Nykredit Bank A/S Half year financial report 2007

Group profit before tax came to DKK 545m compared with DKK 361m in H1/2006.
Profit before tax generated a return on equity of 23.0% pa against 19.2% in
H1/2006 and 22.3% for FY2006. 
Continued marked earnings growth in Markets & Asset Management and Corporate
Banking, while Retail Banking, excl impairment losses, is on a level with
H1/2006. 
The balance sheet stood at DKK 130bn against DKK 107bn at end-2006. Loans and
advances increased by 20% to DKK 38.8bn. 
Nykredit Bank A/S received additional capital in the amount DKK 1.2bn from the
Parent Company Nykredit Realkredit in Q2. The capital base after statutory
deductions subsequently totals just over DKK 7bn. 
Nykredit Bank A/S and the former subsidiary Nykredit Portefølje Bank A/S merged
with effect from 1 January 2007. 
In Q2 the Bank was assigned a Aa3 rating by Moody's Investors Service. The
rating has enabled an expansion of the Bank's business volume and customer
base, just as the Bank plans to establish funding programmes in the
international capital markets. 
The crisis in the US subprime market has not affected the Bank's earnings
expectations for FY2007. 


2007 - OUTLOOK
Based on the results achieved for H1/2007, the Bank expects a profit before tax
of around DKK 0.9-1.0bn, which is an upward revision of DKK 100 compared with
the forecast made in the Q1 Interim Report 2007.