Fact Book Q3 2012 - Danske Bank€¦ · Fact Book Q3 2012 . ... Head of Investor Relations Mobile: ... 6 February 2014 . Annual Report 2013 . 4 Group facts . 5 Danske Bank Fact Book

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Fact Book Q3 2012

Supplementary Information for Investors and Analysts Unaudited

Updated: 30 September 2012

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Danske Bank Fact Book Q3 2012

Table of contents

1. Group facts

1.1 Financial goals 5

1.2 Dividends and share buybacks 5

1.3 Share data 6

1.4 Ratings 7

1.5 Accounting principles and presentation 8

2. Financial statistics

2.1 Income statement - Danske Bank Group 11

2.1.1 Breakdown of income 12

2.1.2 Breakdown of expenses 15

2.2 Balance sheet - Danske Bank Group 17

2.2.1 Breakdown of balance sheet 18

2.3 Ratios and key figures 25

3. Business segments and key statistics

3.1 Breakdown of key income and expense items 28

3.2 Banking Activities 31

3.2.1 Retail Banking Denmark 31

3.2.1.1 Breakdown of loans at Realkredit Danmark 32

3.2.2 Retail Banking Finland 34

3.2.3 Retail Banking Sweden 35

3.2.4 Retail Banking Norway 36

3.2.5 Banking Activities Northern Ireland 37

3.2.6 Banking Activities Ireland 38

3.2.7 Banking Activities Baltics 39

3.2.8 Other Banking Activities 41

3.2.9 Corporate & Institutional Banking (CIB) 42

3.2.10 Non-core Ireland 43

3.2.11 Market shares, countries 44

3.2.12 Online banking 44

3.3 Danske Markets and Treasury 45

3.4 Danske Capital 46

3.5 Danica Pension 48

3.6 Other Activities 49

4. Macroeconomics

4.1 Tables and charts 51

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Fact Book Q3 2012 This publication is meant as a supplement to the information published in the quarterly interim reports and the annual report. Additional information can be found on www.danskebank.com

For further information, please contact:

Henrik Ramlau-Hansen, Direct: +45 45 14 06 66 Chief Financial Officer Mobile: +45 22 20 73 10 [email protected] Martin Gottlob, Direct: +45 45 14 07 92 Head of Investor Relations Mobile: +45 25 27 25 41 [email protected] Elisabeth Toftmann Klintholm, Direct: +45 45 14 06 04 Senior IR Officer Mobile: +45 25 55 63 37 [email protected] Heidi Sørensen, Direct: +45 45 14 06 80 IR assistant [email protected]

This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offers to purchase or sell any securities, currency or financial instruments. Whilst reasonable care has been taken to ensure that the content of this publication is not untrue or misleading, no representation is made as to its accuracy or completeness, and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff may perform business services, hold, establish, change or cease to hold positions in any securities, currency or financial instrument mentioned in this publication. The Danske Bank Group’s research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank is regulated by the FSA for the conduct of investment business in the UK and is a member of the London Stock Exchange. Copyright © 2012 Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

Disclaimer

Date Event

Financial calendar

7 February 2013

18 March 2013

1 August 2013

Annual Report 2012

Annual general meeting

Interim Report – First Half 2013

31 October 2013 Interim Report – First Nine Months 2013

2 May 2013 Interim Report - First Quarter 2013

6 February 2014 Annual Report 2013

http://www.danskebank.com/�

http://www.danskebank.com/�

mailto:[email protected]�





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Group facts

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1.1 Financial goals The Group bases its total capital need on an assessment of the capital requirements under the current capital adequacy and transitional rules, a critical assessment of the effects of future regulation, including CRD IV, and criteria such as; rating target; expected growth and earnings; dividend policy; and stress test scenarios. See Risk Management 2011, section 3 on the new capital regulations and their effects on the Group. At 30 September 2012, the total capital ratio stood at 19.4, with 17.0 percentage points deriving from the Group’s total tier 1 capital.

1.2 Dividends and share buybacks If the Group has surplus capital above its target that is not needed for future growth, its policy is to return this surplus to the shareholders through share buybacks. The total amount of dividends and share buybacks since 2001 can be seen in the table below. For as long as the Danish state holds hybrid capital in Danske Bank, the Bank may distribute dividends if such dividends can be paid in full out of the net profit.

PROFIT, DIVIDENDS AND SHARE BUYBACKS(DKK millions) 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001Dividends - - - - 5.940 5.416 6.383 5.277 4.661 3.477 3.477Share buybacks - - - - - - - 5.000 5.000 3.000 -Total - - - - 5.940 5.416 6.383 10.277 9.661 6.477 3.477Net profit for the year 1.723 3.664 1.713 1.036 14.870 13.545 12.685 9.226 9.286 8.242 8.713Total of the net profit for the year (%) - - - - 40 40 50 111 104 79 40

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1.3 Share data

The Danske Bank Group is the largest financial services organisation in Denmark. The average daily trading volume of Danske Bank shares during the first nine months of 2012 was DKK 119.3 million. With a total trading volume of DKK 22,3 billion, the Danske Bank share was the sixth most actively traded share on the Copenhagen Stock Exchange (part of the OMX Exchange group) during the first nine months of 2012. At the beginning of 2012, there were 931,739,034 shares at a nominal value of DKK 10 per share. Danske Bank shares are negotiable, and no special rights are attached to them. No shareholder is obligated to redeem shares in full or in part. The shares are issued to the bearer, but they can be registered by name in the Bank’s register of shareholders. In the period from 14 March to 6 April 2011, Danske Bank increased its share capital by some DKK 20 billion through a share offering with pre-emptive subscription rights for existing shareholders. The offering was fully subscribed for 232,934,758 new shares. Afterwards, the share capital totalled DKK 9,317,390,340 and consisted of 931,739,034 shares with a nominal value of DKK 10 each. Share-related key figures have been adjusted retrospectively in accordance with IAS 33, “Earnings per share”. The adjustment factor was calculated as 1.0807.

NUMBER OF SHARES

Issued shares at 1 January 2012 931,739,034

Issued shares at 30 September 2012 931,739,034

The Group's trading portfolio of own shares 3,328,650

The Group's investments in own shares on customers' behalf 3,258,409

Shares outstanding at 30 September 2012 925,151,975

Calculation of average number of outstanding shares 1 Q312 Q212 Q112 Q411 Q311 Q211 Q111

Issued shares (beginning of period) 931,739,034 931,739,034 931,739,034 931,739,034 931,739,034 698,804,276 698,804,276

Adjustment for rights issue 0 0 0 0 0 56,360,151 56,360,151

Issued shares (beginning of period) (adjusted for rights issue) 931,739,034 931,739,034 931,739,034 931,739,034 931,739,034 755,164,427 755,164,427

Average number of shares related to the rights issue 0 0 0 0 0 164,932,325 0

Average number of issued shares 931,739,034 931,739,034 931,739,034 931,739,034 931,739,034 920,096,752 755,164,427

Average holding of own shares 6,486,614 5,565,366 4,786,882 5,283,756 6,072,160 7,659,307 5,448,066

Average number of outstanding shares 925,252,420 926,173,668 926,952,152 926,455,278 925,666,874 912,437,445 749,716,361

Average dilutive shares (related to share-based payments) 152 0 0 0 0 0 0

Average number of outstanding shares (diluted) 925,252,572 926,173,668 926,952,152 926,455,278 925,666,874 912,437,445 749,716,3611 The table shows how the denominator in the adjusted share-related key figures has been calculated

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1.4 Ratings Danske Bank rating overview The credit rating agencies each use their own rating scales, on which the highest possible ratings are AAA and Aaa (see the table below). Ratings in categories AAA/Aaa through BBB/Baa are considered "investment grade", indicating only a marginal risk that the issuer will default. The Danske Bank Group is currently rated by the three large international credit rating agencies: Moody's, Standard & Poor's (S&P) and Fitch Ratings. In the first nine month of 2012 , Fitch Ratings maintained Danske Bank’s A/F1(negative outlook), while S&P and Moody’s lowered Danske Banks’s ratings in May 2012. S&P lowered Danske Bank’s long- and short-term ratings one notch from A/A-1 to A-/A-2. Both ratings are now on stable outlook. A general downgrade of many European banks by Moody’s in the first half of 2012 affected a number of Danish banks including Danske Bank. Moody’s lowered Danske Bank’s long-term rating two notches from A2 to Baa1 and its short-term rating one notch from P-1 to P-2. These ratings are also now on stable outlook. Moody’s ratings in particular are affected by the fact that Denmark has not yet designated systemically important financial institutions [SIFIs]. Mortgage bonds and mortgage-covered bonds issued by Realkredit Danmark are rated AAA by S&P (stable outlook). In 2012, Realkredit Danmark began collaboration with Fitch Ratings, and in June, Realkredit Danmark’s bonds were rated AAA by Fitch Ratings.

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Accounting principles The Group has not changed its significant accounting policies from those followed in Annual Report 2011. A complete description of the Group’s critical and significant accounting policies can be found under Note 1 and Note 45 in Annual Report 2011.

Accounting policies and estimates Management’s estimates and assumptions of future events that will significantly affect the carrying amounts of assets and liabilities underlie the preparation of the consolidated financial statements. The estimates and assumptions that are deemed critical to the consolidated financial statements are •the fair value measurement of financial instruments •the measurement of loans and advances •the measurement of goodwill •the measurement of liabilities under insurance contracts •the measurement of the net obligation for defined benefit pension plans •the recognition of deferred tax assets The estimates and assumptions are based on premises that management finds reasonable but which are inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive at other estimated values. For further description of the Group’s significant risks and external conditions that may affect the Group, see Annual Report 2011 and Risk Management 2011.

1.5 Accounting principles and presentation

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1.5 Accounting principles and presentation (continued)

Standards and interpretations not yet in force The International Accounting Standards Board (IASB) has issued a number of amendments to the International Financial Reporting Standards (IFRSs) that have not yet come into force. Similarly, the International Financial Reporting Interpretations Committee (IFRIC) has issued a new interpretation that has not yet come into force. The sections below explain the changes that are likely to affect the Group’s financial reporting. In October 2010, the IASB reissued IFRS 9, Financial Instruments. The aim of the reissuance project is, once the amendments to IFRS 9 are completed, to let the standard replace IAS 39 in its entirety. IFRS 9 now provides principles for classification and derecognition of financial instruments. Principles for impairment and hedge accounting are expected to follow in 2012 or 2013. The IASB is also considering changes to the principles for classification. IFRS 9 incorporates the existing derecognition principles of IAS 39. Meaningful classification of financial instruments is not possible without information about the future parts of IFRS 9 to clarify the overall accounting effects of the standard. The IASB ended its project on consolidation in May 2011 by issuing a number of new International Financial Reporting Standards (IFRS 10, IFRS 11 and IFRS 12) and revised standards (IAS 27 and IAS 28). With these standards, the IASB has established a uniform definition of control to be used for determining whether an entity should be consolidated and enhanced disclosure requirements for consolidated and non-consolidated entities, joint arrangements and associates. The standards, which have not yet been adopted by the EU, must be implemented in 2013, at the latest. The Group does not expect the new requirements to significantly change its consolidation of businesses. In May 2011, the IASB issued IFRS 13, Fair Value Measurement. The standard introduces a new definition of fair value and provides guidance on how to measure fair value as well as disclosure requirements for fair value. IFRS 13 applies when another standard requires fair value to be used or disclosed. The standard, which has not yet been adopted by the EU, must be implemented in 2013, at the latest. The Group does not expect IFRS 13 to significantly affect its financial results. In June 2011, the IASB reissued IAS 19, Employee Benefits. The amended standard eliminates the option of deferring the recognition of actuarial gains and losses on defined benefit pension plans, known as the “corridor method”. The present value of pension obligations and the fair value of plan assets must be recognised in the balance sheet instead. The amended standard will be implemented on 1 January 2013. At 30 September 2012, the new requirements would have decreased shareholders’ equity by DKK 731 million (the amount deferred under the corridor method net of tax). The effect on net profit will be immaterial as actuarial gains and losses are recognised in Other comprehensive income. The other comprehensive income and shareholders’ equity items will become more volatile, though. The statement of capital will not be affected as it is already prepared without the use of the corridor method. In December 2011, the IASB clarified the IAS 32 requirements for offsetting financial instruments. The clarification is not expected to increase the offsetting of financial instruments to any significant degree. The IASB also enhanced its IFRS 7 disclosure requirements to include both gross and net amounts when offsetting financial instruments and rights to additional set-off in the event of counterparty default. The changes, which have not yet been adopted by the EU, must be implemented in 2014 and 2013, respectively.

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Financial statistics

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2.1 Income statement – Danske Bank Group

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 6,198 6,218 6,172 6,182 6,016 5,785 5,554 18,588 23,537Financing fees 360 364 360 354 304 345 374 1,084 1,377Investment fees 293 271 320 351 241 274 325 884 1,191Service fees 6 5 8 14 19 18 17 19 68Fees generated by activities 659 640 688 719 564 637 716 1,987 2,636Financing fees 170 126 86 98 94 98 94 382 384Investment fees 712 689 655 845 688 744 713 2,056 2,990Service fees 575 571 558 556 592 570 570 1,704 2,288Fees generated by portfolios 1,457 1,386 1,299 1,499 1,374 1,412 1,377 4,142 5,662Net fee income 2,116 2,026 1,987 2,218 1,938 2,049 2,093 6,129 8,298Net trading income 1,785 2,462 3,222 1,638 267 2,445 2,975 7,469 7,325Other income 689 846 788 849 825 972 1,002 2,323 3,648Net income from insurance business 427 699 184 976 -735 261 67 1,310 569Total other income 2,901 4,007 4,194 3,463 357 3,678 4,044 11,102 11,542Total income 11,215 12,251 12,353 11,863 8,311 11,512 11,691 35,819 43,377Staff costs 3,448 3,346 3,596 3,356 3,217 3,344 3,456 10,390 13,373Severance pay 227 229 60 228 36 29 144 516 437Holiday payment1 -168 89 46 46 -181 101 46 -33 12IT expenses 480 524 536 623 665 779 667 1,540 2,734Other expenses 1,415 1,645 1,300 1,561 1,142 1,301 1,240 4,360 5,244Staff and administration expenses, total 5,402 5,833 5,538 5,814 4,879 5,554 5,553 16,773 21,800Depreciation, intangibles 195 189 666 279 234 246 358 1,050 1,117Depreciation, tangibles 478 685 545 608 561 577 577 1,708 2,323Other operating expenses 41 -75 101 -242 -175 301 863 67 747Expenses 6,116 6,632 6,850 6,459 5,499 6,678 7,351 19,598 25,987Hereof integration expenses - - 2 7 45 45 45 2 142Profit before loan impairment charges 5,099 5,619 5,503 5,404 2,812 4,834 4,340 16,221 17,390Loan impairment charges 2,879 3,109 3,922 4,789 2,802 2,753 2,841 9,910 13,185Profit before tax 2,220 2,510 1,581 615 10 2,081 1,499 6,311 4,205Tax 903 1,007 798 415 394 881 792 2,708 2,482Net profit 1,317 1,503 783 200 -384 1,200 707 3,603 1,723Attributable to non-controlling interests 5 -1 - -1 - 14 -2 4 11Net profit after non-controlling interests 1,312 1,504 783 201 -384 1,186 709 3,599 1,7121 In Denmark, the second quarter was affected by the holiday payment in week six and the third quarter was affected by holiday use.

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2.1.1 Breakdown of income Distribution of net interest income

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Denmark Norway Sweden UK Eurozone

Denmark Norway Sweden UK Eurozone

Interest income margins – Banking Activities

Interbank rates, 3-month Central bank policy rates

Retail Banking Denmark Retail Banking Finland Retail Banking Sweden Retail Banking Norway

Banking Activities Northern Ireland Banking Activities Ireland Banking Activities Baltics (weighted average)

* The lending margins correspond to those reported for each Banking Activity unit in the tables in section 3.2.

Retail Banking Denmark Retail Banking Finland Retail Banking Sweden Retail Banking Norway

Banking Activities Northern Ireland Banking Activities Ireland Banking Activities Baltics (weighted average)

* The deposit margins correspond to those reported for each Banking Activity unit in the tables in section 3.2.

Corporate & Institutional Banking Corporate & Institutional Banking

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Q111 Q211 Q311 Q411 Q112 Q212 Q312

(%)DEPOSIT MARGIN*

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Q111 Q211 Q311 Q411 Q112 Q212 Q312

(%)LENDING MARGIN*

0,0

2,0

4,0

6,0

8,0

10,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(%)

0,0

2,0

4,0

6,0

8,0

10,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(%)

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Net interest income, Banking Activities (QoQ, YoY)* RETAIL BANKING DENMARK, including Realkredit Danmark Change over Change over(DKK millions) the past quarter the past year

Net interest income (Q212) 3,189 (Q311) 3,179Lending volume -9.2 -64.3Lending margin 58.9 619.0Deposit volume 6.9 19.9Deposit margin -175.2 -516.9Other interest 46.6 -119.7Net interest income, Q3 2012 3,117 3,117

RETAIL BANKING FINLAND Change over Change over(EUR millions) the past quarter the past year

Net interest income (Q212) 72 (Q311) 72Lending volume -0.2 -0.1Lending margin -1.0 8.0Deposit volume 0.1 -1.0Deposit margin -0.7 -10.0Other interest 0.8 2.1Net interest income, Q3 2012 71 71Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 527.9 529.5Exchange rate effects (DKK millions) 0.1 -1.5Net interest income, Q3 2012 (DKK millions) 528 528

RETAIL BANKING SWEDEN Change over Change over(SEK millions) the past quarter the past year

Net interest income (Q212) 804 (Q311) 733Lending volume -4.4 -9.0Lending margin 9.8 73.1Deposit volume -3.8 5.0Deposit margin 3.8 -17.8Other interest -24.4 0.7Net interest income, Q3 2012 785 785Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 656.6 651.1Exchange rate effects (DKK millions) 41.4 46.9Net interest income, Q3 2012 (DKK millions) 698 698

CORPORATE & INSTITUTIONAL BANKING Change over Change over(DKK millions) the past quarter the past year

Net interest income (Q212) 533 (Q311) 531Lending volume -8.8 14.7Lending margin 30.9 54.5Deposit volume -8.6 -18.3Deposit margin -22.5 -22.8Other interest 1.0 -34.1Net interest income, Q3 2012 525 525

RETAIL BANKING NORWAY Change over Change over(NOK millions) the past quarter the past year

Net interest income (Q212) 509 (Q311) 406Lending volume 1.1 4.6Lending margin 53.0 231.2Deposit volume 1.8 14.1Deposit margin -3.4 -76.0Other interest 2.5 -15.9Net interest income, Q3 2012 564 564Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 555.6 540.9Exchange rate effects (DKK millions) 15.4 30.1Net interest income, Q3 2012 (DKK millions) 571 571

BANKING ACTIVITIES NORTHERN IRELAND Change over Change over(GBP millions) the past quarter the past year

Net interest income (Q212) 33 (Q311) 36Lending volume -1.3 -2.3Lending margin 0.9 0.6Deposit volume - -Deposit margin -0.3 1.3Other interest 0.7 -2.6Net interest income, Q3 2012 33 33Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 304.2 277.0Exchange rate effects (DKK millions) 7.8 35.0Net interest income, Q3 2012 (DKK millions) 312 312

BANKING ACTIVITIES IRELAND Change over Change over(EUR millions) the past quarter the past year

Net interest income (Q212) 13 (Q311) -Lending volume 0.9 -Lending margin -0.3 -Deposit volume -0.5 -Deposit margin -1.5 -Other interest 0.4 -Net interest income, Q3 2012 12 -Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 89.2 -Exchange rate effects (DKK millions) 3.8 -Net interest income, Q3 2012 (DKK millions) 93 -

*The effect of margin changes on net interest income is calculated by using internally determined interest rates.

NON-CORE IRELAND Change over Change over(EUR millions) the past quarter the past year

Net interest income (Q212) 12 (Q311) -Lending volume -1.0 -Lending margin -0.4 -Deposit volume 0.2 -Deposit margin -0.2 -Other interest 1.4 -Net interest income, Q3 2012 12 -Net interest income, excluding exchange rate effects, Q3 2012 (DKK millions) 89.2 -Exchange rate effects (DKK millions) -1.2 -Net interest income, Q3 2012 (DKK millions) 88 -

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2.1.2 Breakdown of expenses

IT expenses

Expenses

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Expenses 6,116 6,632 6,850 6,459 5,499 6,678 7,351 19,598 25,987Amortisation, intangibles, total 110 109 115 126 126 127 127 334 506Integration expenses, total - - 2 7 45 45 45 2 142Expenses, net 6,006 6,523 6,733 6,326 5,328 6,506 7,179 19,262 25,339

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011IT expenses (development and operations) 837 914 885 991 1,028 1,194 1,048 2,636 4,262IT expenses/total expenses (%) 13.7 13.8 12.9 15.3 18.7 17.9 14.3 13.5 16.4IT expenses/profit before tax (%) 37.7 36.4 56.0 161.2 - 57.4 69.9 41.8 101.3

IT expenses include costs related to software, hardware, internal IT staff, external IT consultants, rent on premises, depreciation, infrastructure etc. but excludes phone and datatransmission.

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Number of full-time employees by business unit

Exchange rates (cross currency: Danish kroner)

Year to date Full year(End of period) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Retail Banking Denmark 5,917 5,902 5,949 5,992 6,003 5,970 5,930 5,917 5,992Retail Banking Finland 1,976 2,065 2,117 2,121 2,259 2,279 2,235 1,976 2,121Retail Banking Sweden 930 954 963 916 949 941 932 930 916Retail Banking Norway 917 931 949 995 996 976 987 917 995Banking Activities Northern Ireland 1,226 1,270 1,289 1,337 1,200 1,222 1,231 1,226 1,337Banking Activities Ireland 358 365 369 444 444 459 455 358 444Banking Activities Baltics 989 998 1,004 1,027 1,039 1,038 1,037 989 1,027Other Banking Activities 326 333 330 333 334 335 327 326 333Corporate & Institutional Banking 343 307 306 305 314 304 289 343 305Non-core Ireland 81 76 75 - - - - 81 -Banking Activities total 13,063 13,201 13,351 13,470 13,538 13,524 13,423 13,063 13,470Danske Markets and Treasury 841 841 856 852 859 856 860 841 852Danske Capital 554 569 570 569 558 548 538 554 569Danica Pension 803 813 834 833 844 845 836 803 833Shared Services Centre 4,496 4,681 4,516 4,564 4,745 4,700 4,698 4,496 4,564Other Activities 894 892 1,033 1,032 1,023 1,063 1,079 894 1,032Group total 20,651 20,997 21,160 21,320 21,567 21,536 21,434 20,651 21,320

(End of period) Q312 Q212 Q112 Q411 Q311 Q211 Q111Euro (EUR) 745.55 743.34 743.99 743.42 744.17 745.87 745.67US dollar (USD) 576.60 590.42 557.05 574.56 551.11 516.07 524.86British pound sterling (GBP) 934.21 921.34 892.18 890.00 858.67 826.40 843.80Swedish krona (SEK) 88.23 84.73 84.11 83.42 80.38 81.30 83.47Norwegian krona (NOK) 101.17 98.68 97.84 95.88 94.34 95.78 95.20Polish zloty (PLN) 181.67 174.95 179.18 166.76 168.94 186.92 185.92Latvian lat (LVL) 1,070.88 1,066.94 1,062.39 1,062.79 1,049.16 1,051.56 1,050.98Lithuanian litas (LTL) 215.93 215.29 215.47 215.31 215.53 216.02 215.96Source: Danmarks Nationalbank (www.nationalbanken.dk). Updated September 2012.

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2.2 Balance sheet – Danske Bank Group Year to date Full year

(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Cash in hand and demand deposits with central banks 61,812 36,906 36,097 28,617 19,663 20,444 26,204 61,812 28,617Due from credit institutions and central banks 141,603 72,660 105,085 74,041 81,036 59,893 58,925 141,603 74,041Trading portfolio assets 924,905 862,938 869,047 909,755 911,584 644,915 630,831 924,905 909,755Investment securities 103,940 105,480 108,282 109,264 108,465 111,061 110,897 103,940 109,264Repo lending 305,573 341,600 343,235 256,027 219,460 280,488 290,139 305,573 256,027Loans and advances (ex repos) 1,699,847 1,704,019 1,684,125 1,698,025 1,693,518 1,666,608 1,661,983 1,699,847 1,698,025Assets under pooled schemes and unit-linked investment contracts 69,630 65,377 66,324 61,888 58,762 64,956 63,738 69,630 61,888Assets under insurance contracts 237,232 237,717 234,295 230,668 225,568 222,203 218,980 237,232 230,668Holdings in associated undertakings 1,131 1,086 1,045 989 1,069 1,028 1,051 1,131 989Intangible assets 21,572 21,603 21,670 22,233 22,357 22,456 22,642 21,572 22,233Investment property 4,237 4,256 4,612 4,624 4,622 4,797 4,894 4,237 4,624Tangible assets 6,525 6,756 7,012 7,267 7,064 7,313 7,656 6,525 7,267Current tax assets 291 355 395 580 1,379 1,207 1,279 291 580Deferred tax assets 1,793 1,891 1,844 1,791 1,774 1,865 1,686 1,793 1,791Others 18,979 18,078 17,406 18,634 24,703 17,827 24,976 18,979 18,634Other assets 21,063 20,324 19,645 21,005 27,856 20,899 27,941 21,063 21,005Total assets 3,599,070 3,480,722 3,500,474 3,424,403 3,381,024 3,127,061 3,125,881 3,599,070 3,424,403

Due to credit institutions and central banks 250,602 226,050 186,197 177,592 200,370 153,118 167,973 250,602 177,592Trading portfolio liabilities 670,039 628,008 627,332 697,913 677,319 429,391 447,881 670,039 697,913Repo deposits 384,442 407,625 382,934 269,515 272,969 263,558 213,473 384,442 269,515Due to customers (ex repos) 742,605 735,918 773,713 795,275 788,921 792,037 794,604 742,605 795,275Bonds issued by Realkredit Danmark 618,513 596,837 604,323 557,699 534,245 529,808 542,065 618,513 557,699Deposits under pooled schemes and unit-linked investment contracts 77,360 73,368 73,874 69,211 65,181 69,852 68,844 77,360 69,211Liabilities under insurance contracts 262,624 258,367 253,604 248,966 240,519 237,074 235,556 262,624 248,966Other issued bonds 344,791 316,967 363,892 366,920 359,022 410,409 422,272 344,791 366,920Provisions 566 550 829 767 633 1,033 1,578 566 767Current tax liabilities 338 178 331 423 474 424 678 338 423Deferred tax liabilities 7,049 6,793 6,540 6,278 6,587 6,587 5,962 7,049 6,278Others 41,776 39,359 36,048 40,661 39,055 35,514 43,876 41,776 40,661Other liabilities 49,729 46,880 43,748 48,129 46,749 43,558 52,094 49,729 48,129Subordinated debt 68,652 62,584 64,033 67,328 70,059 72,288 75,626 68,652 67,328Total liabilities 3,469,357 3,352,604 3,373,650 3,298,548 3,255,354 3,001,093 3,020,388 3,469,357 3,298,548Share capital 9,317 9,317 9,317 9,317 9,317 9,317 6,988 9,317 9,317Foreign currency translation -229 -313 -229 -186 -258 -234 -216 -229 -186Reserve for available-for-sale financial assets -1,701 -2,036 -1,772 -2,253 -1,766 -1,572 -1,303 -1,701 -2,253Proprosed dividend - - - - - - - - -Retained earnings 122,322 121,150 119,459 118,917 118,322 118,404 99,995 122,322 118,917Non-controlling interests 4 - 49 60 55 53 29 4 60Shareholders' equity 129,713 128,118 126,824 125,855 125,670 125,968 105,493 129,713 125,855Total liabilities and equity 3,599,070 3,480,722 3,500,474 3,424,403 3,381,024 3,127,061 3,125,881 3,599,070 3,424,403

Risk-weighted assets, Group (avg.) 862,120 904,327 911,914 900,281 872,445 863,527 866,504 892,787 875,689Risk-weighted assets, Group, end of period 850,674 892,510 900,258 905,979 894,790 860,293 855,221 850,674 905,979

18


2.2.1 Breakdown of balance sheet

Loan portfolio by business unit Share of Share of

Volume (DKK billions) Segment Q312 Q212 Q112 Q411 Q311 Q211 Q111 unit (%) total (%)Retail Banking Denmark Personal 566.7 567.0 568.6 574.8 569.4 555.5 553.4 59.5 29.3

Hereof bank mortgage loans secured on real property 71.9 72.8 73.4 73.7 74.2 74.3 74.1 7.5 3.7Hereof mortgage loans in Realkredit Danmark 436.2 433.9 431.9 434.9 427.7 413.5 410.9 45.8 22.6Business 385.6 389.7 389.7 392.8 394.3 394.8 391.9 40.5 19.9Hereof loans in Realkredit Danmark 292.4 290.7 289.9 288.9 288.4 285.6 282.7 30.7 15.1Total 952.3 956.7 958.3 967.7 963.6 950.3 945.2 100.0 49.3

Retail Banking Finland Personal 102.5 101.5 100.1 99.2 97.6 96.0 94.2 66.1 5.3Business 52.6 52.5 52.1 51.3 50.8 50.8 48.5 33.9 2.7Total 155.1 154.0 152.2 150.5 148.4 146.8 142.7 100.0 8.0

Retail Banking Sweden Personal 90.9 87.9 86.7 85.3 81.5 81.3 81.7 47.1 4.7Business 102.2 99.7 99.5 100.2 98.9 100.9 101.1 52.9 5.3Total 193.1 187.7 186.1 185.4 180.3 182.2 182.9 100.0 10.0

Retail Banking Norway Personal 81.7 79.2 77.7 75.1 71.4 70.8 69.0 57.5 4.2Business 60.4 60.7 59.2 57.0 58.4 59.4 56.5 42.5 3.1Total 142.2 139.9 136.9 132.1 129.8 130.2 125.5 100.0 7.4

Banking Activities Northern Ireland Personal 18.2 17.8 17.2 17.1 16.3 15.5 15.8 37.7 0.9Business 30.1 30.2 31.0 36.3 36.5 33.4 33.4 62.3 1.6Hereof public sector loans 4.2 4.9 4.4 10.0 9.3 7.4 5.8 8.8 0.2Total 48.3 48.0 48.1 53.3 52.8 48.9 49.2 100.0 2.5

Banking Activities Ireland Personal 18.0 17.0 17.2 26.6 26.9 27.4 27.9 71.5 0.9Business 7.2 9.0 9.3 37.2 39.7 40.5 41.4 28.5 0.4Total 25.2 26.0 26.4 63.7 66.7 67.9 69.3 100.0 1.3

Banking Activities Baltics Personal 11.6 11.8 12.0 12.2 12.5 12.8 13.0 60.7 0.6Business 7.5 7.8 8.2 8.3 8.9 9.5 10.2 39.3 0.4Total 19.2 19.6 20.2 20.5 21.4 22.3 23.2 100.0 1.0

Corporate & Institutional Banking Personal - - - - - - - - -Corporate 109.0 110.9 107.6 108.8 108.0 103.5 102.6 100.0 5.6Total 109.0 110.9 107.6 108.8 108.0 103.5 102.6 100.0 5.6

Non-core Ireland Personal 7.5 8.8 9.0 - - - - 25.3 0.4Business 22.1 27.0 27.4 - - - - 74.7 1.1Total 29.6 35.8 36.4 - - - - 100.0 1.5

Danske Markets and Treasury Personal - - - - - 0.3 - - -Business 48.9 53.7 42.4 44.3 46.4 40.4 42.6 100.0 2.5Total 48.9 53.7 42.4 44.3 46.4 40.7 42.6 100.0 2.5

Other business segments Personal 17.7 16.0 15.5 14.1 13.6 13.2 12.5 76.2 0.9Business 5.5 8.4 4.3 5.2 8.9 4.6 7.0 23.8 0.3Total 23.2 24.3 19.9 19.3 22.4 17.7 19.4 100.0 1.2

Allowance account Personal -10.0 -10.0 -9.7 -8.8 -8.3 -8.0 -7.3 21.7 -0.5Business -36.1 -42.6 -40.8 -38.8 -38.1 -35.9 -33.2 78.3 -1.9Total -46.1 -52.6 -50.5 -47.6 -46.4 -43.9 -40.6 100.0 -2.4

Bank lending, total (ex repos) Personal 904.8 896.9 894.3 895.5 880.7 864.8 860.1 53.2 46.8Business 795.1 807.1 789.8 802.5 812.8 801.8 801.9 46.8 41.1Total 1,699.8 1,704.0 1,684.1 1,698.0 1,693.5 1,666.6 1,662.0 100.0 87.9

Repos Personal - - - - - - - - -Business 233.4 259.9 239.9 149.2 155.2 198.3 178.4 100.0 12.1Total 233.4 259.9 239.9 149.2 155.2 198.3 178.4 100.0 12.1

Lending, total Personal 904.8 896.9 894.3 895.5 880.7 864.8 860.1 46.8 46.8Business 1,028.4 1,067.0 1,029.7 951.7 968.0 1,000.1 980.2 53.2 53.2

Total lending 1,933.2 1,963.9 1,924.0 1,847.2 1,848.7 1,864.9 1,840.4 100.0 100.0

19


Credit exposure from lending activities, by sector % of total % of total

(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 Q312 Q411Central and local governments 204,074 117,673 142,627 122,495 109,885 112,917 124,905 8.4 5.3Subsidised housing companies etc. 126,755 123,930 123,790 123,161 122,466 118,610 114,650 5.2 5.4Banks 143,381 154,136 175,498 178,778 140,316 145,086 167,022 5.9 7.8Diversified financials 228,251 247,830 235,559 153,010 171,724 199,409 180,958 9.4 6.7Other financials 65,362 75,477 69,489 56,915 51,955 58,597 71,221 2.7 2.5Energy and utilities 43,248 46,304 42,479 40,698 39,696 35,907 36,441 1.8 1.8Consumer discretionary 83,891 83,761 84,062 83,208 86,410 84,925 86,267 3.4 3.6Consumer staples 123,186 120,766 118,951 117,666 118,041 117,354 115,728 5.1 5.1Commercial property 258,546 258,201 257,665 257,267 253,565 252,867 244,861 10.6 11.2Construction, engineering and building products 36,953 36,452 36,104 36,572 39,773 39,862 36,427 1.5 1.6Transportation and shipping 66,476 67,935 67,261 71,824 68,734 67,603 70,534 2.7 3.1Other industrials 70,914 71,271 72,642 77,995 77,954 80,135 79,473 2.9 3.4IT 14,999 14,449 14,185 15,615 15,137 15,070 14,873 0.6 0.7Materials 43,117 43,464 43,272 42,483 43,139 44,947 46,420 1.8 1.8Health care 26,427 25,234 29,379 27,562 25,642 25,924 23,430 1.1 1.2Telecommunication services 6,521 6,227 4,582 4,494 4,230 4,242 4,587 0.3 0.2Personal customers 895,804 888,893 887,618 888,968 877,670 868,695 866,261 36.7 38.6Total 2,437,905 2,382,003 2,405,163 2,298,711 2,246,337 2,272,150 2,284,058 100.0 100.0

20


Credit exposure from lending activities, by business unit (Q312)

Credit exposure from lending activities, by business unit (Q411) Corporate & Insti- Danske Markets Total % of total

(DKK millions) Denmark Finland Sweden Norway N. Ireland Ireland Baltics tutional Banking and Treasury Other Q411 Q411Central and local governments 15,060 4,674 2,170 1,818 9,982 2,241 1,120 4,580 61,679 19,171 122,495 5.3Subsidised housing companies etc. 102,994 6,977 6,641 2,340 799 204 - 293 2,729 184 123,161 5.4Banks 15,174 1,668 5,359 952 60 23 1,011 15,354 130,502 8,675 178,778 7.8Diversified financials 7,273 1,410 2,952 2,119 26 1,425 233 21,671 107,226 8,675 153,010 6.7Other financials 1,293 176 222 530 418 63 37 2,407 50,551 1,218 56,915 2.5Energy and utilities 7,447 2,405 1,175 5,019 71 591 1,595 20,552 1,441 402 40,698 1.8Consumer discretionary 30,718 6,370 11,194 4,228 3,636 2,557 1,299 19,912 900 2,394 83,208 3.6Consumer staples 64,866 4,488 4,278 7,101 6,008 5,265 834 19,453 2,354 3,019 117,666 5.1Commercial property 116,047 14,143 56,715 30,566 7,703 11,398 1,776 14,846 2,796 1,277 257,267 11.2Construction, engineering and building products 5,631 3,125 6,801 1,605 2,781 2,834 519 11,242 425 1,609 36,572 1.6Transportation and shipping 6,865 2,418 2,965 2,026 705 223 843 52,894 775 2,110 71,824 3.1Other industrials 21,764 3,451 9,681 6,879 1,348 586 809 25,859 1,024 6,594 77,995 3.4IT 2,799 671 1,492 881 57 71 22 9,277 171 174 15,615 0.7Materials 5,431 3,332 5,033 1,674 966 71 395 22,212 460 2,909 42,483 1.8Health care 6,490 945 955 688 786 328 108 13,112 2,606 1,544 27,562 1.2Telecommunication services 294 692 418 229 2 189 90 2,520 48 12 4,494 0.2Personal customers 566,816 101,063 85,268 77,003 17,132 24,626 11,467 4 5 5,584 888,968 38.6Total, Q411 976,962 158,008 203,319 145,658 52,480 52,695 22,158 256,188 365,692 65,551 2,298,711% of total, Q411 42.5 6.9 8.8 6.3 2.3 2.3 1.0 11.1 15.9 2.9 100.0

Retail Banking Banking Activities

Corporate & Insti- Danske Markets Total % of total(DKK millions) Denmark Finland Sweden Norway N. Ireland Ireland* Baltics tutional Banking and Treasury Other Q312 Q312Central and local governments 12,770 4,700 1,853 808 4,262 2,459 1,227 3,470 143,038 29,486 204,074 8.4Subsidised housing companies etc. 107,307 6,831 5,426 2,271 937 133 - 92 3,529 229 126,755 5.2Banks 11,383 2,657 5,368 302 69 7 1,435 12,849 102,711 6,598 143,381 5.9Diversified financials 6,150 1,500 2,467 1,583 54 949 55 26,941 181,621 6,931 228,251 9.4Other financials 703 193 133 393 370 48 39 376 58,886 4,219 65,362 2.7Energy and utilities 5,167 2,719 1,124 6,338 61 29 1,443 23,239 2,485 642 43,248 1.8Consumer discretionary 30,292 6,439 11,613 4,555 3,881 2,060 1,254 19,659 1,249 2,889 83,891 3.4Consumer staples 65,597 4,031 4,465 7,906 7,133 4,826 839 21,505 2,621 4,264 123,186 5.1Commercial property 118,168 15,523 55,116 31,991 7,061 8,565 1,627 15,261 3,073 2,162 258,546 10.6Construction, engineering and building products 5,201 3,543 7,520 2,090 2,108 2,480 600 11,427 414 1,568 36,953 1.5Transportation and shipping 5,095 2,160 3,518 2,122 580 142 850 49,040 746 2,223 66,476 2.7Other industrials 17,064 3,252 8,160 6,077 1,121 470 699 26,563 800 6,707 70,914 2.9IT 2,387 713 1,663 872 69 52 15 8,299 171 759 14,999 0.6Materials 5,336 2,807 4,948 1,783 961 1,145 396 23,148 487 2,106 43,117 1.8Health care 6,017 923 1,238 858 845 278 121 11,189 4,147 811 26,427 1.1Telecommunication services 739 980 323 196 5 170 112 3,898 73 26 6,521 0.3Personal customers 557,186 104,473 92,134 83,610 18,257 22,936 11,073 3 2 6,130 895,804 36.7Total, Q312 956,562 163,443 207,070 153,756 47,774 46,751 21,786 256,960 506,053 77,750 2,437,905% of total, Q312 39.2 6.7 8.5 6.3 2.0 1.9 0.9 10.5 20.8 3.2 100.0

Non-core Ireland's portion - - - - - 21,371 - - - - 21,371 0.9

* Including Non-core Ireland

Retail Banking Banking Activities

21


Deposit portfolio by business unit Share of Share of

Volume (DKK billions) Segment Q312 Q212 Q112 Q411 Q311 Q211 Q111 unit (%) total (%)Retail Banking Denmark Personal 188.8 192.0 185.4 183.2 182.8 184.4 181.1 64.6 22.0

Business 103.6 98.3 91.2 92.8 98.4 98.6 99.8 35.4 12.1Total 292.5 290.3 276.6 276.0 281.3 282.9 280.9 100.0 34.1

Retail Banking Finland Personal 49.5 51.2 50.9 52.5 51.3 50.5 49.5 51.4 5.8Business 46.9 48.7 50.9 52.7 53.2 51.9 53.5 48.6 5.5Total 96.4 100.0 101.8 105.3 104.6 102.4 103.0 100.0 11.2

Retail Banking Sweden Personal 28.9 28.0 27.2 26.4 24.3 23.9 23.5 39.0 3.4Business 45.2 43.1 45.0 46.7 41.0 42.8 44.7 61.0 5.3Total 74.1 71.2 72.2 73.1 65.3 66.7 68.2 100.0 8.6

Retail Banking Norway Personal 21.4 21.4 19.8 19.3 18.2 19.0 17.7 33.4 2.5Business 42.5 43.8 40.2 40.9 38.5 37.8 36.4 66.6 5.0Total 63.9 65.1 60.0 60.2 56.7 56.8 54.2 100.0 7.4

Banking Activities Northern Ireland Personal 27.4 26.5 26.0 25.9 24.7 23.6 24.4 53.4 3.2Business 23.9 24.5 24.3 29.2 28.9 25.8 26.5 46.6 2.8Hereof public sector deposits 5.5 6.2 6.1 11.8 11.6 9.2 8.6 10.7 0.6Total 51.4 51.1 50.3 55.1 53.5 49.4 50.9 100.0 6.0

Banking Activities Ireland Personal 10.6 11.1 11.8 12.2 12.5 12.4 12.2 49.1 1.2Business 11.0 10.5 19.4 25.6 25.0 25.5 30.3 50.9 1.3Total 21.7 21.6 31.2 37.8 37.5 37.9 42.4 100.0 2.5

Banking Activities Baltics Personal 4.5 4.6 4.5 4.5 4.3 4.1 4.0 22.9 0.5Business 15.2 13.2 13.9 15.0 15.8 16.7 16.1 77.1 1.8Total 19.7 17.8 18.3 19.5 20.1 20.8 20.1 100.0 2.3

Corporate & Institutional Banking Personal - - - - - - - - -Corporate 67.9 57.0 72.1 69.3 67.9 69.0 72.8 100.0 7.9Total 67.9 57.0 72.1 69.3 68.0 69.0 72.8 100.0 7.9

Non-core Ireland Personal 0.3 0.3 - - - - - 36.1 0.0Business 0.6 0.9 0.3 - - - - 63.9 0.1Total 0.9 1.2 0.3 - - - - 100.0 0.1

Danske Markets and Treasury Personal 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 -Business 51.5 58.4 85.4 97.3 96.6 101.7 97.7 99.8 6.0Total 51.7 58.6 85.5 97.4 96.8 101.9 97.8 100.0 6.0

Other business segments Personal -4.7 -3.8 -2.2 -1.1 -1.6 0.3 -0.6 -192.2 -0.5Business 7.1 5.8 7.6 2.7 6.8 3.8 4.8 292.2 0.8Total 2.4 2.0 5.4 1.6 5.2 4.2 4.2 100.0 0.3

Bank deposits, total (ex repos) Personal 327.0 331.5 323.6 323.1 316.8 318.3 312.0 44.0 38.1Business 415.6 404.4 450.1 472.2 472.2 473.7 482.6 56.0 48.4Total 742.6 735.9 773.7 795.3 788.9 792.0 794.6 100.0 86.5

Repos Personal - - - - - - - - -Business 116.1 118.1 80.8 53.7 99.7 99.5 71.8 100.0 13.5Total 116.1 118.1 80.8 53.7 99.7 99.5 71.8 100.0 13.5

Deposits, total Personal 327.0 331.5 323.6 323.1 316.8 318.3 312.0 38.1 38.1Business 531.6 522.5 531.0 525.9 571.9 573.2 554.4 61.9 61.9

Total deposits 858.7 854.0 854.5 849.0 888.6 891.5 866.4 100.0 100.0

Bonds issued by Realkredit Danmark1 728.5 724.6 722.0 724.3 716.2 694.4 694.1 - -

Pooled schemes 48.8 46.9 46.8 44.7 42.9 45.1 44.9 - -1 Before elimination of the Group's own Realkredit Danmark bonds.

22


QoQ: 1.9% (0.0%)*

YoY: 7.4% (0.3%)*

QoQ: 0.1% (-3.9%)*

YoY: -0.8% (-14.2%)*

QoQ: -0.4% (-1.9%)*

YoY: 4.9% (0.1%)*QoQ: 3.0% (1.0%)*

YoY: -9.0% (-13.6%)*

Total loan and deposit portfolios by geographical area

* Figures in parentheses indicate quarterly and annual changes in local currencies. Activities in Denmark include mortgage loans at Realkredit Danmark as well as all national and international activities of Nordania, Danske Markets and Treasury, Corporate & Institutional Banking (Denmark) and Danske Capital, excluding activities in Luxembourg. Activities outside Denmark include activities in Finland, Sweden, Norway, Ireland, Northern Ireland, Estonia, Lithuania, Latvia, Poland, Germany, Russia, Luxembourg and Coporate & Institutional Banking (outside Denmark).

QoQ: -2.6%

YoY: -2.3%QoQ: -0.2%

YoY: 2.4%

QoQ: 2.5%

YoY: -15.5%

QoQ: 0.3%

YoY: 0.2%

QoQ: -2.1%

YoY: 1.9%

0

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600

Q111 Q211 Q311 Q411 Q112 Q212 Q312

DKK billions

PERSONAL LENDING

Denmark Activities outside Denmark

0

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Q111 Q211 Q311 Q411 Q112 Q212 Q312

DKK billions

BUSINESS LENDING


0

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Q111 Q211 Q311 Q411 Q112 Q212 Q312

DKK billions

PERSONAL DEPOSITS


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Q111 Q211 Q311 Q411 Q112 Q212 Q312

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BUSINESS DEPOSITS


23


Loan impairment charges

Total loans and guarantees

Year to date Full yearQ312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011

Accumulated individual impairment charges, end of period (DKK billions) 44.0 50.0 47.3 44.5 42.5 39.7 37.1 44.0 44.5Accumulated collective impairment charges, end of period (DKK billions) 3.4 4.0 4.3 4.1 4.6 4.9 4.4 3.4 4.1Total accumulated impairment charges, end of period (DKK billions)1 47.4 54.0 51.6 48.6 47.2 44.6 41.5 47.4 48.6Quarterly impairment charges, end of period (DKK billions) 2.9 3.1 3.9 4.8 2.8 2.8 2.8 9.9 13.2Gross exposure subject to individual impairment test, end of period (DKK billions)2 113.9 123.5 119.5 113.3 106.1 104.1 100.4 113.9 113.3Net exposure subject to individual impairment test, end of period (DKK billions)3 69.9 73.5 72.2 68.8 63.6 64.4 63.3 69.9 68.8Collateral on exposure subject to individual impairment test, end of period (DKK billions)4 48.8 50.6 49.2 49.3 42.6 43.8 43.3 48.8 49.3Total loans and guarantees, end of period (DKK billions) 2,013 2,047 2,005 1,930 1,930 1,952 1,929 2,013 1,930Total coverage ratio (%) 42 44 43 43 44 43 41 42 43Total coverage ratio, including collateral (%) 84 85 84 86 85 85 84 84 86Specific coverage ratio (%)5 39 40 40 39 40 38 37 39 39Specific coverage ratio, including collateral (%)6 81 81 81 83 80 80 80 81 83Loan loss ratio - impairment charges as % of loans and guarantees, p.a. 0.56 0.62 0.81 0.99 0.57 0.57 0.59 0.68 0.681 Impairment charges against loans, advances and guarantees.2 Consists of exposures in rating categories 10 and 11, before individual impairment charges. Rating category 10 contains exposures to customers which are not in default but for which evidence of impairment exists; rating category 11 contains exposures to customers in default.3 Consists of exposures in rating categories 10 and 11, after individual impairment charges.4 Consists of collateral on exposures in rating categories 10 and 11. Collateral is calculated with a haircut.5 Accumulated individual impairment charges as a percentage of gross exposure subject to individual impairment test.6 Accumulated individual impairment charges plus collateral on exposure subject to individual impairment test as a percentage of gross exposure subject to individual impairment test and guarantees.

Year to date Full year(DKK billions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Loans and advances (excl. repo loans) 974 982 965 977 980 970 971 974 977 Repo loans 233 260 240 149 155 198 178 233 149 Loans and advances at fair value 726 722 719 721 714 697 691 726 721 Guarantees 80 83 81 83 81 87 89 80 83 Total loans and guarantees 2,013 2,047 2,005 1,930 1,930 1,952 1,929 2,013 1,930

24


Total accumulated impairment charges (allowance account), by business unit

Change in accumulated impairment charges (allowance account)

Quarterly loan impairment charges

(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111Collective impairment charges -582 -329 156 -538 -257 536 -186Individual impairment charges 3,311 3,253 3,802 5,374 3,518 3,343 2,763Write-offs charged directly to income statement 454 392 207 183 213 158 461Received on claims previously written off 262 167 185 238 611 1,276 152Interest adjustment according to the effective interest method -42 -40 -58 8 -61 -8 -45Total 2,879 3,109 3,922 4,789 2,802 2,753 2,841

(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111Accumulated impairment charges, beg. of quarter 54,006 51,617 48,604 47,165 44,599 41,475 43,769New and increased impairment charges 4,031 4,073 7,354 5,748 4,482 4,294 6,376Reversals of impairment charges 1,302 1,149 3,396 912 1,221 415 3,799Foreign currency translation 147 428 -47 349 272 -133 -286Write-offs debited to allowance account 9,579 1,044 964 3,825 1,014 698 4,614Other additions and disposals 103 81 66 79 47 76 29Accumulated impairment charges, end of quarter 47,406 54,006 51,617 48,604 47,165 44,599 41,475

(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111Retail Banking Denmark 19,115 18,959 18,731 18,180 17,185 16,660 15,385Retail Banking Finland 2,126 2,082 2,051 1,974 2,198 1,890 1,935Retail Banking Sweden 1,436 1,447 1,438 1,226 1,101 1,161 1,233Retail Banking Norway 1,591 1,618 1,602 1,474 1,730 1,610 1,583Banking Activities Northern Ireland 6,446 6,158 5,727 5,083 4,702 3,856 3,319Banking Activities Ireland 1,731 2,449 2,403 13,820 14,123 12,555 10,692Banking Activities Baltics 1,789 1,931 2,056 2,244 2,522 2,569 2,817Other Banking Activities 416 431 396 381 336 467 333Corporate & Institutional Banking 2,555 1,970 1,645 1,455 589 1,085 1,102Non-core Ireland 9,730 14,078 12,894 - - - -Danske Markets and Treasury 294 2,702 2,498 2,599 2,518 2,583 2,916Danske Capital 177 181 176 168 161 163 160Accumulated impairment charges, end of quarter 47,406 54,006 51,617 48,604 47,165 44,599 41,475

25


2.3 Ratios and key figures Year to date Full year

Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Earnings per share (DKK)1 1.4 1.6 0.8 0.2 -0.4 1.3 0.9 3.9 1.9Diluted earnings per share (DKK)1 1.4 1.6 0.8 0.2 -0.4 1.3 0.9 3.9 1.9Return on shareholders' equity 4.1 4.7 2.5 0.6 -1.2 3.8 2.7 3.8 1.4Cost/income ratio for the period (%) 54.5 54.1 55.5 54.4 66.2 58.0 62.9 54.7 59.9Total tier 1 capital ratio, excluding hybrid capital (%) 12.7 12.1 12.0 11.8 11.8 12.3 10.0 12.8 11.8Total tier 1 capital ratio (%) 17.0 16.2 16.0 16.0 16.0 16.6 14.6 17.0 16.0Total capital ratio (%) 19.4 17.7 17.6 17.9 18.0 18.8 17.4 19.4 17.9Lending as a percentage of deposits and issued mortgage bonds etc.(%) 101 102 100 101 101 99 99 101 101Group total VaR (avg.) (DKK millions)2 197.1 268.0 234.9 251.1 297.7 273.4 249.0 232.5 268.0Group total VaR, end of period (DKK millions)2 188.4 198.3 259.8 272.3 283.6 242.6 253.0 188.4 272.3Share price, end of period (DKK)1 104.7 81.4 94.5 73.0 78.6 95.3 116.5 104.7 73.0Book value per share, end of period (DKK)1 140.2 138.4 137.0 135.7 135.7 136.3 140.7 140.2 135.7Full-time-equivalent staff, end of period 20,651 20,997 21,160 21,320 21,567 21,536 21,434 20,651 21,320

Price/earnings, end of period, p.a. 18.5 12.5 28.0 84.1 -49.1 18.3 28.5 20.1 37.5Dividend per share (DKK) - - - - - - - - -Dividend yield (%) - - - - - - - - -Payout ratio (%) - - - - - - - - -Shares outstanding, end of period (millions) 925.2 925.6 926.0 927.1 926.4 924.3 693.5 925.2 927.1Issued shares, end of period (millions) 931.7 931.7 931.7 931.7 931.7 931.7 698.8 931.7 931.7Share price/book value per share, end of period 0.7 0.6 0.7 0.5 0.6 0.7 0.8 0.7 0.5Market capital, end of period (DKK millions) 96,868 75,344 87,507 67,632 72,761 88,038 80,793 96,868 67,6321 Share-related key figures for Q1 2011 have been divided by an adjustment factor (1.0807) as a consequence of the rights issue.2 95% confidence level, 10-day horizon. Calculated as an average of daily VaR values during the period. The figures in Q112 are not comparable with previous periods' figures because of the introduction of new risk factors in the Group's internal model in December 2011.

26


Cost/income ratio Total assets

Return on equity (after tax) p.a. Earnings per share*

* Earnings per share figure for the first quarter of 2011 has been divided by an adjustment factor (1.0807) as a consequence of the rights issue.

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Q111 Q211 Q311 Q411 Q112 Q212 Q312

(%)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Q111 Q211 Q311 Q411 Q112 Q212 Q312

DKK billions

-2

0

2

4

6

Q111 Q211 Q311 Q411 Q112 Q212 Q312

(%)

-1

0

1

2

3

Q111 Q211 Q311 Q411 Q112 Q212 Q312

DKK

27

Business segments and key statistics

28


3.1 Breakdown of key income and expense items Net interest income

Total income

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011

Retail Banking Denmark 3,117 3,189 3,081 3,172 3,179 3,046 2,872 9,387 12,269

Retail Banking Finland 528 534 588 577 529 512 490 1,650 2,108

Retail Banking Sweden 698 672 712 686 596 589 569 2,082 2,440

Retail Banking Norway 571 502 471 404 389 378 382 1,544 1,553

Banking Activities Northern Ireland 312 301 303 296 297 278 270 916 1,141

Banking Activities Ireland 93 97 110 250 230 225 231 300 936

Banking Activities Baltics 113 120 124 115 123 119 121 357 478

Other Banking Activities 122 121 101 102 90 79 80 344 351

Corporate & Institutional Banking 525 533 526 548 531 498 454 1,584 2,031

Non-core Ireland 88 90 120 - - - - 298 -

Banking Activities Total 6,167 6,159 6,136 6,150 5,964 5,724 5,469 18,462 23,307

Danske Markets and Treasury - - - - - - - - -

Danske Capital 27 30 30 31 33 28 27 87 119

Danica Pension - - - - - - - - -

Other Activities 4 29 6 1 19 33 58 39 111

Group Total 6,198 6,218 6,172 6,182 6,016 5,785 5,554 18,588 23,537






Banking Activities Northern Ireland 435 428 422 408 408 404 367 1,285 1,587

Banking Activities Ireland 124 131 138 285 259 252 258 393 1,054


Other Banking Activities 485 642 564 557 539 522 586 1,691 2,204

Corporate & Institutional Banking 753 752 730 815 769 747 698 2,235 3,029

Non-core Ireland 92 90 121 - - - - 303 -


Danske Markets and Treasury 1,566 2,064 2,925 1,246 -106 2,049 2,527 6,555 5,716

Danske Capital 466 447 412 614 442 453 471 1,325 1,980

Danica Pension 427 699 184 976 -735 261 67 1,310 569

Other Activities -26 67 -33 45 72 119 324 8 560

Group Total 11,215 12,251 12,353 11,863 8,311 11,512 11,691 35,819 43,377

29


Total expenses

Total loan impairment charges






Banking Activities Northern Ireland 272 273 262 425 254 323 265 807 1,267

Banking Activities Ireland 132 326 125 186 171 182 179 583 718


Other Banking Activities 375 525 460 456 433 418 454 1,360 1,761

Corporate & Institutional Banking 260 256 268 243 276 263 274 784 1,056

Non-core Ireland 70 53 53 - - - - 176 -


Danske Markets and Treasury 723 699 875 684 544 682 742 2,297 2,652

Danske Capital 246 264 264 313 230 283 267 774 1,093


Other Activities 187 88 620 -75 -63 397 1,182 895 1,441

Group Total 6,116 6,632 6,850 6,459 5,499 6,678 7,351 19,598 25,987


Retail Banking Denmark 737 960 1,330 1,667 1,117 742 790 3,027 4,316

Retail Banking Finland 48 151 110 130 62 -34 29 309 187

Retail Banking Sweden 44 61 210 155 -4 5 46 315 202

Retail Banking Norway 34 7 114 109 131 16 124 155 380

Banking Activities Northern Ireland 214 260 646 524 719 606 329 1,120 2,178

Banking Activities Ireland 39 84 436 1,623 1,578 1,850 1,283 559 6,334

Banking Activities Baltics -138 -91 -166 -99 -23 -93 -40 -395 -255

Other Banking Activities -10 40 28 59 3 76 17 58 155

Corporate & Institutional Banking 630 206 218 649 -31 -20 146 1,054 744

Non-core Ireland 1,350 1,374 1,016 - - - - 3,740 -


Danske Markets and Treasury -65 52 -27 -52 -750 -396 165 -40 -1,033

Danske Capital -4 5 7 24 - 1 -48 8 -23


Other Activities - - - - - - - - -

Group Total 2,879 3,109 3,922 4,789 2,802 2,753 2,841 9,910 13,185

30


Profit before tax

Loan loss ratio


Retail Banking Denmark 1,141 910 599 286 1,037 1,108 988 2,650 3,419

Retail Banking Finland 138 -48 89 -63 99 136 -6 179 166


Retail Banking Norway 345 289 154 75 66 163 32 788 336

Banking Activities Northern Ireland -51 -105 -486 -541 -565 -525 -227 -642 -1,858

Banking Activities Ireland -47 -279 -423 -1,524 -1,490 -1,780 -1,204 -749 -5,998


Other Banking Activities 120 77 76 42 103 28 115 273 288

Corporate & Institutional Banking -137 290 244 -77 524 504 278 397 1,229

Non-core Ireland -1,328 -1,337 -948 - - - - -3,613 -

Banking Activities Total 874 341 -168 -1,372 298 166 418 1,047 -490

Danske Markets and Treasury 908 1,313 2,077 614 100 1,763 1,620 4,298 4,097

Danske Capital 224 178 141 277 212 169 252 543 910

Danica Pension 427 699 184 976 -735 261 67 1,310 569

Other Activities -213 -21 -653 120 135 -278 -858 -887 -881

Group Total 2,220 2,510 1,581 615 10 2,081 1,499 6,311 4,205

Year to date Full year(%) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011

Retail Banking Denmark 0.30 0.40 0.54 0.68 0.46 0.31 0.32 0.41 0.43

Retail Banking Finland 0.12 0.39 0.29 0.34 0.17 -0.09 0.08 0.27 0.13

Retail Banking Sweden 0.09 0.13 0.44 0.33 -0.01 0.01 0.10 0.22 0.11

Retail Banking Norway 0.09 0.02 0.33 0.32 0.38 0.05 0.37 0.15 0.28

Banking Activities Northern Ireland 1.86 2.25 5.00 4.09 6.06 5.07 2.60 2.89 4.30

Banking Activities Ireland 0.65 1.37 6.98 12.22 11.30 12.52 8.38 2.98 10.34

Banking Activities Baltics -3.03 -1.95 -3.52 -2.04 -0.46 -1.78 -0.74 -2.79 -1.19

Other Banking Activities -0.18 0.74 0.53 1.13 0.06 1.48 0.34 0.37 0.77

Corporate & Institutional Banking 1.89 0.63 0.65 1.97 -0.10 -0.06 0.45 1.06 0.58

Non-core Ireland 24.77 23.29 15.87 - - - - 19.48 -

Banking Activities Total 0.68 0.71 0.90 1.11 0.83 0.74 0.63 0.76 0.82

Danske Markets and Treasury -0.06 0.05 -0.04 -0.06 -0.90 -0.50 0.22 -0.02 -0.34

Danske Capital -0.08 0.11 0.18 0.60 0.00 0.03 -1.91 0.07 -0.23


Other Activities - - - - - - - - -

Group Total 0.56 0.62 0.81 0.99 0.57 0.57 0.59 0.68 0.68

31


3.2.1 Financial performance, Retail Banking Denmark

Retail Banking Denmark encompasses the retail activities of Danske Bank Denmark as well as the activities of Realkredit Danmark. Danske Bank caters to all personal customers, small businesses and medium-sized companies as well as private banking customers served by the finance centres. In addition, Retail Banking Denmark offers a range of leasing solutions to the business segment and has four regions with 252 branches, six agricultural centres, ten finance centres and 5.917 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 3,117 3,189 3,081 3,172 3,179 3,046 2,872 9,387 12,269Net fee income 818 773 817 814 769 798 833 2,408 3,214Net trading income 102 182 173 184 152 140 173 457 649Other income 89 76 73 101 65 174 104 238 444Total income 4,126 4,220 4,144 4,271 4,165 4,158 3,982 12,490 16,576Staff costs 1,040 1,068 1,070 1,017 871 1,034 1,010 3,178 3,932Other costs 1,208 1,282 1,145 1,301 1,140 1,274 1,194 3,635 4,909Expenses 2,248 2,350 2,215 2,318 2,011 2,308 2,204 6,813 8,841Profit before loan impairment charges 1,878 1,870 1,929 1,953 2,154 1,850 1,778 5,677 7,735Loan impairment charges 737 960 1,330 1,667 1,117 742 790 3,027 4,316Profit before tax 1,141 910 599 286 1,037 1,108 988 2,650 3,419

Loans and advances, end of period 952,332 956,706 958,335 967,672 963,637 950,340 945,213 952,332 967,672Allowance account, total, end of period 19,115 18,959 18,731 18,180 17,185 16,660 15,385 19,115 18,180Deposits, end of period 292,497 290,271 276,572 275,995 281,261 282,927 280,929 292,497 275,995Issued Realkredit Danmark bonds, end of period1 728,452 724,575 721,991 724,279 716,160 694,384 694,099 728,452 724,279Allocated capital (avg.) 44,976 44,501 45,143 45,494 45,073 44,901 36,662 44,873 43,032Profit before loan impairment charges as % p.a. of allocated capital 16.7 16.8 17.1 17.2 19.1 16.5 19.4 16.9 18.0Pre-tax profit as % p.a. of allocated capital (ROE) 10.1 8.2 5.3 2.5 9.2 9.9 10.8 7.9 7.9Cost/income ratio (%) 54.5 55.7 53.5 54.3 48.3 55.5 55.3 54.5 53.3

Lending margin (1), excluding Realkredit Danmark (%) 3.69 3.58 3.41 3.12 2.82 2.82 2.88 3.56 2.91Deposit margin (2), excluding Realkredit Danmark (%) 0.09 0.33 0.29 0.60 0.79 0.71 0.63 0.24 0.68Lending margin (1) + deposit margin (2) (%) 3.78 3.91 3.70 3.72 3.61 3.53 3.51 3.80 3.59No. of branches, end of period 252 271 293 302 308 309 313 252 302No. of customers, end of period (millions) 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3No. of eBanking customers, end of period (000s)2 1,133 1,114 1,104 1,062 1,033 1,011 994 1,133 1,062No. of full-time employees, end of period 5,917 5,902 5,949 5,992 6,003 5,970 5,930 5,917 5,9921 Before elimination of the Group's own Realkredit Danmark bonds.2 Consists only of active eBanking customers.

32


3.2.1.1 Breakdown of loans at Realkredit Danmark at 30 September 2012

DISTRIBUTION OF LOAN PORTFOLIO BY OUTSTANDING BOND DEBT, FAIR VALUESector Less than 1-2 2-10 10-25 More than(%) 1 DKK m DKK m DKK m DKK m 25 DKK m Total (%)

Private market 25.9 40.4 33.0 0.6 0.1 58.5Corporate market 1.6 2.7 14.7 16.6 64.4 14.9Agriculture 2.0 5.7 27.9 29.0 35.3 7.0Residential rental property 2.8 4.6 22.6 26.2 43.9 19.6Weighted share 16.1 25.3 27.8 10.0 20.8 100.0

Total (DKK billions) 1 115.1 183.8 204.1 73.0 152.7 728.61 Before eliminations and impairment of mortgage loans, end of period

DISTRIBUTION OF LOAN PORTFOLIO BY LOAN-TO-VALUE RATIOS, FAIR VALUESector Total (%) 0-20% 20-40% 40-60% 60-80% >80% (DKK billions)Private market 32.1 27.9 21.5 13.4 5.1 426.4Corporate market 36.5 29.9 21.1 9.1 3.4 108.3Agriculture 36.1 30.5 20.3 8.7 4.4 50.8Residential rental property 36.3 25.1 18.3 11.2 9.1 143.1Weighted share 33.9 27.9 20.7 12.0 5.6 100.0

Total (DKK billions) 1 241.7 198.3 150.5 92.4 45.8 728.61 Before eliminations and impairment of mortgage loans, end of period

MORTGAGE FINANCE BOOK: LOANS BY PROPERTY CATEGORY Year to date Full year(DKK billions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Private market 418 416 418 419 417 417 417 418 419Corporate market 109 109 108 108 109 107 105 109 108Agriculture 50 50 50 50 50 50 50 50 50Residential rental property 133 132 132 131 130 128 128 133 131Total loans, nominal value 710 707 708 708 706 703 700 710 708Fair value 729 725 722 723 716 699 693 729 723

Lending spread (%) 0.67 0.63 0.62 0.51 0.51 0.50 0.50 0.67 0.51Gross lending, total market (DKK billions)1 106 106 138 115 62 58 64 106 299Loan to value, end of period (%) 71 70 69 67 67 65 65 71 67Rating (covered bond/long-term - S&P/Fitch) AAA AAA AAA AAA AAA AAA AAA AAA AAA1 Source: Realkreditrådet (Danish mortgage finance council), www.realkreditraadet.dk, end of period

33


3.2.1.1 Breakdown of loans at Realkredit Danmark at 30 September 2012

Total stock (Retail + Corporate) Year to date Full year(%) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011FlexLån® 60 60 59 58 57 57 57 60 58Fixed-rate 24 24 24 25 26 26 27 24 25Other 16 16 17 17 17 17 16 16 17

DISTRIBUTION OF LOAN PORTFOLIO BY LOAN TYPERETAIL Year to date Full year(%) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Gross lending: Installment loans FlexLån® (floaters) 9 10 9 23 19 18 18 13 21 FlexGaranti® (capped floaters) - 1 2 4 - - - 1 2 Fixed-rate 47 39 33 11 20 21 19 40 16 Interest-only loans FlexLån® (floaters) 25 31 38 48 45 43 48 28 46 FlexGaranti® (capped floaters) 1 2 3 7 1 1 1 2 3 Fixed-rate 18 17 15 7 15 17 14 16 12Total stock of loans (end of period) : Installment loans FlexLån® (floaters) 20 20 20 20 19 19 19 20 20 FlexGaranti® (capped floaters) 3 3 4 4 4 4 4 3 4 Fixed-rate 22 22 22 22 23 23 24 22 22 Interest-only loans FlexLån® (floaters) 43 43 42 41 40 40 39 43 41 FlexGaranti® (capped floaters) 4 4 4 4 4 4 4 4 4 Fixed-rate 8 8 8 9 10 10 10 8 9

CORPORATE Year to date Full year(%) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Gross lending: FlexLån® (floaters)1 44 46 49 72 49 41 49 46 55 RD Bor2 3 21 10 18 31 30 25 11 25 Fixed-rate 53 33 41 10 20 29 26 43 20Total stock of loans (end of period): FlexLån® (floaters)1 56 56 55 56 56 56 56 56 56 RD Bor2 19 19 19 18 18 18 17 19 18 Fixed-rate 15 15 16 16 16 16 16 15 16 Other loans3 10 10 10 10 10 10 11 10 101 Including FlexGaranti® (capped floaters)2 Consists of RD Cibor6® and RD Euribor3®3 Consists of former loan types, which are no longer being issued

34

sdfzsdfzsdfzdf Danske Bank Fact Book Q3 2012

3.2.2 Financial performance, Retail Banking Finland Retail Banking Finland encompasses the banking activities of Sampo Bank in Finland and Danske Bank’s Helsinki Branch. Sampo Bank, the third-largest bank in Finland, caters to all personal customers and small and medium-sized businesses. Sampo Bank has 101 branches in Finland and 1.976 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 528 534 588 577 529 512 490 1,650 2,108Net fee income 283 274 258 252 240 252 249 815 993Net trading income -1 24 27 18 41 13 19 50 91Other income 48 65 77 77 81 147 84 190 389Total income 858 897 950 924 891 924 842 2,705 3,581Amortisation of intangible assets1 104 103 106 163 93 94 94 313 444Integration expenses - - 2 7 38 38 38 2 121Staff costs 247 315 281 306 246 266 306 843 1,124Other costs 321 376 362 381 353 424 381 1,059 1,539Expenses 672 794 751 857 730 822 819 2,217 3,228Profit before loan impairment charges 186 103 199 67 161 102 23 488 353Loan impairment charges 48 151 110 130 62 -34 29 309 187Profit before tax 138 -48 89 -63 99 136 -6 179 166Profit before tax in local currency (EUR millions) 18 -6 12 -9 14 18 -1 24 22

Loans and advances, end of period 155,120 153,977 152,214 150,484 148,387 146,803 142,693 155,120 150,484Allowance account, total, end of period 2,126 2,082 2,051 1,974 2,198 1,890 1,935 2,126 1,974Deposits, incl. pooled deposits, end of period 96,388 99,979 101,755 105,256 104,568 102,431 102,984 96,388 105,256Allocated capital (avg.) 7,146 7,091 7,038 6,907 6,803 6,633 5,210 7,092 6,388Profit before loan impairment charges as % p.a. of allocated capital 10.4 5.8 11.3 3.9 9.5 6.2 1.8 9.2 5.5Pre-tax profit as % p.a. of allocated capital (ROE) 7.7 -2.7 5.1 -3.6 5.8 8.2 -0.5 3.4 2.6Cost/income ratio (%) 78.3 88.5 79.1 92.7 81.9 89.0 97.3 82.0 90.1Cost/income ratio, excluding amortisation of intangible assets and integration expenses (%) 66.2 77.0 67.7 74.4 67.2 74.7 81.6 70.3 74.4

Lending margin (1) (%) 0.64 0.66 0.77 0.68 0.47 0.53 0.59 0.69 0.57Deposit margin (2) (%) 0.36 0.38 0.16 0.36 0.66 0.73 0.49 0.30 0.56Margin (1+2) (%) 1.00 1.04 0.93 1.04 1.13 1.26 1.08 0.99 1.13No. of branches, end of period 101 101 117 119 120 120 120 101 119No. of customers, end of period (000s) 1,157 1,161 1,165 1,169 1,171 1,171 1,173 1,157 1,169No. of eBanking customers, end of period (000s)2 533 533 534 531 525 523 511 533 531No. of full-time employees, end of period 1,976 2,065 2,117 2,121 2,259 2,279 2,235 1,976 2,1211 The amortisation relates to intangible assets acquired by Danske Bank A/S in connection with the purchase of Sampo Bank in 2007. Thus, the intangible assets and the amortisation are included in Danske Bank's accounts

and segment reporting but not in the legal accounts for Sampo Bank.2 Consists only of active eBanking customers.

35


3.2.3 Financial performance, Retail Banking Sweden Retail Banking Sweden encompasses the banking activities of Danske Bank in Sweden, which serve all types of personal customers, small businesses and medium-sized companies as well as private banking customers served by the finance centres. Retail Banking Sweden has 46 branches, 4 finance centres and 930 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 698 672 712 686 596 589 569 2,082 2,440Net fee income 150 136 129 125 148 147 157 415 577Net trading income 37 36 33 33 33 39 32 106 137Other income 7 14 13 16 14 26 15 34 71Total income 892 858 887 860 791 801 773 2,637 3,225Staff costs 197 196 196 198 178 198 180 589 754Other costs 207 248 216 262 218 248 234 671 962Expenses 404 444 412 460 396 446 414 1,260 1,716Profit before loan impairment charges 488 414 475 400 395 355 359 1,377 1,509Loan impairment charges 44 61 210 155 -4 5 46 315 202Profit before tax 444 353 265 245 399 350 313 1,062 1,307Profit before tax in local currency (SEK millions) 501 422 316 299 491 423 371 1,239 1,584

Loans and advances, end of period 193,105 187,665 186,133 185,418 180,317 182,218 182,866 193,105 185,418Allowance account, total, end of period 1,436 1,447 1,438 1,226 1,101 1,161 1,233 1,436 1,226Deposits, end of period 74,149 71,167 72,191 73,072 65,301 66,719 68,208 74,149 73,072Allocated capital (avg.) 10,939 10,547 10,658 10,531 10,552 10,596 8,329 10,716 10,002Profit before loan impairment charges as % p.a. of allocated capital 17.8 15.7 17.8 15.2 15.0 13.4 17.2 17.1 15.1Pre-tax profit as % p.a. of allocated capital (ROE) 16.2 13.4 9.9 9.3 15.1 13.2 15.0 13.2 13.1Cost/income ratio (%) 45.3 51.7 46.4 53.5 50.1 55.7 53.6 47.8 53.2

Lending margin (1) (%) 1.19 1.20 1.32 1.17 1.06 1.03 1.01 1.24 1.07Deposit margin (2) (%) 0.72 0.72 0.57 0.75 0.83 0.76 0.76 0.67 0.78Margin (1+2) (%) 1.91 1.92 1.89 1.92 1.89 1.79 1.77 1.91 1.85No. of branches, end of period 46 46 46 46 49 49 49 46 46No. of customers, end of period (000s) 243 243 242 241 239 238 237 243 241No. of eBanking customers, end of period (000s)1 137 138 136 134 132 131 129 137 134No. of full-time employees, end of period 930 954 963 916 949 941 932 930 9161 Consists only of active eBanking customers.

36


3.2.4 Financial performance, Retail Banking Norway Retail Banking Norway encompasses the banking activities of Fokus Bank in Norway, which serves all types of personal customers, small businesses and medium-sized companies as well as private banking customers served by the finance centres. Real estate agency business is carried out through the 35 offices of Fokus Krogsveen. Retail Banking Norway has 37 branches, four finance centres and 917 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 571 502 471 404 389 378 382 1,544 1,553Net fee income 80 79 67 68 57 64 66 226 255Net trading income 28 22 23 43 30 26 26 73 125Other income 143 162 160 159 155 172 145 465 631Total income 822 765 721 674 631 640 619 2,308 2,564Staff costs 227 232 224 253 222 221 216 683 912Other costs 216 237 229 237 212 240 247 682 936Expenses 443 469 453 490 434 461 463 1,365 1,848Profit before loan impairment charges 379 296 268 184 197 179 156 943 716Loan impairment charges 34 7 114 109 131 16 124 155 380Profit before tax 345 289 154 75 66 163 32 788 336Profit before tax in local currency (NOK millions) 340 294 156 77 67 170 34 790 348



37


3.2.5 Financial performance, Banking Activities Northern Ireland Banking Activities Northern Ireland encompasses the banking activities of Northern Bank, which serves both personal and business customers. Banking Activities Northern Ireland has 66 branches and 1,226 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 312 301 303 296 297 278 270 916 1,141Net fee income 92 93 92 85 80 82 69 277 316Net trading income 29 30 24 24 28 41 26 83 119Other income 2 4 3 3 3 3 2 9 11Total income 435 428 422 408 408 404 367 1,285 1,587Staff costs 104 97 94 258 90 94 89 295 531Other costs 168 176 168 167 164 229 176 512 736Expenses 272 273 262 425 254 323 265 807 1,267Profit before loan impairment charges 163 155 160 -17 154 81 102 478 320Loan impairment charges 214 260 646 524 719 606 329 1,120 2,178Profit before tax -51 -105 -486 -541 -565 -525 -227 -642 -1,858Profit before tax in local currency (GBP millions) -5 -11 -55 -61 -65 -64 -27 -71 -217

Loans and advances, end of period 48,278 48,043 48,146 53,326 52,831 48,929 49,229 48,278 53,326Allowance account, total, end of period 6,446 6,158 5,727 5,083 4,702 3,856 3,319 6,446 5,083Deposits, end of period 51,350 51,067 50,336 55,060 53,540 49,408 50,917 51,350 55,060Allocated capital (avg.) 2,061 2,024 2,080 2,087 2,156 2,246 1,944 2,055 2,108Profit before loan impairment charges as % p.a. of allocated capital 31.6 30.6 30.8 -3.3 28.6 14.4 21.0 31.0 15.2Pre-tax profit as % p.a. of allocated capital (ROE) -9.9 -20.8 -93.5 -103.7 -104.8 -93.5 -46.7 -41.7 -88.1Cost/income ratio (%) 62.5 63.8 62.1 104.2 62.3 80.0 72.2 62.8 79.8

Lending margin (1) (%) 2.16 2.09 2.18 2.11 2.11 1.97 1.94 2.13 2.03Deposit margin (2) (%) 0.84 0.86 0.75 0.77 0.73 0.80 0.77 0.82 0.77Margin (1+2) (%) 3.00 2.95 2.93 2.88 2.84 2.77 2.71 2.96 2.80No. of branches, end of period 66 66 72 76 82 82 82 66 76No. of customers, end of period (000s) 533 530 528 528 525 532 531 533 528No. of eBanking customers, end of period (000s)1 123 117 114 108 100 94 87 123 108No. of full-time employees, end of period2 1,226 1,270 1,289 1,337 1,200 1,222 1,231 1,226 1,3371 Consists only of active eBanking customers.2 Owing to an organisational change relating to the contact centres in Q4 2011, approximately 126 FTEs were transferred from the Shared Services Centre to Banking Activities Northern Ireland.

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3.2.6 Financial performance, Banking Activities Ireland On 1 January 2012, Non-core business was carved out of Banking Activities Ireland. 2011 figures have not been restated. Banking Activities Ireland encompasses the banking activities of National Irish Bank, which caters primarily to personal and business customers. Banking Activities Ireland has one Corporate Banking Unit, two business centres, 27 branches and 358 employees. Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 93 97 110 250 230 225 231 300 936Net fee income 23 19 20 18 17 17 14 62 66Net trading income 7 9 8 14 10 8 11 24 43Other income 1 6 - 3 2 2 2 7 9Total income 124 131 138 285 259 252 258 393 1,054Staff costs 55 67 54 77 76 77 78 176 308Other costs 77 259 71 109 95 105 101 407 410Expenses 132 326 125 186 171 182 179 583 718Profit before loan impairment charges -8 -195 13 99 88 70 79 -190 336Loan impairment charges 39 84 436 1,623 1,578 1,850 1,283 559 6,334Profit before tax -47 -279 -423 -1,524 -1,490 -1,780 -1,204 -749 -5,998Profit before tax in local currency (EUR millions) -6 -39 -57 -205 -200 -239 -161 -101 -805

Loans and advances, end of period 25,166 25,992 26,411 63,728 66,657 67,861 69,251 25,166 63,728Allowance account, total, end of period 1,731 2,449 2,403 13,820 14,123 12,555 10,692 1,731 13,820Deposits, end of period 21,664 21,645 31,214 37,787 37,462 37,921 42,446 21,664 37,787Allocated capital (avg.) 1,541 1,436 1,493 3,142 3,271 3,448 2,788 1,490 3,162Profit before loan impairment charges as % p.a. of allocated capital -2.1 -54.3 3.5 12.6 10.8 8.1 11.3 -17.0 10.6Pre-tax profit as % p.a. of allocated capital (ROE) -12.2 -77.7 -113.3 -194.0 -182.2 -206.5 -172.7 -67.0 -189.7Cost/income ratio (%) 106.5 248.9 90.6 65.3 66.0 72.2 69.4 148.3 68.1


39


3.2.7 Financial performance, Banking Activities Baltics Banking Activities Baltics encompasses the Group's banking activities in Estonia, Latvia and Lithuania and serves all types of personal and business customers. Banking Activities Baltics has 30 branches and 989 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 113 120 124 115 123 119 121 357 478Net fee income 40 40 34 42 38 38 33 114 151Net trading income 31 29 28 29 22 22 21 88 94Other income 11 2 2 2 2 3 2 15 9Total income 195 191 188 188 185 182 177 574 732Staff costs 47 52 52 60 47 52 52 151 211Other costs 37 39 40 42 36 41 36 116 155Expenses 84 91 92 102 83 93 88 267 366Profit before loan impairment charges 111 100 96 86 102 89 89 307 366Loan impairment charges -138 -91 -166 -99 -23 -93 -40 -395 -255Profit before tax 249 191 262 185 125 182 129 702 621


PROFIT BEFORE LOAN IMPAIRMENT CHARGES Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Estonia (Sampo Pank) 77 73 68 70 79 65 63 218 277Latvia (Danske Banka) 10 4 2 3 1 4 - 16 8Lithuania (Danske Bankas) 24 23 26 13 22 20 26 73 81Total Banking Activities Baltics 111 100 96 86 102 89 89 307 366

40


3.2.7 Financial performance, Banking Activities Baltics (continued)

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011ESTONIALending margin (1) (%) 1.23 1.27 1.42 1.48 1.52 1.56 1.59 1.30 1.54Deposit margin (2) (%) 0.70 0.74 0.63 0.73 0.70 0.70 0.54 0.69 0.67Margin (1+2) (%) 1.93 2.01 2.05 2.21 2.22 2.26 2.13 1.99 2.21No. of branches, end of period 14 14 15 16 16 16 17 14 16No. of customers, end of period (000s) 123 124 126 134 136 138 158 123 134No. of eBanking customers, end of period (000s)1 54 56 59 58 57 59 61 54 58No. of full-time employees, end of period 520 527 522 544 545 543 546 520 544

LATVIALending margin (1) (%) 0.71 0.71 0.86 0.84 0.78 0.78 0.78 0.76 0.80Deposit margin (2) (%) 0.49 0.56 0.57 0.55 0.56 0.56 0.55 0.54 0.56Margin (1+2) (%) 1.20 1.27 1.43 1.39 1.34 1.34 1.33 1.30 1.36No. of branches, end of period 3 3 3 4 4 4 4 3 4No. of customers, end of period (000s) 13 13 13 13 13 13 13 13 13No. of eBanking customers, end of period (000s)1 3 3 3 3 3 3 3 3 3No. of full-time employees, end of period 90 89 96 99 104 104 99 90 99

LITHUANIALending margin (1) (%) 1.02 1.01 1.10 1.12 1.14 1.18 1.21 1.04 1.16Deposit margin (2) (%) 0.69 0.74 0.78 0.85 0.88 0.94 0.65 0.74 0.83Margin (1+2) (%) 1.71 1.75 1.88 1.97 2.02 2.12 1.86 1.78 1.99No. of branches, end of period 13 13 13 13 13 13 13 13 13No. of customers, end of period (000s) 159 157 154 152 148 145 143 159 152No. of eBanking customers, end of period (000s)1 39 40 39 38 36 37 36 39 38No. of full-time employees, end of period 379 382 386 384 390 391 392 379 3841 Consists only of active eBanking customers.

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3.2.8 Financial performance, Other Banking Activities Other Banking Activities comprises the activities of Nordania Leasing and the Group’s Other Non-Danish Banking Activities. The activities of Nordania primarily include car and truck leasing solutions as well as fleet management. Other Banking Activities has 326 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 122 121 101 102 90 79 80 344 351Net fee income 15 18 14 16 26 33 36 47 111Net trading income 11 11 10 9 9 9 9 32 36Other income 337 492 439 430 414 401 461 1,268 1,706Total income 485 642 564 557 539 522 586 1,691 2,204Staff costs 52 54 57 55 50 51 50 163 206Other costs 323 471 403 401 383 367 404 1,197 1,555Expenses 375 525 460 456 433 418 454 1,360 1,761Profit before loan impairment charges 110 117 104 101 106 104 132 331 443Loan impairment charges -10 40 28 59 3 76 17 58 155Profit before tax 120 77 76 42 103 28 115 273 288

Loans and advances, end of period 16,672 16,832 16,888 16,833 17,095 16,318 16,661 16,672 16,833Allowance account, total, end of period 416 431 396 381 336 467 333 416 381Deposits, end of period 6,190 5,271 5,261 5,225 6,649 4,936 5,484 6,190 5,225Allocated capital (avg.) 2,169 1,413 1,816 1,785 1,745 1,808 1,418 1,800 1,689Profit before loan impairment charges as % p.a. of allocated capital 20.3 33.1 22.9 22.6 24.3 23.0 37.2 24.5 26.2Pre-tax profit as % p.a. of allocated capital (ROE) 22.1 21.8 16.7 9.4 23.6 6.2 32.4 20.2 17.1Cost/income ratio (%) 77.3 81.8 81.6 81.9 80.3 80.1 77.5 80.4 79.9

No. of full-time employees, end of period 326 333 330 333 334 335 327 326 333

PROFIT BEFORE TAX Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Nordania 48 37 35 14 27 22 45 120 108Other non-Danish Banking Activities 72 40 41 28 76 6 70 153 180Other Banking Activities 120 77 76 42 103 28 115 273 288

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3.2.9 Financial performance, Corporate & Institutional Banking Corporate & Institutional Banking is responsible for providing advisory services to the Group’s largest corporate customers and institutional clients, which receive financial products; advisory services on mergers, acquisitions and divestments; and assistance with equity and debt issues in the international financial markets. The activities are concentrated in the Nordic markets, where there are local, specialised Corporate & Institutional Banking functions. Corporate & Institutional Banking has 343 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 525 533 526 548 531 498 454 1,584 2,031Net fee income 189 201 183 246 167 217 220 573 850Net trading income 39 17 19 21 19 30 22 75 92Other income - 1 2 - 52 2 2 3 56Total income 753 752 730 815 769 747 698 2,235 3,029Amortisation of intangible assets 6 6 6 -46 24 23 24 18 25Integration expenses - - - - 7 7 7 - 21Staff costs 109 97 100 125 97 86 94 306 402Other costs 145 153 162 164 148 147 149 460 608Expenses 260 256 268 243 276 263 274 784 1,056Profit before loan impairment charges 493 496 462 572 493 484 424 1,451 1,973Loan impairment charges 630 206 218 649 -31 -20 146 1,054 744Profit before tax -137 290 244 -77 524 504 278 397 1,229

Loans and advances, end of period 108,983 110,939 107,647 108,769 108,034 103,483 102,550 108,983 108,769Allowance account, total, end of period 2,555 1,970 1,645 1,455 589 1,085 1,102 2,555 1,455Deposits, end of period 67,922 57,018 72,077 69,333 67,957 68,990 72,800 67,922 69,333Allocated capital (avg.) 12,581 12,448 12,458 12,284 11,909 11,698 9,682 12,496 11,393Profit before loan impairment charges as % p.a. of allocated capital 15.7 15.9 14.8 18.6 16.6 16.5 17.5 15.5 17.3Pre-tax profit as % p.a. of allocated capital (ROE) -4.4 9.3 7.8 -2.5 17.6 17.2 11.5 4.2 10.8Cost/income ratio (%) 34.5 34.0 36.7 29.8 35.9 35.2 39.3 35.1 34.9Cost/income ratio, excluding amortisation of intangible assets and integration expenses (%) 33.7 33.2 35.9 35.5 31.9 31.2 34.8 34.3 33.3

Lending margin (1) (%) 1.29 1.18 1.18 1.18 1.10 0.99 0.98 1.22 1.06Deposit margin (2) (%) 0.55 0.69 0.60 0.65 0.69 0.62 0.65 0.61 0.65Margin (1+2) (%) 1.84 1.87 1.78 1.83 1.79 1.61 1.63 1.83 1.71No. of customers, end of period 1,465 1,346 1,411 1,316 1,322 1,309 1,185 1,465 1,316No. of full-time employees, end of period 343 307 306 305 314 304 289 343 305

BREAKDOWN OF CORPORATE & INSTITUTIONAL BANKING LENDING Year to date Full yearQ312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011

Denmark 32,476 33,206 32,415 30,404 33,795 35,949 36,118 32,476 30,404Sweden 21,834 21,508 21,034 21,469 18,546 15,227 14,664 21,834 21,469Norway 38,833 39,818 38,558 40,027 38,095 35,245 34,762 38,833 40,027Finland 15,840 16,407 15,640 16,869 17,598 17,062 17,006 15,840 16,869Total 108,983 110,939 107,647 108,769 108,034 103,483 102,550 108,983 108,769

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3.2.10 Financial performance, Non-core Ireland Non-core Ireland has been operational since 1 July 2012. The non-core business activities involve commercial and investment property exposures, including personal customer investment property exposures, as well as exposures to small and medium-sized businesses in selected sectors. Non-core Ireland has 81 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 88 90 120 - - - - 298 -Net fee income 3 1 -2 - - - - 2 -Net trading income - 1 2 - - - - 3 -Other income 1 -2 1 - - - - - -Total income 92 90 121 - - - - 303 -Staff costs 49 24 25 - - - - 98 -Other costs 21 29 28 - - - - 78 -Expenses 70 53 53 - - - - 176 -Profit before loan impairment charges 22 37 68 - - - - 127 -Loan impairment charges 1,350 1,374 1,016 - - - - 3,740 -Profit before tax -1,328 -1,337 -948 - - - - -3,613 -Profit before tax in local currency (EUR millions) -178 -179 -128 - - - - -485 -

Loans and advances, end of period 29,590 35,812 36,426 - - - - 29,590 -Allowance account, total, end of period 9,730 14,078 12,894 - - - - 9,730 -Deposits, end of period 886 1,230 298 - - - - 886 -Allocated capital (avg.) 1,215 1,428 1,508 - - - - 1,383 -Profit before loan impairment charges as % p.a. of allocated capital 7.2 10.4 18.0 - - - - 12.2 -Pre-tax profit as % p.a. of allocated capital (ROE) -437.2 -374.5 -251.5 - - - - -348.3 -Cost/income ratio (%) 76.1 58.9 43.8 - - - - 58.1 -

Lending margin (1) (%) 1.43 1.48 1.63 - - - - 1.50 -Deposit margin (2) (%) 0.09 0.64 0.49 - - - - 0.41 -Margin (1+2) (%) 1.52 2.12 2.12 - - - - 1.92 -No. of full-time employees, end of period 81 76 75 - - - - 81 -

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3.2.11 Market shares, countries

3.2.12 Online banking

(%, end of period) Segment Q312 Q212 Q112 Q411 Q311 Q211 Q111

Denmark1 Lending, personal 29.3 30.2 30.6 31.1 31.8 31.6 31.8Lending, business 27.3 26.1 27.3 24.4 24.8 24.1 22.2Lending, total 28.0 27.5 28.4 26.8 27.2 26.6 25.3Deposits, personal 32.4 32.7 32.9 32.6 33.0 33.2 33.2Deposits, business 27.6 26.3 24.9 25.2 28.2 26.1 25.5Deposits, total 30.4 30.0 29.6 29.5 30.9 30.2 29.9

Finland Lending 11.7 11.7 11.7 11.8 11.9 12.0 11.9Deposits 10.9 11.2 11.4 11.6 12.6 12.0 12.6

Sweden Lending 5.4 5.5 5.6 5.7 5.7 5.7 5.6Deposits 4.3 4.3 4.9 5.0 5.0 4.8 5.1

Norway Lending 5.1 5.1 5.1 5.2 5.3 5.3 5.3Deposits 5.0 5.3 5.3 5.0 5.1 4.7 4.8

Northern Ireland2 Personal 20.3 19.8 19.8 19.6 18.7 18.4 18.2Business 29.0 29.0 29.0 29.0 30.0 30.0 30.0

Ireland3 Lending, incl. property finance 3.4 3.3 3.3 3.5 3.2 3.3 3.3Deposits 2.1 2.0 2.2 2.8 2.5 2.2 2.7

Baltics Estonia Lending 7.9 8.2 8.6 9.0 9.2 9.9 10.1

Deposits 12.3 13.1 14.1 14.2 15.5 15.9 16.3 Latvia Lending 1.5 1.5 1.4 1.5 1.5 1.5 1.6

Deposits 1.6 1.2 1.2 1.5 1.2 1.6 1.1 Lithuania Lending 6.4 6.4 6.4 6.3 6.2 6.3 6.4

Deposits 6.1 6.2 5.9 7.0 7.0 7.0 7.01 Based on sector figures published by the Danish central bank, incl. repo lending and deposits that are booked in Danske Markets and Treasury (Danmarks Nationalbank). Ex Realkredit Danmark. 2 The market shares of Northern Bank are not calculated in the same way as the market shares of the other retail banks because there is no central bank for Northern Ireland alone.3 Figures include both Banking Activities Ireland and Non-core Ireland.

(End of period) Q312 Q212 Q112 Q411 Q311 Q211 Q111No. of eBanking customers, end of period (000s)1 2,196 2,174 2,163 2,103 2,050 2,021 1,980 Hereof eBanking customers from Denmark (000s) 1,133 1,114 1,104 1,062 1,033 1,011 994 No. of Mobile Banking customers, Denmark, end of period 330,091 291,634 252,797 210,178 170,791 140,676 111,062 Mobile Banking customers/eBanking customers, Denmark (%) 29 26 23 20 17 14 11 No. of app downloads2 141,590 128,973 128,695 175,314 87,723 76,515 79,507 No. of app downloads, aggregated2 782,295 794,200 684,560 576,941 395,689 307,966 231,451 Number of self-service eBanking payments and transactions (000s)3 22,841 24,454 25,234 25,333 24,059 24,739 25,022 Number of self-service Mobile Banking payments and transactions (000s)4 2,578 2,086 1,610 1,308 786 474 249 Number of self-service Tablet Banking payments and transactions (000s) 520 375 265 61 - - -Number of teller payments and transactions (000s) 8,790 9,010 9,634 10,427 10,725 10,846 10,895 eBanking payments and transactions/total payments and transactions (%)3 72 73 72 71 69 70 701 Consists of active eBanking customers including Mobile Banking and Tablet Banking. 2 iPhone, iPads and Android applications. The iPad app was launched in mid-November 2011.3 Direct debits and automatic payments are not included.4 The calculation method for Sampo Bank was changed in Q411.

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3.3 Financial performance, Danske Markets and Treasury Danske Markets and Treasury is responsible for the Group’s activities in the financial markets. Trading activities include trading in fixed-income products, foreign exchange and equities. Institutional banking covers facilities with international financial institutions outside the Nordic region. Facilities with Nordic financial institutions are part of Banking Activities. Group Treasury is responsible for the Group’s strategic fixed-income, foreign exchange and equity portfolios and serves as the Group’s internal bank. Danske Markets and Treasury has 841 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income - - - - - - - - -Net fee income - - - - - - - - -Net trading income 1,566 2,064 2,925 1,246 -106 2,049 2,527 6,555 5,716Other income - - - - - - - - -Total income 1,566 2,064 2,925 1,246 -106 2,049 2,527 6,555 5,716Staff costs 407 403 533 324 237 353 423 1,343 1,337Other costs 316 296 342 360 307 329 319 954 1,315Expenses 723 699 875 684 544 682 742 2,297 2,652Profit before loan impairment charges 843 1,365 2,050 562 -650 1,367 1,785 4,258 3,064Loan impairment charges -65 52 -27 -52 -750 -396 165 -40 -1,033Profit before tax 908 1,313 2,077 614 100 1,763 1,620 4,298 4,097

Due from credit institutions and repo loans 447,176 414,260 448,320 330,068 300,496 340,381 349,064 447,176 330,068Loans and advances, end of period 48,883 53,679 42,388 44,330 46,407 40,671 42,602 48,883 44,330Allowance account, total, end of period 294 2,702 2,498 2,599 2,518 2,583 2,916 294 2,599Trading and investment portfolio 402,330 407,834 407,348 423,235 442,221 408,688 357,452 402,330 423,235Deposits, end of period 51,654 58,554 85,547 97,412 96,768 101,854 97,840 51,654 97,412Allocated capital (avg.) 12,867 12,737 11,789 10,693 10,435 8,303 6,099 12,466 8,883Profit before loan impairment charges as % p.a. of allocated capital 26.2 42.9 69.6 21.0 -24.9 65.9 117.1 45.5 34.5Pre-tax profit as % p.a. of allocated capital (ROE) 28.2 41.2 70.5 23.0 3.8 84.9 106.2 46.0 46.1Cost/income ratio (%) 46.2 33.9 29.9 54.9 - 33.3 29.4 35.0 46.4

Stock exchange volume growth, Denmark, YOY (%)1 -24 -31 -25 -2 -1 12 15 -24 -2Stock exchange volume growth, Sweden, YOY (%)1 -20 -16 -14 2 -2 -5 6 -20 2Market share of equities on OMX Copenhagen, avg. (%)2 13 13 15 14 12 13 15 14 14Danske Markets and Treasury interest rate VaR (avg.)3 200.1 245.3 213.6 150.1 222.9 238.2 173.5 222.7 196.0Danske Markets and Treasury interest rate risk, end of period4 397.4 326.5 496.2 947.2 1,124.3 523.4 401.3 397.4 947.2No. of full-time employees, end of period 841 841 856 852 859 856 860 841 8521 All shares YTD - source: www.nasdaqomxnordic.com2 Percentage of total stock market volume on Copenhagen Stock Exchange - source: www.nasdaqomxnordic.com3 99% confidence level, 10-day horizon. Calculated as an average of daily VaR values during the period. The figures in Q112 are not comparable with previous periods' figures because of the introduction of new risk factors

in the Group's internal model in December 2011.4 Sensitivity to an interest rate change of 100 basis points.The VaR figures in Q112 are not comparable with previous periods' figures because of the introduction of new risk factors in the Group's internal model

in December 2011.

TOTAL INCOME Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Danske Markets 1,859 1,726 3,190 1,428 218 1,389 2,270 6,775 5,305Group Treasury -293 338 -265 -182 -324 660 257 -220 411Total Danske Markets and Treasury 1,566 2,064 2,925 1,246 -106 2,049 2,527 6,555 5,716

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3.4 Financial performance, Danske Capital Danske Capital develops and sells wealth management products and services that are offered through the banking units and directly to businesses, institutional clients and external distributors. Danske Capital supports the advisory and asset management activities of the banking units. Through Danske Bank International in Luxembourg, Danske Capital provides international private banking services to clients outside the Group’s home markets. Danske Capital is represented in Denmark, Sweden, Norway, Finland, Estonia, Lithuania and Luxembourg and has 554 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 27 30 30 31 33 28 27 87 119Net fee income 425 405 378 566 399 410 420 1,208 1,795Hereof performance fees 21 5 -16 202 16 -4 5 10 219Net trading income 14 12 4 18 10 14 23 30 65Other income - - - -1 - 1 1 - 1Total income 466 447 412 614 442 453 471 1,325 1,980Amortisation of intangible assets - - 3 9 9 10 9 3 37Staff costs 160 149 160 185 151 161 166 469 663Other costs 86 115 101 119 70 112 92 302 393Expenses 246 264 264 313 230 283 267 774 1,093Profit before loan impairment charges 220 183 148 301 212 170 204 551 887Loan impairment charges -4 5 7 24 - 1 -48 8 -23Profit before tax 224 178 141 277 212 169 252 543 910

Loans and advances, end of period 5,785 5,937 6,279 6,075 6,266 6,293 6,356 5,785 6,075Allowance account, total, end of period 177 181 176 168 161 163 160 177 168Deposits, end of period 5,069 5,428 5,778 5,700 6,584 6,424 6,075 5,069 5,700Allocated capital (avg.) 341 340 327 336 319 315 273 336 311Profit before loan impairment charges as % p.a. of allocated capital 258.1 215.3 181.0 - 265.8 215.9 298.8 218.7 285.2Profit before tax as % p.a. of allocated capital (ROE) 262.8 209.4 172.5 - 265.8 214.6 - 215.5 292.6Cost/income ratio (%) 52.8 59.1 64.1 51.0 52.0 62.5 56.7 58.4 55.2Cost/income ratio, excluding amortisation of intangible assets (%) 52.8 59.1 63.3 49.5 50.0 60.3 54.8 58.2 53.3

47


3.4 Financial performance, Danske Capital (continued) Year to date Full year

Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011INCOME, BREAKDOWN BY BUSINESS UNIT (DKK millions)Asset Management, Danske Private Equity and Danske Invest 403 381 344 546 376 391 399 1,128 1,712International Private Banking (Luxembourg) 63 66 68 67 66 61 71 197 265Other lending activities undergoing closure (Luxembourg) - - - 1 - 1 1 - 3Total income 466 447 412 614 442 453 471 1,325 1,980PROFIT, BREAKDOWN BY BUSINESS UNIT (DKK millions)Asset Management, Danske Private Equity and Danske Invest 193 154 115 273 182 145 168 462 768International Private Banking (Luxembourg) 27 29 33 27 30 24 35 89 116Other lending activities undergoing closure (Lux.) - - - 1 - 1 1 - 3Total profit before loan impairment charges 220 183 148 301 212 170 204 551 887BUSINESS VOLUME (DKK billions)Assets under management, excluding Private Equity 650 620 616 592 575 591 587 650 592Assets under management, Private Equity 16 16 16 15 12 12 11 16 15Assets and liabilities under advice, International Private Banking 31 31 32 31 31 33 32 31 31Other lending activities undergoing closure (Luxembourg) - - - - - - - - -Business volume 697 667 664 638 618 636 630 697 638Assets under Management, excluding Private Equity (%)Bonds 66 68 69 70 72 66 66 66 70Equities 30 28 28 27 25 31 31 30 27Cash 4 4 3 3 3 3 3 4 3CUSTOMER BREAKDOWN (end of period AuM, excluding Private Equity) (DKK billions)Life insurance 191 188 188 187 187 187 190 191 187Retail customers, including Danske Invest 258 245 247 230 221 238 241 258 230Institutional customers, including Danske Invest 201 187 181 175 167 166 156 201 175Assets under Management, excluding Private Equity 650 620 616 592 575 591 587 650 592Changes in AuM (DKK billions):AuM (start of period) 620 616 592 575 591 587 590 592 590Net salesLife insurance -0.8 -0.2 -2.3 -4.4 -3.8 -1.6 -1.3 -3.3 -11.1Personal customers, including Danske Invest 2.7 2.9 3.9 1.0 -3.5 3.0 3.3 9.5 3.8Institutional customers, including Danske Invest 4.7 6.6 -0.3 1.8 7.1 7.3 3.5 11.0 19.7Market returns 23.7 -5.2 22.5 18.6 -16.0 -4.4 -8.6 41.0 -10.4Other - - - - - - - - -AuM (end of period) 650 620 616 592 575 591 587 650 592Nordic market share, mutual funds (MV, end of period) (%)Denmark 24.3 24.6 24.7 29.4 29.6 29.5 29.3 24.3 29.4Sweden 1.9 1.9 1.8 1.8 1.8 1.7 1.7 1.9 1.8Norway 5.0 4.9 4.6 4.2 3.7 3.6 3.5 5.0 4.2Finland 13.5 13.7 14.3 14.1 14.2 14.6 14.6 13.5 14.1Nordic - total 10.4 10.6 10.4 11.9 11.9 11.5 11.3 10.4 11.9Income as % of business volume (p.a.), excluding other lending (Lux.) 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.3 0.3Costs as % of business volume (p.a.), excluding other lending (Lux.) 0.1 0.2 0.2 0.2 0.1 0.2 0.2 0.1 0.2Profit before loan imp. ch. as % of Bus. Volume (p.a.), excluding other lending (Lux.) 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1Business volume per employee, end of period (DKK millions) 1,258 1,172 1,166 1,121 1,108 1,161 1,171 1,258 1,121No. of full-time employees, end of period 554 569 570 569 558 548 538 554 569

48


3.5 Financial performance, Danica Pension Danica Pension encompasses the Danske Bank Group’s activities in the life insurance and pensions market. Danica Pension targets both personal and business customers. Products are marketed through a range of distribution channels within the Danske Bank Group, primarily banking units and Danica Pension’s own insurance brokers and advisers. Danica offers two market-based products, Danica Balance and Danica Link. These products allow customers to select their own investment profiles, and the return on savings depends on market trends. Furthermore, Danica Pension offers Danica Traditionel. This product does not offer individual investment profiles, and Danica Pension sets the rate of interest on policyholders’ savings. Danica Pension employs 803 employees.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Traditionel 335 294 321 298 275 283 264 950 1,120Unit-linked business 90 103 74 24 66 89 90 267 269Health and accident business -41 -33 -20 -23 21 13 -1 -94 10Return on investments 132 91 212 240 199 125 21 435 585Financing result -26 -25 -22 -37 -48 -45 -33 -73 -163Special allotment -25 -40 -4 56 -25 -62 -63 -69 -94Postponed risk allowance -38 309 -377 418 -1,223 -142 -211 -106 -1,158Net income from insurance business 427 699 184 976 -735 261 67 1,310 569

Premiums, insurance contracts 4,780 4,634 5,465 5,596 4,786 4,973 5,192 14,879 20,547Premiums, investment contracts 983 1,082 1,423 1,681 1,016 2,076 1,957 3,488 6,730Provisions, insurance contracts 256,417 250,833 248,331 243,304 236,708 233,336 232,363 256,417 243,304Provisions, investment contracts 28,583 26,463 27,108 24,540 22,302 24,770 23,990 28,583 24,540

Customer funds (DKK millions)Traditionel 193,379 191,965 189,487 188,699 185,849 182,456 183,280 193,379 188,699Balance 36,585 33,179 31,844 28,596 25,527 25,410 23,313 36,585 28,596Link 53,689 50,330 50,927 47,201 42,622 46,438 45,655 53,689 47,201Allocated capital (avg.) 9,309 9,123 9,192 9,048 8,778 5,822 5,800 9,208 7,362Net income as % p.a. of allocated capital 18.6 30.8 8.0 43.1 -33.5 17.9 4.6 19.0 7.7

Combined ratio, health and accident insurance (avg.) 118 117 113 113 100 106 104 116 106

INVESTMENT PORTFOLIOS BREAKDOWN, end of periodBonds, customer funds (%) 81 82 82 83 83 80 80 81 83Danish equities, customer funds (%) - - - - - - - - -Foreign equities, customer funds (%) 9 7 7 6 7 9 9 9 6Property, customer funds (%) 10 11 11 11 10 11 11 10 11Bonus reserves (DKK billions) 1.2 1.5 0.8 0.4 0.2 2.5 3.6 1.2 0.4Declared rate of interest on policyholders' savings, after tax (%) 1.8 1.8 1.8 2.3 3.3 3.3 3.3 1.8 3.1Investment return on customer funds, pre-tax, ann. (%) 1.3 10.1 7.6 9.0 13.3 4.3 0.1 9.7 6.9Investment return on shareholders' equity, pre tax, ann. (%) -0.1 0.8 2.1 3.5 -0.4 1.9 1.5 1.5 1.6No. of full-time employees, end of period 803 813 834 833 844 845 836 803 833

49


3.6 Financial performance, Other Activities Other Activities encompasses real property activities and expenses for the Group’s support functions. Other Activities also covers eliminations, including the elimination of returns on own shares.

Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Net interest income 4 29 6 1 19 33 58 39 111Net fee income -2 -13 -3 -14 -3 -9 -4 -18 -30Net trading income -78 25 -54 -1 19 54 86 -107 158Other income 50 26 18 59 37 41 184 94 321Total income -26 67 -33 45 72 119 324 8 560Staff cost 813 909 856 772 807 879 983 2,578 3,441Other costs -626 -821 -236 -847 -870 -482 199 -1,683 -2,000Expenses 187 88 620 -75 -63 397 1,182 895 1,441Profit before loan impairment charges -213 -21 -653 120 135 -278 -858 -887 -881Profit before tax -213 -21 -653 120 135 -278 -858 -887 -881

PROFIT BEFORE TAX Year to date Full year(DKK millions) Q312 Q212 Q112 Q411 Q311 Q211 Q111 2012 2011Own shares -77 22 -54 22 94 99 59 -109 274Real property 101 -1 65 61 74 80 51 165 266Other -237 -42 -664 37 -33 -457 -968 -943 -1,421Total Other Activities -213 -21 -653 120 135 -278 -858 -887 -881

50

Macroeconomics

51


4.1 Tables and charts

DENMARK Rating (S&P): AAA/Stable(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 1,8 1,2 0,1 0,8 1,3 -5,8 -0,8 1,6 3,4 2,4 2,3 0,4Export 4,0 2,5 1,9 7,0 3,2 -9,8 3,3 2,8 9,0 8,0 2,8 -1,0Private consumption 1,5 1,1 0,9 -0,8 1,9 -4,2 -0,3 3,0 3,6 3,8 4,7 1,0Public consumption 0,8 0,7 0,0 -1,3 0,3 2,5 1,9 1,3 2,8 1,3 1,8 0,7Inflation 1,8 2,0 2,5 2,8 2,3 1,3 3,4 1,7 1,9 1,8 1,2 2,1Unemployment rate* 6,1 6,4 6,2 6,2 6,2 4,9 2,7 3,73-month interest rate (avg.) 1,3 0,5 0,7 1,4 1,2 2,5 5,2 4,4 3,0 2,2 2,2 2,410-year interest rate (avg.) 2,5 2,0 1,5 2,7 2,9 3,7 4,3 4,3 3,8 3,4 4,3 4,3Gross public debt (% of GDP) 44,8 42,8 45,6 46,6 42,9 40,6 33,4 27,5 32,1 37,8 45,1 47,2Budget balance (% of GDP) -2,0 0,3 -3,8 -1,8 -2,5 -2,7 3,2 4,8 5,2 5,2 2,1 0,1

NORWAY Rating (S&P): AAA/Stable(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth - mainland 3,0 3,3 3,5 2,4 1,9 -1,6 1,5 5,3 5,0 4,4 4,5 1,3Export 1,2 0,9 2,7 -1,4 1,8 -4,2 0,1 1,4 -0,8 0,5 1,0 -0,1Private consumption 3,2 3,8 3,5 2,4 3,7 0,0 1,8 5,4 5,0 4,4 5,4 3,2Public consumption 2,2 2,4 1,9 1,5 1,7 4,3 2,7 2,7 1,9 1,4 1,2 1,3Inflation 2,2 1,6 1,0 1,2 2,5 2,1 3,8 0,8 2,3 1,6 0,4 2,4Unemployment rate 3,0 3,0 3,1 3,3 3,4 3,7 4,2 4,3 4,5 3,4 2,5 2,53-month interest rate (avg.) 2,6 2,3 2,2 2,9 2,5 2,4 6,2 5,0 3,1 2,2 2,0 4,110-year interest rate (avg.) 3,8 3,5 3,4 4,2 4,2 4,7 4,5 4,8 4,1 3,6 4,3 5,0Gross public debt (% of GDP) 49,0 49,0 49,0 49,0 49,6 48,9 49,2 51,5 54,4 42,8 Budget balance (% of GDP) 12,5 12,0 13,9 14,2 11,3 10,7 19,1 17,5 18,5 15,1 11,1 7,3

* The calculation method for the unemployment rate has changed from net to gross. Historical figures have been restated accordingly.

Source: Danske Research (www.danskebank.com/danskeresearch). Last updated in September 2012. Danske Research’s next economic forecast will be published in November 2012.

52


SWEDEN Rating (S&P): AAA/Stable(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 1.5 1.0 0.3 3.9 6.2 -5.2 -0.6 3.3 4.3 3.2 4.2 2.3Export 4.0 2.4 0.1 6.9 11.7 -13.2 1.7 5.7 9.0 6.6 10.8 4.2Private consumption 1.8 2.4 1.8 2.0 3.7 -0.3 0.0 3.7 2.7 2.8 2.8 2.3Public consumption 0.8 1.2 0.2 1.8 1.9 1.2 1.0 0.7 1.7 0.2 -0.3 0.9Inflation 1.0 0.8 1.0 3.0 1.3 -0.5 3.4 2.2 1.4 0.5 0.4 1.9Unemployment rate 7.5 7.6 7.5 7.5 8.4 8.3 6.2 6.1 7.1 7.8 7.4 6.63-month interest rate (avg.) 1.3 1.0 1.3 1.7 0.5 0.4 3.9 3.5 2.3 1.7 2.1 3.010-year interest rate (avg.) 2.0 1.5 1.5 2.9 2.9 3.2 3.9 4.2 3.7 3.4 4.4 4.6Gross public debt (% of GDP) 38.5 38.6 38.4 38.4 36.4 37.0 33.1 35.7 41.4 45.6 45.6 46.6Budget balance (% of GDP) -0.3 -0.6 -0.5 0.1 -0.1 -1.0 2.2 3.6 2.2 1.9 0.4 -1.3

FINLAND Rating (S&P): AAA/Neg.(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 2,5 1,0 0,0 2,7 3,7 -8,4 0,3 5,3 4,4 2,9 4,1 2,0Export 4,0 1,5 -2,0 2,6 7,8 -21,5 5,8 8,2 12,2 7,0 8,2 -1,9Private consumption 2,5 1,0 1,5 2,5 3,0 -2,7 1,9 3,5 4,3 3,1 3,4 4,8Public consumption 1,0 0,5 0,2 0,1 0,2 1,1 1,9 1,1 0,4 2,2 1,7 1,6Inflation 2,0 2,6 2,9 3,4 1,2 0,0 4,1 2,5 1,6 0,9 0,2 0,9Unemployment rate 7,5 8,0 7,7 7,8 8,4 8,2 6,4 6,9 7,7 8,4 8,8 9,03-month interest rate (avg.) 1,2 0,5 0,7 1,4 0,8 1,3 4,7 4,3 3,1 2,2 2,1 2,310-year interest rate (avg.) 2,8 2,3 1,9 3,0 3,0 3,7 4,3 4,3 3,7 3,3 4,1 4,1Gross public debt (% of GDP) 55,0 54,0 52,5 49,1 48,4 43,5 33,9 35,2 39,7 41,7 44,4 44,5Budget balance (% of GDP) -0,5 -0,5 -0,7 -0,6 -2,5 -2,5 4,3 5,2 4,0 2,7 2,3 2,4


53


EURO ZONE(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 1.2 0.5 -0.4 1.5 1.9 -4.3 0.3 2.9 3.2 1.7 2.2 0.7Export 3.9 2.3 1.3 6.4 11.1 -12.6 0.9 6.7 9.1 5.4 7.3 1.2Private consumption 0.9 0.0 -0.6 0.2 0.9 -1.1 0.3 1.7 2.2 1.8 1.4 1.2Public consumption 0.2 -0.4 0.0 -0.3 0.5 2.6 2.3 2.2 2.1 1.6 1.6 1.7Inflation 1.9 1.8 2.5 2.7 1.6 0.3 3.3 2.1 2.2 2.2 2.2 2.1Unemployment rate 11.4 11.7 11.2 10.2 10.1 9.6 7.6 7.6 8.5 9.2 9.3 9.03-month interest rate (avg.) 1.2 0.5 0.7 1.4 0.8 1.2 4.6 4.3 3.1 2.2 2.1 2.310-year interest rate (avg.) 2.5 2.0 1.6 2.7 2.7 3.3 4.0 4.2 3.8 3.4 4.1 4.1Gross public debt (% of GDP) 92.3 92.9 91.9 88.0 85.6 79.8 70.1 66.3 68.5 70.3 69.6 69.2Budget balance (% of GDP) -2.6 -3.2 -3.4 -4.1 -6.2 -6.4 -2.1 -0.7 -1.4 -2.5 -2.9 -3.2

IRELAND Rating (S&P): BBB+/Neg.(%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 2.3 1.0 0.3 1.4 -0.8 -5.5 -2.1 5.4 5.3 5.3 4.5 4.1Export 3.6 1.0 2.5 5.0 6.3 -4.2 -1.0 8.4 5.0 4.4 7.7 0.6Private consumption 0.5 -0.6 -2.2 -2.4 -0.8 -6.9 -1.0 6.4 6.7 6.8 3.7 3.0Public consumption -1.2 -2.1 -4.0 -4.3 -3.8 -4.5 0.5 6.7 4.9 3.9 1.6 1.8Inflation (HICP) 1.9 1.9 3.1 5.4 2.2 -5.0 1.1 4.7 4.9 2.3 2.6 2.0Unemployment rate 15.6 16.0 15.1 14.4 13.7 13.1 8.1 4.8 4.3 4.3 4.4 4.63-month interest rate (avg.) 1.2 0.5 0.7 1.4 0.8 2.6 4.6 4.3 3.1 2.2 2.1 2.310-year interest rate (avg.) 4.0 4.5 6.0 6.0 5.9 3.7 4.6 5.0 3.8 3.4 4.0 4.1Gross public debt (% of GDP) 119.4 119.4 117.6 106.4 94.9 65.2 44.3 24.9 24.7 27.2 29.4 30.7Budget balance (% of GDP) -5.2 -7.8 -8.4 -12.7 -31.3 -14.2 -7.3 0.1 2.9 1.7 1.4 0.4

UK (%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 1.8 1.2 -0.2 1.4 2.0 -4.3 -1.1 3.4 2.6 2.0 2.9 3.5Export 3.0 2.0 -0.5 4.2 5.4 -11.1 1.2 -1.3 11.6 7.7 5.1 1.8Private consumption 2.0 1.0 0.3 -0.8 1.2 -3.3 -1.4 2.7 1.8 2.2 3.0 3.2Public consumption -2.1 -1.1 0.5 0.3 1.5 1.0 1.6 0.6 1.4 2.1 3.4 4.4Inflation 2.0 2.0 2.7 4.5 3.3 2.8 3.0 2.0 2.9 1.9 1.6 1.2Unemployment rate 8.0 8.5 8.8 8.5 7.9 7.9 6.7 5.3 5.6 5.2 4.8 4.93-month interest rate (avg.) 0.6 0.5 0.8 0.9 1.1 1.2 5.8 6.0 4.8 4.8 4.6 3.710-year interest rate (avg.) 2.4 2.3 1.9 3.0 3.4 4.0 3.0 5.0 4.5 4.4 4.9 4.5


54


* No rate is reported due to the country’s low government debt.

ESTONIA (%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 4.1 3.3 2.3 8.3 2.3 -14.3 -3.7 7.5 10.1 8.9 6.3 7.8Export 9.0 5.8 4.2 24.6 22.5 -18.6 0.6 3.7 6.1 18.6 14.5 7.7Private consumption 3.9 2.6 3.2 3.6 -1.8 -16.1 -6.4 8.8 13.5 9.6 8.2 9.1Public consumption 2.0 2.5 3.0 1.8 -1.1 -1.6 5.0 6.6 5.0 3.2 1.1 6.3Inflation 2.5 3.5 3.8 5.0 3.0 -1.8 7.5 9.7 5.0 3.6 4.8 1.2Unemployment rate 8.5 9.7 9.8 11.4 13.6 15.5 7.6 4.1 5.6 7.0 8.5 9.33-month interest rate (avg.) 1.2 0.5 0.7 1.4 1.6 5.9 6.6 4.8 3.2 2.4 2.5 2.910-year interest rate (avg.)* N/A N/A N/A N/A 5.0 8.0 7.3 5.4 4.7 3.9 4.3 4.8

LATVIA (%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 4.0 3.1 3.8 5.5 -0.3 -17.7 -3.3 9.6 11.2 10.1 8.9 7.6Export 7.9 5.8 2.3 12.8 11.5 -14.1 2.0 10.0 6.5 20.2 9.4 5.2Private consumption 3.7 2.8 3.4 4.5 0.4 -22.6 -5.8 14.3 21.4 11.6 9.3 6.7Public consumption 1.5 1.0 1.2 1.2 -9.7 -9.4 1.6 4.9 4.4 2.7 2.2 2.0Inflation 2.0 1.9 2.4 4.4 2.5 -1.1 10.5 14.0 6.7 7.0 7.3 3.6Unemployment rate 13.1 13.8 14.9 14.3 16.9 19.7 9.9 5.3 6.1 7.8 10.3 10.33-month interest rate (avg.) 2.0 1.3 1.5 2.2 2.0 13.1 8.1 8.6 4.4 3.1 4.2 3.810-year interest rate (avg.) 4.5 4.0 3.6 4.7 5.0 14.0 6.6 6.0 4.9 3.6 4.6 5.1

LITHUANIA (%) 2014E 2013E 2012E 2011 2010 2009 2008 2007 2006 2005 2004 2003GDP growth 4.1 3.5 2.7 5.9 1.4 -14.8 2.9 9.8 7.8 7.8 7.4 10.3Export 8.4 7.9 3.5 14.9 17.4 -12.5 11.4 3.1 12.2 17.0 4.1 8.4Private consumption 3.7 3.0 4.2 6.1 -4.9 -17.5 4.2 11.3 10.0 11.3 11.7 11.3Public consumption 1.5 1.5 1.0 0.6 -3.3 -1.4 0.4 1.6 2.0 3.3 4.1 2.9Inflation 2.5 2.9 3.2 4.1 1.3 -6.7 0.2 3.5 1.4 0.1 4.1 -0.4Unemployment rate 10.9 12.4 13.1 13.9 17.1 13.7 5.8 4.3 5.6 8.3 11.4 12.43-month interest rate (avg.) 2.0 1.3 1.5 2.2 1.8 7.1 6.2 5.1 3.1 2.4 2.7 2.810-year interest rate (avg.) 4.5 4.0 3.6 4.7 5.0 9.1 5.6 5.2 4.3 3.8 4.0 4.8


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55


50

100

150

200

250

300

350

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(1995=100)

0

2

4

6

8

10

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(%)

House price index (DK – seasonally adjusted)* House price indices, % change

* Historical data are based on ”Boligmarkedsstatistikken”, with the latest being from Q2 2012. ** The calculation method for the unemployment rate has changed from net to gross. Historical figures since July 2008 have been restated accordingly.

Period: Q1-1996 – Q1-2012

Period: Q1-1996 – Q2-2012

Homes for sale (DK – in thousands)

Unemployment rate (DK)**

0

10

20

30

40

50

60

70

80

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Period: Q1-2004 – Q2-2012

196

179

164

127

120

105

99

77

77

59

54

31

-42

-75 -50 -25 0 25 50 75 100 125 150 175 200 225

UK

Sweden

France

Spain

New Zealand

Ireland

Denmark

The Netherlands

Canada

USA

Switzerland

Germany

Japan

% change, 1997-2012(Q2)


56


GDP growth Private consumption

Denmark Norway Sweden Ireland UK Euro zone Finland Estonia Latvia Lithuania

-25

-20

-15

-10

-5

0

5

10

15

20

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E

(%)

-25

-20

-15

-10

-5

0

5

10

15

20

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E

(%)


57


Household debt and interest payments, Sweden Household debt and interest payments, Norway

Household debt and interest payments, Denmark Household debt and interest payments, Finland

Estimate

Estimate

Estimate

Estimate

0

2

4

6

8

10

12

140160180200220240260280300320

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Debt burden, LHA Interest burden; RHA

Debt burden(% of disposable income)

Interest burden, after tax(% of disposable income)

0

2

4

6

8

10

50

60

70

80

90

100

110

120

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14




0

2

4

6

8

10

12

60

80

100

120

140

160

180

200

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

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20

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20

10

20

11

20

12

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13

20

14




0

2

4

6

8

10

12

100

120

140

160

180

200

220

240

20

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20

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58


0

1.000

2.000

3.000

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19

98

19

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20

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20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

(DKK billions)

Denmark

Household net worth, including property value

Household leverage

* Data are from 2011. Other data are from 2010.

Bel

gium

*Ita

ly

Uni

ted

Kin

gdom

Net

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Fran

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Ger

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0,0

50,0

100,0

150,0

200,0

250,0

300,0

350,0

Assets Liabilities

(% of GDP)


Documents

Fact Book Q3 2012 - Danske Bank€¦ · Fact Book Q3 2012 . ... Head of Investor Relations Mobile: ... 6 February 2014 . Annual Report 2013 . 4 Group facts . 5 Danske Bank Fact Book