Quarterly report for Q3 2010

Stable income, declining costs and a downturn in impairment
provisions spurred Q3's sharp profit growth

• DKK 658 million in core income - compared with DKK 669 million in Q2
• Operating expenses down 14% to DKK 364 million
• Impairment losses on loans and advances amounted to DKK 101 million -
  corresponding to an impairment ratio of 0.85% p.a.
• Core earnings up 39% to DKK 192 million
• DKK 82 million by way of contributions to sector-targeted solutions - last
  quarter with contributions to Bank Package I
• Pre-tax profits up from DKK 39 million in Q2 to DKK 102 million in Q3
• Third successive quarterly period with growth in bank lending
• Sustained strong liquidity position - excess coverage relative to strategic
  target amounted to DKK 7.6 billion
• Core earnings before impairment now expected to hover at the DKK 900-1,000
  million mark for the full year, compared with the previous DKK 800-1,000
  million estimate.The impairment ratio is still expected to end at around 1.0%.

Lasse Nyby, Chief Executive Officer of Spar Nord Bank, has the following
comment on the financial statements: 
- Q3 proved to continue the positive trends we saw in Q2. Our income level is
respectable, and the implemented cost-cutting exercise is running extremely
smoothly. Although the going is still a bit heavy, it is gratifying that we
have now seen growth in lending across three successive quarterly periods. 
The inflow of new customers is increasing, especially on the business customer
side, and in future quarterly periods we will strengthen our stakes to increase
our market share.