Nykredit Realkredit A/S - Interim report 2008

H1 INTERIM REPORT - THE NYKREDIT REALKREDIT GROUP
1 JANUARY 2008 - 30 JUNE 2008

- Core earnings after impairment losses on loans and advances were DKK 1,669m
against DKK 2,021m in H1/2007 
- Core income amounted to DKK 4,122m compared with DKK 4,072m in H1/2007
- Core income from customer-oriented activities showed growth of some 7%,
which was offset by declining income 
from Markets & Asset Management's own trading activities
- Core income from securities amounted to DKK 998m compared with DKK 929m in
H1/2007 
- Operating costs, depreciation and amortisation of DKK 2,422m against DKK
2,123m in H1/2007 
- Impairment losses on loans and advances were DKK 31m against a net income of
DKK 72m in H1/2007 
- The investment portfolio generated a loss of DKK 1,227m compared with an
income of DKK 253m in H1/2007 
- The investment portfolio generated a loss of DKK 750m in Q1/2008. The main
reason for this loss was the financial market turmoil, 
chiefly the widening yield spreads between Denmark and Germany and between
government bonds and AAA-rated mortgage bonds, etc. 
In Q2/2008, the investment portfolio generated a loss of DKK 477m, primarily
due to the general increase in interest rate levels of just 
under 1 percentage point
- Profit before tax was DKK 442m against DKK 2,274m in H1/2007.