Danske Bank Factbook, 2007 Q3

Danske Bank Fact Book Q3 2007
Fact Book Q3 2007

Supplementary Information for Investors and Analysts
Unaudited
Updated: October 30, 2007
Table of contents
1.1. Financial goals
3. Business segments and key statistics
1.2. Share Data
3.1. Banking Activities
1.3. Ratings
1.4. Changes in accounting principles

and presentation
2. Financial statistics
2.1. Income statement - Danske Bank Group
2.1.1. Breakdown of income
2.1.2. Breakdown of expenses
2.2. Balance sheet
2.2.1. Breakdown of balance sheet
2.3. Key ratios
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
13
15
16
20
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
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:
Financial calendar
Date
Tonny Thierry Andersen, Chief Financial Officer
Martin Gottlob, Head of Investor Relations
Direct: +45 45 14 07 07
Mobile: +45 22 65 65 97
tonan@danskebank.dk
Direct: +45 45 14 07 92
Mobile: +45 25 27 25 41
mgot@danskebank.dk
Lars Holm, Senior IR Officer
Direct: +45 45 14 06 04
Mobile: +45 25 10 47 17
laho@danskebank.dk
Heidi Srensen, IR assistant
Direct: +45 45 14 06 80
Fax: +45 45 14 97 87
heis@danskebank.dk
Event & location
January 31, 2008
Annual report
April 29, 2008
Quarterly report
first quarter
August 7, 2008
Interim report
October 28, 2008
Quarterly report
first nine months
Disclaimer
This 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.
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.
Financial goals
Core (tier 1) capital ratio (excl. hybrid core capital)
Hybrid core capital
Solvency ratio
Expected payout ratio
Target
(%)
5.5-6.0
1.0-1.5
9.0-10.0
30-50
Realised Q3 2007
(%)
5.7
0.9
9.3
40
Dividends and share buybacks

If 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.
Total distribution
(DKr m)
Dividends
Share buybacks
Total
Net profit for the year
Total as % of the net profit for the year
2006
5,416
5,416
13,545
40%
2005
6,383
6,383
12,822
50%
2004
5,277
5,000
10,277
9,317
110%
2003
4,661
5,000
9,661
9,286
104%
2002
3,477
3,000
6,477
8,242
79%
2001
3,477
3,477
8,713
40%
2000
3,382
4,999
8,381
6,304
133%
* In November 2006, shareholders equity was raised by DKr14.5bn in connection with the acquisition of Sampo Bank. The dividend of 40% has been calculated based on the increased share
capital at the end of 2006.
1.2. Share data

The 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.
No. of shares
Issued shares at January 1
Buyback programme, preceding year
Issued shares, preceding year
Issued shares at September 30
The Group's trading portfolio of own shares
The Group's investments in own shares on customers' behalf
Shares outstanding at September 30
Year
2007
698,804,276
698,804,276
8,865,637
6,563,972
683,374,667
Average number of shares outstanding, Q1-Q3
684,133,865
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 are
considered "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.
Short term
P-1
P-2
P-3
Moodys
Long term
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
S&Ps Insurer Financial Strength

Long term
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBB-
Standard & Poors

Short term
Long term
A-1+
AAA
A-1
AA+
A-2
AA
A-3
AAA+
A
ABBB+
BBB
BBB-
Short term
F1+
F1
F2
F3
Fitch
Long term
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBB-
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.
Financial statistics
2.1. Income statement Danske Bank Group

Income statement (DKr m)
Net interest income
Hereof amortisation of loans and deposits*
Financing
Investment
Services
Fees generated by activities
Financing
Investment
Services
Fees generated by portfolios
Net fee income, Sampo
Net fee income, total
Net trading income
Other income
Net income from insurance business
Total other income
Total income
Staff expenses
Severance pay
Holiday payment**
Bonuses
IT expenses
Other expenses
Staff and administration expenses
Staff and administration expenses, Sampo
Staff and administration expenses, total
Depreciation, intangibles
Depreciation, tangibles
Other operating expenses
Operating expenses***
Hereof integration expenses
Profit before credit loss expenses
Credit loss expenses
Profit before tax
Tax
Net profit
Attributable to minority interests
Net profit after minority interest
Q307
6,231
46
417
395
12
824
56
640
646
1,342
2,166
1,990
586
269
2,845
11,242
2,918
61
-114
298
705
1,114
4,982
4,982
428
423
133
5,966
261
5,276
255
5,021
1,344
3,677
Q207
6,053
46
409
425
25
859
47
632
676
1,355
2,214
2,310
679
358
3,347
11,614
3,062
259
74
341
700
1,296
5,732
5,732
429
486
16
6,663
326
4,951
183
4,768
961
3,807
Q107
5,724
31
392
517
33
942
88
549
603
1,240
2,182
1,893
873
311
3,077
10,983
2,771
92
27
322
648
1,185
5,045
5,045
364
448
10
5,867
139
5,116
-178
5,294
1,472
3,822
Q406
6,204
346
400
6
752
126
504
498
1,128
471
2,351
1,632
887
554
3,073
11,628
2,638
39
37
153
533
1,069
4,469
862
5,331
221
555
6,107
80
5,521
61
5,460
1,271
4,189
Q306
5,775
334
293
39
666
104
373
508
985
406
2,057
1,868
733
768
3,369
11,201
2,509
20
-105
194
451
989
4,058
647
4,705
215
478
4
5,402
53
5,799
-68
5,867
1,562
4,305
Q206
5,593
364
416
35
815
107
392
492
991
424
2,230
1,672
780
-165
2,287
10,110
2,326
17
76
214
547
1,171
4,351
724
5,075
186
431
1
5,693
262
4,417
-349
4,766
1,363
3,403
Q106
5,038
348
575
58
981
102
384
497
983
275
2,239
2,108
552
198
2,858
10,135
2,240
23
29
283
621
1,065
4,261
478
4,739
192
510
-3
5,438
209
4,697
-128
4,825
1,353
3,472
Year to date
2007
18,008
123
1,218
1,337
70
2,625
191
1,821
1,925
3,937
6,562
6,193
2,138
938
9,269
33,839
8,751
412
-13
961
2,053
3,595
15,759
15,759
1,221
1,357
159
18,496
726
15,343
260
15,083
3,777
11,306
Full year
2006
22,610
1,392
1,684
138
3,214
439
1,653
1,995
4,087
1,576
8,877
7,280
2,952
1,355
11,587
43,074
9,713
99
37
844
2,152
4,294
17,139
2,711
19,850
814
1,974
2
22,640
604
20,434
-484
20,918
5,549
15,369
34
25
10
20
41
60
79
3,643
3,782
3,821
4,179
4,297
3,383
3,431
11,246
15,290
* 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.
** In Denmark, second quarter affected by 6th week Holiday payment.
*** See specificifaction hereof in section 2.1.2.
The pro forma figures include the Sampo Bank group as of February 2006.
2.1.1. Breakdown of income

Money market rates
Country distribution of net interest income

Q3 2007
Baltics; 2.5%
Others; 3.2%
Ireland; 5.1%
8.00
Northern Ireland;
7.8%
7.00
Finland; 13.2%
Denmark; 51.9%
6.00
5.00
Norway; 7.9%
4.00
Sweden; 8.4%
3.00
Q3 2006
Baltics; 1.3%
Others; 2.9%
2.00
Ireland; 4.2%
Northern Ireland;
7.5%
1.00
Norway; 7.1%
CIBOR 3 month
STIBOR 3 month
NIBOR 3 month
Danish discount rate
LIBOR 3 month
EURIBOR 3 month
Sweden; 8.2%
okt-07
jul-07
apr-07
jan-07
okt-06
jul-06
apr-06
jan-06
okt-05
jul-05
apr-05
jan-05
okt-04
jul-04
apr-04
jan-04
okt-03
jul-03
apr-03
jan-03
okt-02
jul-02
apr-02
Denmark; 54.6%
jan-02
0.00
Finland; 14.1%
Interest income margins, Banking Activities Denmark, Sweden, Norway, Northern Ireland and Ireland
2.50
2.30
2.10
1.90
1.70
1.50
1.30
1.10
0.90
0.70
0.50
Q306
Q406
Q107
Q207
Q307
2.50
2.30
2.10
1.90
1.70
1.50
1.30
1.10
0.90
0.70
0.50
Q306
Lending spread (1) (from Tom/next interest rate) (%) Denmark

Lending spread (1) (from Tom/next interest rate) (%) Sweden
Lending spread (1) (from Tom/next interest rate) (%) Norway
Lending spread (1) (from Tom/next interest rate) (%) Northern Ireland
Lending spread (1) (from Tom/next interest rate) (%) Ireland
Q306
2,555
Change
Q107
Q207
Deposit spread (2) (from Tom/next interest rate) (%) Denmark

Deposit spread (2) (from Tom/next interest rate) (%) Sweden
Deposit spread (2) (from Tom/next interest rate) (%) Norway
Deposit spread (2) (from Tom/next interest rate) (%) Northern Ireland
Deposit spread (2) (from Tom/next interest rate) (%) Ireland
Net interest income in Banking Activities, Denmark (YOY)

Historical net interest income in Banking Activities, Denmark
(DKr m)
Net interest income
Loan volume
Loan margins
Deposit volume
Deposit margins
Other
Net interest income
Q406
Q307
201
-148
78
-51
63
2,698
10
Q307
Exchange rates (Cross currency: Danish krone (DKK)), end of period

Exchange rate
(end of period)
Euro (EUR)
US Dollars (USD)
English pound (GBP)
Swedish kroner (SEK)
Norwegian kroner (NOK)
Polish zloty (PLN)
Estonian kroner (EEK)
Latvian lats (LVL)
Lithuanian litas (LTL)
Q307
Q207
745.44
744.22
525.74
551.07
1,069.80 1,104.18
80.90
80.43
96.58
93.35
197.57
197.53
47.64
47.56
1,059.16 1,068.82
215.89
215.54
Q107
745.08
559.45
1,096.03
79.72
91.77
192.69
47.62
1,049.85
215.79
Net interest income

Dkr m
6,500
5,200
3,900
2,600
1,300
0
Q306
Q406
Q107
Q207
Q307
11
Q406
745.60
566.14
1,110.35
82.47
90.51
194.62
47.65
1,069.42
215.94
Q306
745.76
589.07
1,100.43
80.36
90.56
187.79
47.66
1,071.49
215.99
Q206
745.92
586.74
1,077.76
80.74
93.99
183.97
47.67
1,071.57
216.03
Q106
746.24
616.52
1,071.57
79.12
93.66
189.28
47.69
1,072.03
216.13
Net fee income

Dkr m
2,500
2,000
1,500
1,000
500
0
Q306
Q406
Fees generated by activities
Q107
Q207
Fees generated by portfolios
Q307
Net fee income, Sampo
As of Q1 2007, no specific net fee income for Sampo Bank is shown, as this has been included in fees generated by activities and portfolios respectively.
Total other income

DKr m
4,000
3,200
2,400
1,600
800
0
Q306
Q406
Net trading income
Q107
Other income
Q207
Q307
12
2.1.2. Breakdown of expenses

Operating expenses
DKr m
Operating expenses
Amortisation, intangibles
Banking activities, Finland
Banking activities, Northern Ireland
Banking activities, Ireland
Danske Markets
Danske Capital
Amortisation, intangibles, total
Integration expenses
Banking activities, Denmark
Banking activities, Finland
Banking activities, Northern Ireland
Banking activities, Ireland
Banking activities, Baltics
Other areas
Integration expenses, total
Total expenses, excl. Amortisation of intangible assets and integration expenses
Q307
5,966
Q207
6,663
Q107
5,867
Q406
6,107
Q306
5,402
Q206
5,693
Q106
5,438
Year to date
2007
18,496
Full year
2006
22,640
179
104
25
3
11
322
135
115
26
9
285
128
113
25
6
272
118
26
144
118
25
143
112
25
137
111
26
137
442
332
76
3
26
879
459
102
561
80
112
26
43
261
5,383
55
84
191
50
-54
326
6,052
13
12
30
30
54
139
5,456
72
8
80
5,883
49
4
53
5,206
194
68
262
5,294
130
79
209
5,092
148
208
247
123
726
16,891
445
159
604
21,475
13
Total IT expenses
IT expenses (DKr m)
Total IT expenses (development and operations)
Hereof IT integration expenses (development and operations)
Total IT expenses/operating expenses, %
Total IT expenses/profit before tax, %
Total IT integration expenses/operating expenses, %
Total IT integration expenses/profit before tax, %
Q307
1,035
111
17.3
20.6
1.9
2.2
Q207
1,156
102
17.3
24.2
1.5
2.1
Q107
963
20
16.4
18.2
0.3
0.4
Q406
782
12.8
14.3
-
Q306
668
14.4
13.1
-
Q206
703
14.4
17.1
-
Q106
849
17.4
19.4
-
Year to date
2007
3,154
233
17.1
20.9
1.3
1.5
Full year
2006
3,002
13.3
14.4
-
Q306
6,285
2,012
1,122
1,293
1,845
724
1,008
405
14,694
755
868
460
907
3,824
2,080
23,588
Q206
6,273
1,981
1,114
1,152
1,866
717
978
391
14,472
752
844
444
875
3,771
2,153
23,311
Q106
6,258
1,993
1,142
1,148
1,905
717
943
377
14,483
772
856
418
844
3,795
2,121
23,289
End of period
2007
5,968
2,096
918
1,069
1,279
627
1,296
420
13,673
717
881
564
954
4,939
1,942
23,670
End of year
2006
6,168
2,083
1,135
1,323
1,862
698
1,046
392
14,707
740
875
464
898
3,827
2,035
23,546
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

FTE - end of period
Banking Activities, Denmark
Banking Activities, Finland
Banking Activities, Sweden
Banking Activities, Norway
Banking Activities, Northern Ireland
Banking Activities, The Republic of Ireland
Banking Activities, Baltics
Banking Activities, Others
Banking Activities total
Mortgage Finance
Danske Markets
Danske Capital
Danica Pension
Shared services center*
Others
Group total
Q307
5,968
2,096
918
1,069
1,279
627
1,296
420
13,673
717
881
564
954
4,939
1,942
23,670
Q207
5,934
2,119
920
1,069
1,313
653
1,212
403
13,623
720
886
561
936
4,855
1,954
23,535
Q107
6,025
2,124
921
1,071
1,378
666
1,158
392
13,735
736
861
541
909
4,879
1,989
23,650
Q406
6,168
2,083
1,135
1,323
1,862
698
1,046
392
14,707
740
875
464
898
3,827
2,035
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.
14
2.2. Balance sheet

Balance sheet (DKr m)
Cash in hand and demand deposits with central banks
Due from credit institutions and central banks
Trading portfolio assets
Financial investment securities
Assets held for sale
Repo lending
Bank loans and advances (ex repo)
Mortgage loans
Assets under pooled schemes and unit-linked investment contracts
Assets under insurance contracts
Holdings in associated undertakings
Intangible assets
Investment property
Tangible assets
Current tax assets
Deferred tax assets
Others
Other assets
Total assets
Q307
Q207
Q107
Q406
Q306
Q206
Q106
13,524
18,934
17,594
25,158
28,850
22,731
39,095
313,520
289,967
293,226
278,817
310,010
283,366
278,868
587,228
539,256
475,451
504,308
445,173
408,468
371,237
33,309
32,728
26,124
28,970
32,272
26,819
32,320
1,796
289,230
293,930
294,916
294,555
284,099
273,816
217,261
1,041,262
991,129
932,784
916,970
877,337
848,432
786,750
614,033
600,337
607,725
602,584
592,784
573,105
567,002
38,792
40,215
39,006
39,602
37,945
36,540
37,501
192,893
194,564
195,069
194,302
190,226
181,366
187,732
984
977
1,114
1,068
1,045
1,021
1,095
29,780
30,093
30,391
7,869
8,055
8,073
8,098
3,863
3,957
3,831
3,914
3,818
3,679
3,580
8,638
8,643
8,658
8,525
8,078
8,087
7,918
413
209
211
63
100
198
145
540
523
456
619
488
490
578
26,753
26,392
24,591
28,915
29,791
27,404
34,185
27,706
27,124
25,258
29,597
30,379
28,092
34,908
3,194,762 3,071,854 2,951,147 2,938,035 2,850,071 2,703,595 2,573,365
End of period
2007
13,524
313,520
587,228
33,309
289,230
1,041,262
614,033
38,792
192,893
984
29,780
3,863
8,638
413
540
26,753
27,706
3,194,762
End of year
2006
25,158
278,817
504,308
28,970
1,796
294,555
916,970
602,584
39,602
194,302
1,068
7,869
3,914
8,525
63
619
28,915
29,597
2,938,035
Due to credit institutions and central banks

Trading portfolio liabilities
Liabilities held for sale
Repo deposits
Due to customers (ex repo)
Issued mortgage bonds
Deposits under pooled schemes and unit-linked investment contracts
Liabilities under insurance contracts
Other issued bonds
Provisions
Current tax liabilities
Deferred tax liabilities
Others
Other liabilities
Subordinated debt
Total liabilities
Share capital
Foreign currency translation
Proprosed dividend
Profit brought forward
Minority interests
Shareholders' equity
Total liabilities and equity
529,209
517,013
539,104
569,142
552,060
478,095
428,972
342,458
281,413
271,281
240,304
232,672
222,605
208,078
888
114,711
125,115
102,333
104,044
115,114
121,756
104,890
796,808
762,356
680,007
693,142
654,084
658,956
597,856
489,926
485,650
483,066
484,217
470,227
456,298
446,806
48,143
48,298
47,553
46,983
44,603
42,731
43,863
215,448
213,966
215,313
215,793
213,770
205,805
210,402
438,809
423,345
403,757
365,761
377,750
333,014
360,071
2,152
2,199
2,159
2,620
2,650
2,972
3,098
2,386
1,340
1,032
539
3,017
1,801
958
3,243
3,324
3,325
2,046
1,823
1,764
1,722
53,536
52,965
46,409
61,059
57,405
56,504
48,123
61,317
59,828
52,925
66,264
64,895
63,041
53,901
56,583
57,391
62,120
56,325
48,017
47,832
48,175
3,093,412 2,974,375 2,857,459 2,842,863 2,773,192 2,630,133 2,503,014
6,988
6,988
6,988
6,988
6,383
6,383
6,383
3
3
4
9
9
1
-14
5,416
94,223
90,415
86,645
82,713
70,440
67,029
63,933
136
73
51
46
47
49
49
101,350
97,479
93,688
95,172
76,879
73,462
70,351
3,194,762 3,071,854 2,951,147 2,938,035 2,850,071 2,703,595 2,573,365
529,209
342,458
114,711
796,808
489,926
48,143
215,448
438,809
2,152
2,386
3,243
53,536
61,317
56,583
3,093,412
6,988
3
94,223
136
101,350
3,194,762
569,142
240,304
888
104,044
693,142
484,217
46,983
215,793
365,761
2,620
539
2,046
61,059
66,264
56,325
2,842,863
6,988
9
5,416
82,713
46
95,172
2,938,035
Risk-weighted items (avg.) (Group)

Risk-weighted items (end of period) (Group)
1,194,682 1,184,313 1,182,191 1,197,993 1,153,106 1,114,492 1,069,817

1,259,820 1,193,507 1,137,443 1,252,645 1,186,466 1,152,488 1,097,825
1,187,108
1,259,820
1,134,256
1,252,645
15
2.2.1. Breakdown of balance sheet

Lending portfolio broken down by segment
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Q307
143.2
62.9
197.6
83.4
76.3
55.6
99.0
55.8
75.2
18.2
42.7
26.5
40.2
12.0
12.9
62.4
10.2
30.1
Q207
139.1
61.5
198.7
81.2
73.4
54.0
92.8
52.2
66.0
18.3
42.4
26.1
37.4
11.1
11.5
39.6
7.8
39.6
Q107
135.0
59.8
187.1
78.1
71.0
51.5
86.7
49.3
60.5
17.5
38.6
22.8
33.7
9.0
11.5
34.4
8.0
38.1
Q406
130.6
57.8
183.3
77.4
69.4
52.2
86.3
46.8
58.5
17.5
40.9
20.6
30.6
8.1
10.4
38.7
9.9
35.7
Q306
124.3
54.3
172.4
75.2
69.2
48.4
85.1
46.6
54.0
17.3
40.1
19.6
27.1
7.3
9.1
38.0
8.8
34.8
Q206
118.5
50.9
172.2
72.5
69.5
46.9
81.3
46.6
50.1
16.7
36.1
19.3
22.7
6.4
8.0
39.4
9.4
32.7
Q106
113.7
47.1
160.1
69.1
68.3
43.0
73.7
44.6
45.7
18.6
23.1
14.4
22.1
5.6
7.0
35.7
7.3
34.7
End of period
2007
143.2
62.9
197.6
83.4
76.3
55.6
99.0
55.8
75.2
18.2
42.7
26.5
40.2
12.0
12.9
62.4
10.2
30.1
End of year
2006
130.6
57.8
183.3
77.4
69.4
52.2
86.3
46.8
58.5
17.5
40.9
20.6
30.6
8.1
10.4
38.7
9.9
35.7
Bank lending total (ex. repos)
Retail
Corporate
404.9
636.4
389.8
601.4
371.2
561.6
363.1
553.8
347.5
529.8
336.3
512.0
316.3
470.4
404.9
636.4
363.1
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
Corporate
372.8
241.2
363.6
236.7
373.0
234.7
371.4
231.2
363.6
229.2
348.3
224.9
346.6
220.4
372.8
241.2
371.4
231.2
Lending total
Retail
Corporate
777.7
1,166.8
1,944.5
753.4
1,132.0
1,885.4
744.2
1,091.2
1,835.4
734.5
1,079.6
1,814.1
711.1
1,043.1
1,754.2
684.6
1,010.7
1,695.3
662.9
908.1
1,571.0
777.7
1,166.8
1,944.5
734.5
1,079.6
1,814.1
Lending portfolio breakdown, end of period

Volume (DKr bn)
Hereof bank loans secured on real property
Banking Activities, Northern Ireland*
Banking Activities, The Republic of Ireland*
Danske Markets
Other business segments
Total lending
Segment
Retail
* 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.
16
Deposit portfolio broken down by segment
Segment
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Retail
Corporate
Q307
158.1
141.9
42.2
51.5
17.8
35.2
15.6
42.1
29.5
30.4
14.3
9.0
2.7
7.8
0.7
141.1
5.7
51.2
Q207
159.1
143.9
41.4
47.6
16.6
34.6
15.4
42.1
29.6
31.0
13.5
9.0
2.7
6.5
0.7
108.9
6.0
53.8
Q107
151.7
136.1
40.6
44.0
13.8
33.5
13.9
34.6
27.8
29.1
13.0
7.9
2.5
6.5
0.7
112.3
5.1
6.9
Q406
146.7
128.4
41.9
47.4
13.7
36.3
12.7
34.0
27.7
33.3
12.9
8.5
2.4
6.3
0.7
130.5
4.6
5.2
Q306
144.1
121.2
40.9
45.9
13.8
32.2
12.9
27.5
25.7
33.7
12.2
7.5
2.2
5.6
0.7
118.8
4.1
5.1
Q206
145.9
121.4
40.3
47.1
13.0
31.6
13.7
30.8
24.2
30.2
10.8
6.3
2.2
5.2
0.7
124.9
4.3
6.3
Q106
138.4
120.4
38.4
42.5
11.5
27.9
12.5
27.8
24.1
17.6
11.6
9.8
1.9
4.5
0.6
97.9
4.3
6.2
End of period
2007
158.1
141.9
42.2
51.5
17.8
35.2
15.6
42.1
29.5
30.4
14.3
9.0
2.7
7.8
0.7
141.1
5.7
51.2
End of year
2006
146.7
128.4
41.9
47.4
13.7
36.3
12.7
34.0
27.7
33.3
12.9
8.5
2.4
6.3
0.7
130.5
4.6
5.2
Bank deposits total (ex. repos)
Retail
Corporate
286.6
510.2
285.0
477.4
269.1
410.9
263.3
429.9
256.6
397.5
255.1
403.8
243.3
354.6
286.6
510.2
263.3
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
Corporate
286.6
624.9
911.5
40.3
285.0
602.5
887.5
40.5
269.1
513.2
782.3
40.3
263.3
533.9
797.2
40.0
256.6
512.6
769.2
38.7
255.1
525.6
780.7
37.3
243.3
459.5
702.8
38.6
286.6
624.9
911.5
40.3
263.3
533.9
797.2
40.0
Deposit portfolio breakdown, end of period

Volume (DKr bn)
Banking Activities, Northern Ireland*
Banking Activities, The Republic of Ireland*
Danske Markets
Other business segments
Total deposits
Pooled schemes
* 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.
17

Bank lending, corporate Q307
Bank lending, retail Q307
Ireland
7%
Baltics
3%
Others
3%
Danske
Markets
10%
Others
5%
Denmark
30%
Baltics
2%
Northern
Ireland
4%
Denmark
34%
Ireland
6%
Norway
14%
Northern
Ireland
7%
Sweden
14%
Finland
12%
Norway
12%
Finland
21%
Sweden
16%
Bank deposits, corporate Q307
Bank deposits, retail Q307
Ireland
5%
Baltics
1%
Others
2%
Others
10%
Denmark
27%
Northern
Ireland
10%
Norway
5%
Danske
Markets
28%
Denmark
56%
Sweden
6%
Finland
10%
Baltics
2%
Finland
15%
Ireland
2%
18
Northern
Ireland
6%
Norway
8%
Sweden
7%
Impairment charges and non performing loans

Impairment charges and non performing loans
(Danske Bank Group)
Accumulated impairment charges (DKr bn end period)*
Non performing loans (Dkr bn end period)
Impairment charges as % of loans and guarantees p.a.
Accumulated impairment charges as % of loans and guarantees
Credit loss expenses coverage ratio**
Q307
4.64
3.56
0.05
0.23
130
Q207
4.55
3.25
0.04
0.23
140
* Impairment charges against loans, advances and gurantees.

** Accumulated impairment charges as % of non performing loans.
Sampo Bank was consolidated in the accounts with effect from the first quarter of 2007. Comparative figures have not been restated.
Change in accumulated impairment charges

Change in accumulated impairment charges
(DKr m)
Accumulated impairment charges beg. 2007
Impairment charges
Reversals of impairment charges
Currency effect
Earlier impairment charges now written off
Other inflows and outflows
Accumulated impairment charges, end Q307
4,204
2,762
2,402
10
713
778
4,639
19
Q107
4.53
2.87
-0.04
0.24
158
Q406
4.20
3.14
0.01
0.22
134
Q306
4.31
3.16
-0.03
0.22
136
Q206
4.49
2.60
-0.08
0.24
173
Q106
4.78
3.44
-0.03
0.28
139
Year to date
2007
4.64
3.56
0.02
0.23
130
Full year
2006
4.20
3.14
-0.03
0.22
134
2.3. Key ratios

Key ratios
Net profit for the period per share, DKr
Diluted net profit for the period per share, DKr
Net profit for the period as % p.a. of average shareholders' equity
Cost/income ratio for the period, %
Solvency ratio, incl. net profit for the period, %
Core (tier 1) capital ratio, excl. hybrid core capital, %
Core (tier 1) capital ratio, %
Risk-weighted items, end of period (DKr bn)
Share price end of period, DKr
Book value per share end of period, DKr
Full-time-equivalent staff, end of period*
Price/earnings, end of period
Dividend per share, DKr
Dividend yield, %
Pay-out ratio, %
Outstanding shares, end of period (m)
Issued shares, end of period (m)
Share price/book value per share end of period
Market capital, end of period, DKr m
Q307
5.3
5.3
14.7
53.1
9.3
5.7
6.6
1,260
212.3
148.3
23,670
Q207
5.5
5.5
15.8
57.4
9.7
5.8
6.7
1,194
226.0
142.5
23,535
Q107
5.6
5.6
15.9
53.4
10.1
5.6
6.6
1,137
259.5
136.7
23,650
Q406
6.0
5.9
17.6
50.8
11.4
7.6
8.6
1,119
250.0
139.1
23,546
Q306
5.9
5.9
19.7
48.1
9.7
6.5
7.1
1,053
230.7
123.1
23,588
Q206
4.7
4.7
16.4
56.2
9.8
6.5
7.1
1,019
221.5
117.5
23,311
Q106
5.0
5.0
16.8
53.4
10.2
6.4
7.3
972
229.0
112.5
23,289
Year to date
2007
16.4
16.4
15.5
54.7
9.3
5.7
6.6
1,260
212.3
148.3
23,670
Full year
2006
21.5
21.4
17.5
52.0
11.4
7.6
8.6
1,119
250.0
139.1
23,546
40.0
683
699
1.4
144,967
41.1
684
699
1.6
154,584
46.3
685
699
1.9
177,758
41.7
7.75
5.0
40
684
699
1.8
171,027
39.1
624
638
1.9
143,976
47.1
625
638
1.9
138,438
45.8
625
638
2.0
143,100
12.9
683
699
1.4
144,967
11.6
7.75
5.0
40
684
699
1.8
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.
20
Cost/income ratio, %
Earnings per share, DKr
65.0
52.0
30.0
50.4
52.7
52.4
52.0
54.7
24.0
39.0
20.2
18.0
13.3
26.0
12.0
13.0
6.0
0.0
16.4
14.4
0.0
2003
2004
2005
2006
2003
Q1-Q3 2007
2004
20.0
18.4
15.2
2005
2006
Q1-Q3 2007
Total assets, Dkr bn
Return on equity (after tax) p.a., %
16.0
21.5
3,750
17.5
3,195
15.5
13.9
2,938
3,000
2,432
12.0
2,250
8.0
1,500
4.0
750
1,826
2,052
0.0
2003
2004
2005
2006
2003
Q1-Q3 2007
2004
2005
2006*
*The pro forma figures include the Sampo Bank group as of February 2006.
As of 2004 the figures are presented in accordance with IFRS.
21
Q1-Q3 2007
Business segments and key statistics
22
3.1. Financial performance, Banking Activities

Banking Activities encompasses all banking activities in Danske Bank Group both national and international.
Banking Activities (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Amortisation of intangible assets
Staff cost ex bonuses
Bonuses
Other costs
Operating expenses BA Finland and BA Baltic
Operating expenses
Profit before tax
Loans and advances, end of period
Deposits, end of period
Risk-weighted items (avg.)
Allocated capital (avg.)
Profit before credit loss expenses as % p.a. of allocated capital
Pre-tax profit as % p.a. of allocated capital (ROE)
Cost/income ratio
Cost/income ratio, excluding total integration expenses, %
No. of full-time employees (end of period)
Q307
5,637
46
1,934
358
508
8,437
308
261
1,663
85
2,469
4,786
3,651
238
3,413
Q207
5,411
46
1,984
303
578
8,276
276
380
1,768
89
2,842
5,355
2,921
175
2,746
Q107
4,943
31
1,928
291
574
7,736
266
85
1,671
43
2,515
4,580
3,156
-168
3,324
Q406
5,418
1,980
290
626
8,314
144
80
1,567
48
2,188
886
4,913
3,401
117
3,284
Q306
5,127
1,812
315
497
7,751
143
53
1,461
61
1,991
678
4,387
3,364
119
3,245
Q206
4,874
1,980
307
494
7,655
137
262
1,614
51
1,993
744
4,801
2,854
-273
3,127
Q106
4,324
2,003
289
466
7,082
137
209
1,537
46
1,987
500
4,416
2,666
-109
2,775
Year to date
2007
15,991
123
5,846
952
1,660
24,449
850
726
5,102
217
7,826
14,721
9,728
245
9,483
Full year
2006
19,743
7,775
1,201
2,083
30,802
561
604
6,179
206
8,159
2,808
18,517
12,285
-146
12,431
972,636
602,479
853,138
46,923
31.1
29.1
56.7
50.0
937,924
597,121
820,194
45,111
25.9
24.3
64.7
56.8
885,225
558,517
800,924
44,051
28.7
30.2
59.2
54.7
865,334
555,788
761,376
49,489
27.5
26.5
59.1
56.4
827,379
528,367
741,072
48,170
27.9
26.9
56.6
54.1
797,823
525,842
709,142
46,094
24.8
27.1
62.7
57.5
738,903
491,931
674,628
43,851
24.3
25.3
62.4
57.5
972,636
602,479
824,943
45,372
28.6
27.9
60.2
53.8
865,334
555,788
721,845
46,920
26.2
26.5
60.1
56.3
13,673
13,623
13,735
14,707
14,694
14,472
14,483
13,673
14,707
The pro forma ratios and key figures include the Sampo Bank group as of February 2006.
23
3.1.1. Financial performance, Denmark

Banking Activities Denmark encompasses the banking activities of Danske Bank in Denmark. Danske Bank caters to all types of retail and corporate customers. Danske Banks finance centres serve large
corporate and private banking customers. Banking Activities Denmark has nine regions with 423 branches, six agricultural centres, nine finance centres and around 6,000 employees.
Banking Activities, Denmark (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Cost/income ratio, excluding integration expenses, %
Lending spread (1) (from Tom/next interest rate) (%)*
Deposit spread (2) (from Tom/next interest rate) (%)
Margin (1+2) (%)
Market share, lending (%) (end of period) (retail)**
Market share, lending (%) (end of period) (corporate)**
Market share, lending (%) (end of period) (total)**
Market share, deposits (%) (end of period) (retail)**
Market share, deposits (%) (end of period) (corporate)**
Market share, deposits (%) (end of period) (total)**
No. of branches (end of period)
No. of customers (m) (end of period)***
Customer packages (000s) (end of period)***/****
No. of netbank customers (000s) (end of period)*****
Q307
2,698
1,118
183
14
4,013
80
772
27
1,066
1,945
2,068
-55
2,123
Q207
2,612
1,145
173
17
3,947
55
852
31
1,217
2,155
1,792
155
1,637
Q107
2,552
1,208
174
10
3,944
13
843
25
1,096
1,977
1,967
-305
2,272
Q406
2,693
1,149
154
7
4,003
834
20
1,200
2,054
1,949
84
1,865
Q306
2,555
1,074
158
4
3,791
776
33
1,069
1,878
1,913
59
1,854
Q206
2,437
1,230
173
1
3,841
877
23
1,062
1,962
1,879
-127
2,006
Q106
2,283
1,360
190
2
3,835
850
21
1,104
1,975
1,860
-179
2,039
Year to date
2007
7,862
3,471
530
41
11,904
148
2,467
83
3,379
6,077
5,827
-205
6,032
Full year
2006
9,968
4,813
675
14
15,470
3,337
97
4,435
7,869
7,601
-163
7,764
340,787
300,031
325,122
17,882
46.3
47.5
48.5
46.5
337,793
302,959
316,367
17,400
41.2
37.6
54.6
53.2
322,058
287,799
310,951
17,102
46.0
53.1
50.1
49.8
313,943
275,117
295,560
19,211
40.6
38.8
51.3
51.3
296,715
265,352
292,166
18,991
40.3
39.1
49.5
49.5
290,754
267,304
281,140
18,274
41.1
43.9
51.1
51.1
273,794
258,864
267,119
17,363
42.9
47.0
51.5
51.5
340,787
300,031
317,532
17,464
44.5
46.1
51.1
49.8
313,943
275,117
284,097
18,466
41.2
42.0
50.9
50.9
1.83
0.79
2.62
34.5
23.1
26.8
35.3
25.4
30.4
5,968
429
2.4
937
1,017
1.82
0.84
2.66
35.3
23.5
27.3
35.8
26.5
31.4
5,934
429
2.4
893
993
1.91
0.81
2.72
35.8
23.3
27.3
35.8
26.9
31.4
6,025
461
2.4
747
976
2.03
0.91
2.94
36.0
24.3
28.1
35.6
28.5
32.2
6,168
458
2.4
725
946
2.10
0.88
2.98
36.4
25.4
29.0
35.7
29.1
32.6
6,285
462
2.4
710
920
2.16
0.80
2.96
36.7
25.4
29.0
35.7
27.5
31.9
6,273
463
2.4
694
893
2.24
0.75
2.99
37.0
26.4
29.7
36.0
31.0
33.6
6,258
465
2.4
654
849
1.85
0.81
2.66
34.5
23.1
26.8
35.3
25.4
30.4
5,968
429
2.4
937
1,017
2.13
0.84
2.97
36.0
24.3
28.1
35.6
28.5
32.2
6,168
458
2.4
725
946
* Part of the fall in the lending margin from the fourth quarter of 2006 to the first quarter of 2007 is attributable to organisational changes.
** Based on sector numbers published by the Central Bank of Denmark (Danmarks Nationalbank).
*** Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures for the first half of 2006. Comparative figures have not been restated.
**** Customer packages are bundled products. Products in a customer package include: Visa card, American Express, MasterCard, competitive interest on loans and deposits and Internet banking.
***** Consists only of active Internet customers.
24
3.1.2. Financial performance, Finland

Banking Activities Finland encompasses the banking activities of Sampo Bank in Finland and Danske Banks Helsinki Branch. Sampo Bank, which is the third- largest bank in Finland, caters to retail customers, small
and medium-sized businesses and institutional clients. Sampo Bank has 123 branches in Finland and around 2,100 employees.
Banking Activities, Finland (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Profit before tax in local currency
Deposits, incl. pooled deposits, end of period
Cost/income ratio
Market share, lending (%) (end of period)**
Market share, deposits (%) (end of period)**
No. of customers (000s) (end of period)
No. of netbank customers (000s) (end of period)***
Q307
825
46
322
12
55
1,214
179
112
201
28
373
893
321
104
217
30
Q207
822
46
326
-1
40
1,187
135
84
245
25
424
913
274
17
257
34
Q107
534
31
230
6
44
814
128
12
158
-10
302
590
224
-14
238
32
Q406
848
336
-5
93
1,272
776
496
-53
549
73
Q306
816
298
15
54
1,183
598
585
49
536
72
Q206
785
314
16
56
1,171
658
513
-67
580
78
Q106
499
196
11
38
744
447
297
-6
303
41
Year to date
2007
2,181
123
878
17
139
3,215
442
208
604
43
1,099
2,396
819
107
712
96
Full year
2006
2,948
1,144
37
241
4,370
2,479
1,891
-77
1,968
264
159,738
93,705
131,939
7,257
17.7
12.0
73.6
49.6
154,574
88,956
132,664
7,297
15.0
14.1
76.9
58.5
149,097
84,624
132,728
7,300
18.4
19.6
72.5
55.3
146,803
89,293
129,335
8,407
23.6
26.1
61.0
61.0
144,378
86,752
128,821
8,373
27.9
25.6
50.5
50.5
142,046
87,488
127,658
8,298
24.7
28.0
56.2
56.2
137,399
80,968
123,731
8,043
22.2
22.6
60.1
60.1
159,738
93,705
132,441
7,284
16.9
14.7
74.5
54.3
146,803
89,293
127,405
8,281
24.9
25.9
56.7
56.7
15.5
13.3
123
1,171
866
2,096
15.7
12.7
123
1,171
858
2,119
15.7
13.3
127
1,169
851
2,124
15.7
13.7
127
1,170
842
2,083
16.0
13.5
127
1,167
834
2,012
16.0
13.8
129
1,164
826
1,981
16.0
13.5
139
1,161
816
1,993
15.5
13.3
123
1,171
866
2,096
15.7
13.7
127
1,170
842
2,083
** Market shares Q3 2007 are calculated as of end of August 2007.
*** Consists only of active Internet customers.
25
3.1.3. Financial performance, Sweden

Banking Activities Sweden encompasses the banking activities of stgta Enskilda Bank and Provinsbankerne in Sweden, which serve all types of retail and corporate customers.
Banking Activities Sweden has four regions with 59 branches, four finance centres and around 920 employees. Real-estate agency business is carried out primarily through the 75 offices of Skandia Mklarna.
Banking Activities, Sweden (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Lending spread (1) (from Tom/next interest rate) (%)
Margin (1+2) (%)
Market share (lending) (%) (end of period)*
Market share (retail deposits) (%) (end of period)
No. of customers (000s) (end of period)**
No. of netbank customers (000s) (end of period)***
Q307
521
144
26
13
704
153
5
182
340
364
-29
393
488
Q207
510
175
24
15
724
162
5
235
402
322
21
301
374
Q107
499
161
21
11
692
160
4
201
365
327
70
257
315
Q406
505
176
20
15
716
181
2
211
394
322
31
291
356
Q306
473
137
20
12
642
180
3
168
351
291
7
284
353
Q206
434
158
15
13
620
174
6
194
374
246
-50
296
366
Q106
400
143
16
7
566
174
2
165
341
225
83
142
178
Year to date
2007
1,530
480
71
39
2,120
475
14
618
1,107
1,013
62
951
1,177
Full year
2006
1,812
614
71
47
2,544
709
13
738
1,460
1,084
71
1,013
1,253
154,603
53,018
126,190
6,940
21.0
22.6
48.3
146,832
51,178
118,166
6,499
19.8
18.5
55.5
138,199
47,345
118,381
6,511
20.1
15.8
52.7
138,454
50,062
114,843
7,465
17.3
15.6
55.0
133,499
45,917
110,053
7,153
16.3
15.9
54.7
128,151
44,537
102,850
6,685
14.7
17.7
60.3
116,709
39,472
96,425
6,268
14.4
9.1
60.2
154,603
53,018
120,941
6,652
20.3
19.1
52.2
138,454
50,062
106,104
6,897
15.7
14.7
57.4
0.79
0.88
1.67
5.7
4.5
59
215
122
918
0.86
0.91
1.77
5.7
4.4
59
211
117
920
0.88
0.94
1.82
5.6
4.3
59
198
111
921
0.90
0.90
1.80
5.6
4.3
59
194
106
1,135
0.94
0.85
1.79
5.7
4.4
57
191
102
1,122
0.92
0.78
1.70
5.5
4.4
57
188
99
1,114
0.94
0.80
1.74
5.3
4.1
57
195
74
1,142
0.84
0.91
1.75
5.7
4.5
59
215
122
918
0.93
0.84
1.77
5.6
4.3
59
194
106
1,135
* Total market incl. property finance.

** Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures from the first half of 2006. Comparative figures have not been restated.
*** Consists only of active Internet customers.
26
3.1.4. Financial performance, Norway

Banking Activities Norway encompasses the banking activities of Fokus Bank in Norway. Fokus Bank serves all types of retail and corporate customers. Banking Activities Norway has five regions with 55 branches,
five finance centres and around 1,100 employees. Real-estate agency business is carried out through the 40 offices of Fokus Krogsveen Nylander.
Banking Activities, Norway (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Margin (1+2) (%)
Market share (lending) (%) (end of period)
Market share (deposits) (%) (end of period)
No. of customers (000s) (end of period)*
No. of netbank customers (000s) (end of period)**
Q307
493
122
40
78
733
203
3
207
413
320
8
312
330
Q207
442
110
37
95
684
179
5
224
408
276
-37
313
339
Q107
423
114
34
77
648
198
6
203
407
241
27
214
233
Q406
418
118
28
96
660
235
8
184
427
233
43
190
210
Q306
410
90
33
88
621
194
11
190
395
226
-12
238
259
Q206
385
107
23
74
589
181
4
180
365
224
-69
293
308
Q106
354
101
27
54
536
174
3
188
365
171
7
164
177
Year to date
2007
1,358
346
111
250
2,065
580
14
634
1,228
837
-2
839
902
Full year
2006
1,567
416
111
312
2,406
784
26
742
1,552
854
-31
885
954
130,960
57,737
99,831
5,491
23.3
22.7
56.3
118,228
57,482
93,077
5,119
21.6
24.5
59.6
109,731
48,506
88,106
4,846
19.9
17.7
62.8
105,319
46,667
83,573
5,432
17.2
14.0
64.7
100,610
40,385
80,246
5,216
17.3
18.3
63.6
96,718
44,447
73,450
4,774
18.8
24.5
62.0
90,329
40,344
69,579
4,523
15.1
14.5
68.1
130,960
57,737
93,714
5,154
21.7
21.7
59.5
105,319
46,667
76,760
4,989
17.1
17.7
64.5
0.78
0.82
1.60
5.7
5.0
55
230
108
1,069
0.80
0.83
1.63
5.5
4.8
55
229
106
1,069
0.91
0.75
1.66
5.5
4.9
56
227
104
1,071
0.92
0.77
1.69
5.5
4.6
61
237
106
1,323
0.97
0.78
1.75
5.4
4.4
63
236
103
1,293
1.01
0.73
1.74
5.2
4.1
70
234
99
1,152
1.02
0.75
1.77
5.2
4.3
70
260
75
1,148
0.82
0.80
1.62
5.7
5.0
55
230
108
1,069
0.98
0.76
1.74
5.5
4.6
61
237
106
1,323
* Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures for the first half of 2006. Comparative figures have not been restated.
** Consists only of active Internet customers.
27
3.1.5. Financial performance, Northern Ireland

Banking Activities Northern Ireland encompasses the banking activities of Northern Bank, which serves both retail and corporate customers. Banking Activities Northern Ireland has four regions with 94 branches
and around 1,300 employees.
Banking Activities, Northern Ireland (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Staff cost ex. bonuses
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Margin (1+2) (%)
Market share (retail) (%) (end of period)*
Market share (corporate) (%) (end of period)*
Q307
483
126
40
3
652
104
26
138
7
197
472
180
2
178
16
Q207
452
117
18
4
591
115
191
136
8
229
679
-88
-11
-77
-7
Q107
447
128
24
4
603
113
30
136
7
228
514
89
30
59
5
Q406
451
122
22
7
602
118
72
167
8
166
531
71
30
41
4
Q306
435
129
24
5
593
118
49
167
9
193
536
57
-2
59
6
Q206
415
101
26
5
547
112
194
217
11
162
696
-149
11
-160
-15
Q106
401
133
15
2
551
111
130
193
11
145
590
-39
5
-44
-4
Year to date
2007
1,382
371
82
11
1,846
332
247
410
22
654
1,665
181
21
160
14
Full year
2006
1,702
485
87
19
2,293
459
445
744
39
666
2,353
-60
44
-104
-9
60,845
59,845
47,787
2,628
27.4
27.1
72.4
52.5
60,677
60,601
44,225
2,432
-14.5
-12.7
114.9
63.1
56,070
56,856
42,371
2,330
15.3
10.1
85.2
61.5
58,442
60,969
38,569
2,507
11.3
6.5
88.2
56.6
57,372
59,379
37,138
2,414
9.4
9.8
90.4
62.2
52,851
54,351
38,949
2,532
-23.5
-25.3
127.2
71.3
41,654
41,708
39,263
2,552
-6.1
-6.9
107.1
63.3
60,845
59,845
44,814
2,465
9.8
8.7
90.2
58.8
58,442
60,969
38,474
2,501
-2.4
-4.2
102.6
63.2
1.18
2.41
3.59
19.0
31.0
94
436
92
1,279
1.20
2.29
3.49
20.0
31.0
95
432
83
1,313
1.23
2.33
3.56
20.0
31.0
95
431
73
1,378
20.0
31.0
95
429
58
1,862
20.2
31.0
95
427
47
1,845
19.7
32.4
95
425
37
1,866
19.8
32.4
95
421
27
1,905
1.20
2.34
3.54
19.0
31.0
94
436
92
1,279
20.0
31.0
95
429
58
1,862
* The market shares of Northern Bank are not calculated in the same way as the market shares of the other retail banks because there is no central bank for Northern Ireland alone.
As of Q2 2006, loans and advances granted by the bank in Northern Ireland are no longer set off against deposits held by the same customers in the financial statements.
28
3.1.6. Financial performance, The Republic of Ireland

Banking Activities Ireland encompasses the banking activities of National Irish Bank, which caters primarily to retail and corporate customers. Banking Activities Ireland has four regions with 61 branches and
around 625 employees.
Banking Activities, The Rep. of Ireland (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Staff cost ex. bonuses
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Margin (1+2) (%)
Market share (lending) (%) (end of period), incl. property finance*
Market share (deposits) (%) (end of period)*
Q307
317
41
13
2
373
25
43
92
5
116
281
92
28
64
8
Q207
288
55
23
3
369
26
50
91
5
122
294
75
20
55
8
Q107
264
38
15
3
320
25
30
93
5
119
272
48
8
40
5
Q406
258
34
19
2
313
26
8
92
5
124
255
58
58
8
Q306
240
36
9
1
286
25
4
88
3
93
213
73
-24
97
13
Q206
219
28
19
2
268
25
68
110
5
127
335
-67
23
-90
-12
Q106
201
35
14
1
251
26
79
91
5
91
292
-41
-2
-39
-5
Year to date
2007
869
134
51
8
1,062
76
123
276
15
357
847
215
56
159
21
Full year
2006
918
133
61
6
1,118
102
159
381
18
435
1,095
23
-3
26
4
66,732
23,307
58,444
3,214
11.4
8.0
75.3
57.1
63,465
22,488
52,750
2,901
10.3
7.6
79.7
59.1
56,482
20,880
47,254
2,599
7.4
6.2
85.0
67.8
51,250
21,390
42,441
2,759
8.4
8.4
81.5
70.6
46,677
19,738
38,127
2,478
11.8
15.7
74.5
64.3
41,957
17,045
33,103
2,152
-12.5
-16.7
125.0
90.3
36,449
21,392
30,143
1,959
-8.4
-8.0
116.3
74.5
66,732
23,307
52,857
2,907
9.9
7.3
79.8
61.0
51,250
21,390
35,993
2,340
1.0
1.1
97.9
74.6
1.14
1.78
2.92
4.8
3.2
61
192
32
627
1.14
1.68
2.82
4.7
3.3
61
189
31
653
1.18
1.69
2.87
4.4
3.3
59
187
29
666
4.2
3.3
59
184
28
698
4.0
3.2
59
180
23
724
3.8
3.0
59
176
19
717
3.5
2.9
59
173
14
717
1.16
1.74
2.90
4.8
3.2
61
192
32
627
4.2
3.3
59
184
28
698
* Retail Clearing Banks market (AIB, Bank of Ireland, Ulster Bank and National Irish Bank).
As of Q2 2006, loans and advances granted by the bank in the Republic of Ireland are no longer set off against deposits held by the same customers in the financial statements.
29
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)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Cost/income ratio
Expenses, excl. integration expenses as % of income
Q307
158
37
22
2
219
47
6
50
103
116
12
104
Q207
145
32
13
6
196
46
6
59
111
85
17
68
Q107
88
20
9
3
120
33
3
36
72
48
16
32
Q406
104
26
40
4
174
110
64
7
57
Q306
77
24
45
4
150
80
70
4
66
Q206
91
19
22
4
136
86
50
50
Q106
52
15
10
2
79
53
26
3
23
Year to date
2007
391
89
44
11
535
126
15
145
286
249
45
204
Full year
2006
324
84
117
14
539
329
210
14
196
24,848
10,512
22,831
1,256
37.0
33.1
47.0
47.0
22,605
9,153
21,808
1,199
28.3
22.7
56.6
56.6
20,458
8,994
20,076
1,104
26.1
17.4
60.0
60.0
18,535
8,704
17,668
1,148
22.3
19.9
63.2
63.2
16,368
7,784
15,625
1,016
27.6
26.0
53.3
53.3
14,516
7,364
13,732
893
22.4
22.4
63.2
63.2
12,581
6,313
11,546
750
20.8
18.4
67.1
67.1
24,848
10,512
21,582
1,187
31.5
25.8
53.5
53.5
18,535
8,704
14,662
953
24.0
22.4
61.0
61.0
Q307
71
3
30
104
Q207
53
2
13
68
Q107
26
-2
8
32
Q406
44
13
57
Q306
46
2
18
66
Q206
35
15
50
Q106
18
5
23
Year to date
2007
150
3
51
204
Full year
2006
143
2
51
196
Profit before tax (Dkr m)

Estonia (EEK)
Latvia (LVT)
Lithuania (LTL)
Total Banking Activities Baltics
30
3.1.7. Financial performance, Baltics, continued
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Year to date
2007
Full year
2006
11.7
11.7
21
160
145
644
11.0
10.3
21
156
141
623
11.1
10.8
20
149
134
599
10.6
10.3
19
145
128
578
10.4
10.3
19
141
122
569
9.5
10.0
18
136
117
562
8.9
9.4
16
129
109
551
11.7
11.7
21
160
145
644
10.6
10.3
19
145
128
578
LATVIA
1.1
0.4
4
8
1
102
1.1
0.4
4
7
1
82
1.1
0.4
4
7
75
1.1
0.4
3
6
61
0.9
0.4
3
6
50
0.8
0.5
2
5
42
0.8
0.5
2
4
33
1.1
0.4
4
8
1
102
1.1
0.4
3
6
61
LITHUANIA
8.4
3.5
16
92
58
550
8.6
3.3
16
80
53
507
8.7
3.3
16
80
49
484
8.9
3.6
14
74
44
407
8.9
3.5
14
67
38
389
8.9
3.2
13
59
32
374
8.8
3.0
12
53
28
359
8.4
3.5
16
92
58
550
8.9
3.6
14
74
44
407
Banking Activities, Baltics (DKr m)

ESTONIA
* Market shares Q2 2007 are calculated as of end of August 2007.

31
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)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Pre-tax profit as % p.a. of allocated cap. (ROE)
Cost/income ratio, %
Profit before tax (DKr m)

Nordania
Germany
Poland
Other Banking Activities
Q307
142
24
22
341
529
57
4
278
339
190
168
22
Q207
140
24
16
398
578
57
4
332
393
185
-7
192
Q107
136
29
8
422
595
50
3
330
383
212
212
Q406
141
19
12
402
574
58
5
303
366
208
-25
233
Q306
121
24
11
329
485
56
2
278
336
149
38
111
Q206
108
23
13
339
483
55
2
268
325
158
6
152
Q106
134
20
6
360
520
55
4
294
353
167
-20
187
Year to date
2007
418
77
46
1,161
1,702
164
11
940
1,115
587
161
426
Full year
2006
504
86
42
1,430
2,062
224
13
1,143
1,380
682
-1
683
34,123
4,324
40,993
2,255
33.7
3.9
64.1
33,750
4,304
41,137
2,263
32.7
33.9
68.0
33,130
3,513
41,057
2,258
37.6
37.6
64.4
32,588
3,586
39,387
2,560
32.5
36.4
63.8
31,760
3,060
38,897
2,528
23.6
17.6
69.3
30,830
3,306
38,261
2,487
25.4
24.4
67.3
29,988
2,870
36,822
2,393
27.9
31.3
67.9
34,123
4,324
41,062
2,258
34.7
25.2
65.5
32,588
3,586
38,350
2,493
27.4
27.4
66.9
420
403
392
392
405
391
377
420
392
Q307
93
-96
25
22
Q207
113
66
13
192
Q107
137
61
14
212
Q406
163
62
8
233
Q306
50
52
9
111
Q206
80
62
10
152
Q106
128
48
11
187
Year to date
2007
343
31
52
426
Full year
2006
421
224
38
683
32
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 through
Realkredit Danmark, Danske Bank and home. Real-estate agency business is carried out through home, which has 199 offices throughout the country.
Q307
998
-92
53
41
1,000
118
2
164
284
716
17
699
Q207
943
-87
45
46
947
121
2
181
304
643
8
635
Q107
935
-80
43
42
940
118
2
176
296
644
-14
658
Q406
967
-59
105
36
1,049
127
3
171
301
748
-19
767
Q306
899
-61
53
44
935
97
182
279
656
-23
679
Q206
880
-53
15
47
889
117
3
176
296
593
-53
646
Q106
875
-61
42
52
908
117
2
181
300
608
-10
618
Year to date
2007
2,876
-259
141
129
2,887
357
6
521
884
2,003
11
1,992
Full year
2006
3,621
-234
215
179
3,781
458
8
710
1,176
2,605
-105
2,710
Mortgage loans
Loans and advances to customers (end of period)
Cost/income ratio
614,033
467
304,941
16,772
17.1
16.7
28.4
600,337
483
304,187
16,730
15.4
15.2
32.1
607,725
470
300,410
16,523
15.6
15.9
31.5
602,584
435
298,500
19,403
15.4
15.8
28.7
592,784
468
287,955
18,717
14.0
14.5
29.8
573,105
379
282,105
18,337
12.9
14.1
33.3
567,002
343
279,380
18,160
13.4
13.6
33.0
614,033
467
303,196
16,676
16.0
15.9
30.6
602,584
435
287,040
18,658
14.0
14.5
31.1
Lending spread, %
Gross-lending (total market) (DKr bn)*
Loan to value (end of period), %
Market share (gross-lending) (%)*
Market share, loan portfolio (%)*
Euro loans as % of total gross lending
FlexLn (floaters) as % of total stock of loans
FlexLn (floaters) as % of gross lending
FlexGaranti (floaters) as % of total stock of loans
FlexGaranti (floaters) as % of gross lending
RD Cibor6 as % of total stock of loans
RD Cibor6 as % of gross lending
Rating (Covered bond/longterm - S&P/Moody's)
0.45
115
53
23
32
7
40
31
10
9
4
10
AAA/Aaa
717
0.45
100
53
25
32
7
41
31
10
6
3
6
AAA/Aaa
720
0.45
88
53
26
33
7
41
37
11
11
3
6
AAA/Aaa
736
0.46
139
53
28
33
4
42
38
11
9
3
11
AAA/Aaa
740
0.46
104
54
29
33
4
43
40
11
13
2
4
AAA/Aaa
755
0.46
117
57
33
33
5
43
42
10
13
2
4
AAA/Aaa
752
0.46
109
57
30
33
3
45
32
10
24
2
8
AAA/Aaa
772
0.45
303
53
25
32
7
40
33
10
9
4
7
AAA/Aaa
717
0.46
469
53
30
33
4
42
38
11
14
3
7
AAA/Aaa
740
Mortgage finance (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
* Source: Realkreditrdet (Danish mortgage finance council). www.realkreditraadet.dk.
33
Distribution of Mortgage loans portfolio

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

100
80
Share of portfolio in %
Share of portfolio in %
100
Loan to value:
> 80%
60
60 - 80%
40 - 60%
40
20 - 40%
0 - 20%
20
Private market
62 %
Urban Agritrade culture

12 %
7%
Outstanding debt
per property:
80
More than 25
DKr m
60
10 - 25 DKr m
2 - 10 DKr m
40
1 - 2 DKr m
20
Residential
rental
property
19%
Less than 1
DKr m
Private market
62%
Share of total loan portfolio
Urban
trade
12%
AgriResidential
culture rental
property
7%
19%
Share of total loan portfolio
Mortgage loans and guarantees

Mortgage finance book: Loans by property category (DKr bn)
Private market
Urban trade
Agriculture
Residential rental property
Total loans and guarantees
IAS/ IFRS correction
Q307
394
75
42
124
635
-21
34
Q207
388
73
41
123
625
-25
Q107
381
72
40
123
616
-8
Q406
378
72
38
121
609
-6
Q306
368
72
37
121
598
-5
Q206
361
71
36
118
586
-13
Q106
352
69
34
117
572
-5
Year to date
2007
394
75
42
124
635
-21
Full year
2006
378
72
38
121
609
-6
3.3. Financial performance, Danske Markets

Danske Markets is responsible for the Groups activities in the financial markets. Trading activities include trading in fixed-income products, foreign exchange, equities and interest-bearing securities, providing the
largest corporate customers and institutional clients with financial products and advisory services on mergers and acquisitions, and assisting customers in connection with their issue of equity and debt on the
international financial markets. Proprietary trading encompasses the Banks short-term investments. The investment portfolio covers the Banks strategic fixed-income, foreign exchange, and equity portfolios.
Institutional banking includes facilities with international financial institutions outside the Nordic region. Institutional facilities with Nordic financial institutions form part of the Groups banking activities.
Year to date
Full year
Q307
Q207
Q107
Q406
Q306
Q206
Q106
2007
2006
Danske Markets (DKr m)
Net interest income
Net fee income
Net trading income
1,476
1,716
1,659
1,362
1,513
1,283
1,874
4,851
6,032
Other income
Total income
1,476
1,716
1,659
1,362
1,513
1,283
1,874
4,851
6,032
3
3
221
239
197
218
213
215
192
657
838
Bonuses*
132
174
208
32
98
125
189
514
444
Other costs
229
277
269
261
213
227
212
775
913
Other operating expenses
582
690
674
511
524
567
593
1,946
2,195
Operating expenses
585
690
674
511
524
567
593
1,949
2,195
891
1,026
985
851
989
716
1,281
2,902
3,837
5
-5
-16
-25
-8
5
-54
Profit before tax
891
1,026
980
856
1,005
741
1,289
2,897
3,891
Cost/income ratio
Cost/income ratio, excl. amortisation of intangible assets, %
62,429
145,118
7,981
44.7
44.7
39.6
39.4
39,591
129,921
7,146
57.4
57.4
40.2
40.2
34,392
116,901
6,430
61.3
61.0
40.6
40.6
38,718
118,563
7,707
44.2
44.4
37.5
37.5
38,041
118,567
7,707
51.3
52.2
34.6
34.6
39,399
119,159
7,745
37.0
38.3
44.2
44.2
35,699
114,107
7,417
69.1
69.5
31.6
31.6
62,429
130,750
7,191
53.8
53.7
40.2
40.1
38,718
117,614
7,645
50.2
50.9
36.4
36.4
Stock exchange volume growth- Denmark (YOY%)**

Stock exchange volume growth- Norway (YOY%)**
Stock exchange volume growth- Sweden (YOY%)**
Market share of equities on OMX Copenhagen (average) (%)***
Interest rate risk (Group) (VAR) (Dkr bn) (avg.)*/****
Interest rate risk (Group) (DKr bn) (end of period)*/*****
29
24
23
17
0.5
0.6
881
16
14
17
17
0.4
1.7
886
-1
26
30
15
0.2
1.5
861
13
70
47
15
0.2
0.9
875
24
81
50
15
0.2
0.6
868
42
114
58
17
0.2
0.4
844
91
94
51
17
0.2
0.3
856
29
24
23
16
0.3
0.6
881
13
70
47
16
0.2
0.9
875
Q307
970
-31
415
122
1,476
Q207
1,289
-13
310
130
1,716
Q107
1,129
297
116
117
1,659
Q406
822
207
209
124
1,362
Q306
1,021
-17
375
134
1,513
Q206
975
-40
235
113
1,283
Q106
1,181
240
340
113
1,874
Year to date
2007
3,388
253
841
369
4,851
Full year
2006
3,999
390
1,159
484
6,032
*The Sampo Bank Group is not included in 2006 figures.

**All shares YTD - source: www.omxgroup.com/www.oslobors.no.
***Percentage of total stock market volume on Copenhagen Stock Exchange - source: www.omxgroup.com
****99%, 10 days.
*****Sensitivity at an interest rate change of 100 basispoints.
Total income (DKr m)

Trading Activities
Propriety Trading
Investment Portfolio
Institutional Banking
Danske Markets total
35
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 and
external distributors. Through Danske Bank International in Luxembourg, Danske Capital provides advisory services and asset management services to clients outside the Groups home markets. Danske Capital
manages 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)

Net interest income
Net fee income
Hereof performance fee
Net trading income
Other income
Total income
Bonuses*
Other costs
Operating expenses
Profit before tax
Profit before tax as % p.a. of allocated capital (ROE)
Cost/income ratio
Operating expenses, excl. amortisation of intangible assets, as % of income
Q307
57
421
5
10
-1
487
11
109
46
71
237
250
250
Q207
50
438
2
12
-1
499
9
118
25
66
218
281
-1
282
Q107
45
393
4
21
-1
458
6
96
21
81
204
254
254
Q406
48
495
87
21
2
566
112
33
85
230
336
-30
366
Q306
48
344
1
13
-2
403
91
15
70
176
227
-149
376
Q206
37
372
4
19
-1
427
84
16
71
171
256
2
254
Q106
40
338
3
28
-2
404
84
19
79
182
222
-1
223
Year to date
2007
152
1,252
11
43
-3
1,444
26
323
92
218
659
785
-1
786
Full year
2006
173
1,549
95
81
-3
1,800
371
83
305
759
1,041
-178
1,219
25,602
8,900
13,480
741
134.9
134.9
48.7
46.4
24,125
8,888
12,728
700
160.6
161.1
43.7
41.9
23,907
8,307
12,487
687
147.9
147.9
44.5
43.2
22,816
8,109
11,225
730
184.2
200.6
40.6
40.6
20,490
7,292
10,754
699
129.9
215.2
43.7
43.7
20,118
7,420
9,755
634
161.5
160.2
40.0
40.0
18,408
7,060
8,147
530
167.7
168.4
45.0
45.0
25,602
8,900
12,902
710
147.5
147.7
45.6
43.8
22,816
8,109
9,981
649
160.5
187.9
42.2
42.2
*The Sampo Bank Group is not included in the 2006 figures.

36
3.4. Financial performance, Danske Capital, continued
Danske Capital (DKr m)

ASSET MANAGEMENT
Net inflow of AuM (DKr bn)*
Total AuM (DKr bn) (end of period)
Nordic retail market share, mutual f. (MV end of period) %
DK retail market share, mutual f. (MV end of period) (%)*
DK retail market share, mutual f. (net inflow YTD) (%)*
DK inst. market share, mutual f. (MV end of period) (%)*
ASSET BREAKDOWN (end of period)
Bonds (%)*
Stocks (%)*
Cash (%)*
CUSTOMER BREAKDOWN (end of period) (Aum)
Life insurance and pension pools (DKr bn)*
Danske Invest/BG Invest, incl. Danske Fund (DKr bn)*
Institutional customers (DKr bn)*
Private equity (DKr bn)*
Income as % of AuM (p.a.)
Cost as % of AuM (p.a.)
Profit before tax as % of AuM (p.a.)
AuM per employee (end of period) (DKr m)
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Year to date
2007
Full year
2006
-1
639
9
33
25
6
2
640
10
33
20
5
-1
639
10
33
23
5
-2
634
33
7
5
6
613
33
9
5
1
591
34
13
5
2
610
34
15
4
639
9
33
25
6
7
634
33
7
5
66
32
2
65
33
2
66
30
4
64
32
4
66
30
4
67
29
4
68
29
3
66
32
2
64
32
4
294
203
128
11
296
205
128
11
299
202
127
11
242
142
96
11
230
138
95
13
223
134
90
12
227
141
95
10
294
203
128
11
242
142
96
11
0.3
0.1
0.2
1,133
564
0.3
0.1
0.2
1,141
561
0.3
0.1
0.2
1,181
541
0.4
0.1
0.2
1,366
464
0.2
0.1
0.1
1,333
460
0.3
0.1
0.2
1,331
444
0.3
0.1
0.1
1,459
418
0.3
0.1
0.2
1,133
564
0.3
0.1
0.2
1,366
464
AuM - Assets under Management.

*The Sampo Bank Group is not included in the 2006 figures.
37
3.5. Financial performance, Danica Pension

Danica encompasses all the Danske Bank Groups activities in the life insurance and pensions market. Danica Pension targets both personal and corporate customers. Products are marketed through a range of
distribution channels within the Group, primarily Banking Activities outlets and Danica Pensions insurance brokers and advisers. Danica offers two market-based products, Danica Balance and Danica Link. These
products allow customers to select their own investment profile, and the return on savings depends on market trends. Furthermore, Danica Pension offers Danica Traditionel. This product does not offer individual
investment profiles, and Danica Pension sets the rate of interest on policyholders savings.
Q307
257
12
-31
168
-137
269
Q207
262
-5
-30
273
-142
358
Q107
264
-15
-27
196
-107
311
Q406
261
-20
-7
424
-104
554
Q306
252
-4
-28
408
-75
215
768
Q206
259
-28
-30
-86
-65
-215
-165
Q106
265
-1
-36
26
-56
198
Year to date
2007
783
-8
-88
637
-386
938
Full year
2006
1,037
-53
-101
772
-300
1,355
3,926
347
177,153
4,845
22.2
3,932
412
178,419
4,879
29.4
4,365
428
179,216
4,932
25.2
4,800
731
175,674
5,032
44.0
3,574
337
174,269
7,657
40.1
3,599
451
177,444
7,860
-8.4
4,259
495
179,639
8,693
9.1
12,223
1,187
178,252
4,886
25.6
16,232
2,014
176,757
7,310
18.5
Unrealised - Market Value Correction, insurance

Unrealised - Market Value Correction, investment
Unrealised - Market Value Correction, total
Combined ratio, Health/accident insurance (avg.)
63
5
68
115
-7
-3
-10
120
73
17
90
115
82
23
105
104
97
8
105
112
53
7
60
112
45
20
65
115
129
19
148
117
277
58
335
111
INVESTMENT PORTFOLIOS BREAKDOWN (end of period)

Bonds (customer funds) (%)
Danish equities (customer funds) (%)
Foreign equities (customer funds) (%)
Property (customer funds) (%)
Bonus reserves (DKr bn)
Declared rate of interest on policyholders' savings, after tax (%)
Investment return of customer funds (pre tax) (ann.) (%)
Investment return, health and accident insurance (ann.) (%)
Rating (Insurer Financial strength - S&P)
66
4
21
9
14.3
4.5
3.8
3.7
954
AA-
66
4
21
9
15.1
4.5
-2.2
-0.6
936
AA-
67
4
20
9
13.9
4.5
0.8
3.2
909
AA-
68
3
20
9
13.9
4.5
6.8
7.5
898
AA-
69
3
19
9
12.5
4.5
19.3
15.5
907
AA-
69
3
19
9
11.0
4.5
-8.5
-5.1
875
AA-
71
3
18
8
12.7
4.5
-6.4
-6.4
844
AA-
66
4
21
9
14.3
4.5
0.8
2.1
954
AA-
68
3
20
9
13.9
4.5
2.9
3.3
898
AA-
Danica Pension (DKr m)

Share of technical provisions, etc.
Unit-linked business
Health and accident business
Return on investments
Financing result
Postponed risk allowance
Premiums, insurance contracts
Premiums, investment contracts
Technical provisions (avg.)
Net income as % p.a. of allocated capital
38
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.
Other areas (DKr m)

Net interest income
Net fee income
Net trading income
Other income
Total income
Bonuses
Other costs
Operating expenses
Profit before tax
Q307
-461
-97
93
38
-427
714
33
-673
74
-501
-501
Q207
-351
-121
234
56
-182
-54
923
51
-824
96
-278
1
-279
Q107
-199
-59
-121
258
-121
54
763
48
-752
113
-234
-1
-233
Q406
-229
-65
-146
223
-217
752
36
-636
152
-369
-2
-367
Q306
-299
-38
-26
194
-169
597
20
-581
36
-205
1
-206
Q206
-198
-69
48
240
21
420
18
-580
-142
163
163
Q106
-201
-41
-125
36
-331
394
26
-473
-53
-278
-278
Year to date
2007
-1,011
-277
206
352
-730
2,400
132
-2,249
283
-1,013
-1,013
Full year
2006
-927
-213
-249
693
-696
2,163
100
-2,270
-7
-689
-1
-688
Q307
-513
89
43
-120
-501
Q207
-426
224
68
-145
-279
Q107
-209
-121
67
30
-233
Q406
-246
-134
135
-122
-367
Q306
-274
-54
193
-71
-206
Q206
-202
44
215
106
163
Q106
-238
-96
45
11
-278
Year to date
2007
-1,148
192
178
-235
-1,013
Full year
2006
-960
-240
588
-76
-688
Profit before tax (DKr m)

Cost of capital
Own shares
Real property
Others
Total Other areas
39
Macroeconomics
40
4.1. Tables and charts

Denmark (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
Short Term Interest Rate (T/N) (avg.)
10-Year (avg.)
2008E
1.7
4.3
1.7
2.0
2.1
3.3
4.8
5.0
2007E
1.9
3.1
2.1
1.7
1.7
3.5
4.3
4.8
2006
3.5
10.1
3.1
1.5
1.9
4.5
3.0
3.8
2005
3.1
7.3
4.2
1.1
1.8
5.7
2.2
3.4
2004
2.1
2.2
4.7
1.6
1.2
6.4
2.2
4.3
2003
0.4
-1.0
1.0
0.7
2.1
6.2
2.4
4.3
2002
0.5
4.1
1.5
2.1
2.4
5.2
3.5
5.1
2001
0.7
3.1
0.1
2.2
2.4
5.2
4.8
5.1
2008E
3.6
1.6
3.6
3.1
1.5
2.6
6.0
5.5
2007E
5.3
2.6
5.3
3.2
1.0
2.7
5.4
5.0
2006
4.6
1.6
4.6
3.3
2.3
3.5
3.5
4.7
2005
4.7
0.7
3.5
1.9
1.5
4.6
1.9
3.6
2004
4.3
0.8
5.2
1.4
0.5
4.5
1.8
4.3
2003
1.1
-0.6
2.7
1.7
2.5
4.5
4.2
5.0
2002
1.4
3.4
3.0
3.7
1.3
3.9
6.7
6.4
2001
2.1
3.6
1.6
5.8
3.0
3.6
7.0
6.2
2008E
2.6
4.0
3.1
1.1
2.3
6.9
4.3
4.5
2007E
2.9
3.4
2.8
1.6
2.0
6.5
3.8
4.6
2006
4.2
9.1
2.8
1.8
1.4
5.4
2.5
4.4
2005
2.9
6.4
2.4
0.3
0.5
5.9
1.8
3.4
2004
4.1
10.8
2.2
0.4
0.4
5.5
2.0
4.4
2003
1.7
5.6
1.8
0.7
1.9
4.9
3.2
4.6
2002
2.0
0.0
1.5
2.3
2.2
4.0
4.1
5.3
2001
1.1
0.4
0.4
0.9
2.4
3.9
4.0
5.1
Norway (%)
GDP Growth - mainland
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
Sweden (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
Source: Danske Research (www.danskebank.com/danskeresearch). Updated October 2007.
41
Euroland (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
2008E
2.1
5.5
2.0
2.0
2.1
6.8
4.3
4.6
2007E
2.6
6.5
1.8
2.0
2.1
7.1
3.9
4.3
2006
2.8
8.5
1.8
2.0
2.1
7.8
2.8
3.8
2005
1.4
3.7
1.3
1.1
2.3
8.6
2.0
3.4
2004
1.8
5.6
1.2
1.6
2.1
8.9
2.0
3.5
2003
0.5
0.3
1.0
1.7
2.1
8.9
2.3
4.1
2002
0.8
1.8
0.6
3.1
2.3
8.5
3.2
4.8
2001
1.6
3.3
1.9
2.4
2.3
8.1
4.3
4.8
2008E
4.7
8.0
5.0
4.0
1.8
5.4
4.4
4.9
2007E
6.0
8.0
6.0
5.0
2.2
4.8
3.9
4.4
2006
5.7
4.4
5.7
5.3
3.0
4.2
2.8
3.8
2005
5.9
5.2
7.3
4.0
2.2
4.4
2.0
3.4
2004
4.3
7.3
4.1
1.5
2.3
4.4
2.0
3.5
2003
4.3
0.6
3.0
1.2
4.0
4.6
2.3
4.1
2002
6.4
5.2
4.2
7.0
4.7
4.4
3.2
4.8
2001
5.9
8.6
5.4
9.9
4.0
3.9
4.3
4.8
2008E
2.6
3.9
2.0
2.3
2.1
2.9
6.0
5.4
2007E
2.9
4.0
2.6
2.6
2.5
2.9
5.8
5.1
2006
2.8
11.5
1.9
2.4
2.3
2.9
4.6
4.6
2005
1.8
7.9
1.5
2.8
2.1
2.7
4.5
4.2
2004
3.3
3.4
3.5
4.7
1.3
2.7
4.4
4.9
2003
2.8
1.2
3.0
3.2
1.4
3.0
3.7
4.5
2002
2.0
0.2
3.5
3.8
1.3
3.1
4.0
4.9
2001
2.2
2.9
3.0
2.6
1.2
3.2
5.1
4.9
Ireland (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation (HICP)
Unemployment Rate
10-Year (avg.)
UK (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
42
Finland (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
2008E
3.0
6.0
2.5
1.4
2.9
6.4
4.3
4.6
2007E
4.4
6.5
3.7
1.4
2.5
6.8
3.9
4.3
2006
5.0
10.4
4.3
1.0
1.6
7.8
2.8
3.8
2005
2.9
7.2
4.0
1.5
0.6
8.4
2.0
3.4
2004
3.7
8.9
2.9
1.8
0.2
8.9
2.0
3.5
2003
1.8
-1.7
4.7
1.6
0.9
9.1
2.3
4.1
2002
1.6
2.8
2.2
2.6
1.6
9.1
3.2
4.8
2001
2.6
2.6
2.7
1.3
2.6
9.2
4.3
4.8
2008E
4.5
5.2
6.5
2.2
7.6
10.0
5.5
5.5
2007E
7.6
5.0
11.0
4.2
6.5
9.5
4.7
4.7
2006
11.4
10.0
15.7
2.8
4.4
5.9
3.2
4.7
2005
10.5
21.5
7.9
1.1
3.6
7.0
2.5
3.9
2004
8.1
17.1
7.0
2.2
5.0
8.5
2.4
4.3
2003
7.1
7.6
6.8
0.3
1.1
9.3
2.5
4.8
2002
8.0
1.7
10.9
1.9
2.7
11.3
3.2
7.3
2001
7.7
2.0
7.1
2.6
4.2
11.9
3.5
9.2
2008E
5.2
5.1
7.0
2.5
10.0
6.5
13.0
13.0
2007E
9.5
5.2
13.5
4.0
9.5
5.9
8.5
8.5
2006
12.0
5.3
19.8
4.0
6.6
6.8
4.4
4.9
2005
10.6
20.7
11.4
2.7
7.0
7.4
4.0
3.6
2004
8.7
9.4
7.5
2.1
7.3
8.5
4.0
4.6
2003
7.2
5.2
8.2
1.9
3.6
8.6
3.0
5.1
2002
6.5
5.4
7.4
2.2
1.4
8.5
3.0
4.5
2001
8.0
7.5
7.3
2.8
3.2
7.7
3.5
6.9
Estonia (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
Latvia (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
43
Lithuania (%)
GDP Growth
Export
Private Consumption
Public Consumption
Inflation
Unemployment Rate
10-Year (avg.)
2008E
5.5
5.1
8.0
3.0
8.0
6.0
6.7
6.7
2007E
8.5
5.3
12.5
5.0
5.0
4.5
4.9
4.9
2006
7.6
15.4
13.6
7.3
3.8
5.6
2.8
4.3
2005
7.6
20.1
7.7
0.2
3.0
8.3
3.3
3.8
44
2004
7.1
8.9
8.8
4.4
2.9
11.4
3.0
4.0
2003
10.5
7.3
10.4
4.8
-1.3
12.4
4.3
4.8
2002
6.8
13.1
5.5
3.6
-1.0
13.8
10.0
5.9
2001
6.4
18.4
6.3
-0.4
2.0
17.4
6.0
6.3
House-price indices, % change
House price index (DK-seasonally adj)

(1995=100)
300
270
240
241
Irland
210
UK
180
150
212
Spanien
189
120
90
1995 Q1
1996 Q2
1997 Q3
1998 Q4
2000 Q1
2001 Q2
2002 Q3
2003 Q4
2005 Q1
2006Q2
Danmark
140
Frankrig
143
2007Q3
Sverige
139
117
NZ
Unemployment Rate (DK)

10
USA
103
Holland
102
65
Canada
8
7
18
Schweiz
4
3
1996 Q1
10
Tyskland
Japan -32
1997 Q2
1998 Q3
1999 Q4
2001 Q1
2002 Q2
2003 Q3
2004Q4
2006 Q1
2007 Q2
-50
-25
25
50
75
100 125 150 175 200 225 250 275
% change, 1997-2007(q2/q3)
45
GDP Growth
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2000
2001
Denmark
Finland
2002
2003
Norway
Estonia
2004
Sweden
Latvia
2005
Ireland
Lithuania
2006
UK
2007E
2008E
Euroland
Private Consumption
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2000
2001
Denmark
Finland
2002
2003
Norway
Estonia
2004
Sweden
Latvia
2005
Ireland
Lithuania
2006
UK
2007E
2008E
Euroland
46

Household debt and interest payments, Denmark
% of disposable
income
% of disposable
income
12.0
280
Debt burden
260
Interest burden
10.0
99
88
77
11
jun-07
dec-06
mar-07
jun-06
sep-06
dec-05
mar-06
jun-05
sep-05
dec-04
mar-05
jun-04
sep-04
dec-03
mar-04
jun-03
sep-03
dec-02
Household debt and interest payments, Norway

% of disposable
income
12.0
Debt burden Interest burden
10.0
% of disposable
income
% of disposable
income
240
Debt burden
12.0
Interest burden
220
10.0
200
Interest burden
2.0
Debt burden
47
Interest burden
jun-07
sep-06
dec-05
jun-04
mar-05
sep-03
dec-02
jun-01
mar-02
sep-00
dec-99
mar-99
jun-98
sep-97
dec-96
mar-96
jun-95
sep-94
dec-93
mar-93
80
jun-92
100
sep-91
jun-07
sep-06
dec-05
mar-05
jun-04
sep-03
dec-02
jun-01
mar-02
sep-00
dec-99
mar-99
jun-98
sep-97
dec-96
jun-95
mar-96
sep-94
dec-93
mar-93
jun-92
sep-91
dec-90
jun-89
mar-90
sep-88
dec-87
mar-87
Debt burden
0.0
4.0
120
dec-90
2.0
20
6.0
140
jun-89
4.0
40
160
mar-90
6.0
60
sep-88
80
8.0
180
dec-87
8.0
100
mar-87
120
mar-03
Debt burden
% of disposable
income
140
jun-02
Interest burden
Household debt and interest payments, Sweden
160
sep-02
0
dec-01
jun-07
dec-06
jun-06
dec-05
jun-05
dec-04
jun-04
dec-03
jun-03
dec-02
jun-02
dec-01
jun-01
dec-00
jun-00
dec-99
jun-99
dec-98
Debt burden
0.0
22
mar-02
2.0
140
33
jun-01
4.0
160
44
sep-01
180
55
dec-00
6.0
mar-01
200
66
jun-00
220
sep-00
8.0
mar-00
240
120
Household debt , Finland

% of disposable
income
0.0

Household net worth incl. property value, Dkr bn
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1998
1999
2000
2001
2002
2003
2004
2005
2006
Denmark
% of disposable
income
Interest and mortgage payments
12
11
10
9
8
7
6
5
4
Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307
Interest payments before tax

Interest payments (before tax) and ordinary repayments to mortgage-credit institutions
Disposable income is calculated using the macroeconomic model MONA.

48

Danske Bank Factbook, 2007 Q3

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Danske Bank Factbook, 2007 Q3

Enviado por

Direitos autorais:

Formatos disponíveis

Danske Bank Fact Book Q3 2007

Fact Book Q3 2007

Updated: October 30, 2007

Danske Bank Fact Book Q3 2007

1.1. Financial goals

3. Business segments and key statistics

1.2. Share Data

3.1. Banking Activities

1.4. Changes in accounting principles

3.1.1. Banking Activities, Denmark

3.1.2. Banking Activities, Finland

3.1.3. Banking Activities, Sweden

3.1.4. Banking Activities, Norway

3.1.5. Banking Activities, Northern Ireland

3.1.6. Banking Activities, The Rep. of Ireland 29

3.1.7. Banking Activities, Baltics

3.1.8. Other Banking Activities

3.2. Mortgage Finance

3.3. Danske Markets

3.4. Danske Capital

3.5. Danica Pension

3.6. Other areas

Danske Bank Fact Book Q3 2007

Fact Book Q3 2007

For further information, please contact:

Tonny Thierry Andersen, Chief Financial Officer

Martin Gottlob, Head of Investor Relations

Lars Holm, Senior IR Officer

Heidi Srensen, IR assistant

Event & location

January 31, 2008

April 29, 2008

October 28, 2008

Danske Bank Fact Book Q3 2007

1.1. Financial goals

Dividends and share buybacks

1.2. Share data

Average number of shares outstanding, Q1-Q3

Danske Bank Fact Book Q3 2007

S&Ps Insurer Financial Strength

Standard & Poors

Danske Bank Fact Book Q3 2007

1.4. Changes in accounting principles and presentation

Danske Bank Fact Book Q3 2007

Danske Bank Fact Book Q3 2007

2.1. Income statement Danske Bank Group

Danske Bank Fact Book Q3 2007

2.1.1. Breakdown of income

Country distribution of net interest income

Danish discount rate

Danske Bank Fact Book Q3 2007

Lending spread (1) (from Tom/next interest rate) (%) Denmark

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

Net interest income in Banking Activities, Denmark (YOY)

Danske Bank Fact Book Q3 2007

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

Net interest income

Danske Bank Fact Book Q3 2007

Net fee income

Fees generated by activities

Fees generated by portfolios

Net fee income, Sampo

Total other income