Pre-tax profits for Q1 and Q2 ended at DKK 332 million, equal to an annualized
return on equity of 10.9% - declining impairment in Q2 


• Core income grew 15% compared with H1 2012, climbing to DKK 1,430 million:
Net interest income improved 16% and net income from fees, charges and
commissions by 26%, driven by higher volume and activity, one reason being the
merger with Sparbank in Q4 2012. 

• Costs totalled DKK 859 million - 13% up on H1 2012, but slightly lower than
expected after Sparbank’s activities were integrated into Spar Nord in Q4 2012. 

• Core earnings before impairment ended at DKK 571 million, equal to an 18%
growth compared with H1 2012. 

• Loan losses amounted to DKK 203 million, equal to an impairment ratio of
0.97% p.a. Impairment shrank from DKK 109 million in Q1 to DKK 95 million in Q2
– after an ordinary inspection visit by the Supervisory Authority in Q2. 

• Largest customer intake ever (about 9,000 new retail and business customers
(net) were added to the books in Q1) ensures a 1% growth in total business
volume since January 1. 

• The Common Equity (Tier 1) ratio was 13.4% (end-2012: 12.1%). The overall
solvency ratio came to 16.8% (end-2012: 15.5%), while the solvency need ratio
was 10.1% (Q1: 10.1%), corresponding to an excess coverage of DKK 2.9 billion. 

• In light of the profit performance for the first six months, the forecast
projecting full-year core earnings before impairment to hover around DKK 1,000
- 1,100 million continues to hold. The impairment ratio is still expected to
end at about 1% of total loans, advances and guarantees. 


         For further information, please contact: Ole Madsen, Senior Vice
President, tel. +45 9634 4010