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Danske Bank Annual Report 2008 Bankaktiviteter Nordirland 3 Financial Highlights – Danske Bank Group

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Danske Bank Annual Report 2008 Bankaktiviteter Nordirland 3 Financial Highlights – Danske Bank Group ANNUAL REPORT 2008 DANSKE BANK GROUP FOKUS BANK SAMPO PANKKI ZAO DANSKEDANSKE BANK, BANK SKT.RUSSIA PETERSBORG DANSKE BANK SWEDEN DANSKE BANK SAMPO PANK DANICA PENSION REALKREDIT DANMARK DANSKE BANKA NORDANIA LEASING NORTHERN BANK DANSKE MARKETS DANSKE BANKAS DANSKE CAPITAL NATIONAL IRISH BANK DANSKE BANK HAMBURG DANSKE BANK LONDON DANSKE BANK POLAND DANSKE BANK INTERNATIONAL REPRESENTED IN 14 COUNTRIES / 804 BRANCHES / 5 MILLION CUSTOMERS / 23,624 EMPLOYEES ADDITIONAL INFORMATION ABOUT THE DANSKE BANK GROUP The Danske Bank Group has also published Corporate Responsibility 2008, Risk Management 2008, Fact Book Q4 2008 and CR Fact Book 2008. These publications provide detailed information about the Danske Bank Group and its business units and are available on the Group’s website – www.danskebank.com/ir. MANAGEMENT’S REPORT Investor relations 52 STATEMENT AND Financial highlights 4 Organisation and REPORTS Overview 5 management 54 Statement by the Summary 6 Corporate responsibility 58 management 171 Financial review 10 Audit reports 172 Business units 20 Banking Activities 21 FINANCIAL STATEMENTS 60 Danske Markets 38 Income statement 62 MANAGEMENT AND Danske Capital 40 Balance sheet 63 DIRECTORSHIPS Danica Pension 42 Statement of capital 64 Board of Directors 174 Other Activities 45 Cash flow statement 67 Executive Board 177 Liquidity and capital Notes 68 management 46 Danske Bank A/S 155 DANSKE BANK ANNUAL REPORT 2008 BANKAKTIVITETER NORDIRLAND 3 FINANCIAL HIGHLIGHTS – DANSKE BANK GROUP INCOME STATEMENT Index Pro forma (DKr m) 2008 2007 08/07 2006 2006 2005 2004 Net interest income 27,005 24,391 111 22,610 19,501 17,166 14,752 Net fee income 8,110 9,166 88 8,877 7,301 7,289 5,898 Net trading income 6,076 7,378 82 7,280 6,631 6,351 4,732 Other income 3,585 3,010 119 2,952 2,698 2,255 2,029 Net income from insurance business -1,733 1,118 - 1,355 1,355 1,647 1,657 Total income 43,043 45,063 96 43,074 37,486 34,708 29,068 Operating expenses 28,726 25,070 115 22,640 19,485 18,198 15,393 Profit before loan impairment charges 14,317 19,993 72 20,434 18,001 16,510 13,675 Loan impairment charges 12,088 687 - -484 -496 -1,096 759 Profit before tax 2,229 19,306 12 20,918 18,497 17,606 12,916 Tax 1,193 4,436 27 5,549 4,952 4,921 3,690 Net profit for the year 1,036 14,870 7 15,369 13,545 12,685 9,226 Attributable to minority interests 25 57 44 79 -12 4 28 BALANCE SHEET AT DECEMBER 31 (DKr m) Due from credit institutions and central banks 215,823 345,959 62 278,817 275,268 274,918 230,690 Loans and advances 1,785,323 1,700,999 105 1,519,554 1,362,351 1,188,963 994,591 Repo loans 233,971 287,223 81 294,555 294,555 209,732 145,075 Trading portfolio assets 860,788 652,137 132 504,308 490,954 444,521 422,547 Investment securities 140,793 37,651 374 28,970 26,338 28,712 31,505 Assets under insurance contracts 181,259 190,223 95 194,302 194,302 188,342 163,205 Other assets 126,017 135,338 93 117,529 95,593 96,800 64,894 Total assets 3,543,974 3,349,530 106 2,938,035 2,739,361 2,431,988 2,052,507 Due to credit institutions and central banks 562,726 677,355 83 569,142 564,549 476,363 353,369 Deposits 800,297 798,274 100 693,142 598,899 533,181 435,507 Repo deposits 74,393 125,721 59 104,044 104,044 98,003 52,356 Bonds issued by Realkredit Danmark 479,534 518,693 92 484,217 484,217 438,675 432,399 Other issued bonds 526,606 402,391 131 365,761 293,736 251,099 190,255 Trading portfolio liabilities 623,290 331,547 188 240,304 236,524 212,042 215,807 Liabilities under insurance contracts 210,988 213,419 99 215,793 215,793 212,328 191,467 Other liabilities 110,033 118,750 93 114,135 97,476 92,371 80,959 Subordinated debt 57,860 59,025 98 56,325 48,951 43,837 33,698 Shareholders' equity 98,247 104,355 94 95,172 95,172 74,089 66,690 Total liabilities and equity 3,543,974 3,349,530 106 2,938,035 2,739,361 2,431,988 2,052,507 RATIOS AND KEY FIGURES Earnings per share (DKr) 1.5 21.7 - 21.5 20.2 14.4 Diluted earnings per share (DKr) 1.5 21.6 - 21.4 20.2 14.4 Return on average shareholders' equity (%) 1.0 15.1 - 17.5 18.4 13.9 Cost/income ratio (%) 66.7 55.6 - 52.0 52.4 52.7 Solvency ratio (%) 13.0 9.3 - 11.4 10.3 10.2 Core (tier 1) capital ratio (%) 9.2 6.4 - 8.6 7.3 7.7 Share price (end of year) (DKr) 52.0 199.8 - 250.0 221.2 167.5 Book value per share (DKr) 142.4 152.7 - 139.1 118.2 106.7 Full-time-equivalent staff (end of year) 23,624 23,632 - 19,253 19,162 16,235 Figures for 2007 and pro forma figures for 2006 include the Sampo Bank group as of February. As of 2008, the solvency and core (tier 1) capital ratios are calculated in accordance with the CRD. 4 FINANCIAL HIGHLIGHTS – DANSKE BANK GROUP DANSKE BANK ANNUAL REPORT 2008 OVERVIEW U In 2008, the capital markets were subject to tremendous turbulence, with sharply falling equity prices, substantially wider credit spreads, frozen money markets and decelerating economic growth. The negative market trends were particularly extreme in the fourth quarter. Developments in January 2009 further illustrated the scope of the economic and financial setback in the fourth quarter of 2008. U The turmoil in the capital markets and the general economic slowdown naturally had a severely adverse effect on the Danske Bank Group’s 2008 results, and they also affect the outlook for 2009. U Net profit was DKr1.0bn, against DKr14.9bn in 2007, and thus below the estimate presented with the interim report for the first nine months of 2008. U Earnings reflect individual loan impairment charges of DKr8.8bn. In addition, the negative trend, which continued into January 2009, prompted the Group to make collective impairment charges of DKr3.3bn on its loan portfolio and goodwill impairment charges of DKr3.1bn, primarily against National Irish Bank, Ireland. The unsatisfactorily high level of impairment charges was the result of the financial crisis, declining asset values and the economic slowdown in the Group’s markets. U The turbulence in the financial markets was especially detrimental to the performance of the Group’s market-related activities – in Danske Markets, Danske Capital and Danica Pension. Together they recorded a decline in profit before loan impairment charges of DKr4.8bn. U The Group’s main source of income – its banking activities – proved robust and generated satisfac- tory results. U Danske Bank chose to participate in the guarantee scheme set up by the Danish state to protect customer deposits and creditors’ claims against banks. The scheme took effect on October 5, 2008, and expires on September 30, 2010. It includes an unconditional state guarantee for the obligations of Danish banks, except for subordinated debt and covered bonds. U Excluding the guarantee commission payable to the Danish state and goodwill impairment charges, expenses matched the level in 2007, which was better than expected. Expenses for the state guaran- tee amounted to DKr0.6bn. U At the end of 2008, the core (tier 1) capital ratio had increased to 9.2%, and the solvency ratio to 13.0%. U The Group was able to meet its liquidity targets throughout the year. U The financial results in 2009 will depend on macroeconomic conditions in the Group’s principal markets and trends in the capital markets. The Group expects the level of loan impairment charges to remain high in 2009, reflecting the general economic climate, although it believes that the turbu- lent conditions in the fourth quarter of 2008 were extraordinary. U On February 3, 2009, the Danish parliament passed a bill which allows Danish credit institutions that meet the regulatory solvency requirement to apply to the Danish state for subordinated loan cap- ital in the form of hybrid core capital. The Board of Directors will propose to the general meeting that the Board of Directors be authorised to apply for and let the Group receive subordinated loan capital from the Danish state. The Group expects to receive subordinated loan capital of about DKr26bn. The Group believes that such subordinated loan capital will further strengthen its capital base and enable it to withstand the losses that will inevitably occur during the coming recession while maintaining reasonable lending activities. At December 31, 2008, such a capital injection would raise the Group’s core capital ratio further to around 12% and its solvency ratio to around 16%. U The financial crisis, integration projects and rationalisations have led to a fall in activity, affecting head office departments and support functions. As part of its efforts to reduce costs, the Group will therefore cut staff by around 350. U Robust banking activities, the needed widening of interest margins in 2008, tight cost control and a continuing, strong focus on risk, liquidity and capital management give the Group a good founda- tion for the future.
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