1 January 2012 – 30 June 2012

-- The Nykredit Realkredit Group recorded a profit before tax of DKK 2,241m
against DKK 1,389m in H1/2011
-- Core income from business operations increased by 15.8%
-- In H1/2012 nominal mortgage lending and bank lending grew by DKK 33bn to
DKK 1,156bn
-- Operating costs, depreciation and amortisation, excluding special value
adjustments, rose by 0.3%
-- Costs as a percentage of core income from business operations declined
to 56.6% from 65.4% in H1/2011
-- Impairment losses on loans and advances stood at DKK 991m, equal to 0.08%
-- Impairment losses on mortgage lending went up from 0.05% to 0.07%, as
expected
-- 75-day mortgage arrears were 0.57% against 0.66%
-- Impairment losses on bank lending increased from 0.23% to 0.24%, and
they remain low
-- Investment portfolio income grew from DKK 769m to DKK 1,533m
-- Investment portfolio income notably derived from spread tightening
relating to high-rated covered bonds

Fitch Ratings has assigned Nykredit Realkredit and Nykredit Bank issuer ratings
of A/F1.


The Nykredit Realkredit Group
Financial highlights

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H1/ H1/ Change FY
DKK million 2012 2011 % 2011
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Core income from business operations 5,102 4,406 16 9,188
Operating costs, depreciation and amortisation 2,890 2,881 0 5,709
Core earnings before impairment losses 1,930 1,594 21 3,035
Impairment losses on loans and advances 991 745 33 1,414
Core earnings after impairment losses 939 849 11 1,621
Investment portfolio income 1,533 769 99 179
Profit before tax 2,241 1,389 61 1,338
Core Tier 1 capital ratio, % 14.5 16.0 - 13.9
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Peter Engberg Jensen, Group Chief Executive, has the following comments:

– Nykredit has reported a profit of DKK 2.2bn for H1/2012 compared with DKK
1.4bn in H1/2011, corresponding to a rise of 61%.

– The robust profit is the result of a good investment portfolio performance
coupled with cost and income initiatives implemented to prepare Nykredit for
future international regulation.

– In H1/2012 Nykredit's income improved, the cost:income ratio declined and
loss levels were moderate. This trend must be sustained in coming years in
order to meet the sizeable capital requirements faced by financial companies
going forward. Nykredit is one of the best capitalised financial companies in
Europe, but the new capital requirements oblige us to hold much more equity.

Contacts
Peter Engberg Jensen, Group Chief Executive, or Nels Petersen, Head of
Corporate Communications, tel +45 44 55 14 70/+45 20 22 22 72.

Nykredit Realkredit Group - 1H Interim Report 2012 - 23 08 2012.pdf