Q1-Q3 Interim report - The Nykredit Bank Group

1 January 2009 - 30 September 2009

- The Group recorded a loss before tax of DKK 273m against a profit of DKK 250m
in Q1-Q3/2008. 

- The period showed a satisfactory increase in core income of DKK 824m to DKK
2,050m. Growth was broad-based across all business areas. 

- Impairment losses on loans and advances rose by DKK 887m to DKK 992m, of
which Corporate Banking accounted for an increase in impairment losses of DKK
688m, while provisions relating to the government guarantee scheme equalled a
charge of DKK 165m. 

- Operating costs amounted to DKK 1,402m against DKK 816m in Q1-Q3/2008. The
development was in part attributable to costs relating to the government
guarantee scheme as well as expenses relating to Dansk Pantebrevsbørs A/S. 

- The balance sheet was reduced by DKK 14.1bn (-7%) to DKK 179.7bn against DKK
193.8bn at end-2008, in part due to decreased lending and the transfer of
Proprietary Trading to the Parent Company in Q3/2009. 

- Liquidity remained at a sound level in Q1-Q3/2009 and strengthened compared
with end-2008 through additional issues under the Bank's ECP and EMTN
programmes. Excess cover relative to statutory liquidity requirements was
279.9% against 146.1% at end-2008. 

- The capital adequacy and core capital ratios came to 13.6% and 13.6%,
respectively, against 10.2% and 7.7% at end-2008. 

- In Q3/2009, the Bank's core capital went up by DKK 3.2bn through a capital
contribution from the Parent Company, Nykredit Realkredit A/S. In addition,
subordinate loan capital of DKK 2.4bn was redeemed prematurely. 

- Loss before tax generated a negative return on equity of 3.2% pa against a
positive return of 4.0% for Q1-Q3/2008 and a negative return of 4.5% for the
full year 2008. 

- In September, Moody's Investors Service lowered the Bank's ratings. Reference
is made to the mention on page 7. 

2009 - Outlook
The past months of 2009 have seen satisfactory development in core income, but
results - especially in Q3 - were also influenced by considerable impairment
losses and provisions, which led to a loss. Although the Bank expects
satisfactory income in Q4/2009, recording a profit before tax for the full year
is no longer considered probable. 

Information about The Nykredit Bank Group
The Nykredit Bank Group's Q1-Q3 Interim Report 2009 and further information
about the Nykredit Bank Group are available at nykredit.com. 

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