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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
Martin Gottlob, Head of Investor Relations Direct: +45 45 14 07 92
Mobile: +45 25 27 25 41
Lars Holm, Senior IR Officer Direct: +45 45 14 06 04Mobile: +45 25 10 47 17
Heidi Srensen, IR assistant Direct: +45 45 14 06 80
Fax: +45 45 14 97 87
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
The pro forma figures include the Sampo Bank group as of February 2006.
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
The pro forma figures include the Sampo Bank group as of February 2006.
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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.
The pro forma figures include the Sampo Bank group as of February 2006.
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
The pro forma figures include the Sampo Bank group as of February 2006.
* 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
The pro forma figures include the Sampo Bank group as of February 2006.
* 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
Year to date Full year
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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Business segments and key statistics
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3.1. Financial performance, Banking Activities
Banking Activities encompasses all banking activities in Danske Bank Group both national and international.
Year to date Full year
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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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.
Year to date Full year
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
Loans and advances, end of period 24,848 22,605 20,458 18,535 16,368 14,516 12,581 24,848 18,535
Deposits, end of period 10,512 9,153 8,994 8,704 7,784 7,364 6,313 10,512 8,704
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
Profit before credit loss expenses as % p.a. of allocated capital 37.0 28.3 26.1 22.3 27.6 22.4 20.8 31.5 24.0
Pre-tax profit as % p.a. of allocated capital (ROE) 33.1 22.7 17.4 19.9 26.0 22.4 18.4 25.8 22.4
Cost/income ratio 47.0 56.6 60.0 63.2 53.3 63.2 67.1 53.5 61.0
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.
Year to date Full year
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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3.1.7. Financial performance, Baltics, continued
Year to date Full year
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
Market share (lending) (%) (end of period)* 1.1 1.1 1.1 1.1 0.9 0.8 0.8 1.1 1.1
Market share (deposits) (%) (end of period)* 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.4 0.4
No. of branches (end of period) 4 4 4 3 3 2 2 4 3
No. of customers (000s) (end of period) 8 7 7 6 6 5 4 8 6
No. of netbank customers (000s) (end of period)** 1 1 - - - - - 1 -
No. of full-time employees (end of period) 102 82 75 61 50 42 33 102 61
LITHUANIA
Market share (lending) (%) (end of period)* 8.4 8.6 8.7 8.9 8.9 8.9 8.8 8.4 8.9
Market share (deposits) (%) (end of period)* 3.5 3.3 3.3 3.6 3.5 3.2 3.0 3.5 3.6
No. of branches (end of period) 16 16 16 14 14 13 12 16 14
No. of customers (000s) (end of period) 92 80 80 74 67 59 53 92 74
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.
The pro forma ratios and key figures include the Sampo Bank group as of February 2006.
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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.
Year to date Full year
Other Banking Activities (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006
Net interest income 142 140 136 141 121 108 134 418 504
Net fee income 24 24 29 19 24 23 20 77 86
Net trading income 22 16 8 12 11 13 6 46 42
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
Loans and advances, end of period 34,123 33,750 33,130 32,588 31,760 30,830 29,988 34,123 32,588
Deposits, end of period 4,324 4,304 3,513 3,586 3,060 3,306 2,870 4,324 3,586
Risk-weighted items (avg.) 40,993 41,137 41,057 39,387 38,897 38,261 36,822 41,062 38,350
Allocated capital (avg.) 2,255 2,263 2,258 2,560 2,528 2,487 2,393 2,258 2,493
Profit before credit loss expenses as % p.a. of allocated capital 33.7 32.7 37.6 32.5 23.6 25.4 27.9 34.7 27.4
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
No. of full-time employees (end of period) 420 403 392 392 405 391 377 420 392
Year to date Full year
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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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.
Year to date Full year
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
Net trading income 53 45 43 105 53 15 42 141 215
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
Risk-weighted items (avg.) 304,941 304,187 300,410 298,500 287,955 282,105 279,380 303,196 287,040
Allocated capital (avg.) 16,772 16,730 16,523 19,403 18,717 18,337 18,160 16,676 18,658
Profit before credit loss expenses as % p.a. of allocated capital 17.1 15.4 15.6 15.4 14.0 12.9 13.4 16.0 14.0
Pre-tax profit as % p.a. of allocated capital (ROE) 16.7 15.2 15.9 15.8 14.5 14.1 13.6 15.9 14.5
Cost/income ratio 28.4 32.1 31.5 28.7 29.8 33.3 33.0 30.6 31.1
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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Mortgage loans and guarantees
Distribution of Mortgage loans portfolio
Year to date Full year
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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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.
Year to date Full year
Danske Capital (DKr m) Q307 Q207 Q107 Q406 Q306 Q206 Q106 2007 2006
Net interest income 57 50 45 48 48 37 40 152 173
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
Loans and advances, end of period 25,602 24,125 23,907 22,816 20,490 20,118 18,408 25,602 22,816
Deposits, end of period 8,900 8,888 8,307 8,109 7,292 7,420 7,060 8,900 8,109
Risk-weighted items (avg.) 13,480 12,728 12,487 11,225 10,754 9,755 8,147 12,902 9,981
Allocated capital (avg.) 741 700 687 730 699 634 530 710 649
Profit before credit loss expenses as % p.a. of allocated capital 134.9 160.6 147.9 184.2 129.9 161.5 167.7 147.5 160.5
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.
The pro forma ratios and key figures include the Sampo Bank group as of February 2006.
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3.4. Financial performance, Danske Capital, continued
Year to date Full year
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
No. of full-time employees (end of period) 564 561 541 464 460 444 418 564 464
AuM - Assets under Management.
*The Sampo Bank Group is not included in the 2006 figures.
The pro forma ratios and key figures include the Sampo Bank group as of February 2006.
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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.
Year to date Full year
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
The pro forma ratios and key figures include the Sampo Bank group as of February 2006.
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Macroeconomics
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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
Private Consumption 3.6 5.3 4.6 3.5 5.2 2.7 3.0 1.6
Public Consumption 3.1 3.2 3.3 1.9 1.4 1.7 3.7 5.8
Inflation 1.5 1.0 2.3 1.5 0.5 2.5 1.3 3.0
Unemployment Rate 2.6 2.7 3.5 4.6 4.5 4.5 3.9 3.6
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
Private Consumption 3.1 2.8 2.8 2.4 2.2 1.8 1.5 0.4
Public Consumption 1.1 1.6 1.8 0.3 0.4 0.7 2.3 0.9
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
Short Term Interest Rate (T/N) (avg.) 4.3 3.8 2.5 1.8 2.0 3.2 4.1 4.0
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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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
Private Consumption 2.0 1.8 1.8 1.3 1.2 1.0 0.6 1.9
Public Consumption 2.0 2.0 2.0 1.1 1.6 1.7 3.1 2.4
Inflation 2.1 2.1 2.1 2.3 2.1 2.1 2.3 2.3
Unemployment Rate 6.8 7.1 7.8 8.6 8.9 8.9 8.5 8.1
Short Term Interest Rate (T/N) (avg.) 4.3 3.9 2.8 2.0 2.0 2.3 3.2 4.3
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
Private Consumption 5.0 6.0 5.7 7.3 4.1 3.0 4.2 5.4
Public Consumption 4.0 5.0 5.3 4.0 1.5 1.2 7.0 9.9
Inflation (HICP) 1.8 2.2 3.0 2.2 2.3 4.0 4.7 4.0
Unemployment Rate 5.4 4.8 4.2 4.4 4.4 4.6 4.4 3.9
Short Term Interest Rate (T/N) (avg.) 4.4 3.9 2.8 2.0 2.0 2.3 3.2 4.310-Year (avg.) 4.9 4.4 3.8 3.4 3.5 4.1 4.8 4.8
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
Private Consumption 2.0 2.6 1.9 1.5 3.5 3.0 3.5 3.0
Public Consumption 2.3 2.6 2.4 2.8 4.7 3.2 3.8 2.6
Inflation 2.1 2.5 2.3 2.1 1.3 1.4 1.3 1.2Unemployment Rate 2.9 2.9 2.9 2.7 2.7 3.0 3.1 3.2
Short Term Interest Rate (T/N) (avg.) 6.0 5.8 4.6 4.5 4.4 3.7 4.0 5.1
10-Year (avg.) 5.4 5.1 4.6 4.2 4.9 4.5 4.9 4.9
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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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
Private Consumption 2.5 3.7 4.3 4.0 2.9 4.7 2.2 2.7
Public Consumption 1.4 1.4 1.0 1.5 1.8 1.6 2.6 1.3
Inflation 2.9 2.5 1.6 0.6 0.2 0.9 1.6 2.6
Unemployment Rate 6.4 6.8 7.8 8.4 8.9 9.1 9.1 9.2
Short Term Interest Rate (T/N) (avg.) 4.3 3.9 2.8 2.0 2.0 2.3 3.2 4.3
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
Private Consumption 6.5 11.0 15.7 7.9 7.0 6.8 10.9 7.1
Public Consumption 2.2 4.2 2.8 1.1 2.2 0.3 1.9 2.6
Inflation 7.6 6.5 4.4 3.6 5.0 1.1 2.7 4.2
Unemployment Rate 10.0 9.5 5.9 7.0 8.5 9.3 11.3 11.9
Short Term Interest Rate (T/N) (avg.) 5.5 4.7 3.2 2.5 2.4 2.5 3.2 3.510-Year (avg.) 5.5 4.7 4.7 3.9 4.3 4.8 7.3 9.2
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
Private Consumption 7.0 13.5 19.8 11.4 7.5 8.2 7.4 7.3
Public Consumption 2.5 4.0 4.0 2.7 2.1 1.9 2.2 2.8
Inflation 10.0 9.5 6.6 7.0 7.3 3.6 1.4 3.2Unemployment Rate 6.5 5.9 6.8 7.4 8.5 8.6 8.5 7.7
Short Term Interest Rate (T/N) (avg.) 13.0 8.5 4.4 4.0 4.0 3.0 3.0 3.5
10-Year (avg.) 13.0 8.5 4.9 3.6 4.6 5.1 4.5 6.9
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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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
Private Consumption 8.0 12.5 13.6 7.7 8.8 10.4 5.5 6.3
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
Unemployment Rate 6.0 4.5 5.6 8.3 11.4 12.4 13.8 17.4
Short Term Interest Rate (T/N) (avg.) 6.7 4.9 2.8 3.3 3.0 4.3 10.0 6.0
10-Year (avg.) 6.7 4.9 4.3 3.8 4.0 4.8 5.9 6.3
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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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Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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
Danske Bank Fact Book Q3 2007
Household debt Finland
Household debt and interest payments, Denmark
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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
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
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
Debt burden Interest burden
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
Debt burden Interest burden
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
Debt burden Interest burden
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Household net worth incl. property value, Dkr bn
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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
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
Disposable income is calculated using the macroeconomic model MONA.
Interest and mortgage payments