The bank’s pre-tax profit for the first three quarters of 2012 was DKK 348
million against DKK 284 million in 2011, an increase of 23%. This result was
equivalent to a 19% p.a. return on equity.

(Million DKK) 1st-3rd 1st-3rd 2011 2010 2009 2008
2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total core income 609 562 767 758 753 735
Total costs and depreciations -193 -183 -248 -240 -238 -239
Core earnings before write-downs on 416 379 519 518 515 496
loans
Write-downs on loans -124 -88 -129 -138 -159 -77
Core earnings 292 291 390 380 356 419
Result for the portfolio +58 +8 +1 +38 +56 -73
Expenses for bank packages -2 -15 -11 -80 -107 -28
Profit before tax 348 284 380 338 305 318

Core earnings were DKK 292 million against last year’s DKK 291 million. On this
basis, the expectations for core earnings are stated more precisely at
approximately DKK 400 million compared to the previously stated DKK 300-400
million.


Three quarters – highlights:

-- Increase of 23% in pre-tax profit from DKK 284 million to DKK 348 million
-- The profit is equivalent to a return on equity of 19% p.a. after payment of
dividend
-- Small increase in core earnings to DKK 292 million
-- The rate of costs improved by 3% to 31.7, the lowest in the country
-- Loans down by 2% and deposits up by 1% since New Year
-- Capital adequacy ratio of 21.9, equivalent to cover of 274%
-- Core capital ratio of 20.5
-- Launching of new homeowners’ products to support the increase in loans
-- Highly satisfactory increase in customers in both branch network and
Private Banking
-- Expectations for core earnings stated more precisely at approximately DKK
400 million

Please do not hesitate to contact the bank’s management if you have any
questions.


Yours sincerely,
Ringkjøbing Landbobank
John Fisker



Management report

Core income

Net interest income was DKK 469 million in the first three quarters of the
year, an increase of 6% compared to last year. Compared to last year we have
realised an increase in net interest income deri­ving from the increasing
deposits and a marginally higher interest margin. Like the rest of the
financial sector, the bank has increased its interest margin. The very low
interest level is pulling in the opposite direction as it results in a lower
return on the bank’s portfolio of securities and cash resources.

Fees, commissions and foreign exchange earnings amount to net DKK 136 million
against net DKK 110 million in 2011, an increase of 24%. The increased sums
within asset management and the pension area have affected earnings positively,
and there has been a brisk level of activity within conversion of mortgage bank
loans.

The total core income was 8% higher in the first three quarters of the year,
with an increase from DKK 562 million in 2011 to DKK 609 million.


Costs and depreciations

Total costs including depreciations on tangible assets were DKK 193 million in
2012 against DKK 183 million last year, an increase of 5%.

Most of the increase is the new fixed premium paid to The Guarantee Fund for
Depositors and Investors, which will be booked as a cost from 2012. It was
decided in connection with Bank Package IV to establish an insurance scheme
with a premium fixed relative to the deposits for which cover is provi­ded. DKK
1,950 million will be paid annually to the Fund, in which the bank currently
has a 0.65% share, equivalent to DKK 12.7 million a year. Payments are to be
made to the fund until it reaches DKK 7,500 million. The future expenses for
The Guarantee Fund for Depositors and Investors will be financed by payments
received, and the duration of this expense can thus not be determined. On the
other hand, the fluctuating costs of bank bailouts will disappear in time. DKK
6.4 million was debited to the scheme in the first three quarters.

Notwithstanding the new insurance scheme, the rate of costs improved by 3%
relative to 2011 and is now 31.7%, still the lowest in Denmark. A low rate of
costs is especially important in periods of difficult economic conditions as
the bank’s results are thus very robust, which is also reflected in the
computation of the bank’s individual solvency requirement.


Write-downs on loans

Write-downs on loans amounted to DKK 124 million against DKK 88 million in
2011. The level of write-downs remains acceptable and is equivalent to 1.1%
p.a. of the total average of loans, write-downs, guarantees and provisions. The
bank’s customers still appear to be coping better with the weak economic
conditions than the average in Denmark. DKK 45 million was recognised as an
expense in the third quarter, DKK 24 million of which was related to group
write-downs without stating specific engagements.

The bank’s total account for write-downs and provisions amounted to DKK 785
million at the end of the third quarter, equivalent to 5.3% of total loans and
guarantees. Actual write-downs on loans continue to be very low, and they were
exceeded during the year by the credit items “income on previously written off
debtors” and “interest income on customer engagements for which provisions have
been made”, such that the account for write-downs and provisions increased by
net DKK 135 million during the first three quarters of the year.

The portfolio of loans with zeroed interest amounts to DKK 103 million,
equivalent to 0.7% of the bank’s total loans and guarantees at the end of the
third quarter.

Given the low growth experienced by the Danish economy in 2011, which is
continuing this year, the bank is satisfied with the conservative credit policy
on the basis of which the bank has always been run. The bank’s provisions are
expected to remain at a relatively high level in 2012, a natural part of the
economic cycle. However, part of the provisions will be reserved for group
provisions. It is also still the bank’s judgement that the credit policy, the
diversified loans portfolio and the bank’s location in Central and West Jutland
will have a positive effect on the bank compared to the general level of losses
in the banking sector as a whole.


Core earnings

(Million DKK) 1st-3r 1st-3r 2011 2010 2009 2008 2007 2006 2005
d d
2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total core income 609 562 767 758 753 735 696 609 511
Total costs etc. -193 -183 -248 -240 -238 -239 -234 -208 -190
Core earnings before 416 379 519 518 515 496 462 401 321
write-downs
Write-downs on loans -124 -88 -129 -138 -159 -77 +11 +69 +5
Core earnings 292 291 390 380 356 419 473 470 326

Core earnings were DKK 292 million against last year’s DKK 291 million. On this
basis, the expectations for core earnings are stated more precisely at
approximately DKK 400 million compared to the previously stated DKK 300-400
million.


Result for the portfolio

The result for the portfolio for the first three quarters of the year was
positive by DKK 58 million including funding costs for the portfolio.

The bank’s holding of shares etc. at the end of the third quarter amounted to
DKK 262 million, DKK 25 million of which was in listed shares while DKK 237
million was in sector shares etc. The bond portfolio amounted to DKK 4,463
million, and the great majority of the portfolio consists of AAA-rated Danish
mortgage credit bonds and short bank bonds with rated Nordic counterparties.

The total interest rate risk, computed as the impact on the result of a one
percentage point change in the interest level, was 0.9% of the bank’s Tier 1
capital after deduction at the end of the third quarter.

The bank’s total market risk within exposure to interest rate risk, exposure in
listed shares etc. and foreign exchange exposure remains at a low level.
The bank’s risk of losses calculated on the basis of a value-at-risk model
(computed with a 10-day horizon and 99% probability) was as follows in the
first three quarters of 2012:

Risk in Risk relative to equity
million DKK end of 3rd quarter in %
-----------------------------------------------------------
-----------------------------------------------------------
Highest risk of loss: 28.4 1.08%
Lowest risk of loss: 3.6 0.14%
Average risk of loss 16.7 0.63%


Result after tax

The result after tax was DKK 261 million for the first three quarters of the
year against DKK 213 million last year.
The result after tax is equivalent to a return on equity of 14% p.a. after
payment of dividend.


Balance sheet

The bank’s balance sheet total at the end of the third quarter stood at DKK
17,990 million against last year’s DKK 17,730 million. Deposits increased by 1%
from DKK 12,681 million to DKK 12,861 million. The bank’s loans decreased by 4%
to DKK 12,443 million compared to 2011. The underlying growth in new customers
from the branch network and within the niches Private Banking and wind turbine
financing remains good. However, the changed consumption pattern with a higher
savings ratio and the general trend that many customers are deleveraging are
generally resulting in greater repayments on the bank’s existing loans
portfolio than previously.

Compared to previously, the bank is finding that housing is much more often
financed without a subsequent need for a bank loan. On this basis, the bank
will launch two new home-owners’ products - a new mortgage loan product and a
new credit facility for home-owners which will give the customers the
opportunity for more flexibility and for taking advantage of the current excess
liquidity to optimise their finances. The new products are expected to support
the bank’s growth in loans in the coming year.

The bank’s portfolio of guarantees at the end of the quarter was DKK 1,703
million against DKK 886 million in 2011.


Liquidity

The bank’s liquidity is good, with deposits now DKK 418 million higher than
loans. The excess solvency compared to the statutory requirements was 186%. The
bank’s short-term funding with term to maturity of less than 12 months amounts
to only DKK 833 million, balanced by DKK 4.7 billion in short-term money market
placings, primarily Danish banks and liquid securities. The bank is thus not
dependent on the short-term money market.

In addition, part of the German loans portfolio for wind turbines was
refinanced back-to-back with KFW Bankengruppe, and the DKK 759 million in
question can thus be disregarded in terms of liquidity. The bank requires no
financing for the coming year to meet the minimum requirement that it must
always be able to manage for up to 12 months without access to the financial
markets.

For the purpose of further diversifying the bank’s funding possibilities, an
agreement has just been entered into with BRFkredit on joint funding of the
bank’s mortgage loans with security within 60% of the property’s value. The
joint funding will take place in BRFkredit’s AAA-rated capital centre and it
enables long-term hedging of the bank’s commitments. An agreement has also been
entered into on the provision of mortgage loans for commercial properties. The
two agreements will not result in any change to the bank’s existing mortgage
credit agreements with Totalkredit/Nykredit and DLR Kredit.


The deposit guarantee scheme

The future fixed costs of the insurance scheme are recognised under other
operating costs. We have, however, received an additional charge from the
estate in bankruptcy of Fjordbank Mors, which will be recognised as an expense
of DKK 2 million in 2012.


Share buy-back programme

The current buy-back programme involves 100,000 shares. The bank’s holding of
own shares at the end of the third quarter of 2012 was 54,542, and the holding
on 22 October 2012 was 77,849 shares. 67,000 shares are reserved for subsequent
cancellation.


Capital

The bank’s equity at the beginning of 2012 was DKK 2,483 million, to which must
be added the profit for the period, and from which must be deducted dividend
paid and the value of the repurchased own shares, after which the equity at the
end of the quarter was DKK 2,641 million.

The bank’s capital adequacy ratio (Tier 2) was computed at 21.9 at the end of
the third quarter of 2012. The core capital ratio (Tier 1) was computed at
20.5.

Capital adequacy 1st-3rd 2011 2010 2009 2008 2007
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Core capital ratio excl. hybrid core 19.1 18.3 17.1 15.1 11.6 10.0
capital
Core capital ratio 20.5 19.8 18.6 16.6 13.0 11.2
Capital adequacy ratio 21.9 21.4 22.4 20.2 16.3 13.0
Individual solvency requirement 8.0 8.0 8.0 8.0 8.0 8.0
Capital adequacy 274% 268% 280% 253% 204% 163%

The individual solvency requirement for Ringkjøbing Landbobank is calculated at
7.0% because of the bank’s robust business model, and the ratio was thus
reported at 8%. The Danish FSA reviewed the report during its routine annual
visit and had no comments on it.


Encouraging increase in customer numbers

The bank implemented several outreach initiatives towards new customers just
over two years ago. The basis was the fact that the bank has both the liquidity
and the capital to support growth, that we felt comfortable about the bank’s
credit facilities, and that our cost structure is suitable for the future. The
biggest challenge in times of low growth in society is thus creating growth in
the bank’s top line.

The bank’s outreach initiatives were intensified in 2012, when an investment
was made in a further extension of the bank’s Private Banking platform at
national level, and the outreach activities in the branch network in Central
and West Jutland were stepped up after the summer break and will continue in
the coming months.

A highly positive increase in customers is currently being seen in the branch
network and within the Private Banking segment, with transfers of deposits,
pension and securities customers. The growth in lending has been swallowed up
by repayments on the loans portfolio. In the bank’s judgement, we are, however,
currently enhancing the foundation for future earnings.


Accounting policies and key figures

The accounting policies applied are unchanged relative to the audited annual
report presented for 2011. It should be noted, however, that the bank will book
the fixed expenses for The Guarantee Fund for Depositors and Investors as other
operating costs from 2012.


Expectations for earnings in 2012

Core earnings were DKK 292 million against last year’s DKK 291 million. On this
basis, the expectations for core earnings are stated more precisely at
approximately DKK 400 million compared to the previously stated DKK 300-400
million.

Main and key figures for the bank

1st-3rd qtr. 1st-3rd qtr. Full
2012 2011 year
2011
--------------------------------------------------------------------------------
Main figures for the bank (million
DKK)
--------------------------------------------------------------------------------
Total core income 609 562 767
--------------------------------------------------------------------------------
Total costs and depreciations -193 -183 -248
--------------------------------------------------------------------------------
Core earnings before write-downs on 416 379 519
loans
--------------------------------------------------------------------------------
Write-downs on loans -124 -88 -129
--------------------------------------------------------------------------------
Core earnings 292 291 390
--------------------------------------------------------------------------------
Result for portfolio +58 +8 +1
--------------------------------------------------------------------------------
Expenses for bank packages -2 -15 -11
--------------------------------------------------------------------------------
Profit before tax 348 284 380
--------------------------------------------------------------------------------
Profit after tax 261 213 286
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Shareholders’ equity 2,641 2,418 2,483
--------------------------------------------------------------------------------
Total capital base 3,043 2,819 2,818
--------------------------------------------------------------------------------
Deposits 12,861 12,681 12,755
--------------------------------------------------------------------------------
Loans 12,443 12,904 12,747
--------------------------------------------------------------------------------
Balance sheet total 17,990 17,730 17,549
--------------------------------------------------------------------------------
Guarantees 1,703 886 1,052
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Key figures for the bank (per cent)
--------------------------------------------------------------------------------
Pre-tax return on equity, beginning 19.2 16.8 16.9
of year
--------------------------------------------------------------------------------
Return on equity after tax, 14.4 12.6 12.7
beginning of year
--------------------------------------------------------------------------------
Rate of costs 31.7 32.6 32.4
--------------------------------------------------------------------------------
Core capital ratio (Tier 1) 20.5 19.1 19.8
--------------------------------------------------------------------------------
Solvency ratio (Tier 2) 21.9 20.6 21.4
--------------------------------------------------------------------------------
Solvency requirement 8.0 8.0 8.0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Key figures per 5 DKK share (DKK)
--------------------------------------------------------------------------------
Core earnings 59 58 79
--------------------------------------------------------------------------------
Profit before tax 70 56 77
--------------------------------------------------------------------------------
Profit after tax 53 42 58
--------------------------------------------------------------------------------
Net asset value 541 488 489
--------------------------------------------------------------------------------
Price, end of period 792 555 579
--------------------------------------------------------------------------------
Dividend - - 13
--------------------------------------------------------------------------------



Profit and loss account

Note 1.1-30.9 1.1-30.9 1.1-31.12
2012 2011 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
1 Interest receivable 635,955 628,254 858,257
--------------------------------------------------------------------------------
2 Interest payable 155,426 182,158 245,291
--------------------------------------------------------------------------------
Net income from interest 480,529 446,096 612,966
--------------------------------------------------------------------------------
3 Dividend on capital shares etc. 1,574 1,111 1,111
--------------------------------------------------------------------------------
4 Income from fees and commissions 143,995 115,582 158,303
--------------------------------------------------------------------------------
4 Fees and commissions paid 17,195 18,525 24,312
--------------------------------------------------------------------------------
Net income from interest and fees 608,903 544,264 748,068
--------------------------------------------------------------------------------
5 Value adjustments +54,915 +22,379 +16,386
--------------------------------------------------------------------------------
Other operating income 2,685 3,065 4,535
--------------------------------------------------------------------------------
6,7 Staff and administration costs 183,974 180,029 244,068
--------------------------------------------------------------------------------
Amortisation, depreciation and 2,642 2,665 4,375
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs
--------------------------------------------------------------------------------
Miscellaneous other operating costs 127 347 381
--------------------------------------------------------------------------------
Expenses for The Deposit Guarantee 8,358 15,000 11,178
Fund
--------------------------------------------------------------------------------
Write-downs on loans and debtors
etc.
--------------------------------------------------------------------------------
11 Write-downs on loans and other -123,974 -88,032 -128,799
debtors
--------------------------------------------------------------------------------
Result of capital shares in 0 0 +11
associated companies
--------------------------------------------------------------------------------
Profit before tax 347,428 283,635 380,199
--------------------------------------------------------------------------------
8 Tax 86,500 71,000 94,128
--------------------------------------------------------------------------------
Profit after tax 260,928 212,635 286,071
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Other comprehensive income 0 0 0
--------------------------------------------------------------------------------
Comprehensive income after tax 260,928 212,635 286,071
--------------------------------------------------------------------------------


Core earnings

1.1-30.9 1.1-30.9 1.1-31.12
2012 2011 2011
DKK 1,000 DKK 1,000 DKK 1,000
---------------------------------------
Net income from interest 468,939 443,821 606,576
--------------------------------------------------------------------------------
Net income from fees and provisions 110,834 81,181 115,200
excl. commission
--------------------------------------------------------------------------------
Income from sector shares etc. 1,076 4,544 4,437
--------------------------------------------------------------------------------
Foreign exchange income 9,156 13,111 17,914
--------------------------------------------------------------------------------
Other operating income etc. 2,685 3,065 4,535
--------------------------------------------------------------------------------
Total core income excl. trade income 592,690 545,722 748,662
--------------------------------------------------------------------------------
Trade income 15,966 15,876 18,791
--------------------------------------------------------------------------------
Total core income 608,656 561,598 767,453
--------------------------------------------------------------------------------
Staff and administration costs 183,975 180,029 244,068
--------------------------------------------------------------------------------
Amortisation, depreciation and 2,642 2,665 4,375
write-downs on
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 6,485 347 381
--------------------------------------------------------------------------------
Total costs etc. 193,102 183,041 248,824
--------------------------------------------------------------------------------
Core earnings before write-downs on 415,554 378,557 518,629
loans
--------------------------------------------------------------------------------
Write-downs on loans and other debtors -123,974 -88,032 -128,799
--------------------------------------------------------------------------------
Core earnings 291,580 290,525 389,830
--------------------------------------------------------------------------------
Result for portfolio +57,848 +8,110 +1,547
--------------------------------------------------------------------------------
Expenses for bank packages -2,000 -15,000 -11,178
--------------------------------------------------------------------------------
Profit before tax 347,428 283,635 380,199
--------------------------------------------------------------------------------
Tax 86,500 71,000 94,128
--------------------------------------------------------------------------------
Profit after tax 260,928 212,635 286,071
--------------------------------------------------------------------------------



Balance sheet

Note End End End
Sept. 2012 Sept. 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Cash in hand and claims at call on 59,087 38,120 33,935
central banks
--------------------------------------------------------------------------------
9 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at notice on central banks 0 0 186,989
--------------------------------------------------------------------------------
Money market operations and 180,169 774,517 536,453
bilateral loans
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral loans - term to maturity 138,771 655,514 590,876
over 1 year
--------------------------------------------------------------------------------
10,11, Loans and other debtors at amortised 12,442,616 12,903,748 12,746,560
12 cost price
--------------------------------------------------------------------------------
Loans and other debtors at amortised 11,683,559 12,070,339 11,938,197
cost price
--------------------------------------------------------------------------------
Wind turbine loans with direct 759,057 833,409 808,363
funding
--------------------------------------------------------------------------------
13 Bonds at current value 4,462,926 2,335,361 2,755,912
--------------------------------------------------------------------------------
14 Shares etc. 262,194 255,227 249,054
--------------------------------------------------------------------------------
Capital shares in associated 538 527 538
companies
--------------------------------------------------------------------------------
Land and buildings total 74,798 75,285 74,722
--------------------------------------------------------------------------------
Investment properties 6,906 7,261 6,681
--------------------------------------------------------------------------------
Domicile properties 67,892 68,024 68,041
--------------------------------------------------------------------------------
Other tangible assets 3,967 4,830 4,893
--------------------------------------------------------------------------------
Actual tax assets 0 0 12,255
--------------------------------------------------------------------------------
Temporary assets 4,570 5,325 1,382
--------------------------------------------------------------------------------
Other assets 354,053 675,270 348,567
--------------------------------------------------------------------------------
Periodic-defined items 6,652 6,734 6,887
--------------------------------------------------------------------------------
Total assets 17,990,341 17,730,458 17,549,023
--------------------------------------------------------------------------------



Balance sheet

Note End End End
Sept. 2012 Sept. 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Liabilities and equity
--------------------------------------------------------------------------------
15 Debt to credit institutions and central
banks
--------------------------------------------------------------------------------
Debt to central banks 0 0 0
--------------------------------------------------------------------------------
Money market operations and bilateral 495,935 250,730 285,028
credits
- term to maturity under 1 year
--------------------------------------------------------------------------------
Bilateral credits - term to maturity 74,555 148,834 148,684
over 1 year
--------------------------------------------------------------------------------
Bilateral credits from KfW Bankengruppe 759,057 833,409 808,363
--------------------------------------------------------------------------------
16 Deposits and other debts 12,861,154 12,680,600 12,755,415
--------------------------------------------------------------------------------
17 Issued bonds at amortised cost price 340,870 337,781 338,958
--------------------------------------------------------------------------------
Actual tax liabilities 56,249 29,670 0
--------------------------------------------------------------------------------
Other liabilities 332,429 612,479 301,813
--------------------------------------------------------------------------------
Periodic-defined items 164 301 183
--------------------------------------------------------------------------------
Total debt 14,920,413 14,893,804 14,638,444
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Provisions for pensions and similar 0 4,658 5,146
liabilities
--------------------------------------------------------------------------------
Provisions for deferred tax 4,789 3,929 4,789
--------------------------------------------------------------------------------
11 Provisions for losses on guarantees 11,340 966 5,038
--------------------------------------------------------------------------------
Other provisions for liabilities 0 0 0
--------------------------------------------------------------------------------
Total provisions for liabilities 16,129 9,553 14,973
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Subordinated loan capital 198,660 197,484 198,014
--------------------------------------------------------------------------------
Hybrid core capital 213,776 211,402 214,472
--------------------------------------------------------------------------------
18 Total subordinated debt 412,436 408,886 412,486
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
19 Share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------
Reserve for net revaluation under the 187 176 187
intrinsic value method
--------------------------------------------------------------------------------
Proposed dividend etc. - - 66,020
--------------------------------------------------------------------------------
Profit carried forward 2,616,476 2,392,839 2,391,713
--------------------------------------------------------------------------------
Total shareholders’ equity 2,641,363 2,418,215 2,483,120
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total liabilities and equity 17,990,341 17,730,458 17,549,023
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
20 Own capital shares
--------------------------------------------------------------------------------
21 Contingent liabilities etc.
--------------------------------------------------------------------------------
22 Capital adequacy computation
--------------------------------------------------------------------------------
23 Miscellaneous comments
--------------------------------------------------------------------------------



Statement of shareholders’ equity

DKK 1,000 Share Reserve for net Propose Profit Total
capita revaluation under d carried share-hol
l the intrinsic value dividen forward ders’
method d etc. equity
--------------------------------------------------------------------------------
On 30 September 25,200 187 66,020 2,391,713 2,483,120
2012:
Shareholders’ equity
at the end of the
previous financial
year
--------------------------------------------------------------------------------
Reduction of share -500 500 0
capital
--------------------------------------------------------------------------------
Paid dividend -66,020 -66,020
--------------------------------------------------------------------------------
Dividend received 1,326 1,326
from own shares
--------------------------------------------------------------------------------
Purchase and sale of -37,991 -37,991
own shares
--------------------------------------------------------------------------------
Other shareholders’ 0 0
equity items
--------------------------------------------------------------------------------
Profit for the 260,928 260,928
period
--------------------------------------------------------------------------------
Shareholders’ equity 24,700 187 0 2,616,476 2,641,363
on the balance
sheet date
--------------------------------------------------------------------------------


On 30 September 2011: 25,200 176 60,980 2,225,988 2,312,344
Shareholders’ equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Paid dividend -60,980 -60,980
--------------------------------------------------------------------------------
Dividend received from own shares 168 168
--------------------------------------------------------------------------------
Purchase and sale of own shares -48,901 -48,901
--------------------------------------------------------------------------------
Other shareholders’ equity items 2,949 2,949
--------------------------------------------------------------------------------
Profit for the period 212,635 212,635
--------------------------------------------------------------------------------
Shareholders’ equity on the balance 25,200 176 0 2,392,839 2,418,215
sheet date
--------------------------------------------------------------------------------


On 31 December 2011: 25,200 176 60,980 2,225,988 2,312,344
Shareholders’ equity at the end of
the previous financial year
--------------------------------------------------------------------------------
Paid dividend -60,980 -60,980
--------------------------------------------------------------------------------
Dividend received from own shares 168 168
--------------------------------------------------------------------------------
Purchase and sale of own shares -58,391 -58,391
--------------------------------------------------------------------------------
Other shareholders’ equity items 3,908 3,908
--------------------------------------------------------------------------------
Profit for the year 11 66,020 220,040 286,071
--------------------------------------------------------------------------------
Shareholders’ equity on the balance 25,200 187 66,020 2,391,713 2,483,120
sheet date
--------------------------------------------------------------------------------



Notes

Note 1.1-30. 1.1-30. 1.1-31.12
9 9 2011
2012 2011 DKK 1,000
DKK DKK
1,000 1,000
--------------------------------------------------------------------------------
1 Interest receivable
--------------------------------------------------------------------------------
Claims on credit institutions and central 9,873 29,839 38,712
banks
--------------------------------------------------------------------------------
Loans and other debtors 583,416 569,060 775,891
--------------------------------------------------------------------------------
Loans - interest concerning the written-down -30,722 -26,283 -35,740
part of loans
--------------------------------------------------------------------------------
Bonds 64,425 40,347 58,993
--------------------------------------------------------------------------------
Total derivatives financial instruments, 8,898 15,291 20,069
--------------------------------------------------------------------------------
of which
--------------------------------------------------------------------------------
Currency contracts -2,576 6,952 9,205
--------------------------------------------------------------------------------
Interest-rate contracts 11,474 8,339 10,864
--------------------------------------------------------------------------------
Other interest receivable 65 0 332
--------------------------------------------------------------------------------
Total interest receivable 635,955 628,254 858,257
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
2 Interest payable
--------------------------------------------------------------------------------
Credit institutions and central banks 21,187 36,541 44,311
--------------------------------------------------------------------------------
Deposits and other debts 113,855 122,878 169,174
--------------------------------------------------------------------------------
Issued bonds 8,759 9,405 12,887
--------------------------------------------------------------------------------
Subordinated debt 11,597 13,317 18,605
--------------------------------------------------------------------------------
Other interest payable 28 17 314
--------------------------------------------------------------------------------
Total interest payable 155,426 182,158 245,291
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
3 Dividend from shares etc.
--------------------------------------------------------------------------------
Shares 1,574 1,111 1,111
--------------------------------------------------------------------------------
Total dividend from shares etc. 1,574 1,111 1,111
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
4 Gross income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 19,104 20,296 24,117
--------------------------------------------------------------------------------
Asset management 41,436 37,484 53,997
--------------------------------------------------------------------------------
Payment handling 15,627 14,383 19,679
--------------------------------------------------------------------------------
Loan fees 12,152 4,623 7,817
--------------------------------------------------------------------------------
Guarantee commissions 30,526 26,332 34,898
--------------------------------------------------------------------------------
Other fees and commissions 25,150 12,464 17,795
--------------------------------------------------------------------------------
Total gross income from fees and commissions 143,995 115,582 158,303
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Net income from fees and commissions
--------------------------------------------------------------------------------
Securities trading 15,966 15,876 18,791
--------------------------------------------------------------------------------
Asset management 38,439 34,357 49,887
--------------------------------------------------------------------------------
Payment handling 13,616 12,746 17,618
--------------------------------------------------------------------------------
Loan fees 10,263 3,498 6,052
--------------------------------------------------------------------------------
Guarantee commissions 30,526 26,333 34,898
--------------------------------------------------------------------------------
Other fees and commissions 17,990 4,247 6,745
--------------------------------------------------------------------------------
Total net income from fees and commissions 126,800 97,057 133,991
--------------------------------------------------------------------------------
Foreign exchange income 9,156 13,111 17,914
--------------------------------------------------------------------------------
Total net income from fees, commissions and 135,956 110,168 151,905
foreign exchange income
--------------------------------------------------------------------------------



Notes

Note 1.1-30. 1.1-30. 1.1-31.
9 9 12
2012 2011 2011
DKK DKK DKK
1,000 1,000 1,000
--------------------------------------------------------------------------------
5 Value adjustments
--------------------------------------------------------------------------------
Loans and other debtors at current value 4,320 2,413 6,746
--------------------------------------------------------------------------------
Bonds 60,599 5,916 2,619
--------------------------------------------------------------------------------
Shares etc. 4,171 -417 -4,956
--------------------------------------------------------------------------------
Shares in sector companies etc. 1,076 2,664 3,680
--------------------------------------------------------------------------------
Investment properties 310 0 -579
--------------------------------------------------------------------------------
Foreign exchange income 9,156 13,111 17,914
--------------------------------------------------------------------------------
Total derivatives financial instruments, -29,544 -2,170 -10,050
--------------------------------------------------------------------------------
of which
--------------------------------------------------------------------------------
Interest-rate contracts -29,544 -2,170 -10,050
--------------------------------------------------------------------------------
Share contracts 0 0 0
--------------------------------------------------------------------------------
Issued bonds 423 -1,164 -744
--------------------------------------------------------------------------------
Other liabilities 4,404 2,026 1,756
--------------------------------------------------------------------------------
Total value adjustments 54,915 22,379 16,386
--------------------------------------------------------------------------------
6 Staff and administration costs
--------------------------------------------------------------------------------
Salaries and payments to the board of
directors, board of managers and shareholders’
committee
--------------------------------------------------------------------------------
Board of managers 4,067 4,864 7,237
--------------------------------------------------------------------------------
Board of directors 577 471 1,049
--------------------------------------------------------------------------------
Shareholders’ committee 0 0 336
--------------------------------------------------------------------------------
Total 4,644 5,335 8,622
--------------------------------------------------------------------------------
Staff costs
--------------------------------------------------------------------------------
Salaries 83,193 83,327 111,030
--------------------------------------------------------------------------------
Pensions 8,600 8,650 11,522
--------------------------------------------------------------------------------
Social security expenses 675 660 900
--------------------------------------------------------------------------------
Costs depending on number of staff 10,749 11,477 14,719
--------------------------------------------------------------------------------
Total 103,217 104,114 138,171
--------------------------------------------------------------------------------
Other administration costs 76,113 70,580 97,275
--------------------------------------------------------------------------------
Total staff and administration costs 183,974 180,029 244,068
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
7 Number of employees
--------------------------------------------------------------------------------
Average number of employees during the period 244 253 252
converted into full-time employees
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
8 Tax
--------------------------------------------------------------------------------
Tax calculated on the period profit 86,500 71,000 93,159
--------------------------------------------------------------------------------
Adjustment of deferred tax 0 0 860
--------------------------------------------------------------------------------
Adjustment of tax calculated for previous years 0 0 109
--------------------------------------------------------------------------------
Total tax 86,500 71,000 94,128
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Effective tax rate (per cent):
--------------------------------------------------------------------------------
The current tax rate of the bank 25.0 25.0 25.0
--------------------------------------------------------------------------------
Adjustment of tax of non-liable income and -0.1 0.0 -0.5
non-deductible costs
--------------------------------------------------------------------------------
Adjustment of tax calculated for previous years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total effective tax rate 24.9 25.0 24.5
--------------------------------------------------------------------------------


Notes

Note End End End
Sept. 2012 Sept. 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
9 Claims on credit institutions and
central banks
--------------------------------------------------------------------------------
Claims at call 86,626 252,677 17,910
--------------------------------------------------------------------------------
Up to and including 3 months 93,543 485,000 661,989
--------------------------------------------------------------------------------
More than 3 months and up to and 0 36,840 43,543
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 138,271 655,514 590,876
including 5 years
--------------------------------------------------------------------------------
More than 5 years 500 0 0
--------------------------------------------------------------------------------
Total claims on credit institutions 318,940 1,430,031 1,314,318
and central banks
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
10 Loans and other debtors at amortised
cost price
--------------------------------------------------------------------------------
At call 2,389,562 3,018,653 2,689,793
--------------------------------------------------------------------------------
Up to and including 3 months 467,862 758,745 476,999
--------------------------------------------------------------------------------
More than 3 months and up to and 1,684,318 2,169,452 2,016,455
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 3,999,961 3,525,424 3,666,432
including 5 years
--------------------------------------------------------------------------------
More than 5 years 3,900,913 3,431,474 3,896,881
--------------------------------------------------------------------------------
Total loans and other debtors at 12,442,616 12,903,748 12,746,560
amortised cost price
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
11 Write-downs on loans and other debtors
and provisions for losses on
guarantees
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Individual write-downs
--------------------------------------------------------------------------------
Cumulative individual write-downs on 577,352 532,441 532,441
loans and other debtors at the end of
the previous financial year
--------------------------------------------------------------------------------
Write-downs/value adjustments during 209,256 164,094 205,130
the period
--------------------------------------------------------------------------------
Reverse entry - write-downs made in -106,182 -89,041 -110,870
previous financial years
--------------------------------------------------------------------------------
Booked losses covered by write-downs -26,203 -30,816 -49,349
--------------------------------------------------------------------------------
Cumulative individual write-downs on 654,223 576,678 577,352
loans and other debtors on the
balance sheet date
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Group write-downs
--------------------------------------------------------------------------------
Cumulative group write-downs on loans 67,466 31,211 31,211
and other debtors at the end of the
previous financial year
--------------------------------------------------------------------------------
Write-downs/value adjustments during 51,553 30,972 36,255
the period
--------------------------------------------------------------------------------
Reverse entry - write-downs made in 0 -407 0
previous financial years
--------------------------------------------------------------------------------
Cumulative group write-downs on loans 119,019 61,776 67,466
and other debtors on the balance
sheet date
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total cumulative write-downs on loans 773,242 638,454 644,818
and other debtors on the balance
sheet date
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Provisions for losses on guarantees
--------------------------------------------------------------------------------
Cumulative individual provisions for 5,038 1,383 1,383
losses on guarantees at the end of
the previous financial year
--------------------------------------------------------------------------------
Provisions/value adjustments during 10,391 683 4,605
the period
--------------------------------------------------------------------------------
Reverse entry - provisions made in -3,835 -1,100 -885
previous financial years
--------------------------------------------------------------------------------
Booked losses covered by write-downs -254 0 -65
--------------------------------------------------------------------------------
Cumulative individual provisions for 11,340 966 5,038
losses on guarantees on the balance
sheet date
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total cumulative write-downs on loans 784,582 639,420 649,856
and other debtors and provisions for
losses on guarantees on the balance
sheet date
--------------------------------------------------------------------------------


Notes

Note End End End
Sept. 2012 Sept. 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
12 Suspended calculation of interest
--------------------------------------------------------------------------------
Loans and other debtors with suspended 102,585 65,084 61,419
calculation of interest on the
balance sheet date
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
13 Bonds at current value
--------------------------------------------------------------------------------
Listed on the stock exchange 4,462,926 2,335,361 2,755,912
--------------------------------------------------------------------------------
Total bonds at current value 4,462,926 2,335,361 2,755,912
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
14 Shares etc.
--------------------------------------------------------------------------------
Listed on NASDAQ OMX Copenhagen 24,818 18,202 12,033
--------------------------------------------------------------------------------
Unlisted shares at current value 1,461 1,415 1,460
--------------------------------------------------------------------------------
Sector shares at current value 214,910 214,697 214,583
--------------------------------------------------------------------------------
Other holdings 21,005 20,913 20,978
--------------------------------------------------------------------------------
Total shares etc. 262,194 255,227 249,054
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
15 Debt to credit institutions and
central banks
--------------------------------------------------------------------------------
Debt payable on demand 197,715 176,313 210,686
--------------------------------------------------------------------------------
Up to and including 3 months 248,040 24,231 26,619
--------------------------------------------------------------------------------
More than 3 months and up to and 162,908 152,316 150,127
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 509,939 584,656 583,111
including 5 years
--------------------------------------------------------------------------------
More than 5 years 210,945 295,457 271,532
--------------------------------------------------------------------------------
Total debt to credit institutions and 1,329,547 1,232,973 1,242,075
central banks
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
The bank has undrawn long-term 74,555 174,417 174,342
committed
revolving credit facilities equivalent
to:
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
16 Deposits and other debts
--------------------------------------------------------------------------------
On demand 7,271,862 6,234,876 6,372,268
--------------------------------------------------------------------------------
Deposits and other debts at notice:
--------------------------------------------------------------------------------
Up to and including 3 months 1,534,344 1,550,946 2,166,283
--------------------------------------------------------------------------------
More than 3 months and up to and 1,220,536 1,903,590 1,175,194
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and 1,400,334 1,642,988 1,561,041
including 5 years
--------------------------------------------------------------------------------
More than 5 years 1,434,078 1,348,200 1,480,629
--------------------------------------------------------------------------------
Total deposits and other debts 12,861,154 12,680,600 12,755,415
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
On demand 6,619,911 5,757,808 5,822,693
--------------------------------------------------------------------------------
At notice 162,163 140,193 146,889
--------------------------------------------------------------------------------
Time deposits 3,169,275 3,777,207 3,740,496
--------------------------------------------------------------------------------
Long term deposit agreements 1,684,238 1,889,031 1,805,129
--------------------------------------------------------------------------------
Special types of deposits 1,225,567 1,116,361 1,240,208
--------------------------------------------------------------------------------
12,861,154 12,680,600 12,755,415
--------------------------------------------------------------------------------



Notes

Note End End End
Sept. Sept. Dec. 2011
2012 2011 DKK 1,000
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
17 Issued bonds at amortised cost price
--------------------------------------------------------------------------------
On demand 0 0 0
--------------------------------------------------------------------------------
Up to and including 3 months 0 0 2,955
--------------------------------------------------------------------------------
More than 3 months and up to and 224,583 2,955 0
including 1 year
--------------------------------------------------------------------------------
More than 1 year and up to and including 116,287 334,826 336,003
5 years
--------------------------------------------------------------------------------
More than 5 years 0 0 0
--------------------------------------------------------------------------------
Total issued bonds at amortised cost 340,870 337,781 338,958
price
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Distributed as follows:
--------------------------------------------------------------------------------
Issues in Danish kroner: 220,000 220,000 220,000
Nom. 220 million DKK
--------------------------------------------------------------------------------
Issues in Norwegian kroner
--------------------------------------------------------------------------------
Nom. 100 million NOK 101,170 94,340 95,880
--------------------------------------------------------------------------------
Regulation at amortised cost price and 8,817 9,604 9,241
adjustment to
current value of issues
--------------------------------------------------------------------------------
Other issues 10,883 13,837 13,837
--------------------------------------------------------------------------------
340,870 337,781 338,958
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
18 Subordinated debt
--------------------------------------------------------------------------------
Subordinated loan capital:
--------------------------------------------------------------------------------
Floating rate loan, principal EUR 27 201,299 200,926 200,723
million, expiry
30.6.2021
--------------------------------------------------------------------------------
Hybrid core capital:
--------------------------------------------------------------------------------
4.795% bond loan, nom, DKK 200 million, 200,000 200,000 200,000
indefinite term
--------------------------------------------------------------------------------
Regulation at amortised cost price and 11,137 7,960 11,763
adjustment to current value of
subordinated loan capital and hybrid
core capital
--------------------------------------------------------------------------------
Total subordinated debt 412,436 408,886 412,486
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
19 Share capital
--------------------------------------------------------------------------------
Number of shares at DKK 5 each:
--------------------------------------------------------------------------------
Beginning of period 5,040,000 5,040,000 5,040,000
--------------------------------------------------------------------------------
Changes during the period -100,000 0 0
--------------------------------------------------------------------------------
End of period 4,940,000 5,040,000 5,040,000
--------------------------------------------------------------------------------
Reserved for subsequent cancellation 50,000 0 100,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------



Notes

Note End End End
Sept. Sept. Dec. 2011
2012 2011 DKK 1,000
DKK 1,000 DKK
1,000
--------------------------------------------------------------------------------
20 Own capital shares
--------------------------------------------------------------------------------
Own capital shares included in the balance 0 0 0
sheet at
--------------------------------------------------------------------------------
The market value is 43,197 47,657 58,395
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Number of own shares:
--------------------------------------------------------------------------------
Beginning of period 100,855 9,517 9,517
--------------------------------------------------------------------------------
Cancelled during the year -100,000 0 0
--------------------------------------------------------------------------------
Net purchases and sales of own shares during 53,687 +76,351 91,338
the period
--------------------------------------------------------------------------------
End of period 54,542 85,868 100,855
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Nominal value of holding of own shares, 273 429 504
end of period
--------------------------------------------------------------------------------
Own shares’ proportion of share capital, 1.1 1.7 2.0
end of period (%)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
21 Contingent liabilities etc.
--------------------------------------------------------------------------------
Contingent liabilities
--------------------------------------------------------------------------------
Finance guarantees 744,242 510,936 653,353
--------------------------------------------------------------------------------
Guarantees for foreign loans 5,592 5,581 5,576
--------------------------------------------------------------------------------
Guarantees against losses on mortgage credit 52,286 50,990 50,138
loans
--------------------------------------------------------------------------------
Guarantee against losses Totalkredit 121,555 119,688 118,540
--------------------------------------------------------------------------------
Registration and conversion guarantees 78,708 60,181 55,361
--------------------------------------------------------------------------------
Sector guarantees 39,413 36,418 39,413
--------------------------------------------------------------------------------
Other contingent liabilities 661,302 102,412 129,841
--------------------------------------------------------------------------------
Total contingent liabilities 1,703,098 886,206 1,052,222
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
First mortgage loans were provided for German 759,057 833,409 808,363
wind turbine projects. The loans are funded
directly by KfW Bankengruppe, to which
security in the associated loans has been
provided. Each reduction of the first
mortgage loans is deducted directly from the
funding at the KfW Bankengruppe.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
As security for clearing and any debt, the 165,878 340,321 269,005
bank has pledged securities from its holding
to the Central Bank of Denmark to a total
market price of
--------------------------------------------------------------------------------



Notes

Note End End End
Sept. 2012 Sept. 2011 Dec. 2011
DKK 1,000 DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
22 Capital adequacy computation
--------------------------------------------------------------------------------
Calculated pursuant to the Executive
order on Capital Adequacy issued by the
Danish Financial Supervisory Authority.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Weighted items with credit and 10,923,296 11,363,231 11,041,407
counterpart risks
--------------------------------------------------------------------------------
Market risk 1,457,030 957,493 750,457
--------------------------------------------------------------------------------
Operational risk 1,483,500 1,396,138 1,396,138
--------------------------------------------------------------------------------
Total risk weighted items 13,863,826 13,716,862 13,188,002
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Share capital 24,700 25,200 25,200
--------------------------------------------------------------------------------
Reserve for net revaluation under the 187 176 187
intrinsic value method
--------------------------------------------------------------------------------
Profit carried forward 2,616,476 2,392,839 2,457,733
--------------------------------------------------------------------------------
Core capital 2,641,363 2,418,215 2,483,120
--------------------------------------------------------------------------------
Proposed dividend etc. 0 0 -66,020
--------------------------------------------------------------------------------
Deduction from / addition to the core -187 -176 -187
capital
--------------------------------------------------------------------------------
Core capital after deductions 2,641,176 2,418,039 2,416,913
--------------------------------------------------------------------------------
Hybrid core capital 200,000 200,000 200,000
--------------------------------------------------------------------------------
Core capital after deductions incl. 2,841,176 2,618,039 2,616,913
hybrid core capital
--------------------------------------------------------------------------------
Subordinated loan capital 201,299 200,926 200,723
--------------------------------------------------------------------------------
Deduction from / addition to the capital 187 176 187
base
--------------------------------------------------------------------------------
Capital base after deductions 3,042,662 2,819,141 2,817,823
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Core capital ratio excl. hybrid core 19.1 17.6 18.3
capital (%)
--------------------------------------------------------------------------------
Core capital ratio (%) 20.5 19.1 19.8
--------------------------------------------------------------------------------
Solvency ratio (%) 21.9 20.6 21.4
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Capital base requirements under Section 1,109,106 1,097,349 1,055,040
124 (2,1) of the Danish Financial
Business Act
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
23 Miscellaneous comments on:
--------------------------------------------------------------------------------
Main and key figures for the bank and key figures per DKK 5 share - page 6
· Total capital base is calculated as the banks capital base after
deductions, cf. note 22.
· Return on equity at the beginning of the year before and after tax
are computed after allocation of dividend etc., net.
· Key figures per DKK 5 share for 1st-3rd quarter 2012, and for the
full year 2011 are calculated on the basis of 4,940,000 shares and for
1st-3rd quarter 2011 calculated on the basis of 5,040,000 shares.
Core earnings - page 3
· The comparative figures for 2005 have not been adjusted for the
change made in 2007 from actual banking operations to core earnings.
--------------------------------------------------------------------------------



Main figures summary

1st-3rd 1st-3rd Full
qtr. 2012 qtr. 2011 year
2011
--------------------------------------------------------------------------------
Profit and loss account summary (million DKK)
--------------------------------------------------------------------------------
-
Net income from interest 481 446 613
--------------------------------------------------------------------------------
Dividend on capital shares etc. 1 1 1
--------------------------------------------------------------------------------
Net income from fees and commissions 127 97 134
--------------------------------------------------------------------------------
Net income from interest and fees 609 544 748
--------------------------------------------------------------------------------
Value adjustments +55 +22 +16
--------------------------------------------------------------------------------
Other operating income 3 3 5
--------------------------------------------------------------------------------
Staff and administration costs 184 180 244
--------------------------------------------------------------------------------
Amortisation, depreciation and write-downs on 3 2 4
intangible and tangible assets
--------------------------------------------------------------------------------
Other operating costs 9 15 12
--------------------------------------------------------------------------------
Total write-downs on loans and other debtors -124 -88 -129
etc.
--------------------------------------------------------------------------------
Profit before tax 347 284 380
--------------------------------------------------------------------------------
Tax 86 71 94
--------------------------------------------------------------------------------
Profit after tax 261 213 286
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
-
Main figures from the balance sheet (million DKK)
--------------------------------------------------------------------------------
-
Loans and other debtors 12,443 12,904 12,747
--------------------------------------------------------------------------------
Deposits and other debts 12,861 12,681 12,755
--------------------------------------------------------------------------------
Subordinated debt 412 409 412
--------------------------------------------------------------------------------
Shareholders’ equity 2,641 2,418 2,483
--------------------------------------------------------------------------------
Balance sheet total 17,990 17,730 17,549
--------------------------------------------------------------------------------



Danish Financial Supervisory Authority
key figures for Danish banks

1st-3rd qtr. 1st-3rd qtr. Full
2012 2011 year
2011
--------------------------------------------------------------------------------
Solvency ratio % 21.9 20.6 21.4
--------------------------------------------------------------------------------
Core capital ratio % 20.5 19.1 19.8
--------------------------------------------------------------------------------
Solvency requirement % 8.0 8.0 8.0
--------------------------------------------------------------------------------
Pre-tax return on equity % 13.7 12.0 15.9
--------------------------------------------------------------------------------
Return on equity after tax % 10.3 9.0 11.9
--------------------------------------------------------------------------------
Income/cost ratio DKK 2.09 1.99 1.98
--------------------------------------------------------------------------------
Interest risk % 0.9 0.7 0.7
--------------------------------------------------------------------------------
Foreign exchange position % 1.1 1.1 0.9
--------------------------------------------------------------------------------
Foreign exchange risk % 0.0 0.0 0.0
--------------------------------------------------------------------------------
Excess cover relative to statutory % 186.1 121.1 140.5
liquidity requirements
--------------------------------------------------------------------------------
Loans and write-downs thereon relative % 102.8 106.8 105.0
to deposits
--------------------------------------------------------------------------------
Loans relative to shareholders’ equity 4.7 5.3 5.1
--------------------------------------------------------------------------------
Growth in loans % -2.4 -1.9 -3.1
--------------------------------------------------------------------------------
Total large exposures % 84.1 43.5 41.7
--------------------------------------------------------------------------------
Cumulative write-down percentage % 5.3 4.4 4.5
--------------------------------------------------------------------------------
Write-down percentage for the period % 0.83 0.61 0.89
--------------------------------------------------------------------------------
Proportion of debtors at reduced % 0.7 0.5 0.4
interest
--------------------------------------------------------------------------------
Result after tax per share * / *** DKK 1,056.4 843.8 1,146.6
--------------------------------------------------------------------------------
Book value per share * / ** DKK 10,813 9,762 10,055
--------------------------------------------------------------------------------
Price/result per share * / *** 15.0 13.2 10.1
--------------------------------------------------------------------------------
Price/book value per share * / ** 1.47 1.14 1.15
--------------------------------------------------------------------------------
* Calculated on the basis of a denomination of DKK 100 per share.
** Calculated on the basis of number of shares outstanding at the end of
the period.
*** Calculated on the basis of the average number of shares.
--------------------------------------------------------------------------------
-



Statement by management and board of directors

The board of directors and management have today considered and approved the
quarterly report for Ringkjøbing Landbobank A/S for the period 1 January - 30
September 2012.

The quarterly report was prepared in accordance with the provisions of the
Danish Act on Financial Activities and further Danish requirements on listed
financial companies concerning disclosure. We consider the accounting policies
to be appropriate and the accounting estimates made to be responsible, such
that the interim report provides a true and fair view of the bank’s assets,
liabilities and financial position as of 30 September 2012 and of the bank’s
activities for the period 1 January - 30 September 2012. We also believe that
the management report etc. contain a true and fair review of the developments
in the bank’s activities and financial circumstances, and a description of the
most important risks and uncertainty factors which could affect the bank.

The quarterly report was not audited or reviewed, but the external auditors
have checked that the conditions for ongoing inclusion of the earnings for the
period in the Tier 1 capital have been met.


Ringkøbing, 24 October 2012


Management:
John Fisker
Executive General Manager

Board of Directors:
Jens Lykke Kjeldsen Gravers Kjærgaard
Chairman Deputy chairman
Gert Asmussen Inge Sandgrav Bak
Keld Hansen Martin Krogh Pedersen
Bo Bennedsgaard Gitte E. S. Vigsø
Employee board member Employee board member

Quarterly report Q1-Q3 2012.pdf