Spar Nord Bank

Quarterly Report • Aug 15, 2007

To The Copenhagen Stock Exchange

15 August 2007

Interim Report 2007 for Spar Nord Bank

Pre-tax profits up 39% to DKK 465 million and earnings revision upward

• • Annualized 26.7% pre-tax return on equity
• • Net interest income up 10% to DKK 544 million
• • Net income from fees, charges and commissions up 11% to DKK 259 million
• • Costs increased by 10% to DKK 627 million
• • Core earnings before impairment up 10% to DKK 354 million
• • DKK 78m writedowns on loans and advances (net) carried to income
• • Core earnings up 30% to DKK 432 million
• • Satisfactory DKK 33 million earnings from investment portfolios
• • Sustained strong growth in net customer intake
• • Bank lending up 26% and deposits up 13%
• • Business volume up 19% to DKK 71 billion
• • Upward revision of the forecast core earnings for the year from DKK 600-700 million to DKK 700-750 million
• • Totalkredit the offset model selected as from 1 July 2007 (solvency ratio boosted nearly 0.4 percentage points)
• • Moody's rating: C, A1, P-1

Stock Exchange Announcement No. 9, 2007

For further information contact: Lasse Nyby, Chief Executive Officer tel. + 45 9634 4011

Ole Madsen, Communications Manager tel. +45 9634 4021

Spar Nord Bank A/S

Skelagervej 15 P.O. Box 162 DK-9100 Aalborg

Reg. no. 9380 Tel. +45 9634 4000 Fax +45 9634 4560 Swift spno dk 22

www.sparnord.dk sparnord@sparnord.dk

CVR no. 13 73 75 84

Stock Exchange Announcement No. 9, 2007

15 August 2007

Interim Report 2007

Spar Nord Bank A/S

Skelagervej 15 P.O. Box 162 DK-9100 Aalborg

Reg. no. 9380 Tel. +45 9634 4000 Fax +45 9634 4560 Swift spno dk 22

www.sparnord.dk sparnord@sparnord.dk

CVR no. 13 73 75 84

CONTENTS

MANAGEMENT'S REVIEW	4
QUARTERLY PERFORMANCE INDICATORS
AND FINANCIAL RATIOS	7
SEMI-ANNUAL PERFORMANCE INDICATORS
AND FINANCIAL RATIOS	8
STATEMENT OF THE SUPERVISORY BOARD AND
EXECUTIVE BOARD ON THE INTERIM REPORT	9
ACCOUNTING POLICIES	10
OVERVIEW OF GROUP COMPANIES	10
INCOME STATEMENT	11
BALANCE SHEET	12
STATEMENT OF CHANGES IN EQUITY	13
SOLVENCY INFORMATION	14
CASH FLOW STATEMENT	15
NOTES	16
NOTES TO THE FINANCIAL STATEMENTS
WITHOUT REFERENCE NUMBERS	22

MANAGEMENT'S REVIEW

In Q1-Q2 2007, the Spar Nord Bank Group recorded pre-tax profits of DKK 465m - up 39% on the same period last year. This profit performance corresponds to a full-year return on the beginning equity (ex-dividend) of 26.7%.

The sustained growth in business volume, and thus a surge in net income from interest and fees, charges and commissions, propelled the advance in profits. Impairment of loans, advances and related items also had a major positive net impact. Finally, earnings from portfolio investments showed strong improvement.

In view of the very satisfactory profit performance for the first half of the year, Management lifts its estimate of core earnings for the year from DKK 600-700 million to DKK 700-750 million.

Core earnings

Core earnings - the Group's earnings deriving from customerrelated transactions - ended at DKK 432m for the first six months, up 30% on the first six months of 2006. The growth is chiefly attributable to the business areas Spar Nord's Local Banks, Corporate Banking and the leasing company Finans Nord A/S.

In the first six months of 2007, net income from interest grew 10%, up from DKK 495 million to DKK 544 million. Net interest income constitutes a largely unchanged share of the core income (55%). Thus, growth in business volume and mounting interest rates more than counterbalanced the sustained narrowing of the interest margin (0.55 percentage points since the same time last year and 0.22 percentage points since 1 January).

Net income from fees, charges and commissions rose 11% to DKK 259 million. Net income from fees, charges and commissions accounted for 26% of the core income for the six-month period. In particular, asset management fees showed strong growth. The sale of structured bonds was one factor contributing to the satisfactory growth. Fees and charges relating to guarantees and loan transaction fees grew at a more moderate pace, while income from securities trading dropped.

Market-value adjustments dipped 4% on the same period last year, down from DKK 79 million to DKK 76 million. Trading, Financial Markets & the International Division reported favourable growth, while on the downside the Bank recorded a decrease in market-value adjustments of investment securities, as opposed to the DKK 16 million gain recorded during the corresponding period last year.

Other operating income ended 18% up on last year, equal to DKK 35 million, attributable primarily to the income recorded by Finans Nord from operational leases.

Profits from investments in associates and group enterprises continued to show strong growth, ending at DKK 53 million at the close of June (first-half 2006: DKK 35 million). The growth derives largely from Spar Nord's shareholding in Nørresundby Bank.

Operating costs and depreciation amounted to DKK 627 million - DKK 59 million, or 10% higher than in the same period the previous year. Two-thirds of the increase in costs stems from mounting payroll costs - one consequence of the Bank's geographic and business expansion. Compared with last year, Spar Nord now has 98 more employees, 92 of whom work for the customer-targeted units.

Since 1 January, the staff has grown by 23 persons (net). Today there are 32 more employees working in the customer-targeted units, while Corporate Coordination & Support and the staff functions have 9 fewer.

As for other operating costs, the sharpest growth was seen in the areas of IT expenses (DKK 14 million), office and administration (DKK 5 million) and marketing (DKK 4 million). A common feature of all three types of costs is that their growth is due to the sharp increase in activity level, as a consequence of the geographical expansion.

Conversely, the cost of premises fell almost DKK 4 million. This occurred because almost all scheduled activities relating to internal and external maintenance have now been completed.

The continued geographical expansion and mounting expenses relating to major sector-based IT projects (including Basel II and MiFID) are expected to push up costs by about 12%

During the first half of 2007, DKK 78 million (net) was carried to income regarding impairment of loans and advances (first-half 2006: DKK 12 million). A contributory factor was the continued favourable business trends and thus the increase in net reversal of individual impairment items (DKK 40 million in the first half of 2007 versus DKK 5 million in the same period last year), as well as amounts retrieved on customer loans previously written off.

Earnings from investment portfolios

Earnings from investment portfolios closed at DKK 33 million in the period under review (2006: DKK 3 million). Compared with last year, market-value adjustments of the Bank's trading portfolio propelled this growth. In addition, Erhvervsinvest K/S contributed DKK 12 million, a positive result deriving from the divestment of shares in a portfolio business.

Combined profits

Accordingly, the pre-tax profits amounted to DKK 465 million versus DKK 335 million in the first half of 2006. This profit performance yields a 26.7% full-year return on the beginning equity.

After calculated tax in the amount of DKK 99 million (the tax for the year calculated at the expected average tax rate for the year) the profits came to DKK 366 million. This makes the net asset value per share DKK 69.

Business volume

The total business volume (deposits, loans & advances and guarantees) has risen by 19% since the first half of 2006, up from DKK 59 billion to DKK 71 billion.

Bank lending rose 26% to DKK 36.2 billion. Retail customers account for DKK 1.4 billion and corporate customers for DKK 6 billion of the DKK 7.4 billion growth. At 30 June, the combined lending of Spar Nord's Local Banks aggregated DKK 23.5 billion, with DKK 17.6 billion lent to customers in North Jutland and DKK 5.9 billion to customers based outside North Jutland. A growing share of the lending by the local banks tends to be channelled to the new business regions outside North Jutland - a development that Management finds satisfactory, as it helps diversify credit exposure.

Bank deposits increased by 13% to DKK 27.0 billion.

Both the growth in lending and in deposits climbed in the first half of 2007.

Customers and shareholders

Since 30 June 2006, Spar Nord has seen a net increase in its customer base of about 12,000 customers. Thus, after 22 months of continued net growth in customer intake the Bank now has a total of about 230,000 customers. This growth momentum, which Management finds highly satisfactory, can be seen both in the established bank regions and especially in the new bank regions established outside North Jutland.

The number of Star Account customers - customers who have signed up for the Bank's loyalty programme - have increased by about 14,000 during the same period to a total of 72,000.

The number of shareholders also continues to rise. Thus, at 30 June 2007 Spar Nord had 104,000 shareholders - a net growth of 12,000 since the same date last year.

Comments on key figures and performance indicators

Solvency ratio

The solvency ratio, for which the Bank has a target of min. 10.0, stood at 11.0 at 30 June 2007 (Q1 2007: 11.1). 9.3 percentage points of this figure are attributable to the Group's core capital. (Q1 2007: 9.4). The core capital ratio, excluding hybrid core capital, amounted to 8.6 (Q1 2007: 8.5).

As concerns the cooperation involving Totalkredit, Spar Nord Bank has chosen to implement the so-called offset model as from 1 July, from which date the previous Totalkredit guarantees lapse. Instead, Totalkredit is granted a right to make an offset against commission payments in the event of any future losses on loans arranged via Spar Nord. The revised contract platform will boost the solvency ratio by about 0.4 percentage points.

Liquidity

Spar Nord's growth in lending exceeded the growth in the Bank's deposits in the first half of 2007 too. Thus, the Bank's long-term internal liquidity target was still exceeded at the end of the first half of 2007.

Subsequently, the Bank has therefore raised a new senior loan of EUR 215 million, which means that the Bank's liquidity target has been met.

Rating

At the beginning of August, Spar Nord was awarded its first rating by Moody's, as follows:

Financial strength rating:	C
Long-term deposit rating:	A1
Short-term deposit rating:	P-1

Spar Nord Bank decided to initiate a rating process with Moody's primarily because the Bank's business growth in recent years has increased the need for additional funding. Thus, Management expects the Moody's rating to result in a more diversified funding base for the Bank in the future, for instance, by the floating of loans on the bond market.

New local banks

During Q2, the highlight of events for the business area, Spar Nord's Local Banks, was the opening of three new local banks outside North Jutland. In January, Spar Nord Slagelse opened for business and in February the turn came to Spar Nord Køge - both of which operate as independent bank areas. In May, Spar Nord Ikast opened as a branch under Spar Nord Herning.

In addition, the decision has been made to open a new local bank in Randers during Q4.

Business areas

Spar Nord's Local Banks

Spar Nord's Local Banks' core earnings grew 31% to DKK 318 million in the first half of 2007. This growth is primarily attributable to the major positive net impact from impairment of loans and advances (DKK 80 million versus DKK 28 million in the same period last year). As was the case for the Group as a whole, Spar Nord's Local Banks recorded a 10% growth in core earnings before depreciation.

The main driver behind the surge in profits was the satisfactory growth in the customer base and business volume, and thus a 10% growth in net interest income and a 15% rise in net income from fees, charges and commissions. Asset management fees stand out in terms of positive growth on the fee side - one reason being the successful launch of several new products.

The local banks outside North Jutland account for a steadily rising share of the business volume and earnings of Spar Nord's Local Banks. At 30 June, 20% (first-half 2006: 16 pct) of the core income derived from local banks outside North Jutland, which also account for 25% (22%) of the total bank lending

Corporate Banking

Corporate Banking, which serves the Bank's largest corporate clients and high net worth individuals regardless of geographical affiliation, reported a surge in core earnings of 71% to DKK 31 million. The growth is attributable to a major positive net impact from impairment of loans and advances and related items. Core earnings before impairment remain unchanged at DKK 35 million.

In order to strengthen the synergies between Corporate Banking and the local banks, the decision has been made to include Corporate Banking in the business area Spar Nord's Local Banks, as of 1 July 2007.

Trading, Financial Markets & the International Division Trading, Financial Markets & the International Division reported an advance in core earnings of 4% to DKK 71 million after a six-month period characterized by a very high activity level. The department for Share Trading and the department for Interest Products and Forex reported a satisfactory profit performance. The latter department recorded major growth in earnings from forex trading as well as from interest and foreign currency swaps.

Finans Nord A/S

Finans Nord A/S recorded core earnings that were up 38% to DKK 51 million. This advance is due primarily to mounting net interest income - DKK 71 million in the first half of 2007 versus DKK 55 million in the same period last year.

During the period under review, financing agreements worth a total of DKK 1.8 billion were concluded, compared to DKK 1.3 billion in the same period last year. Total lending now amounts to DKK 5.5 billion.

The newly established subsidiary in Sweden, SN Finans Nord AB, continues to report satisfactory growth, with new sales amounting to SEK 173 million.

Year 2007 forecast follow-up

Compared with the forecasts in the Annual Report, earnings and costs ended at a higher level. Thus, the higher-than-expected activity level resulted in a 10% growth in both core earnings and costs. At the same time, the favourable business trends resulted in a major positive net impact from impairment of loans and advances that exceeded expectations.

The Bank expects the favourable business trends and the high activity level to continue in the second half of the year. Viewed against the development in the first half of the year, this expectation leads Management to lift its forecast for the full-year core earnings from DKK 600-700 million to DKK 700-750 million.

QUARTERLY PERFORMANCE INDICATORS AND FINANCIAL RATIOS

DKK million	1st half 2007	1st half 2006	Change in %	Q2 2006	Q3 2006	Q4 2006	Q1 2007	Q2 2007	Year 2006
INCOME STATEMENT
Net interest income	544.1	495.0	9.9	250.5	259.0	256.7	272.1	272.0	1,010.7
Net income from fees, charges and comm.	258.6	232.9	11.0	100.9	107.0	130.4	130.3	128.3	470.3
Dividends on shares, etc.	13.7	17.0	-19.4	14.0	0.1	0.0	0.1	13.6	17.1
Market-value adjustments	75.9	79.4	-4.4	20.7	40.0	72.1	53.3	22.6	191.5
Other operating income	35.3	29.9	18.1	14.3	13.2	18.3	17.0	18.3	61.4
Results of equity investments
in associates and group enterprises	53.0	35.1	51.0	12.1	31.6	17.3	32.9	20.1	84.0
Core income Operating costs, deprec. and amortization	980.6 626.9	889.3 568.4	10.3 10.3	412.5 283.1	450.9 285.1	494.8 308.3	505.7 309.7	474.9 317.2	1,835.0 1,161.8
Core earnings before impairment	353.7	320.9	10.2	129.4	165.8	186.5	196.0	157.7	673.2
Impairment of loans and advances, etc.	-78.1	-11.5		-4.4	-19.8	-141.2	-34.9	-43.2	-172.5
Core earnings	431.8	332.4	29.9	133.8	185.6	327.7	230.9	200.9	845.7
Earnings from investment portfolios	33.3	2.8	1,089.3	-7.1	14.3	18.1	11.4	21.9	35.2
Totalkredit (sale of shares)	0.0	0.0		0.0	152.3	0.0	0.0	0.0	152.3
Profit before tax	465.1	335.2	38.8	126.7	352.2	345.8	242.3	222.8	1,033.2
Tax	99.3	82.7	20.1	31.4	45.2	76.7	58.2	41.1	204.6
Profit after tax	365.8	252.5	44.9	95.3	307.0	269.1	184.1	181.7	828.6
BALANCE SHEET
Balance sheet total	57,590	50,064	15.0	50,064	54,021	58,565	56,494	57,590	58,565
Loans and advances	36,206	28,911	25.2	28,911	32,020	34,318	35,558	36,206	34,318
- bank loans and advances	36,206	28,813	25.7	28,813	29,566	32,409	35,558	36,206	32,409
- reverse transactions	0	98	-100.0	98	2,454	1,909	0	0	1,909
Deposits	27,047	23,879	13.3	23,879	26,782	26,259	25,698	27,047	26,259
- bank deposits - repo transactions	27,047 0	23,879 0	13.3	23,879 0	24,433 2,349	25,722 537	25,698 0	27,047 0	25,722 537
Shareholders' equity	3,849	3,116	23.5	3,116	3,389	3,649	3,846	3,849	3,649
Guarantees, etc. Risk-weighted assets	7,475 41,845	6,517 34,939	14.7 19.8	6,517 34,939	6,361 35,495	7,017 38,289	6,863 40,694	7,475 41,845	7,017 38,289
Core capital, (incl. hybrid
core capital) after deductions	3,911	3,109	25.8	3,109	3,085	3,727	3,813	3,911	3,727
Business volume	70,728	59,307	19.3	59,307	65,163	67,594	68,119	70,728	67,594
FINANCIAL RATIOS
Return on equity before tax, %	12.4	10.9		4.1	11.0	10.3	6.5	5.9	30.9
Cost share of core income	0.64	0.64		0.69	0.63	0.62	0.61	0.67	0.63
Cost share of core income
- incl. impairment of loans and adv., etc.	0.56	0.63		0.68	0.59	0.34	0.54	0.58	0.54
Income/cost ratio, DKK	1.56	1.56		1.46	1.58	1.60	1.63	1.50	1.58
Loans and adv. rel. to deposits, %	135.6	123.9		123.9	121.9	132.6	140.2	135.6	132.6
Loans and adv. rel. to shareholders' equity	9.4	9.3		9.3	9.4	9.4	9.2	9.4	9.4
Increase in loans and adv. for the period, %	5.5	6.6		4.7	10.8	7.2	3.6	1.8	26.5
Impairment for the period, %	-0.18	-0.03		-0.01	-0.05	-0.34	-0.08	-0.10	-0.41
Accumulated impairment, %	1.1	1.9		1.9	1.7	1.3	1.1	1.1	1.3
Solvency ratio	11.0	10.4		10.4	9.7	10.8	11.1	11.0	10.8
Core capital ratio, incl. hybrid capital	9.3	8.9		8.9	8.7	9.7	9.4	9.3	9.7
Coverage relative to statutory cash ratio requirement, %	53.3	57.6		57.6	27.9	2.2	53.9	53.3	2.2
Total of major commitments, %	113.0	90.0		90.0	87.5	80.9	101.3	113.0	80.9
Interest-rate risk, %	1.1	2.6		2.6	2.3	1.0	0.8	1.1	1.0
Foreign-exchange position, %	6.0	6.0		6.0	7.9	6.7	8.5	6.0	6.7
Foreign-exchange risk, %	0.1	0.3		0.3	0.1	0.1	0.1	0.1	0.1
No. of employees (end of period, full-time)	1,336	1,238		1,238	1,278	1,313	1,314	1,336	1,313
Number of branches	80	73		73	75	77	77	80	77
SPAR NORD BANK SHARES DKK per share of DKK 10
Share price, end of period	133.5	130.0		130.0	128.0	136.5	138.5	133.5	137.0
Book value	69	56		56	61	65	69	69	65
Earnings after tax	6.4	4.4		1.7	5.4	4.7	3.2	3.2	14.5
Dividend	-	-		-	-	-	-	-	3
Price/earnings	-	-		-	-	-	-	-	9

SEMI-ANNUAL PERFORMANCE INDICATORS AND FINANCIAL RATIOS

DKK million	1st half 2007	1st half 2006	Change in %	1st half 2003	1st half 2004	1st half 2005	1st half 2006	1st half 2007	Year 2006
INCOME STATEMENT
Interest income	1,308.5	910.6	43.7	776.5	661.2	722.9	910.6	1,308.5	2,025.2
Interest expenses	764.3	405.8	88.3	328.1	211.1	273.7	405.8	764.3	1,001.7
Net interest income	544.2	504.8	7.8	448.4	450.1	449.2	504.8	544.2	1,023.5
Dividends on shares, etc.	15.7	20.0	-21.5	28.4	17.3	13.0	20.0	15.7	20.5
Fees, charges and commissions received	294.9	267.0	10.4	179.9	173.1	212.7	267.0	294.9	536.9
Fees, charges and commissions paid	36.2	34.0	6.5	29.4	22.7	42.2	34.0	36.2	66.6
Net income from interest, fees, charges and
commissions	818.6	757.8	8.0	627.3	617.8	632.7	757.8	818.6	1,514.3
Market-value adjustments	96.4	60.6	59.1	93.4	58.0	153.4	60.6	96.4	331.2
Other operating income	35.5	44.3	-19.9	12.5	17.4	37.3	44.3	35.5	81.8
Staff costs and administrative expenses	593.1	535.7	10.7	416.9	414.2	457.6	535.7	593.1	1,101.5
Depreciation, amortization and impairment of intangible assets and property, plant and
equipment	36.4	36.6	-0.5	25.5	32.5	30.3	36.6	36.4	68.7
Other operating expenses	0.7	0.8	-12.5	4.2	3.1	1.4	0.8	0.7	0.0
Impairment of loans, advances and receivables, etc.	-80.1	-11.5	596.5	120.7	94.9	23.6	-11.5	-80.1	-169.1
Results of equity investments in
associates and group enterprises	64.7	34.1	89.7	-15.2	24.3	13.7	34.1	64.7	107.0
Profit before tax	465.1	335.2	38.8	150.7	172.8	324.2	335.2	465.1	1,033.2
Tax	99.3	82.7	20.1	47.7	43.6	80.2	82.7	99.3	204.6
Result after tax	365.8	252.5	44.9	103.0	129.2	244.0	252.5	365.8	828.6
BALANCE SHEET	57,590	50,064	15.0	34,332	34,598	42,385	50,064	57,590	58,565
Balance sheet total Loans and advances	36,206 36,206	28,911 28,813	25.2 25.7	17,441 17,242	18,162 17,878	24,826 24,498	28,911 28,813	36,206 36,206	34,318 32,409
- bank loans and advances	0	98	-100.0	199	284	328	98	0	1,909
- reverse transactions	27,047	23,879	13.3	17,319	18,568	22,063	23,879	27,047	26,259
Deposits	27,047	23,879	13.3	17,319	18,568	22,063	23,879	27,047	25,722
- bank deposits	0	0	0.0	0	0	0	0	0	537
- repo transactions Shareholders' equity	3,849	3,116	23.5	2,031	2,214	2,435	3,116 0	3,849	3,649
Guarantees, etc.	7,475	6,517	14.7	3,568	4,169	6,215	6,517	7,475	7,017
Risk-weighted assets	41,845	34,939	19.8	22,505	24,145	29,731	34,939	41,845	38,289
Core capital, (incl. hybrid
core capital) after deductions	3,911	3,109	25.8	1,764	2,013	2,465	3,109	3,911	3,727
Business volume	70,728	59,307	19.3	38,328	40,899	53,104	59,307	70,728	67,594
FINANCIAL RATIOS
Return on equity before tax, % Return on equity after tax, %	12.4 9.8	10.9 8.2		7.6 5.2	7.9 5.9	13.5 10.2	10.9 8.2	12.4 9.8	30.9 24.8
Income/cost ratio, DKK	1.85	1.60		1.27	1.32	1.64	1.60	1.85	2.03
Loans and adv. rel. to deposits, %	135.6	123.9		104.5	101.6	115.6	123.9	135.6	132.6
Loans and adv. rel. to shareholders' equity	9.4	9.3		8.6	8.2	10.2	9.3	9.4	9.4
Increase in loans and adv. for the period, % Impairment for the period, %	5.5 -0.2	6.6 0.0		3.5 0.6	2.1 0.4	29.9 0.1	6.6 0.0	5.5 -0.2	26.5 -0.4
Accumulated impairment, %	1.1	1.9		3.1	3.0	2.2	1.9	1.1	1.3
Solvency ratio Core capital ratio, incl. hybrid capital	11.0 9.3	10.4 8.9		10.4 7.8	9.6 8.4	9.7 8.3	10.4 8.9	11.0 9.3	10.8 9.7
Coverage relative to statutory cash ratio
requirement, %	53.3	57.6		145.8	122.5	77.0	57.6	53.3	2.2
Total of major commitments, %	113.0	90.0		55.7	49.2	100.3	90.0	113.0	80.9
Interest-rate risk, %	1.1	2.6		5.7	3.8	4.0	2.6	1.1	1.0
Foreign-exchange position, %	6.0	6.0		6.7	16.3	11.7	6.0	6.0	6.7
Foreign-exchange risk, %	0.1	0.3		0.1	0.1	0.1	0.3	0.1	0.1
SHARE-RELATED FINANCIAL RATIOS DKK per share of DKK 10
Earnings per share	6.4	4.4		2.0	2.5	4.7	4.4	6.4	14.5
Share price, end of period	133.5	130.0		42.0	53.5	87.4	130.0	133.5	137.0
Book value, incl. profit for the period per share	69.2	55.5		39.1	42.9	47.0	55.5	69.2	65.4
Dividend per share	-	-		-	-	-	-	-	3.0
Share price/earnings per share	20.8	29.4		21.2	21.5	18.6	29.4	20.8	9.4
Share price/book value per share	1.9	2.3		1.1	1.2	1.9	2.3	1.9	2.1
Average no. of shares (mill.)	55.7	52.0		48.9	51.7	51.8	52.0	55.7	56.0

In 2005, the Group changed its accounting policies in connection with the transition to IFRS.

The performance indicators and financial ratios for 2003 have not been restated, and only partially restated for 2004.

STATEMENT OF THE SUPERVISORY BOARD AND EXECUTIVE BOARD ON THE INTERIM REPORT

The Supervisory and Executive Boards have today reviewed and adopted the Interim Report of Spar Nord Bank A/S for the first six months of 2007.

The Interim Report is presented in accordance with IAS 34, Interim Financial Reporting, and in accordance with additional Danish disclosure requirements for interim reports prepared by listed financial companies.

We consider the accounting policies applied to be appropriate, and in our opinion the Interim Report gives a true and fair view of the Group's assets, liabilities and financial position at 30 June 2007 and of the results of the Group's operations and cash flows for the period from 1 January to 30 June 2007.

Aalborg, 15 August 2007

EXECUTIVE BOARD

Lasse Nyby

Chief Executive Officer

John Lundsgaard Managing Director

Lars Møller Managing Director

SUPERVISORY BOARD

Torben Fristrup Chairman

Erling Kjær Deputy Chairman

Niels Kristian Kirketerp

Per Søndergaard Pedersen

Jan Høholt Jensen Elected by the employees

Per Nikolaj Bukh

Carsten Normann

Trine Bruun Haals Elected by the employees

Ole Skov

Elected by the employees

ACCOUNTING POLICIES

The Interim Report has been prepared in accordance with IAS 34, Interim Financial Reporting, and in accordance with additional Danish disclosure requirements for interim reports prepared by listed financial companies.

The accounting policies have been consistently applied with those adopted in the 2006 Annual Report. The 2006 Annual Report contains the complete wording of the accounting policies applied.

The Interim Report has not been subject to a review or audit.

The measurement of certain assets and liabilities requires Management to estimate how future events will impact on the value of such assets and liabilities. Estimates of significance to the financial reporting are made in connection with determining the impairment of loans and advances, the fair value of unlisted financial instruments, provisions, etc. Estimates are based on assumptions that Management consider appropriate but which are uncertain by their nature.

OVERVIEW OF GROUP COMPANIES

	Share capital End of period*) DKK million	Shareholders' equity End of period*) DKK million	Results*) DKK million	Interest 30.06.07 %	Interest 30.06.06 %
Consolidated subsidiaries
Erhvervsinvest Nord A/S, Aalborg	30	124	13	100	100
Finans Nord A/S, Aalborg	10	256	53	100	100
SN Finans Nord AB, Sweden	19	18	-1	100	0
Finans Nord Cross Border A/S, Aalborg	1	1	0	100	0
Sparekassen Nordjyllands
Investeringsselskab af 10.10.91 A/S	12	13	0	100	100
(Subsidiary of Erhvervsinvest Nord A/S, Aalborg)
Non-consolidated subsidiaries
Beluni Inc., USA (1)	0	0	0	100	100
(1)The company is in liquidation

*) According to the most recent Annual Report

INCOME STATEMENT

Note	DKK '000	1st half 2007	1st half 2006	2nd quarter 2007	2nd quarter 2006	Year 2006
2	Interest income	1,308,515	910,583	675,632	474,646	2,025,172
3	Interest expenses	764,269	405,782	404,844	220,707	1,001,654
	Net interest income	544,246	504,801	270,788	253,939	1,023,518
	Dividends on shares, etc.	15,725	19,999	15,359	16,537	20,517
4+6	Fees, charges and commissions received	294,851	266,956	152,324	119,983	536,929
5+6	Fees, charges and commissions paid	36,234	34,038	24,015	19,092	66,608
	Net income from interest, fees, charges and commissions	818,588	757,718	414,456	371,367	1,514,356
7	Market-value adjustments	96,367	60,579	31,575	-2,679	331,177
	Other operating income	35,526	44,327	18,659	28,709	81,844
8	Staff costs and administrative expenses	593,057	535,679	300,924	267,030	1,101,502
	Depreciation, amortization and impairment of intangible
	assets and property, plant and equipment 36,365 36,611	18,822	18,981	68,731
	Other operating expenses	710	765	-691	302	89
10	Impairment of loans, advances and receivables, etc.	-80,096	-11,489	-45,203	-4,380	-169,080
	Results of equity investments in associates and group enterprises	64,656	34,106	31,916	11,151	107,044
	Profit before tax	465,101	335,164	222,754	126,615	1,033,179
	Tax	99,324	82,682	41,117	31,352	204,626
	Profit	365,777	252,482	181,637	95,263	828,553
	EARNINGS PER SHARE Earnings per share Diluted earnings per share	6.6 6.5	4.5 4.5	3.2 3.2	1.7 1.7	14.8 14.5

BALANCE SHEET

Note	DKK '000	1st half 2007	1st half 2006	Year 2006
	ASSETS
	Cash balances and demand deposits with central banks	448,556	1,356,331	407,585
9	Receivables from credit institutions and central banks	6,304,629	4,273,428	8,127,351
	Loans, advances and other receivables at amortized cost	36,206,394	28,911,450	34,318,191
	Bonds at fair value	6,871,093	8,547,715	8,420,827
	Shares, etc.	634,015	671,631	632,467
	Equity investments in associates, etc.	807,966	624,194	738,587
	Assets linked to pooled schemes	3,792,031	3,080,580	3,556,032
	Intangible assets	51,002	44,776	52,152
	Investment properties	15,376	6,753	14,173
	Corporate properties	447,238 462,614	369,366 376,119	424,668 438,841
	Land and buildings, total Other property, plant and equipment	201,314	166,214	192,294
	Temporary assets	15,046	17,995	12,446
	Other assets	1,744,341	1,940,862	1,616,297
	Prepayments	50,637	52,216	52,216
	Total assets	57,589,638	50,063,511	58,565,286
	SHAREHOLDERS' EQUITY AND LIABILITIES
	LIABILITIES OTHER THAN PROVISIONS
	Payables to credit institutions and central banks	21,813,121	17,778,935	23,539,086
	Deposits and other payables	23,255,366	20,798,883	22,702,789
	Deposits in pooled schemes	3,792,031	3,080,580	3,556,032
	Other non-derivative financial liabilities at fair value	413,584	263,793	1,089,524
	Current tax liabilities	146,882	98,677	53,078
	Temporary liabilities	5,162 2,338,319	5,271 3,108,533	5,217 2,187,659
	Other liabilities Deferred income	121,917	98,003	108,121
	Total liabilities other than provisions	51,886,382	45,232,675	53,241,506
	PROVISIONS
	Provisions for pensions and related liabilities	3,516	3,673	3,516
	Provisions for deferred tax	152,326	111,386	165,530
	Provisions for losses on guarantees	5,539	20,279	26,811
	Other provisions	30,399	20,470	21,161
	Total provisions	191,780	155,808	217,018
11	SUBORDINATED DEBT
	Subordinated debt	1,662,950	1,559,003	1,458,147
	SHAREHOLDERS' EQUITY
	Share capital	570,688	570,688	570,688
	Revaluation reserves	37,393	44,993	37,393
	Accumulated exchange adjustments of foreign entities	-177	0	0
	Accumulated changes in value, total	37,216	44,993	37,393
	Statutory reserves	341,244	251,973	285,275
	Other reserves, total	341,244	251,973	285,275
	Retained earnings or loss	2,899,378	2,248,371	2,755,259
	Total shareholders' equity	3,848,526	3,116,025	3,648,615
	Total shareholders' equity and liabilities	57,589,638	50,063,511	58,565,286
	OFF-BALANCE-SHEET ITEMS
12	Guarantees, etc.	7,474,739	6,517,195	7,016,713
	Other commitments	0	31,000	0
	Total off-balance-sheet items	7,474,739	6,548,195	7,016,713

STATEMENT OF CHANGES IN EQUITY

DKK '000	Share capital	Revaluation reserve	Foreign-curr. translation reserve	Statutory reserve	Proposed dividend	Retained earnings	Total
SHAREHOLDERS' EQUITY 30.06.2007
Shareholders' equity 01.01.2007	570,688	37,393	0	285,275	171,206	2,584,053	3,648,615
Translation of foreign entity	0	0	-177	0	0	177	0
Other capital movements in ass. and group enterprises	0	0	0	7,151	0	6,170	13,321
Share-based remuneration	0	0	0	0	0	16,442	16,442
Net gains/losses recognized directly in shareholders' equity	0	0	-177	7,151	0	22,789	29,763
Profit for the year	0	0	0	73,431	0	292,346	365,777
Total income for the period	0	0	-177	80,582	0	315,135	395,540
Dividend to shareholders	0	0	0	0	-171,206	0	-171,206
Dividend received	0	0	0	-24,613	0	24,613	0
Dividend received, treasury shares	0	0	0	0	0	3,998	3,998
Purchase and sale of treasury shares	0	0	0	0	0	-34,490	-34,490
Tax, treasury shares	0	0	0	0	0	6,069	6,069
Other movements, total	0	0	0	-24,613	-171,206	190	-195,629
Shareholders' equity, the Group, end of period	570,688	37,393	-177	341,244	0	2,899,378	3,848,526
SHAREHOLDERS' EQUITY 30.06.2006
Shareholders' equity 01.01.2006	570,688	44,993	0	222,269	171,206	2,029,787	3,038,943
Other capital movements in ass. and group enterprises	0	0	0	8,465	0	-99	8,366
Share-based remuneration	0	0	0	0	0	9,379	9,379
Net gains/losses recognized directly in shareholders' equity	0	0	0	8,465	0	9,280	17,745
Profit for the year	0	0	0	35,060	0	217,422	252,482
Total income for the period	0	0	0	43,525	0	226,702	270,227
Dividend to shareholders	0	0	0	0	-171,206	0	-171,206
Dividend received	0	0	0	-13,821	0	13,821	0
Dividend received, treasury shares	0	0	0	0	0	2,320	2,320
Purchase and sale of treasury shares	0	0	0	0	0	-28,715	-28,715
Tax, treasury shares	0	0	0	0	0	5,457	5,457
Capital increase, issue expenses	0	0	0	0	0	-1,001	-1,001
Other movements, total	0	0	0	-13,821	-171,206	-8,118	-193,145
Shareholders' equity, the Group, end of period	570,688	44,993	0	251,973	0	2,248,371	3,116,025

The share capital consists of 57,068,810 shares in the denomination of DKK 10.

SOLVENCY INFORMATION

DKK '000	1st half 2007	1st half 2006	Year 2006
Capital base and solvency ratio
Shareholders' equity	3,848,526	2,863,539	3,648,615
Proposed dividend	0	0	171,206
Intangible assets in the Bank Group	51,002	44,776	52,152
Other	211,173	44,993	37,393
Core capital after deductions	3,586,351	2,773,770	3,387,864
Hybrid core capital	324,770	335,114	338,939
Core capital (incl. hybrid core capital) after deductions	3,911,121	3,108,884	3,726,803
Subordinated debt (excl. hybrid core capital)	1,338,180	1,223,889	1,119,208
Revaluation, properties	37,216	44,993	37,393
Other deductions	681,591	738,790	730,520
Capital base after deductions	4,604,927	3,638,976	4,152,884
Risk-weighted items	41,845,400	34,939,353	38,288,898
Core capital ratio	8.6	7.9	8.8
Core capital ratio (incl. hybrid core capital)	9.3	8.9	9.7
Solvency ratio	11.0	10.4	10.8

As from 1 January 2007, the determination of solvency ratio includes the profit for the period.

CASH FLOW STATEMENT

DKK '000	1st half 2007	1st half 2006	Year 2006
CASH GENERATED FROM OPERATIONS
Profit before tax	465,101	335,163	1,033,179
Depreciation, amortization and impairment of property, plant and equipment and intangible assets	36,366	28,013	68,731
Gains and losses on the sale of property, plant and equipment and intangible assets	-197	-1,482	0
Adjustment of impairment of loans and advances, etc.	-373,847	-124,381	-161,910
Provisions for liabilities	-23,074	-6,684	60,589
Results of equity investments	-64,656	-34,123	-107,044
Expensed for share-based remuneration	16,442	9,379	17,995
Corporate income tax paid	-10,458	-9,317	-125,672
Cash generated from operations, total	45,677	196,568	785,868
Movement in credit institutions and central banks, net	-3,055,005	229,500	6,545,119
Movement in loans and advances	-1,514,354	-1,653,424	-7,022,637
Movement in bond portfolio	1,549,734	-711,961	-585,073
Movement in equity portfolio	-1,547	9,572	48,737
Movement in other assets and other liabilities, net	-629,162	683,968	879,587
Movement in deposits	552,576	1,400,357	3,304,263
Total working capital	-3,097,758	-41,988	3,169,996
Cash generated from operations, total	-3,052,081	154,580	3,955,864
CASH GENERATED FROM INVESTMENTS
Net investment in associates and group enterprises	-16,016	24,077	-27,798
Net investment in intangible assets	-76	-1,023	-9,578
Net investment in property, plant and equipment	-70,335	-34,934	-164,556
Net investment in treasury shares	-34,491	-28,715	-80,529
Dividend from group enterprises and associates	24,613	13,821	15,859
Cash generated from investments, total	-96,305	-26,774	-266,602
CASH GENERATED FROM FINANCING
Subordinated debt	204,803	-133,769	-234,625
Capital increase/issue expenses	0	-1,001	-957
Dividend to shareholders, excluding dividend on treasury shares	-167,208	-168,886	-168,886
Cash generated from financing, total	37,595	-303,656	-404,468
Movements in cash and cash equivalents for the year	-3,110,791	-175,850	3,284,794
Cash and cash equivalents, beginning of year	7,256,219	3,971,425	3,971,425
Movements in cash and cash equivalents for the year	-3,110,791	-175,850	3,284,794
Cash and cash equivalents, end of period	4,145,428	3,795,575	7,256,219
Cash and cash equivalents, end of period
Cash and cash equivalents and demand deposits with central banks	957,642	1,798,912	843,913
Receivables from credit institutions and central banks with less than 3 mths to maturity	3,187,786	1,996,663	6,412,306
Total	4,145,428	3,795,575	7,256,219

DKK million	Spar Nord's Local Banks	Corporate Banking	Trading, Fin. Markets & the Int. Division	Finans Nord A/S	Corporate Coordination & Support	Staff functions and unallocated	Earnings from investment portfolios, etc.*	Eliminations	Total
1 Business segments - 1st half 2007
INCOME STATEMENT
Interest income	645.9	75.3	389.7	151.2	-0.7	125.1	3.3	-81.3	1,308.5
Interest expenses	224.9	42.3	341.0	80.4	0.0	153.8	3.2	-81.3	764.3
Net interest income	421.0	33.0	48.7	70.8	-0.7	-28.7	0.1	0.0	544.2
Net income from fees, charges and comm.	234.1	14.0	7.6	1.0	9.1	-7.2	0.1	0.0	258.7
Dividends on shares, etc.	0.0	0.0	1.2	0.0	0.0	12.5	2.0	0.0	15.7
Market-value adjustments	40.5	5.2	33.8	-0.1	2.2	-5.7	20.5	0.0	96.4
Other operating income	16.9	0.1	3.7	25.6	-11.7	4.8	0.2	-4.1	35.5
Results of equity investments
in associates and group enterprises	-2.2	0.0	0.0	0.0	0.0	55.2	11.7	0.0	64.7
Total income	710.3	52.3	95.0	97.3	-1.1	30.9	34.6	-4.1	1,015.2
Operating costs	473.1	17.7	23.9	47.2	-3.1	72.2	3.3	-4.1	630.2
Profit before imp. of loans and adv., etc.	237.2	34.6	71.1	50.1	2.0	-41.3	31.3	0.0	385.0
Impairment of loans and advances, etc.	-80.3	3.5	0.0	-1.3	0.0	0.0	-2.0	0.0	-80.1
Profit before tax	317.5	31.1	71.1	51.4	2.0	-41.3	33.3	0.0	465.1
BALANCE SHEET
Assets
Loans, advances and other receivables
at amortized cost	23,506.5	3,797.2	9,502.2	5,513.9	0.2	-1,543.2	37.7	-4,608.1	36,206.4
Other assets	4,169.9	49.9	10,149.0	172.4	311.4	4.492.6	2,148.1	-110.0	21,383.3
Total assets									57,589.7
Shareholders' equity and liabilities
Deposits and other payables	18,360.0	2,840.5	2,608.3	216.0	110.4	-835.6	0.8	-45.0	23,255.4
Shareholders' equity (allocated capital)	2,077.9	272.2	382.4	429.4	8.6	539.6	138.4	0.0	3,848.5
Miscellaneous liabilities	3,673.5	52.6	15,306.9	5,137.3	211.5	10,777.1	0.0	-4,673.1	30,485.8
Total shareholders' equity and liabilities									57,589.7
FINANCIAL RATIOS
Return on equity, full-year, % **)	31.8	22.5	39.6	27.1	-	-	-	-
Costs as a percentage of income	0.67	0.34	0.25	0.49	-	-	-	-
Risk-weighted items, end of period	25,974.3	3,402.2	4,779.4	5,048.3	107.5	803.7	1,730.1	0.0	41,845.4
Number of employees (end of period,
full-time)	847	31	67	81	214	96	0	0	1,336

* Earnings from investment portfolios, etc. consist of earnings from investment portfolios, Erhvervsinvest Nord A/S and Erhvervsinvest K/S.

** The full-year rate of return on equity has been calculated on allocated capital (8 %) based on average risk-weighted items.

Corporate Banking was combined with Spar Nords Local Banks at 1 July 2007

DKK million		Spar Nord's Local Banks	Corporate Banking	Trading, Fin. Markets & the Int. Division	Finans Nord A/S	Corporate Coordination & Support	Staff functions and unallocated	Earnings from investment portfolios, etc.*	Eliminations	Total
1 Business segments - 1st half 2006
INCOME STATEMENT
Interest income		495.5	63.2	247.5	102.1	4.0	37.2	8.6	-47.5	910.6
Interest expenses		113.3	31.5	190.7	46.8	2.0	70.2	-1.2	-47.5	405.8
Net interest income		382.2	31.7	56.8	55.3	2.0	-33.0	9.8	0.0	504.8
	Net income from fees, charges and comm.	203.7	15.2	12.5	-1.5	10.9	-7.9	0.1	0.0	233.0
Dividends on shares, etc.		0.0	0.0	1.7	0.0	0.0	15.3	3.0	0.0	20.0
Market-value adjustments		33.7	3.9	15.0	0.2	1.8	24.8	-18.8	0.0	60.6
Other operating income		19.7	0.1	3.3	19.8	-11.0	1.5	14.4	-3.5	44.3
Results of equity investments
in associates and group enterprises		6.1	0.1	0.0	0.0	0.0	28.9	-1.0	0.0	34.1
Total income		645.4	51.0	89.3	73.8	3.7	29.6	7.5	-3.5	896.8
Operating costs		430.5	16.5	20.9	37.1	2.3	64.6	4.7	-3.5	573.1
	Profit before imp. of loans and adv., etc.	214.9	34.5	68.4	36.7	1.4	-35.0	2.8	0.0	323.7
	Impairment of loans and advances, etc.	-27.5	16.5	0.0	-0.5	0.0	0.0	0.0	0.0	-11.5
Profit before tax		242.4	18.0	68.4	37.2	1.4	-35.0	2.8	0.0	335.2
BALANCE SHEET Assets at amortized cost Other assets Total assets	Loans, advances and other receivables	19,504.7 3,401.1	3,474.3 42.7	8,308.6 10,646.1	4,216.1 197.7	151.8 162.9	-3,231.5 4,253.4	55.7 2,559.6	-3,568.3 -111.4	28,911.4 21,152.1 50,063.5
Shareholders' equity and liabilities
Deposits and other payables		16,283.5	1,829.6	4,717.9	0.0	198.8	-2,173.6	0.0	-57.3	20,798.9
	Shareholders' equity (allocated capital)	1,769.5	244.5	349.6	292.4	30.2	327.7	102.1	0.0	3,116.0
Miscellaneous liabilities	Total shareholders' equity and liabilities	2,968.0	49.3	9,221.4	4,184.3	323.3	13,024.7	0.0	-3,622.4	26,148.6 50,063.5
FINANCIAL RATIOS
Return on equity, full-year, % **)		29.2	15.3	41.1	27.2	-	-	-	-
Costs as a percentage of income		0.67	0.32	0.23	0.50	-	-	-	-
Risk-weighted items, end of period		22,083.4	3,038.6	4,369.5	3,423.1	377.5	371.4	1,276.0	0.0	34,939.4
	Number of employees (end of period,
full-time)		777	28	64	65	213	91	0	0	1,238

* Earnings from investment portfolios, etc. consist of earnings from investment portfolios, Erhvervsinvest Nord A/S and Erhvervsinvest K/S

** The full-year rate of return on equity has been calculated on allocated capital (8 %) based on average risk-weighted items. Impairment losses on loans and advances, etc. have been reclassified.

Note	DKK '000	1st half 2007	1st half 2006	Year 2006
2	Interest income
	Receivables from credit institutions and central banks	97,632	57,888	146,120
	Loans, advances and other receivables	1,009,211	691,472	1,517,226
	Bonds	150,069	147,675	309,619
	Foreign-exchange contracts	41,927	18,138	50,763
	Interest-rate contracts	8,399	-4,622	1,338
	Share contracts	118	23	35
	Derivative instruments, total	50,444	13,539	52,136
	Other interest income	1,159	9	71
	Total interest income	1,308,515	910,583	2,025,172
	Of which, income from genuine purchase and
	resale transactions booked under
	Receivables from credit institutions and central banks	12,585	6,939	23,777
	Loans and advances	3,665	491	20,070
3	Interest expenses
	Credit institutions and central banks	402,185	190,576	491,508
	Deposits and other payables	320,307	170,062	428,904
	Subordinated debt	41,372	43,454	79,123
	Other interest expenses	405	1,690	2,119
	Total interest expenses	764,269	405,782	1,001,654
	Of which, interest expenses from genuine sales and
	repo transactions booked under
	Payables to credit institutions and central banks	28,886	18,274	40,681
	Deposits and other payables	892	42	17,574
4	Fees, charges and commissions received
	Securities trading and custody accounts	88,430	90,024	166,009
	Asset management	100,954	77,241	171,293
	Payment services	23,203	21,712	43,705
	Loan transaction fees	43,247	41,532	89,329
	- Of which, mortgage credit institutions	27,644	25,100	51,732
	Guarantee commissions	14,928	15,299	30,186
	Other fees, charges and commissions	24,089	21,148	36,407
	Total fees, charges and commissions received	294,851	266,956	536,929
5	Fees, charges and commissions paid
	Securities trading and custody accounts	21,830	16,022	35,617
	Asset management	11,654	8,495	13,153
	Payment services	0	0	0
	Loan transaction fees	0	0	0
	Guarantee commissions	354	3,489	5,296
	Other fees, charges and commissions	2,396	6,032	12,542
	Total fees, charges and commissions paid	36,234	34,038	66,608
6	Net fees, charges and commissions received
	Securities trading and custody accounts	66,600	74,002	130,392
	Asset management	89,300	68,746	158,140
	Payment services	23,203	21,712	43,705
	Loan transaction fees	43,247	41,532	89,329
	- Of which, mortgage credit institutions	27,644	25,100	51,732
	Guarantee commissions	14,574	11,810	24,890
	Other fees, charges and commissions	21,693	15,116	23,865
	Net fees, charges and commissions received, total	258,617	232,918	470,321

Note	DKK '000	1st half 2007	1st half 2006	Year 2006
7	Market-value adjustments
	Other loans, advances and receivables at fair value	-42,606	-9,981	-10,370
	Bonds	-74,456	-181,804	-96,511
	Shares, etc.	22,225	37,606	201,744
	Foreign exchange	-18,375	6,242	32,034
	Foreign exchange, interest, share, commodity and other
	contracts and derivative instruments	195,694	174,131	171,112
	Assets linked to pooled schemes	63,492	-2,575	240,820
	Deposits in pooled schemes	-63,492	2,575	-240,820
	Other assets	2	23	36
	Miscellaneous commitments	13,883	34,362	33,132
	Total market-value adjustments	96,367	60,579	331,177
8	Staff costs and administrative expenses
	Staff costs	371,607	331,379	689,213
	Administrative expenses	221,450	204,300	412,289
	Total	593,057	535,679	1,101,502
	Staff costs
	Salaries	316,158	280,399	585,618
	Pensions	33,613	30,534	63,323
	Social security costs and payroll tax, etc.	21,836	20,446	40,272
	Total	371,607	331,379	689,213
	Of which, salaries and remuneration of the Supervisory and Executive Boards
	Executive Board	6,861	5,753	9,865
	Supervisory Board	990	995	2,043
	Salaries and remuneration of Supervisory Board and Executive Board, total	7,851	6,748	11,908
	The Executive Board's remuneration is composed of three elements
	Base salary	3,569	3,660	7,145
	Bonus	1,650	1,350	1,350
	Management incentive scheme	1,642	743	1,370
	Number of employees (average no. of full-time employees)	1,336	1,238	1,313
	Termination rules:
	The members of the Executive Board have a term of notice of 12 months and will receive a compensation corresponding to two years' pay.
	Pension obligation:
	Like the other employees, members of the Executive Board are
	comprised by defined-contribution pension plans.
	Incentive scheme:
	The Executive Board and executive staff members are comprised by the
	Group's share option scheme. Reference is made to the Group's 2006 Annual Report for a more detailed description.
	Other administrative expenses:
	IT expenses	87,237	72,894	152,340
	Marketing costs	40,737	36,837	68,622
	Cost of premises	25,322	27,560	62,501
	Telephone and postage	14,657	13,500	27,705
	Other office expenses	6,996	6,686	12,802
	Other administrative expenses	46,501	46,823	88,319
	Total	221,450	204,300	412,289
9	Receivables from credit institutions and central banks
	Receivables from central banks, subject to notice	1,973,369	1,398,660	1,698,543
	Receivables from credit institutions	4,331,260	2,874,768	6,428,808
	Receivables from credit institutions and central banks, total	6,304,629	4,273,428	8,127,351

Note	DKK '000	1st half 2007	1st half 2006	Year 2006
10	Impairment of loans and advances and provisions for guarantees
	Individual impairment of loans and advances
	Individual impairment	443,486	600,267	600,267
	New provisions for individual impairment	126,582	147,756	263,956
	Individual impairment reversed	146,890	145,554	377,675
	Previously written down, now definitively lost	12,159	21,641	43,062
	Other additions and disposals	0	0	0
	Individual impairment, end of period	411,019	580,828	443,486
	Groups of impairment losses, loans and advances
	Other additions and disposals	55,071	60,200	60,200
	New provisions for groups of impairment losses	0	26,800	0
	Groups of impairment losses reversed	0	0	5,129
	Previously written down, now definitively lost	0	0	0
	Other additions and disposals	0	0	0
	Groups of impairment losses, end of period	55,071	87,000	55,071
	Total impairment of loans and advances
	Impairment, beginning of year	498,557	660,467	660,467
	New provisions for impairment	126,582	174,556	263,956
	Impairment reversed	146,890	145,554	382,804
	Previously written down, now definitively lost	12,159	21,641	43,062
	Other additions	0	0	0
	Impairment, end of period	466,090	667,828	498,557
	Impairment recognized in the income statement
	New provisions for the period	126,582	174,556	261,057
	Impairment reversed	146,889	145,554	383,957
	Losses without prior impairment	10,016	15,565	52,211
	Carried to income, previously written off	48,533	48,335	96,575
	Recognized in the income statement	-58,824	-3,768	-167,264
	Impairment, other credit risks	0	1,153	0
	Provisions for losses on guarantees
	Provisions for losses on guarantees, beginning	26,811	28,000	28,000
	New provisions during the year	0	0	0
	Provisions reversed	21,272	7,721	1,816
	Other additions and disposals	0	0	627
	Provisions for losses on guarantees, end of period	5,539	20,279	26,811
	Provisions recognized in the income statement
	New provisions during the year	0	0	0
	Provisions reversed	21,272	7,721	1,816
	Recognized in the income statement	-21,272	-7,721	-1,816

Note	DKK '000	1st half 2007	1st half 2006	Year 2006
11	Subordinated debt
	Nom. NOK 200,000,000 expiry 17.07.2009 interest rate 4.5200 %	0	187,636	0
	Nom. DKK 50,000,000 expiry 13.12.2009 interest rate 6.4070 %	0	50,259	0
	Nom. DKK 150,000,000 expiry 12.03.2010 interest rate 4.1000 %	0	149,154	149,680
	Nom. DKK 100,000,000 expiry 06.06.2011 interest rate 6.1517 %	100,000	100,000	100,000
	Nom. EUR 10,000,000 expiry 17.05.2012 interest rate 7.0800 %	75,147	76,887	76,360
	Nom. EUR 2,500,000 expiry 17.05.2012 interest rate 7.0800 %	18,787	19,222	19,090
	Nom. EUR 5,000,000 expiry 17.05.2012 interest rate 7.0800 %	37,574	38,444	38,181
	Nom. DKK 155,000,000 expiry 29.10.2012 interest rate 5.5500 %	155,000	155,000	155,000
	Nom. DKK 200,000,000 expiry 16.11.2014 interest rate 5.2567 %	200,000	200,000	200,000
	Nom. NOK 220,000,000 expiry 20.02.2015 interest rate 5.1900 %	205,226	0	135,261
	Nom. EUR 40,000,000 expiry 28.03.2015 interest rate 4.8330 %	297,132	0	0
	Nom. EUR 33,500,000 expiry 29.10.2015 interest rate 5.0230 %	249,314	249,883	248,233
	Portfolio of own bonds	0	-2,597	-2,597
	Supplementary capital contributions, total	1,338,180	1,223,888	1,119,208
	Hybrid core capital
	Nom. DKK 350.000.000 interest rate 5.250 %	324,770	335,114	338,939
	Subordinated debt, total	1,662,950	1,559,002	1,458,147
	Interest on subordinated debt	41,372	42,918	77,922
	Costs of raising subordinated debt	1,368	573	1,291
	Subordinated capital contributions that can be included
	for the purpose of calculating the capital resources	1,662,950	1,559,002	1,458,147
12	Contingent liabilities
	The Bank and all major wholly-owned subsidiaries are jointly registered
	for payroll tax and VAT and are jointly and severally liable for the payroll tax
	and VAT payable.
	Guarantees, etc.
	Financial guarantees	2,572,823	2,324,068	2,280,057
	Loss guarantees for mortgage loans	3,708,522	3,091,929	3,378,146
	Registration and refinancing guarantees	745,376	656,523	966,899
	Other guarantees	448,018	444,675	391,611
	Guarantees, etc., total	7,474,739	6,517,195	7,016,713
	Other commitments
	Irrevocable credit commitments	0	31,000	0
	Other commitments, total	0	31,000	0

NOTES TO THE FINANCIAL STATEMENTS WITHOUT REFERENCE NUMBERS

DKK '000	1st half 2007	1st half 2006	Year 2006
Genuine sale and repo transactions and genuine purchase and resale transactions
Genuine purchase and resale transactions constitute the following: Receivables from credit institutions and central banks Loans, advances and other receivables	455,502 0	419,355 98,435	2,162,320 1,908,581
Genuine sales and repurchase transactions constitute the following: Payables to credit institutions and central banks Deposits and other payables	1,265,654 0	1,491,672 0	1,621,385 537,203
Assets sold as an element in genuine sale and repo transactions: Asset item: Bonds at fair value	1,263,088	1,461,782	2,112,174
Security furnished At the end of the first six months, securities were deposited with Danmarks Nationalbank (the central bank), The Royal Bank of Scotland and foreign clearing centres worth	4,796,831	5,247,195	8,171,077
Hedge accounting Assets
Loans and advances Carrying amount Purchase price Fair value Nominal value	72,470 75,000 72,470 75,000	75,598 75,000 75,598 75,000	76,927 75,000 76,927 75,000
Derivatives (swap contracts) Carrying amount Fair value Synthetic principal/nominal value	2,491 2,491 75,000	-598 -598 75,000	-1,927 -1,927 75,000
Liabilities
Subordinated debt Carrying amount Purchase price Fair value Nominal value	458,239 480,239 458,239 480,239	855,219 862,636 855,219 863,516	759,671 766,380 759,671 766,245
Derivatives (swap contracts) Carrying amount Fair value Synthetic principal/nominal value	-22,387 -22,387 480,239	-7,417 -7,417 863,516	-6,709 -6,709 766,245
Payables to credit institutions Carrying amount Purchase price Fair value Nominal value	0 0 0 0	469,378 463,000 469,378 469,950	1,175,088 1,196,200 1,175,088 1,176,630
Derivatives (swap contracts) Carrying amount Fair value Synthetic principal/nominal value	0 0 0	6,378 6,378 469,950	-21,112 -21,112 1,176,630
Ownership The Spar Nord Foundation, Aalborg, and Nykredit Realkredit A/S, Copenhagen, have disclosed that they each own more than 5 % of the share capital of Spar Nord Bank A/S.