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Annual Report 2010 DANSKE BANK GROUP

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Annual Report 2010 DANSKE BANK GROUP ANNUAL REPORT 2010 DANSKE BANK GROUP FOKUS BANK SAMPO PANKKI ZAO DDANSKEANSKE B BANKANK, SKTRU. PESSTEIRASBORG 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 OPERATIONS IN 15 COUNTRIES / 670 BRANCHES / 5 MILLION CUSTOMERS / 21,522 EMPLOYEES ANNUAL REPORT 2010 MANAGEMENT’S REPORT FINANCIAL STATEMENTS 4 Executive statement 48 Contents 6 Financial highlights 50 Income statement 7 Overview 51 Statement of comprehensive 8 Financial review income 20 Business units 52 Balance sheet 21 Banking Activities 53 Statement of capital 24 Danske Markets 56 Cash flow statement 26 Danske Capital 57 Notes 28 Danica Pension 14 4 Danske Bank A/S 31 Other Activities 32 Capital management STATEMENTS AND REPORTS 35 New regulations 162 Statement by the management 37 Investor Relations 163 Auditors’ reports 39 Organisation and management MANAGEMENT AND DIRECTORSHIPS 46 Corporate Responsibility 165 Board of Directors 167 Executive Board References to the planned share issue in this report do not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. The statements regarding the planned offering included herein are made pursuant to Rule 135c of the Securities Act of 1933, as amended. 3 EXECUTIVE STATEMENT The year 2010 was yet another challenging year A natural reaction to the financial crisis is a for the financial sector, Danske Bank and our demand for tighter and better regulation of the customers. financial sector. This is a topic that will be high on the agenda in 2011 and onwards. In 2010, The Group achieved a net profit of DKK 3.7 the Basel Committee announced new increases billion in 2010. We consider the result acceptable in capital requirements (Basel III). With its given the market conditions. Still, it is far below solid liquidity and capital positions, Danske the level of earnings that a bank of our size Bank is well prepared to meet the requirements. should deliver to its shareholders. Nonetheless, the Group continues its efforts to optimise its liquidity and capital structure. The Group’s business units generally improved their performance, though. Danske Bank’s image in Denmark came under pressure both during and after the financial After the extreme financial crisis at the end crisis. In the course of 2010, our position re- of 2008 and the beginning of 2009, we saw covered, and customer satisfaction surveys also economic recovery in most markets in 2010. But showed healthy improvement. there were great differences in the strength of the recovery in the various national economies. On the basis of our good advisory services and product range and our motivated and highly The recovery was generally stronger than had qualified staff, we expect customer satisfaction to been expected at the beginning of 2010, and improve further in 2011. growth estimates for Denmark also rose during the year. A number of countries in Europe are In early 2009, the Group launched its Future struggling with large budget deficits, however. Programme, which focuses on efficiency, cost The Irish economy in particular was very weak savings and optimising customer contacts. in 2010, and the government had to inject capital The programme has streamlined the Group’s into some banks. distribution channels, resulting in a satisfactory trend in expenses in 2010. Over a three-year The public budget deficits, the weak economies period extending until the end of 2011, Danske and the turbulence in the capital markets necess- Bank is investing as much as DKK 1 billion in itated rescue packages for Greece and Ireland. technological improvements, including digital Other indebted EU countries also face fiscal solutions to enhance usability and accessibility. tightening and growth rates that are likely to Customers began taking advantage of some be weak in the near future. The Group’s home initiatives in 2010, and more are on the way. For markets are expecting economic growth, but it example, we will introduce new online advisory will generally be modest. services in the coming years. In the autumn of 2010, the Danish financial The launch of the smartphone and tablet appli- sector monitored the Danish liquidity market cation in 2010 confirmed Danske Bank’s ability carefully upon the expiry of Bank Package I. to provide customers with fast and low-cost The expiry of the state guarantee had no adverse access to banking services. We are improving our effect on the Group’s liquidity position, but eBanking service and other self-service products it reduces expenses markedly. The costs of on an ongoing basis to give our customers a fast participation in Bank Package I totalled DKK 8.3 and easy overview of their finances, agreements billion for the period from the fourth quarter of and transactions. In 2011, the Group will con- 2008 through the third quarter of 2010. tinue to expand mobile banking services and the technological product range. 4 EXECUTIVE STATEMENT DANSKE BANK ANNUAL REPORT 2010 In 2010, our corporate customers got a new the developments, which show that the Group is analytical tool called Danske Executive Navigator on the right course. Moreover, recent economic to help them manage cash flows in accordance developments offer hope that the business with their business strategy. We are the only climate is gradually improving. bank in Denmark to offer such a product. It is our ambition to make Danske Bank the market leader The Board of Directors is recommending that no in corporate banking through a sophisticated dividend be paid for 2010. Danske Bank wants to product range, a well-functioning trading prepay the hybrid capital raised from the Danish platform and expert advisory services. state, and plans to increase its share capital in the first half of 2011 by issuing new shares with In the last quarter of 2010, we introduced Danske proceeds of about DKK 20 billion. Dividend Bank CIB, Corporate and Institutional Banking, payments may again be made after the expiry of in our Nordic markets. We are thus strengthening Bank Package I, and the Board of Directors aims the programme and the services we provide to to distribute up to one third of the net profit for large Nordic corporates. the year in future. As part of our better customer service initiative, New times at the Danske Bank Group we continue to develop credit tools that sup- The Danske Bank Group has come through the port even faster credit assessment and rating financial crisis with positive figures, thanks to a processes for both retail and corporate customers. robust and well-diversified business platform. Loan processing has become much simpler and more automated through the use of the electronic The fully underwritten capital increase is being signature, which also enhances the customer arranged, and we have approached the Danish experience. government with a request to prepay the state hybrid capital. The planned capital increase will The results of the annual employee opinion make Danske Bank one of the best capitalised surveys showed that employee satisfaction was banks in the EU. above the sector average, and the trend has been positive in recent years. We are grateful for the The Group is looking ahead after the financial solid effort our staff make every day throughout crisis and is about to enter a new era of devel- the year. opment and pursuit of attractive business opportunities. With our global credit policy and continuing investments in staff training, we aim to lift both The chairman of the Board of Directors, Alf the credit skills of our staff and the credit quality Duch-Pedersen, has informed the Board that, of our customer base. against this background, he will resign at the coming general meeting. Alf Duch-Pedersen The Group’s robust banking activities, tight cost has served on the Board for 11 years, seven as control and strong focus on risk, liquidity and chairman. capital management provide a solid foundation that will enable us to meet the many challenges After the general meeting, the Board of Directors we will face in the years ahead. is expected to elect Vice Chairman Eivind Kolding new chairman. Danske Bank’s financial results for 2010 show progress, although our earnings are still not high Alf Duch-Pedersen Peter Straarup enough in comparison with our ambitions and Chairman of the Chief Executive Officer potential. But there is reason to be pleased with Board of Directors DANSKE BANK ANNUAL REPORT 2010 EXECUTIVE STATEMENT 5 FINANCIAL HIGHLIGHTS INCOME STATEMENTT Index Pro forma (DKK millions) 2010 2009 10/09 2008 2007 2006 2006 Net interest income 23,843 27,524 87 27,005 24,391 22,610 19,501 Net fee income 8,510 7,678 111 8,110 9,166 8,877 7,301 Net trading income 7,921 18,244 43 6,076 7,378 7,280 6,631 Other income 3,857 3,083 125 3,585 3,010 2,952 2,698 Net income from insurance business 2,146 2,810 76 -1,733 1,118 1,355 1,355 Total income 46,277 59,339 78 43,043 45,063 43,074 37,486 Expenses 26,010 28,907 90 28,726 25,070 22,640 19,485 Profit before loan impairment charges 20,267 30,432 67 14,317 19,993 20,434 18,001 Loan impairment charges 13,817 25,677 54 12,088
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