denmark. The division markets its financing solutions throughRealkredit Danmark, Danske Bank andhome. Real-estate agency business is carried out through home, which has 199 offices throughout the country.


Mortgage finance (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 998 943 935 967 899 880 875 2,876 3,621

Net fee income -92 -87 -80 -59 -61 -53 -61 -259 -234


Other income 41 46 42 36 44 47 52 129 179

Total income 1,000 947 940 1,049 935 889 908 2,887 3,781

Staff cost ex bonuses 118 121 118 127 97 117 117 357 458

Bonuses 2 2 2 3 - 3 2 6 8

Other costs 164 181 176 171 182 176 181 521 710

Operating expenses 284 304 296 301 279 296 300 884 1,176

Profit before credit loss expenses 716 643 644 748 656 593 608 2,003 2,605

Credit loss expenses 17 8 -14 -19 -23 -53 -10 11 -105

Profit before tax 699 635 658 767 679 646 618 1,992 2,710

Mortgage loans 614,033 600,337 607,725 602,584 592,784 573,105 567,002 614,033 602,584

Loans and advances to customers (end of period) 467 483 470 435 468 379 343 467 435


Allocated capital (avg.) 16,772 16,730 16,523 19,403 18,717 18,337 18,160 16,676 18,658




Lending spread, % 0.45 0.45 0.45 0.46 0.46 0.46 0.46 0.45 0.46

Gross-lending (total market) (DKr bn)* 115 100 88 139 104 117 109 303 469

Loan to value (end of period), % 53 53 53 53 54 57 57 53 53

Market share (gross-lending) (%)* 23 25 26 28 29 33 30 25 30

Market share, loan portfolio (%)* 32 32 33 33 33 33 33 32 33

Euro loans as % of total gross lending 7 7 7 4 4 5 3 7 4

FlexLn (floaters) as % of total stock of loans 40 41 41 42 43 43 45 40 42

FlexLn (floaters) as % of gross lending 31 31 37 38 40 42 32 33 38

FlexGaranti (floaters) as % of total stock of loans 10 10 11 11 11 10 10 10 11

FlexGaranti (floaters) as % of gross lending 9 6 11 9 13 13 24 9 14

RD Cibor6 as % of total stock of loans 4 3 3 3 2 2 2 4 3

RD Cibor6 as % of gross lending 10 6 6 11 4 4 8 7 7

Rating (Covered bond/longterm - S&P/Moody's) AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa

No. of full-time employees (end of period) 717 720 736 740 755 752 772 717 740* Source: Realkreditrdet (Danish mortgage finance council). www.realkreditraadet.dk.



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34

Mortgage loans and guarantees

Distribution of Mortgage loans portfolio


Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Private market 394 388 381 378 368 361 352 394 378

Urban trade 75 73 72 72 72 71 69 75 72

Agriculture 42 41 40 38 37 36 34 42 38

Residential rental property 124 123 123 121 121 118 117 124 121

Total loans and guarantees 635 625 616 609 598 586 572 635 609IAS/ IFRS correction -21 -25 -8 -6 -5 -13 -5 -21 -6

Mortgage finance book: Loans by property category (DKr bn)

0

20

40

60

80

100

Shareof total loan portfolio

Shareofportfolioin%

> 80%

60 - 80%

40 - 60%

20 - 40%

0 - 20%

Private market

62 %Urban

trade

12 %

Agri-

culture

7 %

Residential

rental

property

19%

Loan to value:

Distribution of mortgage loan portfolio by loan-to-value ratios at September 30, 2007 Distribution of loan portfolio by outstandingbond debt as at September 30, 2007

0

20

40

60

80

100

Shareof total loan portfolio

Shareofportfolioin%

More than 25DKr m

10 -25 DKr m

2 - 10 DKrm

1 -2 DKr m

Less than 1DKr m

Private market62%

Urban

trade

12%

Agri-

culture

7%

Residentialrental

property19%

Outstanding debtper property:


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36

3.4. Financial performance, Danske Capital

Danske Capital develops and sells advisory services and asset management products and services, which are offered through the Groups banking operations and directly to businesses, institutional clients andexternal distributors. Through Danske Bank International in Luxembourg, Danske Capital provides advisory services and asset management services to clients outside the Groups home markets. Danske Capitalmanages the funds of retail customers and institutional investors and the funds of Danica Pension, Danske Fund, Puljeinvest (pooled investment) and Flexinvest. The division also provides advisory services to Danske

Invest and BG Invest. Danske Capital has more than 550 employees, who work at offices in Denmark, Sweden, Norway, Finland, the Baltic countries and Luxembourg.


Danske Capital (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006


Net fee income 421 438 393 495 344 372 338 1,252 1,549

Hereof performance fee 5 2 4 87 1 4 3 11 95 Net trading income 10 12 21 21 13 19 28 43 81

Other income -1 -1 -1 2 -2 -1 -2 -3 -3

Total income 487 499 458 566 403 427 404 1,444 1,800

Amortisation of intangible assets 11 9 6 - - - - 26 -

Staff cost ex bonuses 109 118 96 112 91 84 84 323 371Bonuses* 46 25 21 33 15 16 19 92 83

Other costs 71 66 81 85 70 71 79 218 305

Operating expenses 237 218 204 230 176 171 182 659 759

Profit before credit loss expenses 250 281 254 336 227 256 222 785 1,041

Credit loss expenses - -1 - -30 -149 2 -1 -1 -178

Profit before tax 250 282 254 366 376 254 223 786 1,219




Allocated capital (avg.) 741 700 687 730 699 634 530 710 649


Profit before tax as % p.a. of allocated capital (ROE) 134.9 161.1 147.9 200.6 215.2 160.2 168.4 147.7 187.9

Cost/income ratio 48.7 43.7 44.5 40.6 43.7 40.0 45.0 45.6 42.2Operating expenses, excl. amortisation of intangible assets, as % of income 46.4 41.9 43.2 40.6 43.7 40.0 45.0 43.8 42.2

*The Sampo Bank Group is not included in the 2006 figures.




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37

3.4. Financial performance, Danske Capital, continued


Danske Capital (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

ASSET MANAGEMENT

Net inflow of AuM (DKr bn)* -1 2 -1 -2 6 1 2 - 7

Total AuM (DKr bn) (end of period) 639 640 639 634 613 591 610 639 634

Nordic retail market share, mutual f. (MV end of period) % 9 10 10 - - - - 9 -

DK retail market share, mutual f. (MV end of period) (%)* 33 33 33 33 33 34 34 33 33

DK retail market share, mutual f. (net inflow YTD) (%)* 25 20 23 7 9 13 15 25 7

DK inst. market share, mutual f. (MV end of period) (%)* 6 5 5 5 5 5 4 6 5

ASSET BREAKDOWN (end of period)Bonds (%)* 66 65 66 64 66 67 68 66 64

Stocks (%)* 32 33 30 32 30 29 29 32 32

Cash (%)* 2 2 4 4 4 4 3 2 4

CUSTOMER BREAKDOWN (end of period) (Aum)

Life insurance and pension pools (DKr bn)* 294 296 299 242 230 223 227 294 242

Danske Invest/BG Invest, incl. Danske Fund (DKr bn)* 203 205 202 142 138 134 141 203 142

Institutional customers (DKr bn)* 128 128 127 96 95 90 95 128 96

Private equity (DKr bn)* 11 11 11 11 13 12 10 11 11

Income as % of AuM (p.a.) 0.3 0.3 0.3 0.4 0.2 0.3 0.3 0.3 0.3Cost as % of AuM (p.a.) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Profit before tax as % of AuM (p.a.) 0.2 0.2 0.2 0.2 0.1 0.2 0.1 0.2 0.2

AuM per employee (end of period) (DKr m) 1,133 1,141 1,181 1,366 1,333 1,331 1,459 1,133 1,366


AuM - Assets under Management.

*The Sampo Bank Group is not included in the 2006 figures.



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39

3.6. Financial performance, Other areas

Other areas encompasses unallocated cost of capital, expenses for support functions and the Groups real property activities. Moreover, the area covers the elimination of returns on own shares.

Year to date Full yearOther areas (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income -461 -351 -199 -229 -299 -198 -201 -1,011 -927

Net fee income -97 -121 -59 -65 -38 -69 -41 -277 -213

Net trading income 93 234 -121 -146 -26 48 -125 206 -249

Other income 38 56 258 223 194 240 36 352 693

Total income -427 -182 -121 -217 -169 21 -331 -730 -696

Integration expenses - -54 54 - - - - - -

Staff cost ex bonuses 714 923 763 752 597 420 394 2,400 2,163

Bonuses 33 51 48 36 20 18 26 132 100

Other costs -673 -824 -752 -636 -581 -580 -473 -2,249 -2,270

Operating expenses 74 96 113 152 36 -142 -53 283 -7

Profit before credit loss expenses -501 -278 -234 -369 -205 163 -278 -1,013 -689

Credit loss expenses - 1 -1 -2 1 - - - -1

Profit before tax -501 -279 -233 -367 -206 163 -278 -1,013 -688The pro forma ratios and key figures include the Sampo Bank group as of February 2006.


Profit before tax (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006

Cost of capital -513 -426 -209 -246 -274 -202 -238 -1,148 -960

Own shares 89 224 -121 -134 -54 44 -96 192 -240

Real property 43 68 67 135 193 215 45 178 588

Others -120 -145 30 -122 -71 106 11 -235 -76

Total Other areas -501 -279 -233 -367 -206 163 -278 -1,013 -688




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40

Macroeconomics


4 1 T bl d h


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41

Denmark (%)

2008E 2007E 2006 2005 2004 2003 2002 2001GDP Growth 1.7 1.9 3.5 3.1 2.1 0.4 0.5 0.7

Export 4.3 3.1 10.1 7.3 2.2 -1.0 4.1 3.1

Private Consumption 1.7 2.1 3.1 4.2 4.7 1.0 1.5 0.1

Public Consumption 2.0 1.7 1.5 1.1 1.6 0.7 2.1 2.2

Inflation 2.1 1.7 1.9 1.8 1.2 2.1 2.4 2.4

Unemployment Rate 3.3 3.5 4.5 5.7 6.4 6.2 5.2 5.2

Short Term Interest Rate (T/N) (avg.) 4.8 4.3 3.0 2.2 2.2 2.4 3.5 4.8

10-Year (avg.) 5.0 4.8 3.8 3.4 4.3 4.3 5.1 5.1

Norway (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth - mainland 3.6 5.3 4.6 4.7 4.3 1.1 1.4 2.1

Export 1.6 2.6 1.6 0.7 0.8 -0.6 3.4 3.6



Inflation 1.5 1.0 2.3 1.5 0.5 2.5 1.3 3.0


Short Term Interest Rate (T/N) (avg.) 6.0 5.4 3.5 1.9 1.8 4.2 6.7 7.010-Year (avg.) 5.5 5.0 4.7 3.6 4.3 5.0 6.4 6.2

Sweden (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 2.6 2.9 4.2 2.9 4.1 1.7 2.0 1.1

Export 4.0 3.4 9.1 6.4 10.8 5.6 0.0 0.4



Inflation 2.3 2.0 1.4 0.5 0.4 1.9 2.2 2.4Unemployment Rate 6.9 6.5 5.4 5.9 5.5 4.9 4.0 3.9


10-Year (avg.) 4.5 4.6 4.4 3.4 4.4 4.6 5.3 5.1

Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.

4.1. Tables and charts



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42

Euroland (%)

2008E 2007E 2006 2005 2004 2003 2002 2001GDP Growth 2.1 2.6 2.8 1.4 1.8 0.5 0.8 1.6

Export 5.5 6.5 8.5 3.7 5.6 0.3 1.8 3.3



Inflation 2.1 2.1 2.1 2.3 2.1 2.1 2.3 2.3



10-Year (avg.) 4.6 4.3 3.8 3.4 3.5 4.1 4.8 4.8

Ireland (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 4.7 6.0 5.7 5.9 4.3 4.3 6.4 5.9

Export 8.0 8.0 4.4 5.2 7.3 0.6 5.2 8.6



Inflation (HICP) 1.8 2.2 3.0 2.2 2.3 4.0 4.7 4.0



UK (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 2.6 2.9 2.8 1.8 3.3 2.8 2.0 2.2

Export 3.9 4.0 11.5 7.9 3.4 1.2 0.2 2.9





10-Year (avg.) 5.4 5.1 4.6 4.2 4.9 4.5 4.9 4.9




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43

Finland (%)

2008E 2007E 2006 2005 2004 2003 2002 2001GDP Growth 3.0 4.4 5.0 2.9 3.7 1.8 1.6 2.6

Export 6.0 6.5 10.4 7.2 8.9 -1.7 2.8 2.6



Inflation 2.9 2.5 1.6 0.6 0.2 0.9 1.6 2.6



10-Year (avg.) 4.6 4.3 3.8 3.4 3.5 4.1 4.8 4.8

Estonia (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 4.5 7.6 11.4 10.5 8.1 7.1 8.0 7.7

Export 5.2 5.0 10.0 21.5 17.1 7.6 1.7 2.0



Inflation 7.6 6.5 4.4 3.6 5.0 1.1 2.7 4.2



Latvia (%)

2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 5.2 9.5 12.0 10.6 8.7 7.2 6.5 8.0

Export 5.1 5.2 5.3 20.7 9.4 5.2 5.4 7.5





10-Year (avg.) 13.0 8.5 4.9 3.6 4.6 5.1 4.5 6.9




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44

Lithuania (%)

2008E 2007E 2006 2005 2004 2003 2002 2001GDP Growth 5.5 8.5 7.6 7.6 7.1 10.5 6.8 6.4

Export 5.1 5.3 15.4 20.1 8.9 7.3 13.1 18.4


Public Consumption 3.0 5.0 7.3 0.2 4.4 4.8 3.6 -0.4

Inflation 8.0 5.0 3.8 3.0 2.9 -1.3 -1.0 2.0



10-Year (avg.) 6.7 4.9 4.3 3.8 4.0 4.8 5.9 6.3




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45


House price index (DK-seasonally adj)

90

120

150

180

210

240

270

300

1995 Q1 1996 Q2 1997 Q3 1998 Q4 2000 Q1 2001 Q2 2002 Q3 2003 Q4 2005 Q1 2006Q2 2007Q3

(1995=100)

Unemployment Rate (DK)

3

4

5

6

7

8

9

10

1996 Q1 1997 Q2 1998 Q3 1999 Q4 2001 Q1 2002 Q2 2003 Q3 2004Q4 2006 Q1 2007 Q2

House-price indices, % change

241

212

189

140

143

139

117

103

102

65

18

10

-32

-50 -25 0 25 50 75 100 125 150 175 200 225 250 275

Irland

UK

Spanien

Danmark

Frankrig

Sverige

NZ

USA

Holland

Canada

Schweiz

Tyskland

Japan

% change, 1997-2007(q2/q3)



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46


GDP Growth

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%20.0%

2000 2001 2002 2003 2004 2005 2006 2007E 2008E

Denmark Norway Sweden Ireland UK Euroland

Finland Estonia Latvia Lithuania

Private Consumption

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2000 2001 2002 2003 2004 2005 2006 2007E 2008E

Denmark Norway Sweden Ireland UK Euroland

Finland Estonia Latvia Lithuania


Household debt Finland

Household debt and interest payments, Denmark


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47

Household debt , Finland

0

11

22

33

44

55

66

77

88

99

mar-0

0

jun-00

sep-00

dec-00

mar-0

1

jun-01

sep-01

dec-01

mar-0

2

jun-02

sep-02

dec-02

mar-0

3

jun-03

sep-03

dec-03

mar-0

4

jun-04

sep-04

dec-04

mar-0

5

jun-05

sep-05

dec-05

mar-0

6

jun-06

sep-06

dec-06

mar-0

7

jun-07

% of disposable

income

Debt burden


Debt burden Interest burden

Debt burden Interest burden Debt burden Interest burden

Household debt and interest payments, Sweden

0

20

40

60

80

100

120

140

160

mar-87

dec-87

sep-88

jun-89

mar-90

dec-90

sep-91

jun-92

mar-93

dec-93

sep-94

jun-95

mar-96

dec-96

sep-97

jun-98

mar-99

dec-99

sep-00

jun-01

mar-02

dec-02

sep-03

jun-04

mar-05

dec-05

sep-06

jun-07

% of disposable

income

0.0

2.0

4.0

6.0

8.0

10.0

12.0

% of disposable

income


p y

120

140

160

180

200

220

240

260

280

dec-98

jun-9

9

dec-99

jun-0

0

dec-00

jun-0

1

dec-0

1

jun-0

2

dec-0

2

jun-0

3

dec-0

3

jun-0

4

dec-04

jun-0

5

dec-05

jun-0

6

dec-0

6

jun-0

7

% of disposable

income

0.0

2.0

4.0

6.0

8.0

10.0

12.0

% of disposable

income


Household debt and interest payments, Norway

80

100

120

140

160

180

200

220

240

mar-87

dec-87

sep-88

jun-89

mar-90

dec-90

sep-91

jun-92

mar-93

dec-93

sep-94

jun-95

mar-96

dec-96

sep-97

jun-98

mar-99

dec-99

sep-00

jun-01

mar-02

dec-02

sep-03

jun-04

mar-05

dec-05

sep-06

jun-07

% of disposable

income

0.0

2.0

4.0

6.0

8.0

10.0

12.0

% of disposable

income



Household net worth incl. property value, Dkr bn


48/48

48

4

5

6

7

8

9

10

11

12

Q103Q203 Q303Q403 Q104Q204 Q304Q404 Q105Q205 Q305 Q405Q106 Q206Q306 Q406Q107 Q207Q307

Interest payments before tax

Interest payments (before tax) and ordinary repayments to mortgage-credit institutions

% of disposable

income

p p y ,

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1998 1999 2000 2001 2002 2003 2004 2005 2006

Denmark


Disposable income is calculated using the macroeconomic model MONA.

Interest and mortgage payments

Danske Bank factbook, 2007 Q3

Documents

Transcript of Danske Bank factbook, 2007 Q3