Raport 2006

A n n u a l R e p o r t 2 0 0 6

2 D A N S K E B A N K A N N U A L R E P O R T 2 0 0 6

Vision and mission of Danske Bank Group

Danske Bank Group focuses on conducting conventional

banking business in the northern European markets based

on state-of-the-art technology. The Group is a leading

player in the Nordic markets.

We have developed a solid and scalable platform to sup-

port our core business.

The platform consists of systems to manage IT, product

development, communications, branding, credits, risk,

HR development and finances. This platform allows all

our units across borders to base their work on the same

business model. We continually develop our business

model through best practice activities and an active

pursuit of new business opportunities. Our ambition is

to build and maintain unique brands that respect our core

values. We require that all our brands be unique in their

markets and that they create value for our customers.

We will continue to develop our brands in their markets.

Our goal is to create comprehensive and long-lasting

partnerships to the mutual benefit of Danske Bank Group

and our customers. We want to stand out from the rest

of the industry in the local markets by offering the most

attractive product propositions. Our product propositions

are based on our high ambitions for competitiveness,

advisory services, openness and value creation.

“One platform – exceptional brands”Vision

“To be the best local financial partner”Mission

This Annual Report 2006 is a translation of the original

report in the Danish language (Årsrapport 2006). In case

of discrepancies, the Danish version prevails.

The annual general meeting of Danske Bank will be held on

Tuesday, March 6, 2007, at 2.00pm at the Tivoli Concert Hall

in Copenhagen.

D A N S K E B A N K A N N U A L R E P O R T 2 0 0 6 3

4 MANAGEMENT’S REPORT

4 Financial highlights

5 Summary

7 Financial review

12 Outlook for 2007

14 Organisation and management

14 Management

17 Danske Bank shares

19 Corporate social responsibility

20 Management and directorships

26 Capital management

32 Business areas

33 Banking Activities

48 Mortgage Finance

50 Danske Markets

52 Danske Capital

54 Danica Pension

57 Other areas

58 STATEMENT & REPORTS

58 Statement by the management

59 Audit reports

61 ACCOUNTS – DANSKE BANK GROUP

62 Accounting policies

78 Income statement

79 Balance sheet

80 Capital

83 Cash flow statement

84 Notes

137 ANNUAL ACCOUNTS OF THE PARENT

COMPANY, DANSKE BANK A/S


NET PROFIT FOR THE YEAR (DKr m) 2006 2005 2004 2003 2002

Net interest income 19,501 17,166 14,752 15,593 15,859Net fee income 7,301 7,289 5,898 5,910 5,842Net trading income 6,631 6,351 4,732 5,074 4,971Other income 2,698 2,255 2,029 1,127 1,278Net income from insurance business 1,355 1,647 1,657 1,958 268

Total income 37,486 34,708 29,068 29,662 28,218Operating expenses 19,485 18,198 15,393 14,964 15,634

Profit before credit loss expenses 18,001 16,510 13,675 14,698 12,584Credit loss expenses -496 -1,096 759 1,662 1,420

Profit before tax 18,497 17,606 12,916 13,036 11,164Tax 4,952 4,921 3,690 3,750 2,922

Net profit for the year 13,545 12,685 9,226 9,286 8,242

Attributable to minority interests -12 4 28 - -

BALANCE SHEET AT DEC. 31 (DKr m)

Bank loans and advances 1,054,322 829,603 615,238 523,055 478,840Mortgage loans 602,584 569,092 524,428 497,563 469,506Trading portfolio assets 490,954 444,521 422,547 588,986 545,719Investment securities 26,338 28,712 31,505 - -Assets under insurance contracts 194,302 188,342 163,205 - -Other assets 370,861 371,718 295,584 216,530 257,488

Total assets 2,739,361 2,431,988 2,052,507 1,826,134 1,751,553

Due to credit institutions and central banks 564,549 476,363 353,369 299,880 319,573Deposits 702,943 631,184 487,863 483,884 427,940Issued mortgage bonds 484,217 438,675 432,399 603,120 567,912Trading portfolio liabilities 236,524 212,042 215,807 142,992 162,453Liabilities under insurance contracts 215,793 212,328 191,467 - -Other liabilities 391,212 343,470 271,214 202,258 182,146Subordinated debt 48,951 43,837 33,698 33,549 31,210Shareholders' equity 95,172 74,089 66,690 60,451 60,319

Total liabilities and equity 2,739,361 2,431,988 2,052,507 1,826,134 1,751,553

RATIOS AND KEY FIGURES

Net profit for the year per share, DKr 21.5 20.2 14.4 13.3 11.5Diluted net profit for the year per share, DKr 21.4 20.2 14.4 - -Net profit for the year as % of average shareholders' equity 17.5 18.4 13.9 15.2 14.0Cost/income ratio, % 52.0 52.4 52.7 50.4 55.4Solvency ratio, incl. net profit for the year, % 11.4 10.3 10.2 11.0 10.5Core (tier 1) capital ratio, incl. net profit for the year and hybrid core capital, % 8.6 7.3 7.7 7.7 7.6Risk-weighted items, end of year, DKr bn 1,119 944 808 767 774Share price, end of year, DKr 250.0 221.2 167.5 138.8 117.4Book value per share, DKr 139.1 118.2 106.7 89.9 84.8Full-time-equivalent staff, end of year 19,253 19,162 16,235 16,935 17,817

For 2004-2006, items are valued in accordance with the IFRS. For 2002-2003, items are valued in accordance with the rules in force at that time.

Danske Bank Group – f inancial highlights


The year 2006 was another good year for Danske

Bank Group.

Net profit rose 7% to DKr13,545m. In 2005, net

profit stood at DKr12,685m.

The year 2006

The Group saw considerable growth in its prin-

cipal markets during the year, and strong demand

for its products led to an increase in income of

8%.

As expected, the integration of Northern Bank

and National Irish Bank affected expenses.

Excluding integration costs, the trend in expenses

reflected the general rise in prices.

The favourable economic conditions supported

the growth of lending to and deposits from retail

and corporate customers throughout the year. In

addition, the good quality of the loan portfolio

resulted in a net positive entry for credit loss

expenses again in 2006.

Overall, equity markets exhibited an upward

trend during the year.

Acquisition of Sampo Bank

In November 2006, the Danske Bank Group en-

tered into an agreement to buy all the shares of

the Finnish Sampo Bank. The purchase price

was €4.05bn. The transaction, which was the

largest acquisition ever made by the Group, was

equivalent to 19% of Danske Bank’s total market

capitalisation.

The purchase was approved at the end of January

2007, which means that Sampo Bank was not

consolidated in the 2006 accounts of Danske Bank.

The Group’s investment in Finland is in line

with its strategy of expanding its retail banking

activities in northern Europe, and the Group

expects to complete the integration of Sampo

Bank’s Finnish activities on its IT platform at

Easter 2008.

With the purchase, the Group establishes a strong

basis for future growth through which it expects

to create value for its shareholders. Danske Bank

expects the purchase of Sampo Bank to have a

positive effect on its earnings per share from the

second half of 2008.

To fund the acquisition, the Danske Bank Group

issued 60,500,000 shares in November 2006, gen-

erating net proceeds of DKr14.5bn. The issue

equalled 9.48% of the registered share capital.

New capital targets

Security has been provided for a considerable

part of the Group’s loan portfolio, and therefore

the overall risk exposure is relatively low. The

acquisition of Sampo Bank will contribute to

greater diversification of the Group’s earnings

base. As a consequence of the purchase and as a

result of the new capital requirements, Danske

Bank changed its capital targets. The targets are

now a core (tier 1) capital ratio, excluding hybrid

core capital, of 5.5-6.0% and a hybrid core capital

ratio of 1.0-1.5%.

Shareholders

The total return on Danske Bank shares in 2006

was 18%. It consisted of an increase in price of

13% and a dividend for the financial year 2005

of 5%.

Summary

Summar y


The Board of Directors is proposing that the general

meeting approve a dividend of DKr7.75 per share,

or 40% of the net profit of the Group, correspond-

ing to a total dividend payment of DKr5,416m.

Capital management

On January 1, 2007, the new Capital Require-

ments Directive took effect, allowing financial

institutions to choose between various methods

to fulfil the capital adequacy requirements.

In 2006, the Group applied to the Danish FSA

for approval to use the advanced internal ratings-

based method to calculate the capital require-

ment for its credit risks.

The Group expects to incorporate the new methods

from 2008, with full effect of the directive in 2010.

Corporate social responsibility

In 2006, the Board of Directors of Danske Bank

adopted a corporate social responsibility policy

for the Group. As a result, a new Web site

(www.danskebank.com/csr) was introduced at

the presentation of the report for the first half of

2006, and together with the Annual Report 2006,

the Group is publishing its Corporate Social

Responsibility 2006 report. Additional informa-

tion is available on the Web site.

Merger of BG Bank and Danske Bank

Danske Bank Group has decided to gather the

activities of BG Bank and Danske Bank Denmark

in a single banking division with the name

Danske Bank. The two brands have become so

similar that there are no longer good grounds for

maintaining two separate banking operations.

The change will take effect on April 10, 2007,

when all building facades and printed matter

from the Bank will bear the Danske Bank name.

The merger of the two divisions is expected to

entail a one-off expenditure of DKr275m. The

Group expects to be able to save DKr300m each

year through the merger, with full accounting

effect in 2010. In 2007, the merger is expected to

be cost-neutral.

Outlook

At the outset of 2007, the Danske Bank Group

had further strengthened its market position

through the acquisition of Sampo Bank and

its continued focusing and streamlining of the

Group organisation. As the macroeconomic con-

ditions in the principal markets of the Group

are expected to remain favourable and ensure a

sound basis for further expansion of the business

volume, the Group believes that 2007 will be

another satisfactory year.

Trading income and income from insurance

business will, however, continue to depend

greatly on trends in the financial markets,

including the level of securities prices at the

end of the year.

Profit before credit loss expenses is expected to

roughly match the level recorded in 2006 despite

integration expenses and amortisation of intan-

gible assets associated with Sampo Bank.

Assuming favourable economic trends and satis-

factory loan portfolio quality, the Group expects

to record relatively modest credit loss expenses

in 2007.

Profit before tax, including the result from

Sampo Bank, is expected to be somewhat lower

than the level in 2006.


In 2006, Danske Bank Group realised a net profit

of DKr13,545m, against DKr12,685m in 2005.

Pre-tax profit amounted to DKr18,497m, which

was better than expected at the presentation of

the report for the first nine months of 2006. The

result constituted an increase of 5% relative to

the pre-tax profit recorded in 2005. The growth

in profit generated by the Group’s banking activi-

ties outperformed the growth rate realised by the

segment in 2005.

Income

The positive trend in income continued in 2006.

Income rose by DKr2,778m, or 8%, on the level

recorded a year ago to DKr37,486m. Income from

banking activities grew by DKr3,068m, of which

Northern Bank and National Irish Bank accounted

for DKr848m. The accounts for 2006 include the

financial results of the Group’s activities in

Northern Ireland and the Republic of Ireland for

the full year as opposed to the accounts for 2005,

which covered only the period from March to

December for these markets.

Net interest income rose 14% to DKr19,501m.

Excluding net interest income from Northern

Bank and National Irish Bank, the increase

amounted to 11%. The positive trend in net

interest income was due to continued lending

growth, which more than compensated for the

narrowing of lending margins. Home financing

products secured on real property and lending

to corporate customers accounted for the largest

shares of growth. Higher interest rates contributed

to a widening of deposit interest margins.

Net fee income remained stable at the level re-

corded in 2005. The increase in fee income of

7% generated by the Group’s banking activities

could not compensate for the decline in income

from mortgage lending owing primarily to the

fact that the record-high refinancing activity in

2005 returned to a more normal level in 2006.

Net trading income rose by 4% to DKr6,631m.

Net trading income in 2005 also included one-off

income of around DKr0.8bn. Excluding the one-

off income, net trading income rose 19%. The

increase was attributable to customer-driven

activities and an improved investment return.

The increase in other income of 20% to DKr2,698m

was owing primarily to leasing and real-estate

agency business.

Net income from insurance business fell from

DKr1,647m in 2005 to DKr1,355m. The increase in

business volume could not compensate for profit

policy adjustments and the booking of risk allowance

from previous years in the fourth quarter of 2005.

The health and accident business showed improve-

ment, but the result remained unsatisfactory.

Operating expenses

Operating expenses rose by 7% to DKr19,485m.

Excluding the expenses of acquired units, the

increase amounted to 1.6% due to a generally

higher level of activity. The cost/income ratio

improved from 52.4% to 52.0%.

Credit loss expenses

As in 2005, the Group recorded a net positive

entry for credit loss expenses. The positive result,

which amounted to DKr496m, against DKr1,096m

in 2005, reflected the persistently favourable

economic conditions that led to a low level of

new impairment charges and reversals of charges

previously made.

Financial review

Financial rev iew


Tax

The Group’s tax charge for 2006 is calculated to

be DKr4,952m, corresponding to an effective tax

rate of 27%.

Return on equity

The return on equity stood at 17.5%, against

18.4% in 2005. Net profit for the year per share

increased from DKr20.2 to DKr21.5, or 6%.

Capital and solvency

Share capital

At the end of 2006, the share capital totalled

DKr6,988,042,760, and shares numbered

698,804,276. This number includes the issue of

60,500,000 shares in November 2006 to fund the

acquisition of Sampo Bank. The number of

shares outstanding at the end of 2006 was

684,286,799, and the average number of shares

outstanding in 2006 was 631,445,484.

Shareholders' equity

Shareholders’ equity was DKr95bn at the end

of 2006, against DKr74bn at the end of 2005.

The change reflects primarily the share issue,

the recognition of the profit for the year and the

dividend payment in March 2006.

The Board of Directors is proposing that the gener-

al meeting approve a dividend of DKr7.75 per share,

or 40% of the net profit of the Group, correspond-

ing to a total dividend payment of DKr5,416m.

Solvency

The solvency ratio at the end of 2006 was 11.4%,

of which 8.6 percentage points derived from the

Group’s core (tier 1) capital, against 10.3% and

7.3%, respectively, at the end of 2005.

The core (tier 1) capital ratio, excluding hybrid

core capital, amounted to 7.6%, against 6.6% in

2005. Both the solvency ratio and the core (tier

1) capital ratio benefited from the proceeds from

the share issue.

Excluding the proceeds, the solvency ratio and

the core (tier 1) capital ratio stood at 10.1% and

6.3%, respectively, at the end of 2006.

The increase in risk-weighted items from

DKr944bn at the end of 2005 to DKr1,119bn at

the end of 2006 was attributable primarily to

lending growth and the equity forward contract

worth around DKr30bn that will run until the

acquisition of Sampo Bank has been finalised.

Capital targets

Danske Bank Group changed its capital targets in

connection with the acquisition of Sampo Bank.

The adjustments should be seen in light of the

large share of the Group’s loan portfolio for

which security has been provided, the coming

implementation of the new Capital Requirements

Directive (CRD) and the Group’s greater geo-

graphical diversification resulting from the

acquisition of Sampo Bank.

The capital targets were changed to a core (tier 1)

capital ratio, excluding hybrid core capital, of

5.5-6.0%; a hybrid core capital ratio of 1.0-1.5%;

and a solvency ratio of 9.0-10.0%. The payout

ratio target is maintained at 30-50%, and the

Group expects to maintain the payout ratio for

the 2007 financial year at 40% of the net profit.

CAPITAL TARGETS (%) NEW PREVIOUS

Core (tier 1) capital ratio, excluding hybrid core capital 5.5-6.0 6.0-6.5

Hybrid core capital ratio 1.0-1.5 0.5-1.0

Solvency ratio 9.0-10.0 9.0-10.0

Payout ratio 30-50 30-50


Balance sheet

Lending

Bank lending, excluding reverse transactions,

rose by DKr140bn, or 23%, from the end of 2005

to DKr760bn at the end of 2006.

Loans and advances, excluding reverse transac-

tions, extended by the Group's banking opera-

tions in Denmark rose by DKr52bn, or 20%.

Loans and advances extended by the Group’s

non-Danish banking operations grew by DKr85bn,

or 26%. Northern Bank and National Irish Bank

accounted for DKr35bn of the increase; DKr13bn

of this amount was owing to the fact that loans

and advances are no longer netted against

deposits held by the same customers.

Lending by Danske Markets rose DKr6bn, or

18%, from the end of 2005. Lending at Danske

Markets comprises facilities with selected corpo-

rate and institutional clients.

Mortgage loans measured at fair value stood at

DKr603bn at the end of 2006, up 6% on the level

recorded a year before. The private market ac-

counted for 62% of the mortgage loan portfolio

at the end of the year, and the nominal outstand-

ing bond debt rose by DKr46bn to DKr609bn.

Bank loans and advances to retail customers rose

by 16%, whereas loans and advances to corporate

customers grew by 26% on the figure recorded a

year earlier.

Reverse transactions were up DKr85bn from the

level at the end of 2005 to DKr295bn, primarily

as a result of increased activity in the interna-

tional repo market.

Deposits

Deposits, excluding repo transactions, totalled

DKr599bn, against DKr533bn at the end of 2005,

a rise of 12%. Deposits, excluding repo transac-

tions, at the Group's banking operations in Den-

mark rose by DKr24bn, or 8%, from the end of

2005. Deposits at the Group’s non-Danish bank-

ing operations grew by DKr42bn, or 28%.

Deposits at Northern Bank accounted for

DKr20bn of the increase; DKr13bn of this amount

was owing to the fact that loans and advances

are no longer netted against deposits held by the

same customers.

Trading portfolio assets

Trading portfolio assets rose by DKr46bn, or 10%,

from DKr445bn at the end of 2005 to DKr491bn.

The increase was owing to larger bond holdings.

The Group uses the Value-at-Risk (VaR) measure

to determine the daily market risk of its expo-

sures. VaR expresses, at a confidence level of

99%, the maximum amount that the Group

would lose assuming that the exposure was

maintained for 10 days. Excluding Danica Pen-

sion, the Group’s interest VaR amounted to

DKr84m at the end of 2006, against DKr132m a

year earlier.

Integration of Northern Bank

and National Irish Bank

At the end of 2006, the Group had realised half

of the estimated synergies of DKr350m. The

Group expects to realise all estimated synergies

by the end of 2007, with full accounting effect

from 2008.

Overall integration costs are expected to total

some DKr1.5bn. At the end of 2006, costs

realised totalled DKr1.4bn, of which DKr0.2bn

Financial rev iew


had been recognised as development costs under

intangible fixed assets. Costs for the completion

of the integration process are expected to be

realised by the end of 2007.

Sampo Bank

In November 2006, Danske Bank entered into an

agreement to buy all the shares of Sampo Bank

of Finland. The purchase price was €4.05bn.

The purchase was approved at the end of January

2007, which means that Sampo Bank was not

consolidated in the 2006 accounts of Danske Bank.

With the purchase of Sampo Bank, the Danske

Bank Group strengthens its position as a compet-

itive player on the entire Nordic market. The

investment in Finland is in line with the Group’s

strategy of expanding its retail banking activities

in northern Europe.

Danske Bank expects to complete the integration

of Sampo Bank’s Finnish activities on its IT plat-

form at Easter 2008. It has not yet been decided

when to integrate the still relatively small opera-

tions in Estonia, Latvia, Lithuania and Russia.

Sampo Bank will be adjusted to Danske Bank’s

organisational structure, and its administrative

functions will be integrated on the Group's inter-

national platform. Sampo Bank will continue to

operate under its own brand name.

Profile

Sampo Bank is Finland's third-largest bank. It

has subsidiaries in Estonia, Latvia and Lithuania

and recently acquired a small bank in Russia.

Sampo Bank has 125 branches in Finland and

about 3,500 employees. Its subsidiaries in

Estonia, Latvia and Lithuania have a total of

33 branches and some 1,100 employees.

Sampo Bank’s business focus is on retail custom-

ers, small and medium-sized business customers

and institutional clients.

With 1.1 million retail customers and 100,000

corporate customers, Sampo Bank holds 15% of

the retail market and 20% of the corporate mar-

ket in Finland. Most of the bank’s business with

retail customers is within home financing.

Sampo Bank is technologically advanced and has

800,000 online banking customers.

Most of the bank’s business originates in Finland,

but the subsidiaries in Estonia, Latvia and

Lithuania have seen considerable growth and

rising market shares within home financing in

particular. Sampo Bank is the third-largest for-

eign bank in the Baltic region.

In 2006, Sampo Bank took over Industry and

Finance Bank in St. Petersburg with a view to

expanding its potential for serving large Finnish

corporate customers doing business in Russia.

The future

With the purchase, Danske Bank expects to create

a very strong basis for future growth.

Furthermore, the acquisition will support Danske

Bank’s business platform and help create value

for the Bank’s shareholders. Danske Bank expects

the purchase of Sampo Bank to have a positive

effect on its earnings per share from the second

half of 2008.


The integration of Sampo Bank on Danske Bank’s

IT platform and the organisation of the adminis-

trative functions are estimated to generate annual

cost and funding synergies of DKr0.6bn (DKr0.1bn

in 2007, DKr0.3bn in 2008 and DKr0.2bn in

2009), with full accounting effect from 2010.

Until 2009, Danske Bank expects to incur expenses

for the integration of Sampo Bank’s activities of

DKr1.6bn, which break down into DKr0.5bn in

2007, DKr0.8bn in 2008 and DKr0.3bn in 2009.

Purchase price

The purchase price for Sampo Bank was €4.05bn,

or DKr30.2bn. Expenses amount to DKr0.6bn:

DKr0.5bn for share transfer tax and DKr0.1bn for

consultants’ fees and similar expenses.

The fair value of the net assets of Sampo Bank is

currently estimated at DKr9.3bn. The remainder

of the purchase price includes DKr4.4bn for rela-

tions with deposit customers and DKr0.3bn for

relations with other customers. The amortisation

periods are expected to be fixed at 10 years and

5 years, respectively. The right to the business

name is considered to have an indefinite economic

life and is currently valued at DKr0.3bn. Conse-

quently, goodwill is estimated at DKr17.8bn.

Pro forma financial highlights for 2006

The table below shows selected financial high-

lights on the assumption that Sampo Bank had

been acquired with effect from January 1, 2006.

The figures for Sampo Bank are based on the

average of the estimates for Sampo Bank’s finan-

cial results for 2006 provided by four equity

analysts. The presentation does not factor in

amortisation of intangible assets, integration

expenses and finance costs.

The Group will publish financial highlights for

2006 for the pro forma consolidated Group once

the purchase is completed and Sampo Bank has

presented its accounts for 2006 and the opening

balance sheet.

Financial rev iew

PRELIMINARY BREAKDOWN OF PURCHASE PRICE (DKr bn)

Purchase price 30.2

Costs 0.6

Total purchase price 30.8

Net assets (excluding the items below) 9.3

Customer relations (deposits) 4.4

Other customer relations 0.3

Right to name 0.3

Deferred tax -1.3

Goodwill 17.8

PRO FORMA 2006 DANSKE BANK SAMPO BANK TOTAL DANSKE BANK GROUP

PRE-TAX PROFIT FOR THE YEAR (DKr m) GROUP CONSENSUS AFTER ACQUISITION (PRO FORMA)

Net interest income 19,501 2,789 22,290

Net fee income 7,301 1,913 9,214

Net trading income 6,631 869 7,500

Other income 2,698 403 3,101

Net income from insurance business 1,355 - 1,355

Total income 37,486 5,974 43,460

Operating expenses 19,485 3,274 22,759

Profit before credit loss expenses 18,001 2,700 20,701

Credit loss expenses -496 -4 -500

Profit before tax 18,497 2,704 21,201


The Group’s outlook for 2007 is based on the pro

forma financial highlights for 2006 shown on

page 11.

The year 2007 is expected to be another satisfac-

tory year for Danske Bank Group.

At the outset of 2007, the Danske Bank Group had

further strengthened its market position through

the acquisition of the Sampo Bank group and its

continued focusing and streamlining of the

Group organisation.

In 2007, Europe is likely to see a rise in average

interest rates and moderate economic growth.

The Group expects growth in its principal mar-

kets to continue to outperform average euro-zone

growth, although at a lower level than in 2006.

Net interest income is expected to rise by 8-10%,

primarily as a result of double-digit lending

growth in the markets on which the Group oper-

ates and the likely rise in average interest rates.

Net fee income is expected to be slightly higher

than in 2006, due mainly to an increase in trad-

ing volume on the securities markets and despite

expenses for the credit default swaps entered

into in connection with the financing of the

acquisition of Sampo Bank. Mortgage finance

activities are expected to remain unchanged.

Net trading income is expected to be 7-9% lower

than the high level recorded in 2006. The Group

expects to maintain its market position, but trad-

ing income will continue to depend greatly on

trends in the financial markets, including the

level of securities prices at the end of the year.

Other income is likely to fall by 12-17% as the

Group does not expect to realise income from the

sale of property on the scale recorded in 2006.

The Group does not expect to achieve an invest-

ment return from its insurance business similar

to the high return generated in 2006. Overall,

net income from insurance business is expected

to fall by 13-15%. This result will, however,

also depend greatly on trends in the financial

markets.

The Group expects operating expenses to rise by

4-6%. The increase is attributable primarily to

integration costs, the amortisation of intangible

assets associated with the acquisition of Sampo

Bank, and the general increase in salaries and

inflation. Excluding integration costs and amorti-

sation of intangible assets associated with Sampo

Bank, operating expenses are expected to

increase by 1-3%.

Profit before credit loss expenses is expected to

roughly match the level recorded in 2006.

Outlook for 2007


The Group does not expect to realise a net posi-

tive entry for credit loss expenses as was the case

in 2006. However, the Group assumes favourable

economic trends and satisfactory loan portfolio

quality and therefore expects to record relatively

modest credit loss expenses in 2007.

Profit before tax for 2007 is therefore expected to

be somewhat lower than the level in 2006.

The Group expects its tax rate to be 27%.

Outlook for 2007

DANSKE BANK, INCL. SAMPO BANK OUTLOOK 2007

2006 (PRO FORMA) (DKr m) (%)

Net interest income 22,290 8 - 10

Net fee income 9,214 0 - 2

Net trading income 7,500 (7) - (9)

Other income 3,101 (12) - (17)

Net income from insurance business 1,355 (13) - (15)

Total income 43,460 0 - 2

Total operating expenses 22,759 4 - 6

Profit before credit loss expenses 20,701 (2) - 0

( ) denotes a fall.


As part of its efforts to achieve its vision and mis-

sion, the Group continued to implement the Danske

Banking Concept in its six retail banking divisions.

The concept focuses on increased standardisation

of the Group’s business model across branded

divisions to further streamline the activities of

the individual retail banks and to gain more time

to serve customers. Consequently, in the autumn

of 2006, group management adjusted the role of

support functions. Development projects that con-

cern all units of the Group are now managed by

head office support functions, whereas activities

that target only a single brand are handled by the

support functions of the division in question.

The Danske Banking Concept will help the Group

achieve its mission to be “the best local financial

partner”. The Danske Banking Concept both sup-

ports the use of the Group’s shared platform (sys-

tems to manage IT, product development, com-

munications, HR, finances and risk) and ensures

the necessary adaptation to local conditions.

The Group vision of creating “one platform –

exceptional brands” was clearly reflected in the

successful migration of the systems of National

Irish Bank and Northern Bank to the Group’s

shared IT platform during Easter 2006.

Management

In addition to ensuring compliance with statuto-

ry requirements, the management structure of the

Danske Bank Group aims at achieving maximum

security in operations.

Key elements of the management structure are

fixed authorisations, requirements for ongoing

reporting and considerable transparency in the

Group’s activities. Group standards for risk man-

agement, financial planning and control, credit

approval, HR development, compliance and the

shared IT platform ensure a well-structured man-

agement of all activities.

The management’s ambition is to continually

adjust its structure to make sure that the Group

can maintain the highest possible management

standards and transparency for shareholders.

In August 2006, Danske Bank published its

“Corporate Governance Fact Sheet” and re-

structured its corporate governance Web site

(www.danskebank.com/cg) to further enhance

transparency.

Management structure

The management structure of the Group reflects

the statutory requirements governing listed Dan-

ish companies in general and financial services

institutions in particular. The general meeting

elects the Board of Directors and the external

auditors. The Board of Directors appoints the

Executive Board, the Secretary to the Board of

Directors, the Group Chief Auditor and the

Deputy Group Chief Auditor and determines

their remuneration.

According to the Danish Financial Business Act,

members of the Executive Board may not sit on

the Board of Directors.

The corporate governance principles of the

Danske Bank Group comply with the recommen-

dations issued by the Copenhagen Stock Exchange

except for the recommendations on the term of

office of board members and their number of

other directorships. The Group prefers a two-

year period of service to achieve a certain con-

Organisation and management


tinuity in the composition of the Board of Direc-

tors. Furthermore, the Group believes that sim-

ply counting the directorships of each board

member is not a useful method as the workload

varies from one company to another.

General meeting

According to the Articles of association, the

shareholders of Danske Bank are entitled to

attend as well as to table proposals, speak and

vote at the general meeting, provided that they

observe a few simple formalities.

Danske Bank plans to webcast the Chairman’s

report at the annual general meeting also in 2007.

The Group has only one class of shares and no

limitations on holdings, voting rights or other

opportunities for the shareholders to influence

decisions. The Articles of association and statu-

tory provisions set the framework for the man-

agement of the Group and the general meeting.

Only the general meeting may amend the Arti-

cles of association.

At an extraordinary general meeting of Danske

Bank on August 8, 2006, a number of secondary

names for the Bank were adopted as a step in the

process of converting foreign subsidiaries into

branches and as a way of protecting the names

and retaining the rights to them for future use.

Board of Directors and Executive Board

According to the Articles of association, members

of the Board of Directors are elected by the general

meeting for terms of two years. At the annual general

meeting, half of the members are up for election.

The Board of Directors considers all the members

elected by the general meeting to be independent.

In accordance with Danish legislation, the staff

elect a number of representatives to serve on the

Board of Directors for a four-year period. The

current staff representatives were elected in the

spring of 2006, and consequently their term of

office will expire in 2010.

According to the division of powers, the Board

of Directors outlines the overall principles gov-

erning the affairs of Danske Bank, whereas the

Executive Board is in charge of day-to-day man-

agement and reports to the Board of Directors.

The Rules of procedure for the Board of Directors

and the Executive Board lay down the exact divi-

sion of duties and responsibilities. A summary

of these rules is available at

www.danskebank.com/cg.

Organisat ion and management

MANAGEMENT STRUCTURE

General Meeting

Board of Directors15 directors

Executive Board5 members

Executive Committee14 members

Banking Activities Danske Markets

Mortgage Finance Other areas

Danica Pension Resource areas

Internal Audit Board of Directors Secretariat


The Board of Directors held 15 meetings during

the year, including a lengthy strategy meeting.

Recruitment and assessment of directors

The Chairman of the Board of Directors assesses

the Board’s work and the work of the individual

directors. In 2006, the Chairman held performance

appraisal interviews with each of the board

members elected by the general meeting. The

Chairman held a joint performance appraisal

interview with the board members elected by

the staff. The Board of Directors subsequently

reviewed the outcome of these interviews.

Shareholders and the Board of Directors may

nominate Board candidates. In 2006, the Board’s

Nomination Committee met to discuss the con-

clusions of the appraisal interviews. Moreover,

the Committee discussed the professional skills

and expertise required of Board members to

match the sphere of interest of an international

financial services provider such as the Bank.

The Board of Directors does not see an immedi-

ate need to change its composition.

Board committees

As stipulated by Danish law, the four board com-

mittees are not authorised to make independent

decisions. The committees report and submit

proposals to the Board of Directors.

In addition to the Nomination Committee, the

Board of Directors has set up three committees:

the Credit Committee, the Audit Committee and

the Salary and Bonus Committee.

Certain credit applications are submitted to the

Credit Committee for review on an ongoing

basis. In addition, the committee met on three

occasions in 2006 to discuss the new capital

adequacy rules, the Group’s application procedure

under the new regime, the Group’s risk manage-

ment models and its stress tests for quantification

and management of risk. Finally, the committee

met to review the facilities on a special watch

list in accordance with its charter.

The Audit Committee met three times in 2006

to review and discuss drafts of long-form audit

reports prepared by the internal and external

auditors. Furthermore, the committee discussed

last year’s audit plan, the co-operation between

the organisation and the internal and external

auditors and their distribution of work, as well

as the coming year’s audit strategy and budgets.

The two latter points were discussed at a meet-

ing which was not attended by members of the

Executive Board.

The Salary and Bonus Committee met twice to

discuss the salary and remuneration programmes

of the Group and to prepare suggestions for the

remuneration of the members of the Executive

Board. As part of its work, the committee

reviewed the Group’s incentive programmes and

their correlation with value creation within the

Group. The salary and remuneration programmes

were subsequently reviewed by the Board of

Directors, which did not find any immediate

need to adjust the structure of the programmes.

Executive Board

Three new members were appointed to the Exec-

utive Board with effect from September 1, 2006:

Tonny Thierry Andersen, head of Group Finance;


Sven Lystbæk, head of the Shared Services Cen-

tre; and Per Skovhus, head of Group Credits.

One of the reasons for the appointment of addi-

tional members to the Executive Board was to

establish a closer relationship between the Board

of Directors and the heads of vital functions

within the Group.

In June 2007, Jakob Brogaard, Deputy Chairman of

the Executive Board, will reach the age of 60 and

has decided to retire with effect from June 30, 2007.

The Executive Committee

Steen Blaafalk, head of Danske Markets, joined

the Executive Committee in September 2006,

while Jørgen Michael Klejnstrup resigned from

the committee to join the Executive Board of

Danica Pension. After the gathering of the

Group’s wealth management activities at Danske

Capital, Managing Director Niels-Ulrik Mousten

joined the Executive Committee on January 1,

2007. Søren Kaare-Andersen resigned from the

Executive Committee on January 3, 2007. The

committee now consists of 14 members who rep-

resent the Group’s large banking business areas

and support functions.

Remuneration

The remuneration of the management is determined

on the basis of the Group’s remuneration policy,

which is available at www.danskebank.com/cg.

Members of the Board of Directors receive a fixed

fee only.

The Board of Directors determines the Executive

Board’s remuneration, which consists of fixed

salaries, various types of incentive programmes

and pensions.

Information on remuneration of the individual

directors and the members of the Executive

Board appears in note 8 to the accounts of the

Danske Bank Group.

See www.danskebank.com/cg for information on

Danske Bank shares held by the individual mem-

bers of the Board of Directors and the Executive

Board.

Danske Bank shares

Danske Bank’s overall financial objective is to

provide its shareholders with a competitive

return.

Shareholder value is created through share price

appreciation and dividend payments based on a

healthy growth in profits. The Group seeks to

fulfil its ambition by continually developing its

core business, streamlining operating processes

and optimising capital and risk management.

Danske Bank shares in 2006

Share capital totalled DKr6,988,042,760 at the

end of 2006 after the issue of 60,500,000 shares

in November to fund the acquisition of Sampo

Bank. The shares were offered as a direct place-

ment to corporate and institutional investors.

The issue represented 9.48% of Danske Bank’s

registered share capital, and the subscription

price was DKr242.50.


DANSKE BANK SHARES 2006 2005

Share price, end of year, DKr 250.0 221.2

Total market capitalisation, end of year, DKr bn 171.1 138.6

Net profit for the year per share, DKr 21.5 20.2

Dividend per share, DKr 7.75 10.00

Book value per share, DKr 139.1 118.2

Share price/book value per share, DKr 1.8 1.9


The share price rose by 13.0% in the course of

the year to DKr250.04, and the dividend per

share was DKr10. The total return on Danske

Bank shares in 2006 was thus 18.0%.

In comparison, the MSCI European Banks Index

increased by 31.3%, and the Danish OMXC20

index rose 10.5% (both figures exclude dividends).

In the past five calendar years, Danske Bank

shares have generated an average return to share-

holders, including dividends, of 18.2% annually.

The return on Danske Bank shares must be

assessed on the basis of the risk involved. Share

price volatility can be used to measure this risk.

The price volatility of Danske Bank shares has

been stable for a number of years, whereas some

of the Bank’s peers have seen increases in the

volatility of their share prices. The risk of holding

Danske Bank shares has been relatively lower

than that of holding shares issued by selected

other banks.

The low risk is assumed to stem from the Group’s

business strategy of operating in multiple mar-

kets in northern Europe. The recent acquisition

of Sampo Bank contributed to lowering the risk

of Danske Bank. Through diversification of activ-

ities, the Group reduces its systematic risk.

Moreover, the Group believes that the relatively

low volatility is reinforced by the high level of

transparency as regards information about the

Group, for example detailed financial and corpo-

rate governance information, and the extensive

supply of in-depth information for investors and

analysts.

In recent years, the beta value of Danske Bank’s

shares has been consistently lower than 1, which

means that the volatility of the Bank’s shares has

been lower than the market average.

At the end of 2006, the total market capitalisa-

tion of the Danske Bank Group was DKr171.1bn,

which was 23.4% higher than at the end of 2005.

Part of the increase was attributable to the share

issue in November, which accounted for 9.48%

of the registered share capital.

Dividends to shareholders

The Board of Directors is proposing that the gen-

eral meeting approve a dividend of DKr7.75 per

share for the financial year 2006, or 3.1% of the

share price at the end of 2006, corresponding to

a total dividend payment of DKr5,416m.

Danske Bank’s shareholders

At the end of 2006, Danske Bank had about

298,000 shareholders. According to the Danish

Companies Act, shareholders must notify a com-

pany if their shareholding exceeds 5% of the

company’s share capital or exceeds higher per-

centages divisible by 5. At the publication of the

Annual Report 2006, two shareholder groups had

notified the Bank that they hold more than 5%

of its share capital:

BETA VALUE OF DANSKE BANK SHARES

0.750.81 0.78

1.01

2003/2004 2005/2006

PeersDanske Bank


• A.P. Møller and Chastine Mc-Kinney Møller

Foundation and companies of the A.P. Møller

- Maersk Group, Copenhagen, hold 22.27% of

the share capital.

• Realdania, Copenhagen, holds 11.88% of the

share capital.

In addition, Danske Bank itself holds 2.1% of the

share capital.

The number of voting shares is identical to the

stated shareholdings.

IR information

In 2006, the Group further strengthened its

investor relations activities and won several

awards from Danish and international financial

analysts and asset managers. Moreover, the

Group launched a number of new features on its

Web site, including detailed information about

the acquisition of Sampo Bank.

During the year, Danske Bank met with more

than 300 investors in Denmark and in financial

hubs throughout Europe, the US and Canada.

General meeting

Shareholders will be notified of the annual gen-

eral meeting on March 6, 2007, through the daily

newspapers. The shareholders who attended the

2006 annual general meeting represented just

over 46% of the share capital. The Board of

Directors was granted authority to represent a

limited number of shareholders by proxy. In

accordance with the Bank’s practice, these proxy

powers were effective only for that particular

general meeting.

Corporate social responsibility

In 2006, the Board of Directors adopted a corpo-

rate social responsibility policy for the Group's

responsibility vis-à-vis customers, staff, the envi-

ronment and society. With this policy, the Group

wants to ensure a high level of integrity in all

dealings with stakeholders, to minimise any

adverse effects it may have on the environment

and to contribute to mutually beneficial financial

results for the Group and its stakeholders.

For a number of years, the Group has operated

on the basis of its core values and other guide-

lines that support good relationships with stake-

holders and its contribution to society. The new

policy further formalises the Group's corporate

social responsibility and commits the Group to

further increase the transparency of its activities

for its stakeholders. One element of this work

was the launch of a new CSR Web site.

Together with the Annual Report 2006, the

Danske Bank Group presents its first Corporate

Social Responsibility report. The latter provides

insight into activities directed at customers, staff,

the environment and society as well as the Group’s

CSR plans for the years ahead.

Additional information about Danske Bank’s

corporate social responsibility is available at

www.danskebank.com/csr.



At Danske Bank’s annual general

meeting on March 14, 2006, Alf

Duch-Pedersen, General Manager;

Henning Christophersen, Partner

at KREAB Brussels; Sten Scheibye,

Chief Executive of Coloplast A/S;

Claus Vastrup, Professor of Eco-

nomics at University of Aarhus;

and Birgit Aagaard-Svendsen, Exec-

utive Vice President and CFO of

J. Lauritzen A/S, were re-elected

to the Board of Directors. The Board

of Directors re-elected Alf Duch-

Pedersen, General Manager, as

Chairman and Jørgen Nue Møller,

General Manager, and Eivind

Kolding, Partner of the firm

A.P. Møller, as Vice Chairmen.

In the first quarter of 2006, the staff

elected five board members, cor-

responding to half the number of

members elected by the general

meeting: Helle Brøndum, Bank

Clerk; Charlotte Hoffmann, Personal

Customer Adviser; Verner Usbeck,

Assistant Vice President; Per Alling

Toubro, Chairman of Danske Kreds;

and Solveig Ørteby, Vice Chairman

of Danske Kreds, were elected or

re-elected to the Board of Directors.

Tove Abildgaard, Personal Cus-

tomer Adviser; René Holm, Project

Manager; Peter Michaelsen, Assis-

tant Vice President; and Pia Bo

Pedersen, Processing Officer, all

elected by the staff, resigned from

the Board of Directors.

Three new members joined the

Executive Board on September 1,

2006: Tonny Thierry Andersen,

Senior Executive Vice President;

Sven Lystbæk, Senior Executive

Vice President; and Per Skovhus,

Senior Executive Vice President.

The following pages state the

occupations of the board members,

directorships held in other Danish

and foreign undertakings (with

the exception of wholly-owned

subsidiaries) and other major

offices at the publication of the

Annual Report.

Alf Duch-Pedersen

General Manager

Born on August 15, 1946.

Joined the Board on March 23, 1999.

Most recently re-elected in 2006.

Director of:

The Technical University

of Denmark

The Confederation of Danish

Industries

Group 4 Securicor plc. (Chairman)

Jørgen Nue Møller

General Manager

Born on June 30, 1944.

Joined the Board

on November 30, 2000.


Director of:

Realdania (Chairman)

Fonden for billige boliger (Chairman)

Programbestyrelsen mod

Ghettoisering (Chairman)

Nordisk Byggedag (Vice Chairman)

International Federation for Housing

and Planning

Adjunct Professor of the Department

of Organization and Industrial

Sociology at Copenhagen Business

School

Management and directorships


Eivind Kolding

Partner of the firm A.P. Møller

Born on November 16, 1959.



Director of:

Dansk Supermarked A/S

F. Salling A/S

Maersk GCS Holding A/S

(Chairman)

Maersk Australia Pty. Ltd.

(Chairman)

Maersk Singapore Pte. Ltd.

(Chairman)

A.P. Moller Singapore Pte. Ltd.

Maersk China Limited

Maersk Deutschland GmbH

Maersk Shipping Singapore Pte. Ltd.

Nedlloyd Holding B.V.

Henning Christophersen

Partner at KREAB Brussels

Born on November 8, 1939.



Director of:

Rockwool-Fonden

Ørestad Development Corporation

(Chairman)

Frederiksbergbaneselskabet I/S

(Frederiksberg Railway Company)

(Chairman)

The European Institute of Public

Administration (Chairman)

Peter Højland

Managing Director of Transmedica

Holding A/S

Born on July 9, 1950.

Joined the Board on November 30,

2000.


Director of:

Amrop-Hever A/S (Chairman)

Bikuben fondene (Chairman)

The Danish Centre for Leadership

(Chairman)

Danisco A/S

The Denmark-America Foundation

Frederiksbergfonden

Ituri Management ApS

Knud Wexøe A/S

Nordicom A/S (Vice Chairman)

Rambøll Gruppen A/S

Siemens A/S (Chairman)

Transmedica A/S (Chairman)

Transmedica Holding A/S

Wexøe Holding A/S

Niels Chr. Nielsen

Professor of Economics

at Copenhagen Business School

Born on January 14, 1942.

Joined the Board on April 5, 1990.


Director of:

COWIfoundation

Grundfos A/S

Grundfos Finance A/S

Grundfos Management A/S

Otto Mønsted Aktieselskab

The Oticon Foundation, William

Demants og Hustru Ida Emilies Fond

The Poul Due Jensen Foundation

Sten Scheibye

Chief Executive of Coloplast A/S

Born on October 3, 1951.



Director of:

Novo Nordisk A/S (Chairman)

The Confederation of Danish

Industries

The Danish Academy of Technical

Sciences


(Chairman)

The Fulbright Commission in

Denmark

Adjunct Professor of Applied

Chemistry at University of Aarhus



Majken Schultz

Professor of Organization

at Copenhagen Business School



2000.


Director of:

COWI A/S

CVI Holding ApS

Realdania

Børnehjertefonden (Vice Chairman)

Dansk selskab for virksomhedsledelse

Member of the Executive Committee

of Reputation Institute

Claus Vastrup

Professor of Economics

at University of Aarhus

Born on March 24, 1942.

Appointed by the Minister of Eco-

nomic Affairs from January 1, 1995,

to December 31, 2002. Elected by

the general meeting on March 25,

2003.


Director of:

Aarhus Universitets Jubilæumsfond

Birgit Aagaard-Svendsen

Executive Vice President and CFO

of J. Lauritzen A/S

Born on February 29, 1956.



Director of:

NYK Lauritzen Cool AB

Handyventure Singapore Pte.

The Council of Det Norske Veritas

Infrastrukturkommissionen

(Chairman)

Helle Brøndum

Bank Clerk of Danske Bank A/S

Born on September 26, 1952.



Director of:

Danske Kreds

Charlotte Hoffmann

Personal Customer Adviser

of Danske Bank A/S



Per Alling Toubro

Chairman of Danske Kreds

Danske Bank A/S



Director of:

Danske Kreds (Chairman)

Verner Usbeck

Assistant Vice President

of Danske Bank A/S

Born on February 11, 1950.

Joined the Board on June 28, 1990.


Director of:

Danske Kreds

Danske Funktionærers Boligselskab

S.m.b.A. (Vice Chairman)

Niels Brocks Styrelse

Solveig Ørteby

Vice Chairman of Danske Kreds

Danske Bank A/S

Born on March 28, 1965.


2000.


Director of:

Danske Kreds (Vice Chairman)


Under section 80(8) of the Danish

Financial Business Act, financial

institutions are required to publish

information at least once a year

about directorships, etc. held with

the approval of the Board of Direc-

tors by persons employed by the

Board according to statutory regu-

lations (section 80(1) of the Act)

or articles of association.

Peter Straarup

Chairman of the Executive Board

Born on July 19, 1951.

Joined the Executive Board on

September 1, 1986.

Director of:

Forsikringsselskabet Danica,

Skadeforsikringsaktieselskab

af 1999 (Chairman)

Danica Pension, Livsforsikrings-

aktieselskab (Chairman)

Danica Liv III, Livsforsikrings-


Danica Pension I, Livsforsikrings-


DDB Invest AB (Chairman)

DDB Invest Limited (Chairman)

Northern Bank Limited (Chairman)

National Irish Bank Limited

(Chairman)

Other major offices

(non-exhaustive list):


ICC Denmark (Director)

The International Monetary

Conference

Institut International d'Etudes

Bancaires

Jakob Brogaard

Deputy Chairman of the Executive

Board


Joined the Executive Board

on January 1, 1996.

Retires from the Executive Board

on June 30, 2007.

Director of:

LR Realkredit A/S (Vice Chairman)

Realkredit Danmark A/S (Chairman)

Forsikringsselskabet Danica, Skade-

forsikringsaktieselskab af 1999


aktieselskab


aktieselskab


aktieselskab

DDB Invest AB (Vice Chairman)

Kreditforeningen Danmarks

Pensionsafviklingskasse (Chairman)

Other major offices:

Member of the Financial Business

Council

Management and directorships – Executive Board



Tonny Thierry Andersen

Senior Executive Vice President



on September 1, 2006.

Director of:

Investeringsselskabet af 23. marts

2001 A/S

Danske Private Equity A/S




aktieselskab


aktieselskab


aktieselskab

Nordania Finans A/S

Realkredit Danmark A/S

Danske Bank International S.A.

DDB Invest Limited


Northern Bank Limited

Sven Lystbæk





Director of:

Multidata Holding A/S (Chairman)

Multidata A/S (Chairman)

PBS Holding A/S (Chairman)

PBS A/S (Chairman)

Ejendomsselskabet Lautrupbjerg A/S

(Chairman)

VP Securities Services A/S

(Chairman)



(Vice Chairman)


aktieselskab (Vice Chairman)






(Vice Chairman)

Kreditforeningen Danmarks

Pensionsafviklingskasse


DDB Invest Limited

Northern Bank Limited


Fokus Bank ASA

Per Skovhus





Director of:

Danmarks Skibskredit A/S

(Vice Chairman)

Nordania Finans A/S (Chairman)



Fokus Bank ASA (Vice Chairman)

Other major offices:

Danish Bankers Association

(Vice Chairman)


The Executive Committee is a co-

ordinating forum. Its objective is to

take an overall view of activities

across the Group and intra-group

co-operation, in particular the co-

operation between support func-

tions on the one hand and the

individual branded divisions and

country organisations on the other.

Peter Straarup / Chairman

Jakob Brogaard / Deputy Chairman

Tonny Thierry Andersen, Head of

Group Finance

Sven Lystbæk, Head of the Shared

Services Centre

Per Skovhus, Head of Group Credits

Steen Blaafalk, Head of Danske

Markets

Thomas Borgen, Head of Banking

Activities Norway

Andrew Healy, Head of Banking

Activities Ireland

Niels-Ulrik Mousten, Head of

Danske Capital

Lars Stensgaard Mørch, Head of

Group HR

Henrik Normann, Head of Banking

Activities Danske Bank

Don Price, Head of Banking

Activities Northern Ireland

Steen Reeslev, Head of Group

Communications

Mats Torstendahl, Head of Banking

Activities Sweden

Executive Committee



The Group’s capital management policy aims to

ensure efficient use of capital to meet the Group’s

overall capital targets. The Group’s risk profile

is determined in accordance with the capital tar-

gets and requires that the Group have sufficient

capital to cover both organic growth and current

fluctuations in its exposure. The latter objective

is also reflected in the Group’s ambition to main-

tain the AA ratings granted by the international

rating agencies.

Capital adequacy and the Capital Requirements Directive

In 2007, the Danske Bank Group will still work

under the Basel I capital adequacy rules. As

already mentioned, the Group has applied to the

Danish FSA for approval to use the advanced

internal ratings-based method according to the

Capital Requirements Directive (CRD) to calcu-

late the capital requirement for its credit risk

with effect from January 1, 2008. The effect of

the new requirements will be gradually incorpo-

rated into the Group’s capital management prac-

tices during 2008 and 2009 and will be fully

incorporated as of January 1, 2010.

The CRD entails new rules for the calculation

of risk-weighted assets (Pillar I) and new require-

ments (Pillar II) for financial institutions’ inter-

nal processes for assessing future capital require-

ments, ICAAP (Internal Capital Adequacy

Assessment Process). Finally, the CRD contains

a number of requirements for publication of the

financial institutions’ risk profile, processes and

methods for risk management and the like (Pillar

III). The capital requirements still depend on the

capital base, the calculation of which is almost

unchanged.

In the course of 2006, the Bank established its

future internal process for assessment of future

capital requirements (ICAAP). In December 2006,

the Board of Directors approved the Group’s first

ICAAP report. The report shows the following

risk-weighted assets:

Until now, the Bank’s work on the internal rat-

ings-based method was based on five-to-seven-

year time horizons to determine long-term aver-

ages for estimating the risk parameters included

in the calculation of the Pillar I requirements,

whereas the risk of rarer cyclical situations was

covered by using relevant stress scenarios under

Pillar II. The risk parameters used for estimating

Pillar I requirements are based on observations

from a relatively positive business cycle.

The table above shows that, other things being

equal, the minimum capital requirement calcu-

lated according to risk-weighted assets in Pillar I

will be reduced by about 50% on full implemen-

tation of the new CRD. It is not possible to con-

clude from these figures that the Group can

reduce its capital charge by the same percentage

because ICAAP will identify an additional capi-

tal requirement: a Pillar II capital requirement.

The ICAAP report confirms that the Group can

expect a somewhat lower overall capital require-

ment after the implementation of the CRD. The

lower risk-weighted assets under Pillar I result

Capital management

RISK-WEIGHTED ASSETS

CALCULATED AT SEPT. 30, 2006 Current

(DKr bn) Pillar I rules

Risk-weighted assets 540 1,053

Minimum capital requirement (8%) 43 84


mainly from the fact that the current rules have

overestimated the capital requirement on the

Group’s credit exposure, particularly on loans

secured on real property.

The Group conducts a number of stress tests

during ICAAP to ensure that its capital will also

be adequate under unfavourable economic con-

ditions. During the tests, the Group's risk port-

folio is exposed to more severe stress conditions

than the conditions experienced during the eco-

nomic downturn at the beginning of the 1990s.

The increase in the capital charge resulting from

these stress tests is part of the Pillar II capital

requirement. See below for more information

on the Group's stress tests.

In 2006, Danske Bank held detailed discussions

with the rating agencies about its approach to the

CRD. The discussions comprised a thorough

review and documentation of the Group’s choice

of models, data base and parameter estimation

as well as the stress-testing process, including

stress scenarios and stress test results for earnings,

risk-weighted assets and capital level. The model

and parameter estimation were also reviewed by

an external consulting firm to ensure that the

Group complies with best practice in this area.

It is still too early to accurately calculate the cap-

ital relief that Danske Bank will enjoy as a result

of the new capital adequacy rules. The reduction

in the capital requirement will depend on the

specific implementation of the CRD and continu-

ing discussions with regulators and rating agencies.

As part of the adjustment of the Group’s capital

structure, Danske Bank will enter into credit

default swaps on the basis of a portfolio of mort-

gage loans that will reduce the Group’s risk-

weighted assets calculated under the current

rules by DKr110bn. The swaps will take effect in

the first quarter of 2007 and may be terminated

in 2009-2010 when the Directive is fully imple-

mented and the effect of the swaps is reduced.

Capital targets

In November 2006, the Danske Bank Group

adjusted its overall capital targets:

• solvency ratio of 9.0-10.0%

(unchanged)

• core (tier 1) capital ratio (excluding

hybrid core capital) of 5.5-6.0%

(previously 6.0-6.5%)

• hybrid core capital of 1.0-1.5%

(previously 0.5-1.0%)

• payout ratio of 30-50% (unchanged)

The adjustments were published when Danske

Bank announced its purchase of Sampo Bank.

The changes should be viewed in light of the

Capital management

CHANGE IN CORE (TIER 1) CAPITAL RATIO

2000 2001 2002 2003 2004 2005 20062

6

8%

4

Core (tier 1) capital, excl. hybrid core capital

Target

Effect of share issue to fund acquisition of Sampo Bank


large share of loans and advances for which

security has been provided, the coming imple-

mentation of the new Capital Requirements

Directive and the greater geographical diversi-

fication resulting from the acquisition of Sampo

Bank.

For 2007, the Group expects to pay out 40% of

the net profit for the year, which is at the same

level as for 2006.

The Group’s policy is to buy back shares with

any excess capital that is not expected to be used

for growth or dividends. Owing to its business

growth and the acquisition of Sampo Bank,

the Group does not expect to buy back shares

in 2007.

Visit Danske Bank’s Web site

www.danskebank.com/ircrd for more information

about the Group’s capital management policy,

the CRD rules and the Bank’s risk management

practices.

Ratings

The Danske Bank Group’s risk profile is regularly

assessed by three international rating agencies:

Standard & Poor’s, Moody’s and Fitch Ratings.

The external ratings are important for the Group’s

funding costs. In connection with the acquisition

of Sampo Bank in November 2006, the three

rating agencies affirmed their various ratings of

the Danske Bank Group.

Actual and expected losses

Actual losses fell sharply from 2002 to 2006,

from 0.26% of total loans, advances and guaran-

tees in 2002 to 0.5% in 2006, in part because of

the greater geographical diversification of the

loan portfolio and in part because of the

favourable macroeconomic conditions on the

Group’s core markets.

The average annual loss Danske Bank expects to

suffer over a business cycle amounts to 14 basis

points. The Group’s substantial portfolio of mort-

gage loans is a key reason for the fairly low level

of expected losses. Another reason is the greater

geographical diversification of the Group. The

strong growth of banking operations in Sweden,

Norway, Northern Ireland and the Republic of

Ireland lifted income generated by non-Danish

units from 27% of total income in 2005 to 29%

in 2006.

RATINGS Standard & Poor’s Moody’s Fitch

Danske BankShort-term A-1+ P-1 F1+Long-term AA- Aa1 AA-Outlook Stable Stable Stable

Realkredit Danmark bonds* AAA Aaa --Outlook Stable Stable --

Danica PensionLong-term/Insurer financial strength AA- -- --Outlook Stable -- --

*The ratings of Standard & Poor’s and Moody’s apply to 95% of all bonds issued by Realkredit Danmark.


Transition to ROAC

The Group has developed its current risk-based

return target RAROC (Risk-Adjusted Return on

Economic Capital) into a new target called ROAC

(Return on Allocated Capital), which is based on

allocated capital and includes concentration and

diversification risk. Since 1999, RAROC has been

a cornerstone of the Group’s capital and financial

management. Like RAROC, ROAC is a risk-adjusted

return that has expected average annual losses

over a business cycle as one of its parameters.

After a transition period for the implementation

of the CRD, which ends in 2010, Danske Bank’s

profit assessment and management will be based

on ROAC and changes in overall value creation.

Stress tests

Economic capital is calibrated according to the

Bank’s models at a confidence level of 99.97%.

The purpose of stress testing is to evaluate the

impact of possible unfavourable events on the

Danske Bank Group’s earnings and solvency.

As a supplement to the calculation of economic

capital, stress tests indicate how the Bank's capi-

tal base would be affected in scenarios in which

the estimated risk parameters are not complied

with.

In recent years, the Bank has applied stress test-

ing as an internal method and process, and the

Bank’s approach to stress testing will continue

to develop. The Bank has conducted introductory

and general discussions with the Danish FSA on

how stress testing can be included in the future

assessment of the Group’s capital level. The

Bank has benchmarked its methods and process-

es to those of several international banks that

have made considerable progress in this area and

Capital management

PROVISIONS AND CREDIT LOSS EXPENSES

2001 2002 2003 2004 2005 2006 0

0.4

0.8

1,2

1.6

0.1

0.2

0.3

0

-0.1

% %

The allowance account, excluding correspondent banks, as a percentage of loans, advances and guaranteesCredit loss expenses as a percentage of loans, advances and guarantees

Figures for 2001-2003 are based on the accounting standards in force at that time.

RISK-BASED RETURN TARGETS ROE RAROC ROAC

Framework Regulatory Internal InternalTime horizon Point-in-time 1 year 3-5 yearsConfidence level NA 99.97% 99.97%Concentration risk No No YesMigration risk No No YesOperational risk No Standard StandardMarket risk Advanced Advanced AdvancedCredit risk Standardised Internal IRB APerformance capital All capital Risk capital All capital


has adapted its approach to the recommendations

of the UK FSA.

Stress testing is an analytical process. The key

factors of this process are described in greater

detail in the following paragraphs. For the time

being, the Bank does not take management inter-

vention and intra-risk diversification into

account when conducting stress tests.

Stress test calculations are based on one or more

macroeconomic scenarios. The Group currently

applies eight scenarios:

• Severe recession, which is estimated to occur

once during a period of 25 years

• Mild recession, which is estimated to occur

once during a period of seven years

• Rising interest rates, which lead to falling

property prices

• Fall in the US dollar

• Increases in commodity prices

• Deflation

• Liquidity crisis at the Danske Bank Group

owing to the default of a large customer

• General liquidity crisis in the banking sector

Each scenario covers a three-to-five-year period,

and for each year the Bank assesses the estimat-

ed impact of various economic shocks on macro-

economic key indicators.

The scenarios cover both earnings and risk. The

Bank has developed translation models to esti-

mate the effect on the Group’s risk parameters in

each year of each scenario. Loss trends are

assessed using a regression analysis which

includes industry-specific loss frequencies since

1991. In addition to using its own base of histori-

cal data, the Group bases its calculations on the

OECD’s Interlink model, which describes how

external shocks, such as a hike in oil prices,

affect the entire economy. The correlation

between the economic cycle and customers'

drawings on credit facilities with the Bank,

which affect the balance sheet, is also assessed.

After the stressed parameters have been identi-

fied, the Group’s current risk portfolio is used to

estimate the effect on the individual accounting

items of the income statement, including credit

loss expenses. The calculations include, among

others, the effect of the fall in the value of collat-

eral which will occur in most unfavourable sce-

narios. The individual stress effects are calculat-

ed for each of the years of the three-to-five-year

horizon in the individual scenarios. This allows

the Group to assess how its total earnings are

affected over the period in question, as the

largest effect rarely shows in the first year.

Finally, the Group calculates the effects on the

risk-weighted assets (according to the forthcom-


ing CRD) and the Bank’s internal risk statement

(economic capital). Risk-weighted assets will

typically rise rather sharply in an unfavourable

scenario. The Group will thus be able to assess

changes in solvency (according to the future rules).

The effect in the individual scenarios is calcu-

lated for all relevant risk types, so that it is pos-

sible to assess the effect on all parts of the

Group’s exposure.

The scenarios and their relevance to the Danske

Bank Group are assessed at least once a year on

the basis of an analysis of the risks that are most

important in the current economic situation. The

analysis is submitted to the All Risk Committee

for approval of the scenarios as the platform for

subsequent stress testing. Stress test conclusions

and the impact of scenarios on expected losses

and capital requirements are subsequently sub-

mitted to the Board of Directors.

Capital management


Business areas

Fokus Bank

Danske Bank Sweden

Sampo Bank

Danske Bank Poland

Danske Bank Hamburg

Danske BankBG Bank

Danica PensionRealkredit Danmark

Northern Bank

National Irish Bank

Danske Bank London

Danske Bank International

The pre-tax profit of the Group's banking activi-

ties rose 8% on the 2005 figure. Banking activi-

ties accounted for 59% of the Group’s pre-tax

profit in 2006, against 57% in 2005.

The results of the individual business areas

are described in the following pages.

PROFIT BEFORE TAX (DKr m) 2006 2005 Index 06/05 Share (%) 2006 Share (%) 2005

Banking Activities Danske Bank 5,772 5,767 100 31 33

Banking Activities BG Bank 1,992 1,782 112 11 10

Banking Activities Sweden 1,013 809 125 5 5

Banking Activities Norway 885 579 153 5 3

Banking Activities Northern Ireland -104 23 - -1 -

Banking Activities Ireland 26 -106 - - -1

Banking Activities England, USA and other units - 528 - - 3

Other Banking Activities 1,308 713 183 7 4

Total Banking Activities 10,892 10,095 108 59 57

Mortgage Finance 2,710 2,755 98 15 16

Danske Markets 3,639 3,719 98 20 21

Danske Capital 560 509 110 3 3

Danica Pension 1,355 1,647 82 7 9

Other areas -659 -1,119 - -4 -6

Total Group 18,497 17,606 105 100 100


The Danske Bank Group is the market leader

in the Danish financial sector. It is the second-

largest bank in the Nordic region in terms of

market capitalisation and the largest in terms

of total assets.

In Norway, Sweden and the Republic of Ireland,

the Group is a market challenger and has

expanded its business volume and market shares

of both lending and deposits since 2005.

Banking Activities

Banking Act iv it ies

BANKING No. of eBanking

ACTIVITIES No. of customers customers

Staff Branches Finance Centres (thousands) (thousands)

2006 2005 2006 2005 2006 2005 2006 2005 2006 2005

Danske Bank 4,227 4,266 286 291 9 9 1,600 1,600 655 579

BG Bank 1,875 1,898 172 174 2 2 800 800 291 253

Sweden 1,135 1,105 59 58 4 4 194 192 106 71

Norway 1,323 1,161 61 70 5 5 237 257 106 73

Northern Ireland 1,862 1,943 95 95 4 4 429 417 58 25

Ireland 698 715 59 59 - - 184 170 28 13

Other 598 672 - - - - - - - -

Total 11,718 11,760 732 747 24 24 3,444 3,436 1,244 1,014

BANKING Population GDP growth Lending Market share Deposits Market share

ACTIVITIES (million) (%) (DKr bn) (%) (DKr bn) (%)

2006 2006 2006 2005 2006 2005 2006 2005 2006 2005

Danske Bank 5.4 3.7 239 198 22 22 236 216 24 25

BG Bank 5.4 3.7 75 64 7 7 79 75 8 8

Sweden 9.0 3.2 138 114 6 4 50 37 5 4

Norway 4.6 3.7 105 87 6 5 47 39 4 4

Northern Ireland 1.7 2.6* 58 40 - - 61 41 - -

Ireland 4.1 5.3 51 34 4 3 21 22 3 3

Other - - 63 - - - 15 - - -

Total - - 731 537 - - 510 430 - -

* The UKMarket share information is based on data reported to local central banks.


The pre-tax profit of Banking Activities DanskeBank remained at the level recorded in 2005.Profit before credit loss expenses climbed 15%.

The market in 2006

In 2006, as in 2005, the economic climate inDenmark was favourable and generated consider-able demand for financial products and services.Interest rates rose throughout the year, but lend-ing margins remained under pressure because ofpersistently keen competition. Trading volumeon the securities markets was substantial in the

first quarter of the year, but returned to morenormal levels in the remainder of the year.

The bank’s market share at end-2006 was un-changed from the level at the end of 2005.

Income

Net interest income advanced 13% toDKr6,997m. The higher net interest incomeresulted partly from continued growth in lending,which more than offset the compression of lend-ing margins, and partly from an interest rate-driven

Banking Activities Danske Bank

Banking Activities Danske Bank encompasses the banking activities of the Danske Bank division in Denmark. Danske Bankcaters to all types of retail and corporate customers. Danske Bank’s finance centres serve large corporate and privatebanking customers. Banking Activities Danske Bank has nine regions with 286 branches, nine finance centres and nearly4,300 employees.

BANKING ACTIVITIES DANSKE BANK (DKr m) 2006 2005 Index

Net interest income 6,997 6,184 113

Net fee income 3,489 3,319 105

Net trading income 497 455 109

Other income 6 15 40

Total income 10,989 9,973 110

Operating expenses 5,443 5,168 105

Profit before credit loss expenses 5,546 4,805 115

Credit loss expenses -226 -962 -

Profit before tax 5,772 5,767 100

Loans and advances, end of year 238,631 197,674 121

Deposits, incl. pooled deposits, end of year 236,439 216,219 109

Risk-weighted items (avg.) 217,030 186,653 116

Allocated capital (avg.) 14,107 12,132 116

Profit before tax as % of allocated capital 40.9 47.5

Cost/income ratio, % 49.5 51.8


widening of deposit margins. Home financingproducts secured on real property and increasedlending to corporate customers accounted formost of the growth in lending.

Net fee income rose 5% in 2006, mainly becauseof heavy trading volume on the securities marketsin the first quarter; equity trading in particulargenerated good results. Danske Bank was alsothe lead manager of a number of issues, andthese contributed significantly to the rise in netfee income.

Operating expenses

The 5% increase in operating expenses reflectedcosts relating to enhancement of the bank’s ITsystems and growth in activity-based expenses.The rise in income led to an improvement of thecost/income ratio to 49.5%.


Banking Activities Danske Bank recorded a netpositive entry for credit loss expenses of DKr226m,against a net positive entry of DKr962m in 2005.The trend was attributable to a persistentlyfavourable economic climate and the high creditquality of the loan portfolio.

Lending

Total lending rose 21% on the level recorded atend-2005. Lending to retail customers was up17%, primarily because of satisfactory sales ofhome financing products. Generally strongerdemand for credit facilities among corporate cus-tomers lifted lending to this segment by 23%.

Deposits

Deposits rose 9% on the 2005 figure. Retail cus-tomer deposits were up 6%, while corporate cus-tomer deposits rose 14%.

Local initiatives

In 2006, Danske Bank continued its strategy ofbranding itself as a nation-wide bank with strongcommunity commitment. Through Danske Initia-tive Funds, the bank provided more than DKr4min sponsorship funding for local initiatives with-in knowledge, culture and sports. The bank alsobrought local talent into focus, awarding 160grants to students going abroad to study.

Market outlook for 2007

The healthy economic climate in Denmark is expected to continue in 2007, although withgrowth rates lower than in 2006. The bank istherefore likely to maintain a high level of activi-ty despite persistently fierce competition.

Danske Bank Group has decided to gather theactivities of BG Bank and Danske Bank Denmarkin a single banking division with the nameDanske Bank.

After the merger with BG Bank, Danske Bank’s2.2 million customers will be able to access thebank at 4 branches, about 1,000 ATMs andpost offices throughout the country. Customerscan also take advantage of personal telephoneservice and eBanking facilities 24 hours a day,365 days a year.

PROFIT BEFORE CREDIT LOSS EXPENSES (DKr m)

01 02 03 04 01 02 03 04

2005

2006

1,000

500

250

0

1,500

750

1,250

31


The pre-tax profit of BG Bank rose 12% to

DKr1,992m, against DKr1,782m in 2005. Profit

before credit loss expenses rose 17%.

The market in 2006

In 2006, as in 2005, the economic climate in

Denmark was favourable and generated consider-

able demand for financial products and services.

Interest rates rose throughout the year, but lend-

ing margins remained under pressure because of

the keen competition. Trading volume on the

securities markets was substantial in the first

quarter of the year, but returned to more normal

levels in the remainder of the year.

The bank’s market share at end-2006 was un-

changed from the level at the end of 2005.

Income

Net interest income rose 11% on the figure re-

corded in 2005. The higher net interest income

resulted partly from continued growth in lend-

Banking Activities BG Bank

Banking Activities BG Bank encompasses the banking activities of the BG Bank division in Denmark. BG Bank caters to alltypes of retail customers and most types of corporate customers through its branch network. BG Bank also serves a numberof agricultural customers at special agricultural centres. Banking Activities BG Bank has seven regions with 172 branches,two investment desks and nearly 1,900 employees. With effect from April 10, 2007, the BG Bank division will form part ofthe Danske Bank division.

BANKING ACTIVITIES BG BANK (DKr m) 2006 2005 Index


Net fee income 1,324 1,306 101



Total income 4,481 4,151 108



Credit loss expenses 63 -23 -



Deposits, incl. pooled deposits, end of year 78,724 74,607 106






ing, which more than offset the compression of

lending margins, and partly from an interest

rate-driven widening of deposit margins. The

narrower lending margins reflected an increasing

percentage of loans secured on real property and

fierce competition.

Net fee income was up 1%, mainly because of

considerable trading volume on the securities

markets in the first quarter of 2006. BG Bank’s

investment desks also achieved substantial earn-

ings on currency trading and investment services.

Refinancing fees were lower, however, because

of the decrease in refinancing activity.

Operating expenses

Operating expenses rose 1% on the figure for 2005.

The rise was due to costs relating to enhancement

of BG Bank's IT systems. An increase in income

led to an improvement of the cost/income ratio

to 54.1%, down from 57.6% in 2005.


Credit loss expenses amounted to DKr63m, against

a net positive entry of DKr23m in 2005. The loss

was attributable to a few individual facilities.

Lending

Total lending rose 18% on the level recorded

for 2005. Lending to retail customers grew 17%.

This growth came primarily from healthy sales

of the home financing product Bolig Plus.

A general increase in demand for credit facilities

among corporate customers lifted lending to this

segment by 19%.

Deposits

Deposits rose 6% on the 2005 figure. Retail cus-

tomer deposits were up 3%, while corporate cus-

tomer deposits rose 13%.

Retail investing

In October 2006, BG Bank launched two new

offers to retail customers investing in securities:

To self-service customers, BG Bank now offers its

eBanking product BG Investering Online, and for

customers who invest with the assistance of an

adviser, a new and more simplified brokerage

structure has been set up.

Merger of BG Bank and Danske Bank

Danske Bank Group has decided to gather the

activities of BG Bank and Danske Bank Denmark

in a single banking division with the name

Danske Bank.

The change will mean that 60 branch offices of

BG Bank and Danske Bank will merge into 30

branches during the spring. These are branches

that are located very close to each other. Cus-

tomers will continue to be served by the advisers

they know because the advisers will move to the

continuing branch.

The change will take effect on April 10, 2007,

when all building facades and printed matter

from the Bank will bear the Danske Bank name.


01 02 03 04 01 02 03 04

2005

2006

400

200

100

0

600

300

500


The pre-tax profit of Banking Activities Sweden

rose 25% to DKr1,013m, against DKr809m in

2005. In local currency, the increase was 24%.

Profit before credit loss expenses was up 40%.

The market in 2006

In 2006, as in 2005, the economic climate in

Sweden was favourable and generated consider-

able demand for financial products and services.

The market was highly competitive in 2006, and

lending margins remained under pressure

despite the gradual rise in interest rates during

the year.

The market share of Banking Activities Sweden

improved in 2006 to 5.6% for lending and 4.3%

for deposits, against 5.3% and 3.9%, respectively,

in 2005.

Banking Activities Sweden

Banking Activities Sweden encompasses the banking activities of Östgöta Enskilda Bank and Provinsbankerne in Sweden,which serve all types of retail and corporate customers. Banking Activities Sweden has four regions with 59 branches, fourfinance centres and nearly 1,150 employees. Real-estate agency business is carried out primarily through the 70 offices ofSkandia Mäklarna.

BANKING ACTIVITIES SWEDEN (DKr m) 2006 2005 Index


Net fee income 614 485 127



Total income 2,544 2,032 125


Profit before credit loss expenses 1,084 775 140

Credit loss expenses 71 -34 -

Profit before tax 1,013 809 125

Profit before tax in local currency (SKr) 1,253 1,012 124


Deposits, end of year 50,062 37,329 134






Income

Net interest income increased 23% over the 2005

figure as a result of high lending growth – which

more than compensated for the narrower lending

margins – and a small, interest rate-driven

widening of deposit margins. In addition to

fierce competition, the narrowing of lending

margins was due to a higher proportion of home

financing products and increased lending to cor-

porate customers.

Net fee income rose 27% owing to the larger busi-

ness volume and extensive securities trading.

Operating expenses

Operating expenses rose 16%, reflecting the higher

level of activity, including the expansion of the

branch network in 2005 and 2006 as well as a

rise in the number of employees.


Credit loss expenses amounted to DKr71m,

against a net positive entry of DKr34m in 2005.

Lending

Banking Activities Sweden continued to expand

its lending business in 2006. In local currency,

lending to retail customers rose 21%, while

lending to corporate customers increased 15%.

The growth in corporate lending came primarily

from large and medium-sized businesses,

whereas sales of home financing products lifted

lending to retail customers considerably. Business

with the Skandia Mäklarna estate-agency chain

contributed to a higher number of home financing

loans.

Deposits

In local currency, deposits rose 29% on the figure

recorded at the end of 2005. Retail customer

deposits were up 25%, while corporate customer

deposits grew 31%.

Awards

Banking Activities Sweden received several

awards in 2006. For example, Danske Bank

Sweden was named business bank of the year by

Finansbarometern, one of Sweden’s largest inde-

pendent surveys of the Swedish banking, finance

and insurance market. The survey showed that

Danske Bank’s business model based on commu-

nity involvement and excellent staff qualifica-

tions was of decisive importance to Banking

Activities Sweden’s success.


Banking Activities Sweden expects to achieve

continued growth in 2007 provided that the eco-

nomic climate in Sweden remains favourable.

Economic growth is expected to be marginally

lower than in 2006, however. The expansion of

the Swedish branch network in recent years, the

organisational adjustments and the acquisition of

real-estate agency chains are expected to make

the Group's Swedish banking operations well

prepared for further profitable growth.


01 02 03 04 01 02 03 04

2005

2006

400

200

100

0

300


The pre-tax profit of Banking Activities Norwayrose DKr306m from the level recorded a year agoto DKr885m, an increase of 53%. In local curren-cy, the increase was also 53%. Profit before cred-it loss expenses climbed 69%.

The market in 2006

Banking Activities Norway saw strong marketgrowth again in 2006, reflecting the positive inter-national economic trends and high economicactivity in Norway. The year was characterised byrising interest rates, but lending margins remainedunder pressure because of the fierce competition.

The market share of Banking Activities Norwayimproved in 2006 to 5.6% for lending and 4.4%for deposits, against 5.3% and 4.1%, respectively,in 2005.

Income

Net interest income rose 22% on the figurerecorded in 2005. The rise was due to a largervolume of business with both existing customersand the many new customers acquired in recentyears. This trend more than offset the effect of on-going competition on interest margins. A small,interest rate-driven increase in deposit marginsalso contributed to the rise in net interest income.

Banking Activities Norway

Banking Activities Norway encompasses primarily the banking activities of Fokus Bank in Norway. Fokus Bank serves alltypes of retail and corporate customers. Banking Activities Norway has five regions with 61 branches, five finance centresand around 1,300 employees. Real-estate agency business is carried out primarily through the 40 offices of Krogsveen.

BANKING ACTIVITIES NORWAY (DKr m) 2006 2005 Index





Total income 2,406 1,837 131


Profit before credit loss expenses 854 506 169


Profit before tax 885 579 153

Profit before tax in local currency (NKr) 954 622 153








Net fee income was up 10%, reflecting the largerbusiness volume.

Other income was up DKr199m to DKr312m, main-ly because of the recognition of income generatedby Fokus Krogsveen for the full year 2006, againstonly the second half-year in 2005. With effectfrom August 1, 2006, Fokus Krogsveen took overthe estate-agency chain Nylander. This acquisi-tion also contributed to the rise in other income.

Operating expenses

Operating expenses were up 17%, primarilybecause of the recognition of expenses at FokusKrogsveen for the full year and the acquisition of Nylander. The recruitment of more employeesto serve customers and the reinforcement ofcentralised advisory expertise to serve corporatecustomers contributed to the 5% increase inexpenses (excluding expenses incurred by FokusKrogsveen and Nylander) over the level a year ago.


Banking Activities Norway recorded a net posi-tive entry for credit loss expenses of DKr31m,against a net positive entry of DKr73m in 2005.The low level of losses was attributable to thefavourable economic climate in Norway and thehigh credit quality of the loan portfolio.

Lending

In local currency, lending to retail customers in-creased 8% and lending to corporate customersrose 42% over the level at end-2005. The rise inthe business volume of Banking Activities Norwaycame from both new and existing customers.

Deposits

In local currency, deposits rose 23% on the 2005figure. Retail customer deposits were up 5%,while corporate customer deposits rose 31%.

Focus on customers and advisers

In 2006, Banking Activities Norway focused onretail and corporate customers with healthyfinances and a need for a wide range of bankingservices. For staff, Banking Activities Norwayfocused on recruiting highly qualified and spe-cialised advisers, and the bank is developing, forexample, an extensive certification programmefor retail customer advisers. Corporate advisersbenefited from a comprehensive competencydevelopment programme.

In December 2006, Fokus Bank entered into anagreement with Sparebanken Vest on the sale ofFokus Bank’s branches in Sogn og Fjordane coun-ty in western Norway. The proceeds from the salewill be recognised in the first half of 2007. Thesale was a natural consequence of Fokus Bank'sstrategy of establishing and expanding its businessin larger towns. At the end of 2006, Fokus Bankwas represented in 18 of the 20 largest towns inNorway.


The healthy economic climate in Norway is ex-pected to continue in 2007. Economic growth isexpected to be marginally lower than in 2006,however. The development of the Norwegianbranch network in recent years, the organisationaladjustments and the acquisition of real-estateagency chains are expected to make the Group'sNorwegian banking operations well prepared forfurther profitable growth.


01 02 03 04 01 02 03 04

2005

2006

200

100

0

300


The pre-tax result of Banking Activities Northern

Ireland in 2006 was a loss of DKr104m, against a

profit of DKr23m for the months of March to

December 2005. Excluding integration expenses

and amortisation of intangible assets, the pre-tax

profit amounted to DKr800m, against DKr746m

in 2005.

The market in 2006

In 2006, Northern Ireland continued to enjoy

good economic growth that generated strong

demand for credit facilities among both retail

and corporate customers. Intensive competitive

pressure resulted in a further narrowing of lend-

ing margins, although it was more than offset by

the growth in both lending and deposits.

Banking Activities Northern Ireland

Banking Activities Northern Ireland encompasses the banking activities of Northern Bank, which serves both retail andcorporate customers. Banking Activities Northern Ireland has four regions with 95 branches, four finance centres andaround 1,900 employees.

BANKING ACTIVITIES NORTHERN IRELAND (DKr m) 2006 2005 Index

Net interest income 1,702 1,317 -Net fee income 485 464 -Net trading income 87 9 -Other income 19 20 -

Total income 2,293 1,810 -Amortisation of intangible assets 459 374 -Integration expenses 445 349 -Other operating expenses 1,449 1,028 -

Operating expenses 2,353 1,751 -

Profit before credit loss expenses -60 59 -Credit loss expenses 44 36 -

Profit before tax -104 23 -

Profit before tax in local currency (£) -9 2 -

Loans and advances, end of year 58,442 40,497 144Deposits, end of year 60,969 40,501 151Risk-weighted items (avg.) 38,474 35,337 109Allocated capital (avg.) 2,501 2,297 109

Profit before tax as % of allocated capital -4.2 1.2Cost/income ratio, % 102.6 96.7Operating expenses, excl. integration expenses, as % of income 83.2 77.5

2005 comprises the months March to December.


Northern Bank’s market share of retail banking was

20%, and its share of corporate banking was 31%.

Income

In line with expectations, income rose to

DKr2,293m, with growth driven by solid perform-

ances in both lending and deposits. Net interest

income increased to DKr1,702m and reflected

the strong growth of deposits and lending as well

as a small, interest rate-driven widening of deposit

margins.

Operating expenses

Operating expenses increased to DKr2,353m,

partly as a result of higher integration and mar-

keting expenses. Amortisation of intangible

assets accounted for DKr459m and integration

expenses for DKr445m of total operating expenses.

The increase in other operating expenses was

due to overtime payments and rebranding costs

relating to integration. Operating expenses for

2006 also reflected the transition to the Danske

Bank IT platform.


Credit loss expenses amounted to DKr44m for

2006, against DKr36m in 2005. The level of losses

reflected the strong economic growth and the

persistently high credit quality of the loan port-

folio with accordingly low impairment charges.

Lending

At the end of 2006, lending amounted to DKr58bn,

an increase of DKr18bn, of which DKr13bn related

to a new method of recognising loans and advances

under which loans and advances are no longer

netted against deposits held by the same cus-

tomers. Adjusted for this effect, total lending

increased 12%.

Deposits

Deposits totalled DKr61bn at the end of 2006.

Adjusted for the new method of recognising

loans and advances, total deposits grew 18%.

Customer packages

The introduction of new products after Northern

Bank’s migration to the Danske Bank IT platform

generated solid sales of banking packages. Package

sales exceeded expectations, and new customers

accounted for around 30% of sales. Northern

Bank’s product range and price structure are now

highly competitive and support its aim to be cus-

tomers’ first choice in the Northern Ireland market.


The rate of economic growth in Northern Ireland

is expected to be high again in 2007. The

rebranding of Northern Bank and the successful

migration during Easter 2006 have created a

strong business trend that, together with market-

ing campaigns and competitive products and

prices, forms the basis for a promising outlook

for 2007.


01 02 03 04 01 02 03 04

2005

2006

0

-100

-200

100


The pre-tax profit of Banking Activities Ireland

amounted to DKr26m in 2006, against a loss of

DKr106m for the months March to December

2005. Excluding integration expenses and amor-

tisation of intangible assets, the pre-tax profit

amounted to DKr287m, against DKr183m in 2005.

The market in 2006

The Republic of Ireland continued to enjoy solid

economic growth that generated strong demand

for credit facilities among retail and corporate

customers. Strong competition put further pres-

sure on lending margins, but its effect was more

Banking Activities Ireland

Banking Activities Ireland encompasses the banking activities of National Irish Bank, which serves both retail and corporatecustomers. Banking Activities Ireland has five regions with 59 branches and around 700 employees.

BANKING ACTIVITIES IRELAND (DKr m) 2006 2005 Index

Net interest income 918 621 -

Net fee income 133 111 -

Net trading income 61 6 -

Other income 6 15 -

Total income 1,118 753 -

Amortisation of intangible assets 102 85 -

Integration expenses 159 204 -

Other operating expenses 834 566 -

Operating expenses 1,095 855 -

Profit before credit loss expenses 23 -102 -

Credit loss expenses -3 4 -

Profit before tax 26 -106 -

Profit before tax in local currency (¤) 4 -14 -





Profit before tax as % of allocated capital 1.1 -8.2


Operating expenses, excl. integration expenses, as % of income 83.7 86.5

2005 comprises the months March to December.


than offset by the growth in both lending and

deposits. National Irish Bank lifted its market

share of lending from 3% at the end of 2005 to

4% at the end of 2006.

Income

Income rose to DKr1,118m, which was in line

with expectations. The rise in net interest

income reflected strong growth in lending and

deposits as well as a small, interest rate-driven

widening of deposit margins.

Operating expenses

Operating expenses rose to DKr1,095m and re-

flected expenses for rebranding and activity-

based costs deriving from the strong growth in

the business volume.


Banking Activities Ireland recorded a net positive

entry of DKr3m for credit loss expenses, reflecting

the positive economic climate and the consistently

high credit quality of the loan portfolio.

Lending

Lending amounted to DKr51bn at the end of 2006.

Measured in local currency, retail lending grew

52%, while lending to corporate customers was

up 50%.

Deposits

Deposits totalled DKr21bn at the end of 2006,

around the same level as in 2005. However, as

deposits from large businesses were transferred

to Danske Markets as a result of the conversion

at Easter 2006, deposits actually rose about

DKr6bn.

Migration and new branches

In April 2006, National Irish Bank successfully

completed its migration to the Danske Bank IT

platform. The bank received a number of awards

for its work on this project.

The growth strategy for banking activities in the

Republic of Ireland includes the opening of a num-

ber of new branches over the next three years.


The rate of economic growth is expected to slow

down marginally in the Republic of Ireland in

2007, although growth is still likely to signifi-

cantly outperform average European growth.

Lending growth at National Irish Bank is expected

to exceed market growth again in 2007.


01 02 03 04 01 02 03 04

2005

2006

0

-100

-50

50

100


Other Banking Activities

Other Banking Activities comprises the activities of Nordania and the activities of Danske Bank International S.A.,Luxembourg, Hamburg Branch, Poland Branch and Helsinki Branch.

OTHER BANKING ACTIVITIES (DKr m) 2006 2005 Index

Net interest income 807 755 107



Other income 1,432 1,288 111

Total income 2,625 2,364 111


Profit before credit loss expenses 1,054 932 113

Credit loss expenses -254 219 -

Profit before tax 1,308 713 183







PROFIT BEFORE TAX (DKr m) 2006 2005 Index

Nordania 421 395 107

Other non-Danish banking activities 887 318 279

Other Banking Activities 1,308 713 183


The pre-tax profit of Other Banking Activities

amounted to DKr1,308m, against DKr713m

in 2005. Profit before credit loss expenses was

up 13%.

Nordania

Profit before credit loss expenses at Nordania

rose 8% relative to 2005. Net interest income at

Nordania was 7% lower than in 2005. The

decline was due mainly to narrower lending

margins resulting from keener competition. An

increase in operating leases produced a rise in

other income at Nordania relative to the result

achieved in 2005.

Other non-Danish banking activities

Profit before credit loss expenses of other non-

Danish banking activities rose 17%. All of these

units contributed to the improvement, which

resulted from a positive business trend.

Operating expenses

The operating expenses of Other Banking Activi-

ties rose 10% on the figure recorded in 2005.

The rise was attributable primarily to higher

costs deriving from an increase in activity-based

costs, enhancement of IT systems and the con-

version of Danske Bank’s operations in Poland

into a branch.


Credit loss expenses at Nordania amounted to

DKr7m, against DKr4m in 2005.

Other non-Danish banking activities recorded

a net positive entry of DKr261m for credit loss

expenses, against an expense of DKr215m in

2005. The 2005 result suffered from a few indi-

vidual impairment charges that were partially

reversed in the third quarter of 2006. The posi-

tive trend in 2006 was also attributable to a

favourable economic climate and the high credit

quality of the loan portfolio.

Other Banking Act iv it ies


The pre-tax profit fell 2% to DKr2,710m in 2006,

against DKr2,755m the year before. Profit before

credit loss expenses was down 1%.

The market in 2006

In 2006, the Danish mortgage credit market

returned to a lower and more normal level after

a long period of refinancing waves and many

product launches. Total gross lending on the

market fell DKr469bn, or 37%, relative to the

figure recorded a year earlier.

This fall should be seen in light of a general rise

in interest rates that, as expected, led to a cessa-

tion of significant interest rate-driven refinancing

activity.

The lower level of activity in the mortgage credit

market was due not only to the rise in interest

rates, but also to a decline in property sales.

Prices of owner-occupied housing continued to

soar, but in the second half of the year, a slow-

down set in. Moreover, turnover in the housing

Mortgage Finance

Mortgage Finance encompasses the Danske Bank Group’s mortgage finance and real-estate agency business in Denmark. The division markets its financing solutions through Realkredit Danmark, Danske Bank, BG Bank and “home”. Real-estateagency business is carried out through “home”, which has 199 offices throughout the country.

MORTGAGE FINANCE (DKr m) 2006 2005 Index


Net fee income -234 83 -



Total income 3,781 3,879 97





Mortgage loans, end of year 602,584 569,092 106






market was substantially lower in 2006 than the

year before, in particular in the market for owner-

occupied flats and holiday homes.

Income

The 6% increase in net interest income reflected

a rise in administration margins due to a larger

loan portfolio.

Net fee income declined DKr317m to a negative

DKr234m as a result of the decline in refinancing

activity and larger payments to Danske Bank and

BG Bank for loans arranged through them.

Operating expenses

Operating expenses fell 5%. The cost/income

ratio improved marginally due to the fall in

costs.


Credit loss expenses amounted to a net positive

entry of DKr105m, against a net positive entry of

DKr118m in 2005. The credit quality of the loan

portfolio remained good, with the average loan-

to-value ratio at 53% at end-2006, against 58% at

end-2005.

Lending

In 2006, mortgage loans measured at fair value

rose DKr33bn to DKr603bn. The outstanding

nominal bond debt increased DKr46bn to

DKr609bn. Gross lending amounted to DKr145bn

in 2006, against DKr224bn the year before. The

table provides a breakdown of lending.

Further development of local strategy

In 2006, Realkredit Danmark continued to devel-

op its local strategy of playing a more active role

in the local community. In September, Realkredit

Danmark launched its Smart Square Metres

sponsorship initiative, awarding grants to

schools and companies that give special priority

to “physical and functional settings that inspire

learning, co-operation and new ideas”.


The level of activity in the Danish mortgage

credit market in 2007 is expected to remain

largely unchanged from the level in 2006. The

volume of interest rate-driven refinancing is

expected to be relatively modest because of a

slight rise in interest rates in 2007.

KEY FIGURES 2006 2005

Private Corporate Total Private Corporate Total

Loan portfolio, nom., end of year (DKr bn) 378 231 609 348 215 563

Share, % 62 38 100 62 38 100

Share of interest-only loans, % 39 9 28 33 5 22

Market share, gross lending, % 29.9 29.3 29.7 30.5 27.6 29.5

Market share, portfolio, end of year, % 33.7 31.3 32.8 34.6 31.6 33.4


01 02 03 04 01 02 03 04

2005

2006

800

400

200

0

600


The pre-tax profit of Danske Markets fell 2% to

DKr3,639m, against DKr3,719m in 2005. Exclud-

ing profits from the sale of HandelsFinans in the

fourth quarter of 2005, the pre-tax result was up

a satisfactory 11%.

The market in 2006

The year 2006 was generally characterised by

central banks’ raising key money market rates.

Rates were lifted gradually, however, and over

the year as a whole, long-term interest rates rose

only moderately.

Danske Markets

Danske Markets is responsible for the Group’s activities in the financial markets. Trading activities include trading in fixed-income products, foreign exchange, equities and interest-bearing securities, providing the largest corporate customers andinstitutional clients with financial products and advisory services on mergers and acquisitions, and assisting customers inconnection with their issue of equity and debt on the international financial markets. Proprietary trading encompasses theBank’s short-term investments. The investment portfolio covers the Bank’s strategic fixed-income, foreign exchange, andequity portfolios. Institutional banking includes facilities with international financial institutions outside the Nordic region.Institutional facilities with Nordic financial institutions form part of the Group’s banking activities.

DANSKE MARKETS (DKr m) 2006 2005 Index

Total income 5,535 5,491 101Operating expenses 1,950 1,779 110

Profit before credit loss expenses 3,585 3,712 97Credit loss expenses -54 -7 -


Loans and advances, end of year 38,718 32,807 118Risk-weighted items (avg.) 114,329 99,424 115Allocated capital (avg.) 7,431 6,463 115

Profit before tax as % of allocated capital 49.0 57.5Cost/income ratio, % 35.2 32.4

TOTAL INCOME (DKr m) 2006 2005 Index

Trading activities 3,502 3,068 114Proprietary trading 390 378 103Investment portfolio 1,159 1,589 73Institutional banking 484 456 106

Total Danske Markets 5,535 5,491 101


A number of financial markets were fairly volatile,

with a quite fast rise in long-term bond yields

during the spring that led to a sharp – if short-

lived – correction in the Nordic equity markets.

Overall, the equity markets performed well in

2006, and the Nordic markets all gained in the

course of the year.

In the foreign exchange market, the US dollar

weakened considerably, while the Swedish krona

was one of the best-performing currencies.

Danske Markets’ activities

The satisfactory trend in Danske Markets’ activi-

ties in the Nordic region continued, and the

Group consolidated its position in these markets.

As a result of the rise in volatility in both the

fixed-income and the equity markets, Danske

Markets experienced stronger demand for instru-

ments to hedge risk. Demand for Danish as well

as international equities also grew.

Income

Income from trading activities amounted to

DKr3,502m, up 14% on the income recorded

in 2005. Corporate Finance took part in a large

number of mergers, acquisitions and capital mar-

ket transactions again in 2006, and Acquisition

& Leveraged Finance took part in and arranged

a number of major debt-financed transactions.

Income from proprietary trading rose 3% on the

2005 level.

Income from the investment portfolio was lower

in 2006 than in 2005 as the 2005 figure benefited

from extraordinary income items, such as the

sale of HandelsFinans and of shares in compa-

nies providing the financial infrastructure in

Denmark and shares in property companies.

In 2006, the investment portfolio benefited from

exposure to emerging markets equities and its

good positioning for the rise in interest rates in

the spring.

Income from institutional banking remained

satisfactory.

Operating expenses

Operating expenses rose 10% to DKr1,950m in

2006, mainly because of an increase in activity,

including a rise in performance-based compensa-

tion and IT costs.


The high level of activity at Danske Markets is

expected to continue in 2007. The gradual tight-

ening of monetary policy in Europe and else-

where in the world may, however, cause the

markets to be volatile again in 2007. Against this

background, Danske Markets does not expect

volume growth in the mortgage credit and secur-

ities markets to continue at the pace recorded

in 2006.


01 02 03 04 01 02 03 04

2005

2006

800

400

200

0

1,200

600

1,000


The pre-tax profit of Danske Capital rose 10%

to DKr560m, against DKr509m in 2005.

The market in 2006

The Nordic units of Danske Capital maintained

their position in the market for asset management

in 2006. The units in Finland, Sweden, Norway

and Luxembourg expanded their business segments,

while the Danish unit focused on investment

solutions for retail and institutional customers.

Danske Capital’s market share of unit trust busi-

ness targeting Danish retail customers was 33%

of total assets at December 31, 2006, against 35%

a year earlier.

Sales totalled DKr7.4bn in 2006, of which

DKr3.5bn derived from Danske Capital units out-

side Denmark and DKr3.9bn from units in Den-

mark.

Income

Income was up 15% to DKr1,026m, owing most-

ly to product development and the increase in

activities outside Denmark. In 2006, Danske Cap-

ital earned performance fees of DKr95m, against

DKr97m the year before. Income at non-Danish

units was 31% higher than in 2005, and the rise

was broadly based. Non-Danish units accounted

for 25% of income in 2006, against 24% in 2005.

Danske Capital

Danske Capital is responsible for developing wealth management services to the retail banks and manages the funds of retailcustomers and institutional investors and the funds of Danica Pension, Danske Fund, Puljeinvest (pooled investment) andFlexinvest. The division also provides advisory services to Danske Invest and BG Invest. Through Danske Bank Internationalin Luxembourg, Danske Capital provides wealth management services to clients outside the Group’s home markets. DanskeCapital is also responsible for developing asset management products sold through the retail banks and directly to companies,institutional investors and external distributors.

DANSKE CAPITAL (DKr m) 2006 2005 Index

Total income 1,026 893 115

Operating expenses 466 384 121

Profit before tax 560 509 110

Risk-weighted items (avg.) 544 149 365

Allocated capital (avg.) 35 10 365


Assets under management (DKr bn) 491 468 105


Operating expenses

The rise in costs was 21%, owing primarily to

an inflow of staff and an increase in activities at

non-Danish units.

Investment performance

Danske Capital’s investment performance in 2006

was satisfactory, with above-benchmark returns

in a number of key areas. In equities, Danske

Capital strengthened its position with Nordic,

European and eastern European equities deliver-

ing good returns. Most bond products delivered

returns above the benchmark, and credit bonds

significantly outperformed the benchmark.

Danske Capital also achieved satisfactory returns

on bond- and equity-based hedge funds.

For a number of years, Danske Capital has

generated satisfactory investment results, owing

primarily to increased focus on the Group’s

principal markets combined with outsourcing

of products related to remote markets.

In 2006, Danske Capital also launched a number

of investment products – most recently Flexin-

vest Fri, under which Danske Capital carries out

the day-to-day management of liquid customer

funds, a solution similar to the Flexinvest pension

savings scheme. Sales of Flexinvest Fri totalled

DKr2.7bn in 2006.

Stronger wealth management

As of January 1, 2007, Danske Capital is respon-

sible for developing and providing wealth man-

agement services to all other areas in the Group.

Wealth management helps affluent customers

optimise their overall financial solution.

With the gathering of the Group's wealth man-

agement expertise at Danske Capital, the Group

seeks to meet the increasing demand for such

services.


Danske Capital expects to continue the positive

trend in its business in 2007. With the integra-

tion of Sampo Bank Asset Management, the unit

will further strengthen its international platform.

ASSETS UNDER MANAGEMENT (DKr bn) Share (%)

2006 2005 2006 2005

Equities 154 114 31 24

Private equity 11 9 2 2

Bonds 315 337 64 72Cash 11 8 2 2

Total 491 468 100 100

BREAKDOWN ON INVESTORS (DKr bn) Share (%)

2006 2005 2006 2005

Life insurance 191 181 39 39

Unit trusts - retail 139 140 28 30

Pooled schemes 54 45 11 10

Institutions, incl. unit trusts 107 102 22 22

Total 491 468 100 100

PROFIT BEFORE TAX (DKr m)

2005

2006

200

100

0

300

01 02 03 04 01 02 03 04


Danica Pension saw a sound business trend in

2006 with a rise in gross premiums, including

payments under investment contracts, of 8% to

DKr18.2bn.

Total premiums for the market-based products

Danica Balance and Danica Link rose by 87% to

DKr6.0bn, against DKr3.2bn in 2005. One effect

of this increase was that premiums for Danica

Traditionel declined by DKr0.7bn. In 2006, mar-

ket-based products accounted for 49% of new

contracts. At the end of 2006, some 72,000 cus-

tomers had opted for the market-based products.

The presentation of Danica Pension’s results has

been changed from the 2005 presentation to

match the future profit policy, according to

which the risk allowance consists exclusively of

Danske Bank’s share of technical provisions and

does not include the health and accident result.

Market position in 2006

In 2006, Danica Pension strengthened its position

as the leading supplier of life and pension prod-

ucts on the Danish market, partly as a result of

declining costs and enhanced efficiency.

Danica Pension

Danica Pension encompasses all the Danske Bank Group’s activities in the life insurance and pensions market. Marketedunder the name of Danica Pension, the unit targets both personal and corporate customers. Products are marketed througha range of distribution channels within the Group, primarily Banking Activities’ outlets and Danica Pension’s insurance brokersand advisers.

DANICA PENSION (DKr m) 2006 2005 Index

Share of technical provisions, etc. 1,037 1,127 92

Unit-linked business -53 -25 -

Health and accident business -101 -486 -

Return on investments 772 783 99

Financing result -300 -193 -

Postponed risk allowance - 441 -

Net income from insurance business 1,355 1,647 82

Premiums, insurance contracts 16,232 15,293 106

Premiums, investment contracts 2,014 1,655 122

Technical provisions (avg.) 176,757 167,406 106


Net income as % of allocated capital 18.5 19.6


The decline in the level of expenses allowed

Danica Pension to reduce its prices for Danica

Traditionel, Danica Balance and Danica Link in

2006.

Activities outside Denmark

Danica Pension’s business in Sweden recorded a

growth rate of 22%, and premium income stood

at DKr1.6bn, against DKr1.3bn in 2005.

In Norway, the business volume was at the

same level as in 2005, with premium income

of DKr0.5bn.

Earnings

Net income from insurance business fell 18%

to DKr1,355m in 2006.

Excluding the booking of postponed risk allowance

of DKr441m in 2005, earnings rose by 12%.

Increased position taking in equities helped

maintain the high level of the investment return.

The raising of additional subordinated debt

reduced allocated capital and thereby the financ-

ing result. Moreover, the fall in net income from

insurance business was attributable to the change

in profit policy in 2006 that reduced the risk

allowance.

The health and accident result remained unsatis-

factory, although better than in 2005, when

Danica Pension had to strengthen provisions.

For more information about Danica Pension’s

profit policy and consolidation in the accounts

of the Danske Bank Group, visit

www.danskebank.com/ir.

Investment return

Danica Traditionel posted a return on investments

of customer funds of 2.9% in 2006, against

12.6% in 2005. Given the market conditions and

the chosen risk profile, the return was satisfacto-

ry. In 2006, Danica Pension increased the portion

of customer funds invested in equities to 23%.

As equities provided a return of 15% in 2006,

this contributed to a rise in the total return.

The return on property holdings was 19.5%.

Danica Traditionel customers received interest

on their savings at a rate of 4.5%.

Danica Balance customers with a 75% equity

allocation and a medium risk profile saw a

return of 10.5% in 2006. The majority of Danica

Link customers have chosen Danica Valg, the

Danica-managed investment pool, with a medium

risk profile, and they achieved a return of 5.3%,

against 21.7% in 2005.

The collective bonus potential rose by DKr2.6bn

to DKr13.9bn at the end of 2006 because increas-

ing interest rates reduced provisions by 3.6%.

A 30% fall in equity prices would have reduced

the collective bonus potential by DKr11.2bn and

shareholders’ equity by DKr0.9bn. An increase in

interest rates of 1.0 percentage point would have

reduced the collective bonus potential by DKr1.2bn

and shareholders’ equity by DKr0.1bn.

CUSTOMER FUNDS – DANICA TRADITIONEL

Share (%) Return (%)

Holdings and returns 2006 2005 2006 2005

Real property 9 8 19.5 11.6

Bonds, etc. 68 76 -2.1 11.1

Equities 23 16 15.0 24.8

Total 100 100 2.9 12.6


Given the change in the collective bonus poten-

tial in 2006 and the forecasts for future returns,

Danica Pension fixed the rate of interest on poli-

cyholders’ savings at 4.5%. Danica Pension

intends to apply this rate throughout 2007.

Subordinated loan capital

In October 2006, Danica Pension issued subordi-

nated loan capital in an amount of €0.4bn. Part

of it was used to repay existing loans worth

DKr2bn and part will be used for continuing

expansion. The subordinated loan capital was

rated A+ by Standard & Poor’s.

Openness and transparency

In 2006, the issue of transparency at life insur-

ance companies received increased attention.

Danica Pension contributed to the debate by

focusing on clearly exhibiting its cost and risk

results on conventional products. Furthermore,

Danica Pension is the only company in the sec-

tor that has published processing times on its

Web site in recent years. In 2006, Danica Pension

decided to compensate customers if processing

times exceeded the targets.


The growth in premiums is expected to continue

in 2007. The investment result is not expected to

remain at the same high level in 2007 as in 2006,

and the financing result will be adversely affected

by the raising of subordinated loan capital.


The pre-tax result of Other areas was affected by

an increase in the cost of capital as a result of

the acquisition of Northern Bank and National

Irish Bank.

The higher profit from Others was attributable to

the following factors: the closing of the Group’s

Norwegian pension fund, which resulted in

a DKr0.2bn reduction of operating expenses;

proceeds from the sale of properties, including

Realkredit Danmark’s former head office build-

ing, of DKr0.1bn; and a reduction of severance

payments of DKr0.1bn.

Other areas

Other areas

Other areas encompasses the Group’s real property activities, unallocated cost of capital and expenses for Group supportfunctions. Moreover, the area covers the elimination of returns on own shares.

OTHER AREAS (DKr m) 2006 2005

Net interest income -902 -845

Net fee income -209 -32

Net trading income -249 -306

Other income 693 593

Total income -667 -590

Operating expenses -7 529

Profit before credit loss expenses -660 -1,119

Credit loss expenses -1 -

Profit before tax -659 -1,119

PROFIT BEFORE TAX (DKr m) 2006 2005

Cost of capital -956 -796

Own shares -240 -320

Others 537 -3

Total Other areas -659 -1,119


The Board of Directors and the Executive Board (the management) have today reviewed and approved the AnnualReport of Danske Bank A/S for the financial year 2006.

The consolidated accounts have been prepared in accordance with the International Financial Reporting Standards(IFRS) as adopted by the EU, and the annual accounts of the Parent Company have been prepared in accordancewith the Danish Financial Business Act. Furthermore, the Annual Report has been prepared in accordance withadditional Danish disclosure requirements for annual reports of listed financial institutions.

In our opinion, the Annual Report gives a true and fair view of the Group’s and the Parent Company’s assets, liabili-ties and financial position at December 31, 2006, and of the results of the Group’s and the Parent Company’s opera-tions and consolidated cash flows for the financial year starting on January 1 and ending on December 31, 2006.

The management will submit the Annual Report to the general meeting for approval.

Copenhagen, January 31, 2007

Executive Board

Peter Straarup Jakob BrogaardChairman Deputy Chairman

Tonny Thierry Andersen Sven Lystbæk Per SkovhusSenior Executive Vice President Senior Executive Vice President Senior Executive Vice President

Board of Directors

Alf Duch-Pedersen Jørgen Nue Møller Eivind KoldingChairman Vice Chairman Vice Chairman

Henning Christophersen Peter Højland Niels Chr. Nielsen

Sten Scheibye Majken Schultz Claus Vastrup

Birgit Aagaard-Svendsen Helle Brøndum Charlotte Hoffmann

Per Alling Toubro Verner Usbeck Solveig Ørteby

Statement by the management


Internal Audit’s report

We have audited the accompanying Annual Report of Danske Bank A/S for the financial year 2006, which com-prises the management’s report, the statement by the management, accounting policies, income statement, balancesheet, capital, cash flow statement and notes. The consolidated financial statements have been prepared in ac-cordance with the International Financial Reporting Standards as adopted by the EU, and the financial statementsof the Parent Company have been prepared in accordance with the Danish Financial Business Act. Furthermore,the Annual Report has been prepared in accordance with additional Danish disclosure requirements for annualreports of financial institutions listed on the Copenhagen Stock Exchange.

Auditor’s responsibilityWe conducted our audit in accordance with the executive order of the Danish Financial Supervisory Authority onauditing financial enterprises and financial groups and in accordance with Danish auditing standards. These stan-dards require that we plan and perform the audit to obtain reasonable assurance that the Annual Report is freefrom material misstatement. In addition, the audit was conducted in accordance with the division of duties agreedwith the external auditors, according to which the external auditors to the widest possible extent base their auditon the work performed by the internal auditors.

We planned and conducted our audit such that we have, during the year, assessed the business and internal con-trol procedures, including the risk management implemented by the management aimed at the Group’s and theParent Company’s reporting processes and major business risks.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theAnnual Report. The procedures selected depend on the auditor’s judgment, including the assessment of the risksof material misstatement of the Annual Report, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the preparation and fair presentation of the Annual Report inorder to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management,as well as evaluating the overall presentation of the Annual Report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Our audit did not result in any qualification.

OpinionIn our opinion, the business procedures and internal control procedures, including the risk management imple-mented by the management, aimed at the Group’s and the Parent Company’s reporting processes and major busi-ness risks work satisfactorily.

Furthermore, we believe that the Annual Report gives a true and fair view of the Group's and the Parent Com-pany's assets, liabilities and financial position at December 31, 2006, and of the results of the Group's and theParent Company's operations and the Group’s cash flows for the year in accordance with International FinancialReporting Standards as adopted by the EU in respect of the consolidated financial statements, in accordance withthe Danish Financial Business Act in respect of the Parent Company’s financial statements and in accordance withadditional Danish disclosure requirements for annual reports of listed financial institutions.


Jens Peter Thomassen Erik FosgrauGroup Chief Auditor Deputy Group Chief Auditor

Audit reports

Audit reports


Independent auditors’ report

To the shareholders of Danske Bank A/S

We have audited the accompanying Annual Report of Danske Bank A/S for the financial year 2006, which com-prises the management’s report, the statement by the management, accounting policies, income statement, balancesheet, capital, cash flow statement and notes. The consolidated financial statements have been prepared in ac-cordance with the International Financial Reporting Standards as adopted by the EU, and the financial statementsof the Parent Company have been prepared in accordance with the Danish Financial Business Act. Furthermore,the Annual Report has been prepared in accordance with additional Danish disclosure requirements for annualreports of financial institutions listed on the Copenhagen Stock Exchange.

Management’s responsibility for the Annual ReportManagement is responsible for preparing and presenting an Annual Report that gives a true and fair view in accor-dance with the International Financial Reporting Standards as adopted by the EU in respect of the consolidatedfinancial statements and in accordance with the Danish Financial Business Act in respect of the Parent Company’sfinancial statements and in accordance with additional Danish disclosure requirements for annual reports of listedfinancial institutions. This responsibility includes: designing, implementing and maintaining internal control rele-vant to the preparation and fair presentation of an Annual Report that is free from material misstatement, whetherdue to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimatesthat are reasonable in the circumstances.

Auditor’s responsibilityOur responsibility is to express an opinion on the Annual Report based on our audit. We conducted our audit inaccordance with Danish auditing standards. Those standards require that we plan and perform the audit to obtainreasonable assurance that the Annual Report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theAnnual Report. The procedures selected depend on the auditor’s judgment, including the assessment of the risksof material misstatement of the Annual Report, whether due to fraud or error. In making those risk assessments,the auditor considers internal controls relevant to the preparation and fair presentation of the Annual Report inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, as well as evaluatingthe overall presentation of the Annual Report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Our audit did not result in any qualification.

OpinionIn our opinion, the Annual Report gives a true and fair view of the Group's and the Parent Company's assets,liabilities and financial position at December 31, 2006, and of the results of the Group's and the Parent Company'soperations and the Group’s cash flows for the year in accordance with International Financial Reporting Standardsas adopted by the EU in respect of the consolidated financial statements, in accordance with the Danish FinancialBusiness Act in respect of the Parent Company’s financial statements and in accordance with additional Danishdisclosure requirements for annual reports of listed financial institutions.


KPMG C. Jespersen Grant ThorntonStatsautoriseret Revisionsinteressentskab Statsautoriseret Revisionsaktieselskab

Per Gunslev Arne Sivertsen Svend Ørjan Jensen Erik Stener JørgensenState Authorised Public Accountants State Authorised Public Accountants


62 ACCOUNTING POLICIES

78 INCOME STATEMENT

79 BALANCE SHEET

80 CAPITAL

83 CASH FLOW STATEMENT

84 NOTES

84 1 Business segmentation

88 2 Net interest and net trading income

89 3 Fee income

89 4 Fee expenses

89 5 Other income

89 6 Net premiums

89 7 Net insurance benefits

90 8 Staff costs & administrative expenses

97 9 Audit fees

97 10 Amortisation and depreciation

97 11 Credit loss expenses

97 12 Total tax charge for the year

98 13 Cash in hand, etc.

98 14 Due from credit inst./central banks

98 15 Trading portfolio

101 16 Financial investment securities

101 17 Assets held for sale

101 18 Bank loans and advances

101 19 Mortgage loans, etc.

102 20 Pooled schemes/unit-linked contracts

102 21 Assets under insurance contracts

105 22 Holdings in associated undertakings

106 23 Intangible assets

107 24 Investment property

108 25 Tangible assets

109 26 Other assets

109 27 Due to credit inst./central banks

109 28 Deposits

109 29 Liabilities under insurance contracts

109 30 Deferred tax

110 31 Other liabilities

111 32 Subordinated debt

112 33 Pension plans

114 34 Contingent liabilities

115 35 Assets deposited as security

115 36 Leasing

116 37 Acquisition of subsidiary undertakings

118 38 Related parties

119 39 Fair value of financial instruments

120 Group holdings and undertakings

121 Definitions of key financial ratios

122 Risk management

122 Risk exposure

123 Credit risk

130 Market risk

132 Liquidity risk

134 Life insurance risk

135 Pension risk

136 Events after the balance sheet date

137 ANNUAL ACCOUNTS OF THE PARENT

COMPANY, DANSKE BANK A/S

Accounts – Danske Bank Group


General

The Danske Bank Group presents its consolidated

accounts in accordance with the International Financial

Reporting Standards (IFRS) issued by the International

Accounting Standards Board (IASB) and approved by

the EU and with relevant interpretations issued by the

International Financial Reporting Interpretation Com-

mittee (IFRIC). Furthermore, the consolidated accounts

comply with the requirements for annual reports for-

mulated by the Copenhagen Stock Exchange and the

Danish FSA.

The Group has opted for early adoption of IFRS 7

“Financial Instruments: Disclosures” (August 2005).

Adjustment of accounting policies

The Group has not changed its accounting policies from

those followed in the Annual Report for 2005 except in

the instances mentioned below.

With effect from January 1, 2006, the Group has adjusted

its policies for the recognition of provisions for unit-

linked insurance contracts to comply with the new

rules issued by the Danish FSA that complete the

framework laid down by IFRS 4. Under the earlier

accounting policies, the present value of the future

administrative result was recognised at the establish-

ment of a contract. Under the new rules, provisions

must, as a minimum, equal the surrender value of a

contract. Comparative figures have been restated.

This adjustment reduced net income from insurance

business by DKr277m and tax by DKr78m in 2006. The

effects on the comparative figures for 2005 were reduc-

tions of DKr183m and DKr46m, respectively. The account-

ing policies effective as of January 1, 2006, led to a

decline in the value of other assets of DKr57m, a rise

in liabilities under insurance contracts of DKr494m,

a decrease in deferred tax liabilities of DKr130m and

a lowering of shareholders’ equity of DKr421m.

Adjustment of presentation

The disclosure of net income from insurance business

has been adjusted with effect from January 1, 2006,

to provide a coherent presentation. The adjustment

of technical provisions relating to changes in interest

rates and the addition to policyholders’ savings of

returns on assets under insurance contracts and the

tax payable on such returns are now recognised as net

trading income instead of net insurance benefits. Con-

sequently, net insurance benefits comprise only trans-

actions with policyholders, whereas net trading income

includes both the value adjustment of assets under

insurance contracts and the return added to policy-

holders’ savings. Comparative figures have been restated.

This adjustment led to an increase in net trading

income and net insurance benefits of DKr2,615m

(2005: DKr12,975m). The reduction did not affect the

net profit for the year or shareholders’ equity.

Accounting estimates and assessments

The preparation of the consolidated accounts is based

on a number of significant estimates and assessments

made by the Board of Directors and the Executive

Board (the management) of future events that will

affect the carrying amounts of assets and liabilities.

The amounts most influenced by vital estimates and

assessments made by the management are:

• the fair value of financial instruments

• impairment charges for loans and advances

• impairment charges for goodwill

• the value of liabilities under insurance contracts

• the value of defined benefit plans

The estimates and assessments made by the manage-

ment are based on assumptions that the management

finds reasonable but which are inherently uncertain

and unpredictable. Assumptions may be incomplete or

inaccurate, and unexpected future events or situations

Accounting policies


may occur. Therefore, such estimates and assumptions

are difficult to make and will always entail uncertainty,

even under stable macroeconomic conditions, when

they involve transactions with customers and other

counterparties.

Consolidation

Subsidiary undertakings

The consolidated accounts comprise Danske Bank A/S

and subsidiary undertakings in which the Group has

control over financial and operating policy decisions.

Control is said to exist if Danske Bank A/S, directly or

indirectly, holds more than half of the voting rights in

an undertaking or otherwise has power to control man-

agement and operating policy decisions, provided that

most of the return on the undertaking accrues to the

Group and that the Group assumes most of the risk.

The consolidated accounts are prepared by consolidat-

ing items of the same nature and eliminating intra-group

transactions, accounts, and trading profit and losses.

Undertakings acquired are included in the accounts

at the time of acquisition. Divested undertakings are

included in the accounts until the transfer date.

The net assets of such undertakings, i.e. assets, includ-

ing identifiable intangible assets, less liabilities and

contingent liabilities, are included in the accounts at

their fair value on the date of acquisition using the

purchase method.

If the cost of acquisition, including direct transaction

costs, exceeds the fair value of the net assets of the

undertaking acquired, the excess amount is recognised

as goodwill. Goodwill is recognised using the func-

tional currency of the undertaking acquired. If the fair

value of the net assets exceeds cost (negative goodwill),

the excess amount is posted as income in the income

statement at the time of acquisition.

Associated undertakings

Associated undertakings are businesses, other than

subsidiary undertakings, in which the Group has hold-

ings and significant influence but not control. The

Group generally classifies undertakings as associated

undertakings if Danske Bank A/S, directly or indirectly,

holds 20-50% of the voting rights.

Holdings are recognised at cost at the time of acquisi-

tion and are subsequently valued using the equity

method with the addition of goodwill on acquisition.

The proportionate share of the net profit or loss of the

individual undertaking is included under Income from

associated undertakings based on data from accounts

with balance sheet dates not earlier than three months

before the balance sheet date of the Group.

The proportionate share of the profit and loss on trans-

actions between associated undertakings and sub-

sidiary undertakings of the Danske Bank Group is elim-

inated.

Segment reporting

The accounts break down information by business seg-

ment, the primary segment reporting format of the

Group, and by geographical segment, the secondary

segment reporting format of the Group. Segment disclo-

sure complies with the accounting policies of the

Group.

Intra-segment transactions are settled at market prices.

Expenses incurred centrally, including expenses

incurred by support, administrative and back-office

functions, are charged to the business segments in

accordance with their estimated proportionate share of

overall activities or at market prices, if available.

Account ing policies


Segment assets and liabilities are those assets and lia-

bilities that are used to maintain the operating activi-

ties of a segment or have come into existence as a

result of such activities and that are either directly

attributable to or may reasonably be allocated to a

segment. A calculated share of shareholders’ equity is

allocated to each segment. Other assets and liabilities

are recognised in the Others segment.

Offsetting

Amounts due to and from the Group are offset when

the Group has a legally enforceable right to set off

a recognised amount and intends either to settle on

a net basis or to realise the asset and settle the liability

simultaneously.

Translation of transactions in foreign currencies

The presentation currency of the consolidated accounts

is Danish kroner. The functional currency of each of

the Group’s units is the currency of the country in

which the unit is domiciled, as most income and

expenses are recognised in the currency of that country.

Transactions in foreign currency are translated at the

exchange rate of the functional currency at the transac-

tion date. Gains and losses on exchange rate differ-

ences arising between the transaction date and the set-

tlement date are recognised in the income statement.

Monetary assets and liabilities in foreign currencies are

translated at the exchange rates prevailing at the bal-

ance sheet date. Exchange rate adjustments of mone-

tary assets and liabilities arising as a result of differ-

ences in the exchange rates applying at the transaction

date and at the balance sheet date are recognised in the

income statement.

Non-monetary assets and liabilities in foreign curren-

cies that are subsequently revalued at fair value are

translated at the exchange rates applying at the date of

revaluation. Exchange rate adjustments are included in

the revaluation of the fair value of an asset or liability.

Other non-monetary items in foreign currency are

translated at the exchange rates applying at the date of

transaction.

Translation – foreign units

Assets and liabilities of foreign units are translated into

Danish kroner at the exchange rates applying at the

balance sheet date. Income and expenses are translated

at the exchange rates applying at the date of transaction.

Exchange rate gains and losses arising at the translation

of net investments in foreign units are recognised

directly in shareholders’ equity. Net investments

include the net assets and goodwill of the units as well

as investments in foreign units in the form of subordi-

nated loan capital. Exchange rate adjustments of finan-

cial liabilities to hedge net investments in foreign units

are also recognised directly in shareholders’ equity.

Financial instruments – general

Purchases and sales of financial instruments are mea-

sured at their fair value at the settlement date, which is

usually the same as the transaction price. Before the

settlement date, changes in the value of financial

instruments are recognised.

Classification

At the time of recognition, financial assets are divided

into the following four categories:

• trading portfolio measured at fair value

• loans and advances measured at amortised cost

• held-to-maturity investments measured at amortised

cost

• financial assets designated at fair value with value

adjustment through profit and loss


At the time of recognition, financial liabilities are

divided into the following three categories:

• trading portfolio measured at fair value

• financial liabilities designated at fair value with

value adjustment through profit and loss

• other financial liabilities measured at amortised cost

Fair value option – Financial assets and liabilities

designated at fair value through profit and loss

Mortgage lending and issued mortgage bonds

Mortgage loans granted under Danish mortgage finance

law are funded by issuing listed mortgage bonds on

identical terms. Borrowers may repay such mortgage

loans by delivering the underlying bonds.

The Group buys and sells own mortgage bonds on an

ongoing basis because such securities play an impor-

tant role in the Danish financial market. If mortgage

loans and issued mortgage bonds were valued at amor-

tised cost, the purchase and sale of own mortgage

bonds would mean that timing differences in profit

and loss recognition would occur: The purchase price

of the mortgage bond portfolio would not equal the

amortised cost of the issued bonds. Moreover, elimina-

tion would result in recognition of an arbitrary effect

on profit and loss, which would require an excessive

amount of resources to calculate. If the Group subse-

quently decided to sell its holding of own mortgage

bonds, the new amortised cost of this “new issue”

would not equal the amortised cost of the matching

mortgage loans, and the difference would be amortised

over the remaining term to maturity.

Consequently, the Group has chosen to recognise both

mortgage loans and issued mortgage bonds at fair value

in accordance with the option offered by IAS 39 to

ensure that neither profit nor loss will occur on the

purchase of own mortgage bonds.

The fair value of issued mortgage bonds will usually

equal the market value. However, a small number of

the issued bonds are illiquid, and the fair value of

these bonds is calculated on the basis of a discounted

cash flow valuation model.

The fair value of mortgage loans is based on the fair

value of the underlying mortgage bonds adjusted for

the credit risk on borrowers. The fair value adjustment

of mortgage loans largely equals the fair value adjust-

ment of the mortgage bonds issued.

The fair value adjustment of mortgage loans and issued

mortgage bonds is carried under Net trading income

except for the part of the adjustment that concerns the

credit risk on mortgage loans, which is carried under

Credit loss expenses.

Other financial assets designated at fair value

but not included in the trading portfolio

Other financial assets include securities that are not

classified as trading portfolio assets, loans and advances

(including mortgage loans) or held-to-maturity invest-

ments. These securities do not form part of the trading

portfolio because no recent pattern of short-term profit-

taking exists. As the assets are managed on a fair value

basis, the fair value option is applied to ensure uni-

form accounting treatment of these assets and assets in

the trading portfolio. Realised and unrealised capital

gains and losses and dividends are carried in the

income statement under Net trading income.

These financial assets are recognised on the balance

sheet under Financial investment securities and Assets

under insurance contracts.

Hedge accounting

The Group uses derivatives to hedge the interest rate

risk on fixed-rate assets and fixed-rate liabilities car-

ried at amortised cost except for held-to-maturity



investments. Hedged risks that meet specific criteria

qualify for fair value hedge accounting and are treated

accordingly. The interest rate risk on the hedged assets

and liabilities is recognised at fair value as value

adjustments of the hedged items.

If the hedge criteria cease to be met, the accumulated

value adjustments of the hedged items are amortised

over the term to maturity.

Insurance activities – general

The Group's insurance activities comprise conven-

tional life insurance, unit-linked insurance and

personal injury insurance.

The computation of the Group’s net income from con-

ventional life insurance business complies with the

executive order on the contribution principle issued by

the Danish FSA. The financial result of Danica Pension,

the parent company of the life insurance group, is cal-

culated, in accordance with the profit policy, on the

basis of the return on a separate pool of assets equal to

shareholders’ equity and a risk allowance determined

by the technical provisions and by the result of the

company’s health and accident business. If the realised

result of Danica Pension for a given period is insuf-

ficient to allow the booking of the risk allowance, the

amount will be booked in later periods when a suf-

ficient result is realised.

The pool of assets equal to shareholders’ equity is con-

solidated with the other assets of the Group.

Life insurance policies are divided into insurance and

investment contracts. Insurance contracts are contracts

that entail significant insurance risk or entitle policy-

holders to bonuses. Investment contracts are contracts

that entail insignificant insurance risk and comprise

unit-linked contracts under which the investment risk

lies with the policyholder.

Insurance contracts

Insurance contracts comprise both an investment ele-

ment and an insurance element, which are recognised

jointly.

Technical provisions for insurance contracts are carried

at their fair value under Liabilities under insurance

contracts.

Assets earmarked for insurance contracts are rec-

ognised as Assets under insurance contracts if most of

the return on the assets accrues to the policyholders.

The assets are valued in accordance with the Group’s

accounting policies for similar types of asset. This

means that most of the assets are measured at fair value.

Contributions made under insurance contracts are car-

ried under Net premiums, whereas benefit expenses

are recognised as Net insurance benefits. The return on

earmarked assets is allocated to the relevant items in

the income statement. The return is credited to the pol-

icyholders under Net trading income.

Investment contracts

Investment contracts are recognised as financial liabili-

ties, and consequently, contributions/benefits under

investment contracts are recorded directly on the bal-

ance sheet as adjustments of liabilities. Contributions

are carried at the value of the savings on the balance

sheet under Deposits under pooled schemes and unit-

linked investment contracts.

Savings under unit-linked investment contracts are

recognised at fair value under Assets under pooled

schemes and unit-linked investment contracts. The

return on assets and the crediting of amounts to

account holders are recorded under Net trading

income.


BALANCE SHEET

Due from credit institutions and central banks

Amounts due from credit institutions and central banks

include amounts due from other credit institutions and

time deposits with central banks. Reverse transactions,

i.e. purchases of securities from credit institutions and

central banks to be resold at a later date, are recognised

as amounts due from credit institutions and central

banks.

Amounts due from credit institutions and central

banks are measured as described under Bank loans

and advances.

Trading portfolio (assets and liabilities)

The trading portfolio includes financial assets acquired

and liabilities undertaken by the Group which it

intends to sell or repurchase in the short term. More-

over, the trading portfolio consists of financial assets

and liabilities managed collectively for which a pattern

of short-term profit-taking exists. All derivatives,

including separate embedded derivatives, form part of

the trading portfolio.

Assets in the trading portfolio include the equities,

bonds, loans and advances, and derivatives with posi-

tive fair value held by the Group’s trading departments.

Liabilities in the trading portfolio include derivatives

with negative fair value and obligations to deliver

securities.

At first-time recognition, the trading portfolio is mea-

sured at fair value, excluding transaction costs. Subse-

quently, the portfolio is measured at fair value with

value adjustments through profit and loss.

Fair value

The fair value of financial assets and liabilities is mea-

sured on the basis of quoted market prices of financial

instruments traded in active markets. If an active

market exists, value measurement is based on the last

known market price on the balance sheet date.

If an active market does not exist, the fair value of stan-

dard and simple financial instruments, such as interest

rate and currency swaps and unlisted or illiquid

bonds, is measured using generally accepted valuation

techniques. Market-based parameters are used to mea-

sure fair value. The fair value of more complex finan-

cial instruments, such as swaptions, interest rate caps

and floors, and other OTC products, is measured on

the basis of internal models, many of which are based

on valuation techniques and methods generally

accepted within the industry.

The results of calculations made on the basis of valua-

tion models are often estimates, because exact values

cannot be determined on the basis of market obser-

vations. Consequently, other parameters, such as

liquidity and counterparty risk, are sometimes added

to measure fair value.

Financial investment securities

Financial investment securities consist of held-to-

maturity investments and other financial assets that

are valued as trading portfolio assets under the fair

value option.

Held-to-maturity investments

Held-to-maturity investments cover certain bonds with

a quoted price in an active market held for the purpose

of generating a profit until maturity. Bonds without a

quoted price in an active market held for the purpose

of generating a profit until maturity are carried under

Bank loans and advances. Held-to-maturity investments

are measured at amortised cost.



Assets and liabilities held for sale

Assets held for sale consist of tangible assets, except

investment property and lease assets which, according

to a publicly announced plan, are expected to be sold

within twelve months. Furthermore, this item includes

assets and liabilities that form part of disposal groups

that are expected to be sold within twelve months.

Tangible assets are measured at the lower of their

carrying amount at the time of reclassification and

their net realisable value and are no longer depreciated.

Other assets and liabilities are measured in accordance

with the Group’s general accounting policies.

Bank loans and advances

Bank loans and advances consists of loans and

advances disbursed directly to borrowers and loans

and advances acquired after disbursement. Loans and

advances extended or acquired by the Group which it

intends to resell in the short term are included in the

trading portfolio. Bank loans and advances includes

conventional bank loans, finance leases, mortgages,

reverse transactions, except for transactions with credit

institutions and central banks, and certain bonds that

do not have a quoted price in an active market. More-

over, the item includes loans secured on real property,

except for loans granted under Danish mortgage

finance law, which are carried under Mortgage loans.

At first-time recognition, bank loans and advances are

measured at fair value plus transaction costs and less

origination fees, etc. Subsequently, they are measured

at amortised cost, using the effective interest method,

with the deduction of any impairment charges. The

difference between first-time recognition and the nomi-

nal value is amortised over the term to maturity and

carried under Interest income. If fixed-rate loans and

advances and amounts due are hedged efficiently by

derivatives, the fair value of the hedged interest rate

risk is added to the amortised cost of the assets.

Impairment

If objective evidence of impairment of a loan, an

advance or an amount due exists, and the effect of the

impairment event or events on the expected cash flow

from the asset is reliably measurable, the impairment

charge is determined individually. The charge equals

the difference between the carrying amount and the

present value of the expected future cash flow of the

asset, including the realisable value of security. The

present value of fixed-rate loans and advances is calcu-

lated at the original effective interest rate, whereas the

present value of loans and advances with a variable

rate of interest is calculated at the current effective

interest rate.

Objective evidence of impairment of loans and advances

exists if at least one of the following events has occurred:

• the borrower is experiencing significant financial

difficulty

• the borrower’s actions, such as default on interest

or principal payments, lead to a breach of contract

• the Group, for reasons relating to the borrower's finan-

cial difficulty, grants to the borrower a concession

that the Group would not otherwise have granted, or

• it becomes probable that the borrower will enter

bankruptcy or other financial reorganisation

Loans and advances without objective evidence of

impairment are considered in an assessment of collective

impairment at portfolio level. Such assessment involves

a portfolio of loans and advances with uniform credit

risk characteristics. A collective impairment charge is

established to cover, for instance, the deterioration in the

pattern of cash flows from the portfolio and changes

that normally affect the extent of defaults within the

portfolio of loans and advances/amounts due.


Collective impairment is calculated as the difference

between the carrying amount of the loans and

advances of the portfolio and the present value of

expected future cash flows. Expected future cash flows

are estimated on the basis of historical loss data and

data that reflect current conditions. The discount rate

used is the weighted average of the agreed effective

interest rates on the individual loans and advances in

the portfolio.

Impairment charges are booked in an allowance

account and offset against loans and advances. Changes

in the allowance account are recorded under Credit

loss expenses in the income statement. If subsequent

events show that an impairment loss is not of a perma-

nent nature, the charge is reversed via Credit loss

expenses.

Loans and advances that are considered uncollectible

are written off. Write-offs are deducted from the

allowance account. Loans and advances are written off

once the usual collection procedure has been completed

and the loss on the individual loan or advance can be

calculated.

The booking of interest on loans and advances will

stop if individual impairment losses are recorded.

Instead, interest is calculated on the impaired value of

the loan at the original rate of interest.

Mortgage lending and issued mortgage bonds

At first-time recognition, mortgage loans and issued

mortgage bonds are measured at fair value, excluding

transaction costs. Subsequently, such assets are mea-

sured at fair value.

The fair value of issued mortgage bonds is normally

defined as their market value. However, a small part

of the issued bonds are illiquid, and the value of these

bonds is calculated on the basis of a discounted cash

flow valuation model.

The fair value of mortgage loans is based on the fair

value of the underlying mortgage bonds adjusted for

the credit risk on the borrowers.

Assets and deposits under pooled schemes

and unit-linked investment contracts

These items include assets and deposits under pooled

schemes and unit-linked contracts defined as invest-

ment contracts.

The assets in which customer savings have been

invested are recognised at fair value and carried under

Assets under pooled schemes and unit-linked invest-

ment contracts. Similarly, deposits made by customers

are carried under Deposits under pooled schemes and

unit-linked investment contracts. Deposits are recog-

nised at the value of savings.

Holdings of shares and bonds issued by the Group are

deducted from shareholders’ equity or eliminated, as

the case may be. Consequently, the value of Deposits

under pooled schemes and unit-linked investment con-

tracts exceeds that of Assets under pooled schemes and

unit-linked investment contracts.

Assets and liabilities under insurance contracts

Assets under insurance contracts includes assets ear-

marked for policyholders. The earmarking means that

most of the return accrues to the policyholders. The

assets, which include financial assets, investment

property tangible assets, etc., are specified in the notes.

The valuation technique used matches the Group’s

accounting policies for similar assets. A few pieces of

real property are jointly owned and therefore consoli-

dated in the accounts on a pro rata basis.



Liabilities under insurance contracts comprises liabili-

ties that relate to the insurance contracts of the Group.

The liabilities consist of life insurance provisions, pro-

visions for unit-linked insurance contracts, collective

bonus potential, other technical provisions and other

liabilities.

Holdings of shares and bonds issued by the Group are

deducted from shareholders’ equity or eliminated, as

the case may be. Consequently, the value of Liabilities

under insurance contracts exceeds that of Assets under

insurance contracts.

Life insurance provisions

Life insurance provisions are measured at fair value by

actuaries. Provisions are calculated for each insurance

contract using a zero-coupon yield curve from which a

risk premium is deducted. The calculation of life

insurance provisions factors in assumptions of mortal-

ity and disability based on historical data.

Provisions for unit-linked insurance contracts

Provisions are measured at fair value on the basis of

the share of each contract of the assets in question and

the benefits guaranteed.

Collective bonus potential

The collective bonus potential includes the part of the

accumulated realised result that is not credited to the

individual policyholders.

Other technical provisions

Other technical provisions include outstanding claims

provisions, unearned premium provisions and provi-

sions for bonuses and premium discounts.

Other liabilities

Other liabilities include the share of Danica Pension’s

other liabilities, such as deferred tax on pension

returns, which rest with policyholders. Other liabilities

are valued in accordance with the accounting policies

of the Group for similar types of liability.

Intangible assets

Goodwill

Goodwill arises on the acquisition of subsidiary under-

takings and is calculated as the difference between the

cost of an undertaking acquired and the fair value of its

net assets, including contingent liabilities, at the time

of acquisition. Goodwill on acquisitions made before

2002 was written off against shareholders’ equity in the

year of acquisition.

Goodwill on associated undertakings is carried under

Holdings in associated undertakings.

Goodwill is allocated to cash-generating units in accord-

ance with the level at which management monitors the

return on its investment. Goodwill is not amortised;

instead, each cash-generating unit is tested for impair-

ment at least once a year. Goodwill is written down to

its recoverable amount through profit and loss if the

carrying amount of the net assets of the cash-generating

unit exceeds the higher of their fair value less costs to

sell and their value in use, which corresponds to the

present value of the future cash flows expected to be

derived from the unit.

Other intangible assets

Software acquired is measured at cost, including the

expenses incurred to make each software application

ready for use. Software acquired is amortised over its

expected useful life, which is usually three years,

using the straight-line method.

Software developed by the Group is recognised if the

cost of development is reliably measurable and analy-

ses show that the future profit on using the individual


software applications exceeds cost. Cost is defined as

development costs incurred to make each software

application ready for use. Once the software has been

developed, the cost is amortised over the expected use-

ful life, which is usually three years, using the straight-

line method. Development costs consist primarily of

direct remuneration and other development costs that

may be attributed directly. Expenses incurred in the

planning of the software are not included; instead, such

expenses are booked when incurred.

Identifiable intangible assets taken over on the acquisi-

tion of undertakings are recognised at the time of

acquisition at their fair value and amortised over their

expected useful lives, which are usually three years,

using the straight-line method.

Other intangible assets are tested for impairment if

indications suggest that impairment exists, and the

assets are written down to their value in use.

Costs attributable to the maintenance of intangible

assets are expensed in the year of maintenance.

Investment property

Investment property is real property, including real

property let under operating leases, which the Group

owns for the purpose of receiving rent and/or obtaining

capital gains. The section on domicile property below

explains the distinction between domicile and invest-

ment property.

On acquisition, investment property is recognised at

cost, including transaction costs. Subsequently, the

property is measured at fair value. Fair value and rent

adjustments are carried under Other income in the

income statement.

The fair value is assessed by the Group’s valuers at least

once a year. Assessments are based on the expected

return on the Group’s property and on the rate of

return calculated for each property. The rate of return

of a property is calculated on the basis of its location,

type, applications, layout and condition as well as on

the terms of lease agreements, rent adjustment and

credit quality of the lessees.

Tangible assets

Tangible assets comprise domicile property, equipment,

vehicles, tools, leasehold improvements and lease

assets.

Domicile property

Domicile property is real property occupied by the

Group’s administrative departments, branches and

other service units. Real property with both domicile

and investment property elements is allocated propor-

tionally to the two categories if the elements are sepa-

rately sellable. If that is not the case, such real property

is classified as domicile property, unless the Group

occupies less than 10% of the total floorage.

Domicile property is valued at cost plus improvements

and less depreciation and impairment charges. The

straight-line depreciation of the property is based on

the expected scrap value and an estimated useful life

of 20 to 50 years. Real property held under long-term

leases is depreciated on a progressive scale.

Investment property which becomes domicile property

because the Group starts using it for its own activities

is recognised at cost corresponding to the fair value

at the time of reclassification. Domicile property which

becomes investment property is revalued at its fair value

at the time of reclassification. Revaluation is recognised

directly in shareholders’ equity.



Domicile property which, according to a publicly

announced plan, is expected to be sold within twelve

months is carried as an asset held for sale. Real proper-

ty taken over in connection with the settlement of debt

is recognised under Other assets.

Equipment, vehicles, tools and leasehold

improvements

Equipment, vehicles, tools and leasehold improvements

are recognised at cost less depreciation and impairment.

Assets are depreciated over their expected useful lives,

which are usually three years, using the straight-line

method. Leasehold improvements are depreciated over

the terms of the leases, with a maximum of 10 years.

Lease assets

Lease assets are assets, except real property, leased

under operating leases with the Group as the lessor.

They are measured using the same valuation technique

as that applied by the Group to its other equipment,

vehicles and tools.

Impairment

Tangible assets are tested for impairment if indications

suggest that impairment exists. An impaired asset is writ-

ten down to its recoverable amount, which is the high-

er of its fair value less costs to sell and its value in use.

Other assets

Other assets includes interest and commissions due,

prepayments and tangible assets taken over under non-

performing loan agreements. Assets taken over are car-

ried at the lower of their cost and net realisable value,

i.e. their fair value less expected costs to sell.

Amounts due to credit institutions

and central banks/Deposits

Amounts due to credit institutions and central banks

and deposits include amounts received under repo

transactions, i.e. sales of securities to be repurchased at

a later date.

Amounts due to credit institutions and central banks

and deposits are measured at amortised cost to which

is added the fair value of the hedged interest rate risk.

Other issued bonds/Subordinated debt

Other issued bonds and subordinated debt comprise

the bonds issued by the Group except issued mortgage

bonds. Subordinated debt is liabilities in the form of

subordinated loan capital and other capital investments

which, in case of voluntary or compulsory winding-up

or bankruptcy, will not be repaid until after the claims

of ordinary creditors have been met.

Other issued bonds and subordinated debt are measured

at amortised cost to which is added the fair value of

the hedged interest rate risk.

The yield on some issued bonds depends on an index

which is not closely linked to the financial characteris-

tics of the bonds, for example an equity or commodity

index. Such embedded derivatives are treated separate-

ly and carried at their fair value in the trading portfolio.

Other liabilities

Other liabilities include accrued interest, fees and com-

missions that do not form part of the amortised cost of

a financial instrument.

Other liabilities also include pension obligations and

provisions for other obligations, such as lawsuits and

guarantees.

Pension obligations

The Group’s pension obligations consist of both

defined contribution and defined benefit plans for its

staff. Under the defined contribution plans, the Group


pays regular contributions to insurance companies and

other institutions. Such payments are expensed as they

are earned by the staff, and the obligations under the

plans are taken over by the insurance companies and

other institutions as contributions are made.

Under the defined benefit plans, the Group is under an

obligation to pay defined future benefits starting at the

time of retirement. The amounts payable are recognised

on the basis of an actuarial assessment of the present

value of expected benefits. The present value is calcu-

lated on the basis of the expected future trends in

salaries and interest rates, time of retirement, mortality

and other factors.

The present value of pension benefits less the fair val-

ue of pension assets is carried as a pension obligation

for each plan under Other liabilities on the balance

sheet. If the net amount of a defined benefit plan is

positive, i.e. an asset to the Group, and may be repaid

to the Group or reduce its future contributions to the

plan, the net amount is carried under Other assets. The

discount rate is based on the market rate that applies to

high-quality corporate bonds with maturities that cor-

respond to the maturity of the pension obligations.

The difference between the expected trends in pension

assets and benefits and the actual trends will result in

actuarial gains or losses. Actuarial gains and losses that

do not exceed the higher of 10% of the present value

of benefits and 10% of the fair value of pension assets

are not recognised in the income statement or on the

balance sheet but form part of the corridor. If the accu-

mulated actuarial gains and losses exceed both these

threshold values, the excess amount is recognised in

the income statement and in the net pension obligation

over the expected remaining period of service of the

staff covered by the plan.

Guarantees and irrevocable loan commitments

At first-time recognition, financial guarantees and

irrevocable loan commitments are recognised at the

value of the premiums received. Subsequently, guaran-

tees are valued at the higher of the received premium

amortised over the guarantee period and the provision

made, if any. Provisions for guarantees and irrevocable

loan commitments are recognised under Other liabili-

ties if claims for payment under the guarantees or loan

commitments seem likely and the amount payable may

be reliably measured.

Deferred tax

Deferred tax on all temporary differences between the

tax base of assets and liabilities and their carrying

amounts is accounted for using the balance sheet liabil-

ity method. Deferred tax is recognised on the balance

sheet under Deferred tax assets and Deferred tax liabili-

ties on the basis of current tax rates.

However, the Group does not recognise deferred tax on

temporary differences between the tax base and the

carrying amounts of goodwill not subject to amortisa-

tion for tax purposes and other items if temporary dif-

ferences arose at the time of acquisition without effect

on the net profit or taxable profit. If the tax base may

be calculated according to several sets of tax regula-

tions, deferred tax is measured in accordance with the

regulations that apply to the use of the asset/settlement

of the liability as planned by the management.

Tax assets arising from unused tax losses and unused

tax credits are recognised to the extent it is probable

that the unused tax losses and unused tax credits can

be used.

Deferred tax is measured on the basis of the tax regula-

tions and rates that, according to the rules in force at

the balance sheet date, will apply in the relevant coun-



tries at the time the deferred tax is expected to become

current tax. Changes in deferred tax as a result of

changes in tax rates are recognised in the income state-

ment.

Shareholders' equity

Foreign currency translation reserve

The foreign currency translation reserve covers differ-

ences that have occurred since January 1, 2004, as a

result of the translation to Danish kroner of the finan-

cial results of and net investments in foreign units

from their functional currencies. Furthermore, the

reserve includes exchange rate adjustments of financial

liabilities to hedge net investments in foreign units.

If the net investment in a foreign unit is fully or partly

realised, the translation differences arising from the

unit are recognised in the income statement.

Proposed dividends

The Board of Directors’ proposal for dividends for the

year submitted to the general meeting is included as a

separate reserve in shareholders’ equity. The dividends

are recognised as a liability when the general meeting

has adopted the proposal.

Own shares

Amounts received and paid for the Group’s sale and

purchase of Danske Bank shares are recognised directly

in shareholders’ equity. The same applies to premiums

received and paid for derivatives with delivery of own

shares.

Capital reduction by cancellation of own shares will

lower the share capital by an amount corresponding to

the nominal value of the shares at the time of registra-

tion of the capital reduction.

Share-based payment

Share-based payment by the Group requires delivery of

Danske Bank shares. The fair value at the time of allot-

ment is expensed as entitlement is earned and set off

against shareholders' equity. At the time of exercise,

payment by employees is recognised as an increase in

shareholders' equity. Shares acquired for hedging pur-

poses are set off against shareholders' equity by the

amount paid in line with the principle governing other

purchases of Danske Bank shares.

Minority interests

Minority interests’ share of shareholders’ equity corre-

sponds to the carrying amount of the net assets in sub-

sidiary undertakings not owned directly or indirectly

by Danske Bank A/S.

INCOME STATEMENT

Interest income and expenses

Interest income and expenses arising from interest-

bearing financial instruments carried at amortised cost

are recognised in the income statement using the effec-

tive interest method on the basis of the cost of the

financial instrument. Interest includes amortisation of

fees that are an integral part of the effective yield on a

financial instrument, including origination fees, and

amortisation of any other differences between cost and

redemption price.

Interest income and expenses include interest on finan-

cial instruments carried at fair value, but not interest

on assets and deposits under pooled schemes and unit-

linked investment contracts, which is recognised as

Net trading income. Origination fees on mortgage loans

carried at fair value are recognised as Interest income

at origination.

Interest on loans and advances subject to individual

impairment is recognised on the basis of the impaired

value.


Fee income and expenses

Fee income and expenses are divided into fees gener-

ated by activities and fees generated by portfolios.

Income from and expenses for services provided over

a period of time, such as guarantee commissions and

investment management fees, are accrued over the

period. Transaction fees, such as brokerage and custody

fees, are recognised on completion of the transaction.

Net trading income

Net trading income includes realised and unrealised

capital gains and losses on trading portfolio assets,

other securities, including securities carried under

Assets under insurance contracts, mortgage loans, issued

mortgage bonds, exchange rate adjustments and divi-

dends. The effect on profit and loss of fair value hedge

accounting is also recognised as net trading income.

The return on assets under pooled schemes and unit-

linked investment contracts and the addition of the

return to customer accounts are also recognised as net

trading income. Moreover, the item includes interest

adjustments of life insurance provisions, collective

bonus potential and tax on pension returns.

Other income

Other income includes rental income and lease pay-

ments under operating leases, fair value adjustment of

investment property and gains and losses on the sale of

tangible and intangible assets.

Net premiums

Regular and single premiums on insurance contracts

are included in the income statement on their due

dates. Premiums on investment contracts are recog-

nised directly on the balance sheet. Reinsurance pre-

miums are deducted from premiums received.

Net insurance benefits

Net insurance benefits comprises benefits disbursed

under insurance contracts. The item also includes

adjustments to outstanding claims provisions and life

insurance provisions that do not relate to changes in

interest rates. The benefits are recognised net of rein-

surance.

Income from associated undertakings

Income from such undertakings comprises the Group’s

proportionate share of the net profit or loss of the indi-

vidual undertakings.

Profit on sale of associated and subsidiary undertakings

The profit on sale of associated and subsidiary under-

takings is the difference between the selling price and

the carrying amount, including goodwill, if any, arising

on holdings in associated and subsidiary undertakings

that have been disposed of.

Staff costs and administrative expenses

Staff costs

Salaries and other consideration expected to be paid

for work carried out during the year are expensed

under Staff costs and administrative expenses. This

item comprises salaries, bonuses, expenses for share-

based payment, holiday allowances, jubilee bonuses,

pension costs and other consideration.

Bonuses and share-based payment

Bonuses are expensed as they are earned. Part of the

bonuses for the year is paid in the form of share

options with delivery and conditional shares. Share

options may not be exercised until three years after

allotment and are conditional on the employee not

having resigned from the Group. Conditional shares

become available three years after allotment provided

that the employee has not resigned from the Group.



The fair value of share-based payment at the time of

allotment is expensed over the period of service

unconditionally entitling the employee to the payment.

The intrinsic value of the allotment is expensed in the

year when entitlement is earned, whereas the time

value is accrued over the remaining service period.

Expenses are set off against shareholders’ equity.

Subsequent changes to the fair value are not carried

in the income statement.

Pensions

The Group’s contributions to defined contribution

plans are recognised in the income statement when

they are earned by the employees. The Group applies

the corridor method to defined benefit plans, and the

income statement thus includes actuarial pension

expenses (standard cost).


Credit loss expenses include impairment losses on and

charges for loans and advances, amounts due from

credit institutions and guarantees, and the fair value

adjustment of the credit risk on mortgage loans.

Tax

Calculated current and deferred tax on the profit for

the year and subsequent adjustments of tax charges for

previous years are recognised in the income statement.

Income tax for the year is recognised in the income

statement on the basis of the tax laws applying in the

countries in which the Group operates. Tax on items

recognised in shareholders' equity is charged directly.

Cash flow statement

The Group has prepared its cash flow statement using

the indirect method. The statement is based on the pre-

tax profit for the year and shows the cash flows from

operating, investing and financing activities and the

increase/decrease in cash and cash equivalents during

the year.

Cash and cash equivalents consist of cash in hand and

demand deposits with central banks and amounts due

from credit institutions and central banks with original

maturities shorter than three months.

Calculation of financial highlights

The financial highlights deviate from the corresponding

figures in the consolidated accounts as described below.

Income from the Danske Markets segment is recognised

in the consolidated income statement under Net trading

income and Net interest income. The value of each item

may vary considerably from year to year, depending on

the underlying transactions and changes in market

conditions. The financial highlights of the Group show

all income from trading activities under Net trading

income.

Income and expenses arising from the Danica Pension

segment are consolidated on a line-by-line basis. The

return on insurance activities accruing to the Group is

determined by a contribution principle which is based

primarily on life insurance obligations. As the return

attributable to the Group may not be derived directly

from the individual items in the income statement,

net income from insurance business is presented on

a single line in the financial highlights.

Unlike the comparative figures for 2004, figures for

2002 and 2003 have not been restated to match the

accounting policies introduced on the transition to

IFRS on January 1, 2005. The Group’s IFRS White

Paper explains in detail the changes in valuation tech-

niques and presentation of the income statement and

balance sheet on the transition. The IFRS White Paper

is available at www.danskebank.com/ir.

Comparative figures for 2005 and 2004 have been

restated to reflect the adjustment of accounting policies

in 2006.


Changes to financial highlights and segment reporting

The presentation of the segments Danica Pension and

Danske Markets has been revised: Danica Pension’s

return on assets allocated to shareholders’ equity is

now recognised as income of Danica Pension and not

of Danske Markets as was previously the case with part

of the return. The amount reclassified for 2005 was

DKr153m, which increased the result of Danica Pension

and reduced the result of Danske Markets. Comparative

figures have been restated.

Standards and interpretations not yet in force

The International Accounting Standards Board (IASB)

has issued a number of international accounting stan-

dards that have not yet come into force. Similarly, the

International Financial Reporting Interpretations Com-

mittee (IFRIC) has issued a number of interpretations

that have not yet come into force. The sections below

list the standards and interpretations that may affect

the financial reporting of the Group.

In November 2006, IFRS 8 “Operating Segments” was

issued. The standard, which has not yet been approved

by the EU, governs the segmentation of business and

outlines the information to be disclosed about each

business area. The implementation is not expected

to materially affect the information disclosed in the

annual report.

In August 2005, amendments to IAS 1 “Presentation of

Financial Statements – Capital Disclosures” were

issued. The standard, to be implemented in the

Group’s annual report for 2007, governs the disclosure

of information about the capital base. The implementa-

tion is not expected to affect the information disclosed

in the annual report.

In November 2006, IFRIC issued interpretation No. 11

“IFRS 2 – Group and Treasury Share Transactions”.

The interpretation, which has not yet been approved

by the EU, specifies that the way a company acquires

shares at the time of exercise does not affect the

accounting treatment of share-based payment. It will

not affect the Group’s current treatment of share-based

payment.

In July 2006, IFRIC issued interpretation No. 10 “Inter-

im Financial Reporting and Impairment”. The interpre-

tation, which has not yet been approved by the EU,

prohibits the reversal of impairment charges for good-

will and financial assets carried at cost in interim

accounts. The implementation is unlikely to have any

effect on carrying amounts.

In March 2006, IFRIC issued its interpretation No. 9

“Reassessment of Embedded Derivatives”. The inter-

pretation, to be implemented in the Group’s annual

report for 2007, specifies the conditions for separating

an embedded derivative from the host contract. The

implementation is unlikely to have any effect on carry-

ing amounts.

In January 2006, IFRIC issued its interpretation No. 8

“Scope of IFRS 2”. The interpretation, to be imple-

mented in the Group’s annual report for 2007, specifies

the types of share-based payment to be treated in accor-

dance with IFRS 2. The implementation is unlikely to

have any effect on carrying amounts.



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This Annual Report is available at www.danskebank.com

Photos: Morten Larsen, Scanpix and Gettyimages

Printed by: Fr. G. Knudtzons Bogtrykkeri A/S

Danske Bank A/SHolmens Kanal 2-12 DK-1092 København KTel. +45 33 44 00 00

Danske Bank A/S

Holmens Kanal 2–12

DK - 1092 Copenhagen K

Tel. +45 33 44 00 00

www.danskebank.com

CVR-nr. 6112 62 28 – København

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