NYKREDIT BANK A/S – a subsidiary of Nykredit Realkredit A/S consolidated in the
Nykredit Group's
Financial Statements

1 January 2012 – 30 June 2012


-- Profit before tax came to DKK 302m, down DKK 143m on H1/2011
-- Income from business operations climbed 8% to DKK 1,824m
-- Value adjustment of derivatives and corporate bonds was a charge of DKK
438m against a credit of DKK 11m in H1/2011
-- Operating costs rose by DKK 31m to DKK 918m owing in part to the
establishment of the branch in Stockholm and IT costs relating to a new
banking platform
-- Impairment losses on loans and advances were DKK 248m, equal to 0.2% in
H1/2012
-- Special payments to the Danish Guarantee Fund for Depositors and Investors
amounted to DKK 3m in H1/2012 against DKK 85m in H1/2011
-- The investment portfolio generated an income of DKK 39m against a loss of
DKK 161m in H1/2011
-- Costs as a percentage of core income from business operations totalled
50.5% compared with 57.6% in H1/2011
-- Profit before tax generated a return on equity of 4.2% pa against 8.7% pa
for H1/2011
-- The Bank has no exposures to sovereign debt issued by GIISP countries.


Fitch Ratings has assigned an issuer rating of A/F1 to Nykredit Bank.


LIQUIDITY

-- Excess cover relative to statutory liquidity requirements was 153% against
176% at end-2011.


CAPITAL

-- The total capital ratio and the Tier 1 capital ratio both came to 19.8%
-- The core Tier 1 capital ratio was 19.5%.


Information about the Nykredit Bank Group

The H1 Interim Reports 2012 of the Nykredit Bank Group and the Nykredit Group
and further information about Nykredit are available at nykredit.com.

Contacts

Karsten Knudsen, Chairman – tel +45 44 55 19 04
Bjørn Mortensen, Managing Director – tel +45 44 55 18 95

Nykredit Bank Group - H1 Interim Report 2012 - 23 08 2012.pdf