Interim Report for the period 1 January - 30 June 2009
for Spar Nord Bank A/S

80% growth in core earnings before impairment compensates for a rise in
impairment of loans and advances - acceptable pre-tax profits of DKK 114 mill.

• Net interest income up 43% to DKK 942 million (YOY)
• Net income from fees, charges and commissions up 2% to DKK 205 million (YOY)
• Market-value adjustments ended at DKK 154 million (first half 2008: DKK 48
million) 
• Costs and expenses up 18% (YOY), incl. integration of branches taken over
from Roskilde Bank - 7% growth in underlying costs and expenses 
• Core earnings before impairment up 80% to DKK 572 million
• Impairment of loans and advances, etc., amounted to DKK 277 million,
corresponding to an impairment ratio of 1.20% p.a. 
• Earnings from portfolio investments ended at DKK -35 million (first half
2008: DKK -71 million) 
• DKK 146 million in contributions to sector-targeted solutions under the
auspices of the Danish Banking Sector Emergency Fund 
• Solvency ratio of 15% - individual solvency requirement of 7.6%
• Forecast for full-year core earnings before impairment adjusted upwards to
DKK 850-1,000 million 

Positive growth in Q2 2009
• Net interest income up 2% (QOQ) to DKK 476 million
• Net income from fees, charges and commissions up 3% (QOQ) to DKK 104 million
• Market-value adjustments of DKK 74 million
• Breakeven result from earnings on portfolio investments
• Bank lending down 2% (QOQ) to DKK 40 billion
• Bank deposits up 1% (QOQ) to DKK 33 billion
• Sustained growth in customer inflow

- The gloomier economic outlook has a spillover effect on our impairment
provisions, and we are paying a large bill for Bank Package 1. Nevertheless, we
have succeeded in generating such large growth in core earnings that our
bottomline is well in the black, thanks to the sustained growth in customer
inflow. Together with a strong capital structure and cash position this
provides us with an excellent platform for taking an active part in sector
consolidation, says Lasse Nyby, CEO.