Spar Nord Bank

Earnings Release • Feb 6, 2014

DKK 670 MILLION IN PRE-TAX PROFITS AND A 10.7% RETURN ON EQUITY DRIVEN BY
RESPECTABLE GROWTH IN INCOME, SHARP COST DISCIPLINE AND LOWER IMPAIRMENT LOSSES

• The Group’s core income ended at DKK 2,784 million, up 15% on 2012.

• Net interest income grew 14%, and net income from fees, charges and
commissions increased 29%, driven by the wider business volume resulting from
the merger with Sparbank in November 2012 and a higher activity level in the
asset and pension area.

• Market-value adjustments and dividends ended at DKK 201 million, 17% down on
2012 but substantially above expectations at the beginning of the year.

• Total costs ended at DKK 1,646 million, equal to a 10% increase, which is
less than expected after the merger with Sparbank.

• Accordingly, core earnings before impairment amounted to DKK 1,137 million,
which is 22% up on 2012 and should be viewed in relation to the announced
forecast of DKK 1,000-1,100 million.

• Loan impairments dropped to DKK 409 million, thus ending at the forecast
level of 0.95% of total loans, advances and guarantees. Relative to 2012, the
DKK 184 million reduction is highly satisfactory in light of the major ordinary
inspection of the Bank conducted by the Danish Financial Supervisory Authority
in Q2 2013.

• Despite yet another year with impressive customer inflow and growth in market
share, bank lending was still under significant pressure in 2013, dropping over
the year by DKK 1.1 billion. Bank deposits and deposits in pooled schemes grew
4%.

• Consolidation for the year and developments in business volume mean that both
the capital and liquidity situations are excellently cushioned with a Common
Equity (Tier 1) ratio of 14.1%, a total solvency ratio of 19.4% and strategic
liquidity of DKK 17.3 billion.

• In light of the solid capital position, the Board of Directors recommends to
the shareholders at the Annual General Meeting that a dividend of DKK 1 be paid
per share, equal to a dividend payout ratio of 23%.

• For 2014, core earnings before impairment are expected to hover around the
DKK 1.1 billion level, and the impairment ratio is expected to be slightly
lower than in 2013.