2008: Pre-tax profits of DKK 124 million generated in a highly turbulent market
environment 

Solid growth in core business - major losses on securities and sector-targeted
solutions 

• Growth in business volume and rising interest margin resulting in a 31% (YOY)
growth in net interest income to DKK 1,502 million 
• Subdued activity level in the securities trading area results in a 17% (YOY)
fall in net income from fees, charges and commissions to DKK 402 million 
• Difficult market conditions, especially for mortgage-credit bonds, had a
spillover-over effect on market-value adjustments, ending at a loss of DKK 83
million, compared with a DKK 168 million gain in 2007 
• Core earnings before impairment ended at DKK 577 million - higher than
expected after Q3 
• Impairment of loans and advances, etc. amounted to DKK 236 million, an
impairment ratio of 0.5% - lending portfolio remains strong and
well-diversified 
• Earnings from investment portfolios ended at a loss of DKK 229 million (2007:
DKK 19 million) after capital losses on bonds primarily 
• Net intake of 36,000 new customers - 27,000 of whom taken over from Roskilde
Bank 
• Bank deposits up 24% and 7% growth in bank lending
• Solvency ratio of 11.3%, and an excess coverage relative to strategic
liquidity target of DKK 3.6 billion. 

Q4 2008: Unsatisfactory profit performance as result of losses on securities,
rising impairment and losses deriving from sector-targeted solutions 
 
• Net interest income up 31% (QOQ)
• Net income from fees, charges and commissions at the same level as the
previous quarters 
• Negative market-value adjustments of the bond portfolio amounting to DKK 98
million 
• Core earnings before impairment ended at DKK 154 million - up 46% (QOQ) 
• The recession manifests itself by way of impairment of loans and advances and
losses on guarantees totalling DKK 197 million 
• DKK 118 million in unrealized capital gains on earnings from investment
portfolios 
• Spar Nord has chosen not to reclassify interest-bearing securities
• Contributions to sector-targeted solutions totalling DKK 81 million
• Pre-tax loss of DKK 243 

In connection with the announcement, Lasse Nyby, Spar Nord's Chief Executive
Officer, states: 

- After having reported excellent profits for several years, we are of course
finding it difficult to be satisfied with a profit performance of DKK 124
million. Nevertheless, we are satisfied that our core business is still
developing respectably, with growth in both customer numbers and business
volume. We cannot avoid being hit by the meltdown that has swept the financial
markets, and it is taking a heavy toll on our bottomline, for instance the
losses on securities of more than DKK 300 million that we have sustained and
the financial contributions to various sector-targeted solutions. Nonetheless,
I believe that in view of the investments we have made since 2002 in expanding
our distributive powers, we have an excellent platform for stepping out of the
current crisis as a strengthened entity. 


Sincerely yours,
Spar Nord Bank

Ole Madsen
Senior Vice President, Corporate Communication