SAMPO BANK PLC INTERIM REPORT

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1 SAMPO BANK PLC INTERIM REPORT Sampo Bank plc is a part of Danske Bank Group, one of the largest financial enterprises in the Nordic region. Sampo Bank is the third largest bank in Finland and has more than 1.1 million personal customers and over 90,000 corporate and institutional customers. This Release of Financial Statements includes Sampo Bank plc and its subsidiaries. 1

2 SAMPO BANK GROUP S INTERIM REPORT JANUARY-JUNE 2012 Ilkka Hallavo, Managing Director: Profit and net interest income improved substantially Despite the European financial crisis, the Sampo Bank Group was able to improve its profit during the first half of the year. The bank s profit before taxes during the reviewed period was EUR 76 million, representing a growth of 60 per cent from the level a year earlier; additionally, net interest income improved by 15 per cent and costs decreased by 10 per cent. I am satisfied with the profit improvement and the increase in banking business in such a challenging economic environment. During the first half of the year, we strongly started to reform the bank s operational model and organizational structure in order to tackle the future challenges i.e. low interest rates, modest economic growth, increased refinancing costs, changes in banking regulations and customer preference in internet and mobile banking. With these actions we want to make sure that we are strong, reliable and efficient bank in the years to come, too. Bank s capital ratio is 14,7 per cent and exceeds the limit clearly set by the European Banking Authority (EBA). A substantial reform has progressed according to the plan. A key aspect of Sampo Bank s reform is to have a strong organization that focuses on customer segments and on activity and sales, in which all the available channels (branches, financial centres, private bank units, telephone services and electronic channels) are harnessed as a single entity for serving the customer. A strong demand for internet and mobile banking continued in personal banking. Danske Bank is a forerunner in mobile and tablet banking with over users in the Nordic countries. In June we launched a mobile bank in Windows operated smart phones including Nokia Lumia. We strongly believe that digital banking services will increase in the future and this field is one of our main interest for further development. Financial highlights 1-6/ / /2011 Total operating income EURm Profit before taxes EURm Total assets at the end of the period EURm Average number of staff Changes in the operating environment The performance of the global economy weakened during the first half of Economic growth was slower than anticipated, and growth estimates for the whole year were adjusted downwards. Europe s weak economic situation and worries about the endurance of the euro area were particular causes of uncertainty for the global economy. Growth was stronger in the USA than in Europe, but the decline in unemployment, which began in the latter half of 2011, stopped and the economic outlook became more cautious also on the other side of the Atlantic. On the emerging markets, growth was generally clearly faster than in the western countries, but the growth rate declined from the previous level. In China, annual growth only just exceeded the 8 per cent limit during the first quarter of Amid uncertain conditions, raw material price pressures eased, and the prices of oil and foodstuffs declined from last year s levels. Consequently, inflation has remained low around the world. In contrast, unemployment is above its natural rate, and the trend is predominantly rising in Europe, as unemployment is expected to rise in the crisis countries. 2

3 The poor state of the economy and low inflation led to exceptional support measures by the European Central Bank. At the end of December and February, the ECB lent nearly EUR 1,000 billion to the European banking sector on favourable terms. The ECB also maintained its refinancing rate at the record-low rate of exactly one per cent. These measures contributed to the decline of market interest rates, and momentarily eased the situation of the crisis countries, particularly Italy and Spain. The 12-month Euribor was 1.2 per cent halfway through the year. The declining interest rates suppressed banks net interest incomes. The interest rates of the most creditworthy states, such as Germany and Finland, remained at historically low levels during the spring. The outcome of Greece s debt arrangement was that investors and banks had to record losses in March. The interest rates of Spain and Italy rose in the first half of the year as the effects of the ECB s support measures wore off and as investors started doubting the countries debt sustainability. The crisis and the lack of confidence increased banks refinancing costs, and in order to secure profitability they sought to transfer this to customer financing margins. Economic integration in the euro area was deepened, and in late June, the first steps towards a euro area bank union were taken when the establishment of a European bank supervisor and the possibility of direct assistance to banks from shared European assets were agreed upon at the EU summit. The details remain obscure, and an end to the euro crisis is not yet to be seen. Finland s GDP rose by 1.8 per cent on the previous year during the first quarter. The growth was based on Finnish demand as private consumption and investments rose. However, the outlook is poor, as leading indicators show that the private consumption peak has passed, and exports will not be able to come to the rescue due to the decline of new orders. On the domestic market, consumption demand was supported by pay rises in line with a framework decision and an amendment to the vehicle tax in April, which encouraged households and companies to focus their consumption on the early part of the year. The economy was steadied by the moderate house price rise and the low number of bankruptcies. The number of corporate bankruptcies decreased slightly in January- May 2012 from the same period a year ago. The unemployment rate remained steady in the first half of the year at a level of 7.5 per cent, and low interest rates helped household finances. Inflation was 3.1 per cent in May, of which nearly one percentage point was due to tax hikes. Consumer confidence rose early in the year, but in June, outlooks became gloomier again. The growth in the volume of retail sales stalled in April-May, and registrations of new cars plummeted as expected following the April tax amendment. Revenue performance (The comparison figures in parentheses refer to the first six months of 2011). The Group s total income for the first half of 2012 increased by 2 per cent to EUR million compared with the same period a year earlier (325.9 million). The Group s net interest income was EUR million (163.5 million), representing a growth of 15 per cent on the same period in The increase in interest income was a result of both an increase in the loan portfolio and higher interest margins. Financing costs remained elevated but developed moderately during the review period. The Group s net fee income remained nearly at the previous year s level despite the fact that the income for this period contained a number of one-off fees from lending. Net fee income was also reduced by the decrease of fees charged from funds due to a reduction in fund assets. In contrast, the Group was able to raise the fee income charged from other banking services during the period. Net trading income decreased by 11 per cent compared with the same period in 2011 to EUR 22.3 million (25.0 million). The Group s other income decreased by approximately 30 per cent compared with the same period in 2011 to EUR 25.3 million (36.2 million). The Group s other income for the first half of 2011 includes a nonrecurring item of over EUR 10 million. 3

4 Banking activities Net revenue from Banking Activities was close to the previous year s level at EUR million (277.6 million). Because of the growth in the loan portfolio and the increase in credit margins, banking net interest income increased by 3.7 per cent despite financing costs remaining near the previous year s level. In contrast, net fee income and other income from banking was down by approximately 12 percent year on year. During the first half of 2011, the company had several one-off fee items that were not present during the first half of The pricing of credits has been tightened due to the increase in financing costs. During the first half of the year, product development focused primarily on producing the new functionalities of the tablet bank and on launching these. Development of its ebanking services has long been one of Sampo Bank s principal development goals and there are currently over active ebanking users. Markets Despite the prolonged uncertainty in the capital markets, the income of the Markets business area, which also includes the Group's treasury functions, more than doubled year on year to EUR 46.1 million (20.8 million). Income and customer activity remained at the high level attained in the previous year both in fixed income and foreign currency products. Major Finnish corporations showed unprecedented activeness in acquiring long-term finance from the bond markets in the first half of the year. Sampo Bank was the mandated lead arranger in 12 transactions, and is Finland s leading player on the DCM market, measured in terms of market share. Equity market volumes were in decline. OMX Nordic volumes declined a further 20 per cent during the first half of the year compared with the same period in 2011, and correspondingly OMX Helsinki s volumes were down 24 per cent. During the review period, the Danske Markets business unit participated in the execution of Spar Nord s share issue. Capital The Capital business area performed reasonably well during January-June, taking into account the market situation. Its income was EUR 14.1 million (20.6 million). Danske Invest Fund Management is the third-largest fund management company in Finland and holds a market share of 13.7 per cent. Assets under its management were EUR 8.2 billion (8.9 billion) at the end of June. Net subscriptions by fund management companies registered in Finland were EUR 1,699.3 million in January June. In the same period, net subscriptions by Danske Invest Fund Management were EUR 10.2 million. The global fund analysis company Morningstar gave Danske Invest Fund Management Ltd s 22 funds either the highest (five-star) or second highest ranking in its comparison survey that included a total of 57 funds. The average overall star rating was 3.3. Danske Capital s Juha Varis was ranked Finland s best portfolio manager in a survey by Thomson Reuters. Thomson Reuters is one of the world s leading suppliers of market information. Its international Extel surveys assess portfolio managers ability, interest and activeness in the analysis of investments and the overall knowledge of their industry. The assessments of the Extel survey carried out in 2012 were provided by representatives of brokerage firms 4

5 and listed companies investor relations units. The assessments of listed companies investment relations professionals paid special attention to preparation for business meetings and the ability to analyse business strategies. Result and cost structure (The comparison figures in parentheses refer to the first six months of 2011). The Sampo Bank Group s profit before taxes for January-June was EUR 76.4 million (47.8 million). The result was EUR 51.3 million (35.8 million). In particular, the improvement of the net interest income and the decrease of the Group s fixed costs compared with the same period in 2011 had a positive impact on the result. Net impairment on loans and receivables was EUR 45.4 million (45.6 million). Individually assessed impairment charges and final write-offs totalled EUR 40.4 million (53.9 million). EUR 13.2 million (1.4 million) was recorded in collective impairments, and recoveries came to EUR 8.2 million (6.9 million). During the review period the Group modified the parameters used in the impairment charge models, following which a an additional one-off entry was made in receivables. In other respects, impairment charges and write-offs were mainly from two corporate customers. The Sampo Bank Group s operating expenses for January-June totalled EUR million (232.5 million), a decrease of 9.6 per cent (EUR 22.4 million) from the previous year. The consolidated result for the year was burdened by a number of one-off expenses (EUR 4.5 million) from several completed projects that are associated with the reorganising of operations. During the review period, the Group s fixed costs decreased by nearly 11 per cent compared with the corresponding period in Balance sheet and funding (The comparison figures in parentheses refer to December 2011 figures). The Sampo Bank Group s balance sheet total was EUR 28,252.9 million (27,406.1 million). Loans and receivables from customers grew by EUR million from the end of 2011 to a total of EUR 25,098.4 million (24,733.6 million). Demand for housing loans continued to be good. Deposits decreased from the situation at the end of 2011 by EUR million to a total of EUR 14,858.5 million (15,234.6 million). The financial and liquidity situation remained good. Short-term funding performed well during the review period. In long-term funding, the exceptional market situation maintained funding costs at a high level. Sampo Bank issued a EUR 1 billion covered bond during the review period. Capital adequacy (The comparison figures in parentheses refer to December 2011 figures). Sampo Bank applies standard method (capital requirement for credit and operational risk) and regulatory approaches (capital requirement for market risks) to capital adequacy calculations. The Group s capital adequacy ratio was 14.7 per cent (14.4), which clearly exceeds the regulatory requirement. The Tier 1 capital ratio was 14.7 per cent (14.4). The total capital included in capital adequacy was EUR 2,661.4 million on 30 June 2012 (EUR 2,617.3 million). The Group s risk weighted assets were EUR 18,060.1 million (18,155.0 million). Profit after taxes for January-June is included in Tier 1 distributable capital. 5

6 SOLVENCY Own funds EURm Sampo Bank Group Tier 1 1) 2 661, , ,3 Share capital 106,0 106,0 106,0 Legal reserve 271,1 271,1 271,1 Capital securities 350,0 350,0 350,0 Distributable capital 1 937, , ,3 Non-controlling interest 0,1 7,1 8,2 Intangible assets -2,9-6,6-3,7 Deductions from Tier 1-0,6 0,0-0,6 Tier 2 0,0 0,0 0,0 Subordinated liabilities 0,0 0,0 0,0 Other 0,0 0,0 0,0 Deductions from Tier 2 0,0 0,0 0,0 Total capital 2 661, , ,3 Risk-weighted assets (on-balance sheet ,0 and off-balance sheet) , ,4 Capital requirement ( 8% of risk-weighted assets) 1 444, , ,4 Credit and counterparty risk 1 321, , ,2 Market risk 33,1 29,0 17,2 Operational risk 90,0 91,7 90,0 Solvency ratio, % - total capital/risk-weighted assets 14,7 % 13,8 % 14,4 % - Tier 1 capital/risk-weighted assets 14,7 % 13,8 % 14,4 % Group capital adequacy ratio has been calculated in accordance with Credit Institutions Act Sect 5:44-48 and For calculation of credit, market and operational risk's risk-weighted assets, Sampo Bank Group applies standard method. 1) Sampo Bank Group Tier 1 includes capital securities 13% (15 %). Sampo Bank Plc Tier 1 includes capital securities 13 % (15 %). 6

7 Employees and organization The Group had 2,446 employees (2,712) at the end of reporting period, which was 266 persons, or 10 per cent, less than at the end of the corresponding period in Of all the employees, 81.4 per cent were employed in Banking Activities, 2.7 per cent in Markets, 2.3 per cent in Capital and 13.6 per cent in other activities. Credit ratings Sampo Bank s credit ratings fell in May Standard & Poor s downgraded Sampo Bank s credit ratings to A- /A-2 (previously A/A-1). Moody s downgraded Sampo Bank s long-term deposit rating to A2 (previously A1) and maintained the short-term rating at P-1. Both of the credit rating agencies raised the bank s credit rating outlook from negative to stable. Sampo Bank plc s Board of Directors and auditors Chairman Thomas F. Borgen, Mikael Ericson, George Schubiger and Per Skovhus have left Sampo Bank plc s Board of Directors, effective from 1 June Tonny Thierry Andersen was elected the new Chairman of the Board, effective from 1 June Henrik Ramlau-Hansen (Deputy Chairman), Niels-Ulrik Mousten, Esko Mäkeläinen and Maija Strandberg will continue as Board members. Ilkka Hallavo is the Managing Director of Sampo Bank plc. Risto Tornivaara was Deputy Managing Director until 31 May 2012 and Johanna Lamminen is Deputy Managing Director as of 1 June The Annual General Meeting of Sampo Bank plc chose KPMG Oy, a firm of authorised public accountants, as its auditor, with Petri Kettunen, APA, as the auditor with principal responsibility. Changes in Sampo Bank s shares, ownership and group structure The Sampo Bank Group is part of the Danske Bank Group. The parent company of the Danske Bank Group is Danske Bank A/S. The parent company of the Sampo Bank Group is Sampo Bank plc. As Sampo Bank s holding in As. Oy Espoon Leppävaaran Aurinkopiha fell below 50 per cent at the end of May 2012, the company is no longer a subsidiary of the bank. The following were Sampo Bank Group companies on 30 June 2012: Danske Invest Fund Management Ltd, Realty World Ltd, Aurinkopihan Palvelut Oy, MB Equity Partners Oy and MB Mezzanine FUND II Ky. Sampo Bank plc s share capital is EUR 106 million, divided into 106,000 shares. Danske Bank A/S holds the entire stock of Sampo Bank plc. Significant accounting policies The Group has not changed its accounting policies from those followed in the annual financial statements for Accounting policies are explained in the Notes to the Interim Report, and are presented in greater detail in the Notes to the 2011 financial statements. Risk management The main objective of risk management is to ensure that the capital base is adequate in relation to the risks arising from the business activities. The Board of Directors of Sampo Bank establishes the principles of risk management, risk limits and other general guidelines according to which risk management is organised at Sampo Bank. To ensure that the bank s risk management organisation meets both the external and internal requirements, the Board of Directors has set up a Risk Committee, the main objective of which is to ensure 7

8 Sampo Bank s compliance with the risk management guidelines issued by the Board of Directors and that Sampo Bank monitors all types of risk and reports to the appropriate parties. The Board has also established an Asset and Liability Committee (ALCO), which is responsible for monitoring and directing the management of structural balance sheet interest rate risk positions in accordance with Sampo Bank s policies and delegated limits. ALCO also determines the operating target levels for liquidity risk management and oversees the management of liquidity risk. In addition to the statutory capital adequacy calculation, risks in Sampo Bank Group are described and assessed internally through economic capital indicators, which describes the amount of capital needed to bear different kinds of risks. The capital requirement is adequately covered by equity, capital securities and debenture loans. The principal risks associated with the Sampo Bank Group s activities are credit risk, banking book interest rate and liquidity risks, operational risks and various business risks. The Group s risk position remained at a good level. The principal risks associated with the Group s business operations involve developments in the general economic operating environment and investment market and future changes in financial regulations. In relation to the loan and guarantee portfolio, bad and doubtful debts were at a low level. The majority of net writeoffs and impairment charges consisted of customer-specific impairment charges. There was a decrease in the volume of bad and doubtful debts in comparison with the previous year, and these amounted to EUR million (197.0 million) or 0.62 per cent (0.85) of the loan and guarantee portfolio. A more detailed account of risks and risk management can be found in the 2011 financial statements. Developments after the reporting period As Ilkka Hallavo, the current Managing Director of Sampo Bank plc, will become a member of the Board of Directors of Sampo Bank plc, Johanna Lamminen, Chief Financial Officer, has been appointed Managing Director, effective from 1 September Sampo Bank has also previously announced that its name will be changed to Danske Bank plc in the latter part of Outlook The continued decline in the outlook for the global economy is causing uncertainty in the financial markets. Unease in the financial markets and weak economic performance may have a negative impact on the economy in general and consequently on the result for the Group. Helsinki, 7 August 2012 Sampo Bank plc Board of Directors 8

9 ******************************************************************************************************************* Further information: Ilkka Hallavo, Country Manager Tel Johanna Lamminen, CFO Tel The figures in this financial statement release have not been audited. The Sampo Bank Group s financial statements for January-December 2012 will be released on 7 February Releases and other company information can be found on Sampo Bank s website at 9

10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EURm Note 1-6/ / /2011 Interest income 357,4 337,1 723,0 Interest expense -168,7-173,6-377,3 Net interest income 1 188,7 163,5 345,7 Fee income 122,6 132,6 261,7 Fee expenses -27,0-31,3-59,5 Net trading income 22,3 25,0 40,1 Other operating income 24,6 34,5 58,9 Net income from investments 0,6 1,7 2,9 Total operating income 331,9 325,9 649,8 Staff costs -89,6-90,1-175,8 Other operating expenses -103,4-125,2-237,2 Amortisation, depreciation and impairment charges -17,1-17,2-36,0 Total operating expenses -210,1-232,5-449,0 Loan impairment charges 2-45,4-45,6-53,4 Profit before taxes 76,4 47,8 147,3 Taxes *) -25,2-12,0-37,5 Total comprehensive income for the year 51,3 35,8 109,8 Attributable to Equity holders of parent company 51,3 34,3 108,3 Non-controlling interest 0,0 1,6 1,5 *) Row taxes include EUR 6,2m prior year taxes. 10

11 CONSOLIDATED BALANCE SHEET EURm Note 6/2012 6/ /2011 Assets Cash and balances at central banks 556,3 576,8 814,1 Loans and receivables , , ,6 Trading portfolio assets 5, , , ,8 Investments in associated undertakings 14,5 7,4 8,2 Intangible assets 2,9 6,6 3,7 Investment property 0,0 32,7 33,7 Property, plant and equipment 26,0 49,9 37,2 Other assets 171,0 345,5 103,1 Current tax assets 0,9 9,8 23,6 Defferred tax assets 22,8 19,2 2,0 Total assets , , ,1 Liabilities Due to credit institutions and central banks , , ,7 Amounts owed to customers and public entities , , ,6 Debt securities in issue , , ,5 Financial liabilities at fair value through p/l 5, , , ,0 Trading portfolio liabilities 5, ,2 963, ,4 Other liabilities 370,2 564,4 421,4 Current tax liabilities 2,6 2,2 0,0 Deferred tax liabilities 0,0 0,0 0,0 Total liabilities , , ,5 Equity Share capital 106,0 106,0 106,0 Reserves 271,1 271,1 271,1 Retained earnings 1 937, , ,3 Equity attributable to parent company's equityholders 2 314, , ,4 Non-controlling interest 0,1 7,1 8,2 Total equity 2 314, , ,6 Total equity and liabilities , , ,1 11

12 STATEMENT OF CHANGES IN EQUITY EURm Share capital Legal reserve Retained earnings Total Noncontrolling interest Total Equity at 1 Jan ,0 271, , ,2 2, ,3 Total comprehensive income 34,3 34,3 1,6 35,8 Total income and expenses recognised for the period 34,3 34,3 1,6 35,8 Dividend distribution Change in non-controlling interest 3,5 3,5 Equity at 30 June ,0 271, , ,5 7, ,6 Equity at 1 Jan ,0 271, , ,2 2, ,3 Total comprehensive income 108,2 108,2 1,5 109,8 Total income and expenses recognised for the period 108,2 108,2 1,5 109,8 Dividend distribution Change in non-controlling interest 4,6 4,6 Equity at 31 December ,0 271, , ,4 8, ,6 Equity at 1 Jan ,0 271, , ,4 8, ,6 Total comprehensive income 51,3 51,3 0,0 51,3 Total income and expenses recognised for the period 51,3 51,3 0,0 51,3 Dividend distribution Change in non-controlling interest -8,1-8,1 Equity at 30 June ,0 271, , ,7 0, ,7 12

13 CASH FLOW STATEMENT EURm 1-6/ / /2011 Cash flow from operations Profit before tax 76,4 47,8 147,3 Adjustment of income from associated undertakings -0,4-1,7-1,7 Amortisation and impairment charges for intangible assets 1,3 0,1 3,0 Depreciation and impairment charges for tangible assets 16,2 19,3 31,8 Loan impairment charges 45,4 45,6 53,4 Tax paid -22,8-18,6-37,2 Other non-cash operating items 14,9 66,7 19,0 Total 131,0 159,2 215,6 Changes in operating capital Cash in hand and demand deposits with central banks -180,3 148,1-502,9 Trading portfolio -249,5 13,3-86,6 Loans and receivables -403,8-770, ,2 Deposits -376,1-303,5 86,9 Other assets/liabilities 817, , ,0 Cash flow from operations -261,0 340,4 58,8 Cash flow from investing activities Acquisition of group undertakings and other business units 0,0-1,0-0,4 Acquisition of intangible assets -0,5-0,1-0,1 Acquisition of tangible assets -4,5-2,1-5,3 Sale of tangible assets 10,3-9,4 18,6 Cash flow from investing activities 5,3-12,6 12,8 Cash flow from financing activities Redemption of subordinated debt and hybrid core capital 0,0-200,0-200,0 Change in non-controlling interests -8,3 5,0 6,1 Cash flow from financing activities -8,3-195,0-193,9 Cash and cash equivalents, beginning of year 4 504, , ,6 Change in cash and cash equivalents -264,0 132,8-122,1 Cash and cash equivalents, end of year 4 240, , ,5 Cash in hand and demand deposits with central banks 556,3 576,8 814,1 Amounts due from credit institutions and central banks within 3 months 3 684, , ,4 Total 4 240, , ,5 13

14 OPERATING SEGMENTS - tables JANUARY-JUNE 2012 Banking Sampo Bank Markets Capital Other Eliminations EURm Activities Group Total operating income 260,7 46,1 14,1 10,9 0,0 331,9 Total operating expenses -184,6-10,2-8,7-6,6 0,0-210,1 Loan impairment charges -45,4 0,0 0,0 0,0 0,0-45,4 Profit before taxes 30,7 35,9 5,4 4,3 0,0 76,4 JUNE 30, 2012 TOTAL ASSETS of which loans and advances to credit inst. & customers TOTAL LIABILITIES AND EQUITY of which liabilities to credit inst. & customers JANUARY-JUNE 2011 Banking Sampo Bank Markets Capital Other Eliminations EURm Activities Group Total operating income 277,6 20,8 20,6 6,8 0,0 325,9 Total operating expenses -209,9-10,4-9,8-2,3 0,0-232,5 Loan impairment charges -45,9 0,3 0,0 0,0 0,0-45,6 Profit before taxes 21,9 10,6 10,8 4,5 0,0 47,8 JUNE 30, 2011 TOTAL ASSETS of which loans and advances to credit inst. & customers TOTAL LIABILITIES AND EQUITY of which liabilities to credit inst. & customers The Group follows business functions in four different segments; Banking Activities, Markets, Capital and Other. Markets is responsible for operations in the financial markets and advisory services related to markets area. Markets consists also a part of Group's treasury functions. Capital is responsible for Sampo Bank's Asset Management operations and mutual funds. Other activities includes primarily Group's funding and Group's support functions such as IT services, Contact Centre, product development and logistics. In accordance with IFRS 8 Sampo Bank Group is required to disclosure business with a single external customer that generates 10% or more of the combined revenue. The Group has no such customers. 14

15 SAMPO BANK GROUP'S FINANCIAL HIGHLIGHTS 1-6/ / /2011 Total operating income EURm Total operating expenses EURm Impairment charges on loans and receivables 1) EURm Profit before taxes EURm Cost to income ratio % 63,3 71,3 69,1 Total amount of balance sheet at the end of the period EURm Equity at the end of the period EURm Return on equity 2) % 4,5 3,3 5,0 Group solvency ratios % 14,7 13,8 14,4 Average number of staff Return on assets 2) % 0,4 0,3 0,4 Equity/assets ratio % 8,2 8,1 8,3 1) Impairment on loans and receivables includes impairment charges, reversals of them, write-offs and recoveries. 2) Annualized CALCULATION OF FINANCIAL HIGHLIGHTS Cost to income ratio, % : Staff costs + other operating expenses x Net interest income + net income from financial transactions + net fee and commission income + net income from investments + other operating income Return on equity, % : Profit before taxes - taxes x 100 Equity + non-controlling interests (average) Return on assets, % : Profit before taxes - taxes x 100 Average total assets Equity/assets ratio, % : Equity + non-controlling interests x 100 Total assets 15

16 NOTES TO THE INTERIM REPORT SIGNIFICANT ACCOUNTING POLICIES Sampo Bank Group is part of the Danske Bank Group. The Danske Bank Group presents its consolidated accounts in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and approved by the EU and with relevant interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC). Additional requirements in accordance with Finnish Accounting Act, Finnish Act on Credit Institutions and Finnish Financial Supervision standards have also been applied when preparing the Interim Report for Sampo Bank Group. In preparing the Interim Report, Sampo Bank has applied all the new or amended standards and interpretations relating to its business and effective at 30 June 2012 as the parent company. Sampo Bank Group's Interim Report January - June 2012 has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU. Sampo Bank Group has not changed its significant accounting policies from those followed in Annual Report Annual Report 2011 provides a full description of the Group's significant accounting policies. Accounting estimates and assessments Management s estimates and assumptions of future events that will significantly affect the carrying amounts of assets and liabilities underlie the preparation of the Group s consolidated financial statements. The estimates and assumptions that are deemed critical to the consolidated financial statements are described in Notes to the Annual Report The consolidated interim report is presented in euro (EUR), in million euros with one decimal, unless otherwise stated. Figures in notes are rounded so combined individual figures might differ from the presented total amount. The interim report has not been audited. The financial statements for 2011 are available on Sampo Bank s web site Sampo Bank plc publishes one interim report during the financial year Annual report and accounts 2012 for Sampo Bank plc will be published 7th February

17 OTHER NOTES EURm 1 NET INTEREST INCOME 1-6/ / /2011 EURm Interest income Loans and receivables to credit institutions 47,2 42,8 89,6 Loans and receivables to customers and public entities 289,0 277,1 588,4 Debt securities 1,2 2,1 4,7 Derivatives 16,9 14,4 38,8 Other interest income 3,0 0,7 1,5 Total 357,4 337,1 723,0 Interest expenses Amounts owed to credit institutions -49,8-43,8-81,3 Amounts owed to customers and public entities -55,2-69,8-152,3 Debt securities in issue -57,1-51,8-127,2 Subordinated liabilities -6,3-7,7-15,5 Other interest expenses -0,2-0,5-1,0 Total -168,7-173,6-377,3 Net interest income 188,7 163,5 345,7 17

18 2 LOAN IMPAIRMENT CHARGES EURm Individual impairment charges Collective impairment charges Recoveries Total From loans and receivables to credit institutions 0,0 0,0 From loans and receivables to customers -impairment charges 68,8 13,8 82,6 -write-offs 29,6 8,2 21,4 -reversals -57,6-57,6 From guarantees and other off-balance sheet items -impairment charges 0,1 0,1 -write-offs 0,0 0,0 -reversals -0,5-0,6-1,1 Total 1-6/ ,4 13,2 8,2 45,4 EURm Individual impairment charges Collective impairment charges Recoveries Total From loans and receivables to credit institutions 0,0 0,0 From loans and receivables to customers -impairment charges 96,7 96,7 -write-offs 11,6 11,6 -reversals -42,8-0,9 6,9-50,6 From guarantees and other off-balance sheet items -impairment charges -write-offs -reversals -11,6-0,5-12,1 Total 1-6/ ,9-1,4 6,9 45,6 Total 1-12/ ,0 0,3 15,0 53,4 18

19 3 THE BALANCE SHEET CLASSIFICATION AND MATURITY ANALYSIS EUR m Financial assets Derivatives Amortised at fair value held for ASSETS cost through p/l hedging Total Cash and balances with central banks 556,3 556,3 Loans and receivables to customers and public entities , ,1 Loans and receivables to credit institutions 3 738, ,3 Debt securities 343,5 343,5 Shares and participations 63,7 63,7 Derivatives 1 199,2 753, ,9 Investment property Other assets 238,2 238,2 Total , ,4 753, ,9 Financial assets Derivatives Amortised at fair value held for ASSETS cost through p/l hedging Total Cash and balances with central banks 814,1 814,1 Loans and receivables to customers and public entities , ,7 Loans and receivables to credit institutions 3 731, ,9 Debt securities 182,8 182,8 Shares and participations 20,2 20,2 Derivatives 1 171,9 271, ,8 Investment property 33,7 33,7 Other assets 177,8 177,8 Total , ,7 271, ,1 19

20 3 THE BALANCE SHEET CLASSIFICATION AND MATURITY ANALYSIS (cont.) EUR m Financial liabilities Derivatives Amortised at fair value held for LIABILITIES cost through p/l hedging Total Due to credit institutions and central banks 1 787, ,0 Amounts owed to customers and public entities , ,5 Debt securities in issue -> Bonds 5 231, ,5 Financial liabilities at fair value through p/l -> Sertificates 1 555, ,2 Derivatives and other financial liabilities held for trading 1 565,4 211, ,2 Subordinated liabilities 356,0 356,0 Other liabilities 372,8 372,8 Total , ,5 211, ,2 Financial liabilities Derivatives Amortised at fair value held for LIABILITIES cost through p/l hedging Total Due to credit institutions and central banks 1 954, ,7 Amounts owed to customers and public entities , ,6 Debt securities in issue -> Bonds 4 157, ,8 Financial liabilities at fair value through p/l -> Sertificates 1 697, ,0 Derivatives and other financial liabilities held for trading 1 080,8 231, ,4 Subordinated liabilities 356,7 356,7 Other liabilities 421,4 421,4 Total , ,8 231, ,5 20

21 MATURITY ANALYSIS OF ASSETS AND LIABILITIES, BY REMAINING MATURITY EUR m 6/ /2011 6/2011 Assets Less than 3 months 6 108, , ,1 Treasury bills and other eligible bills 0,0 0,0 50,0 Loans and advances to credit institutions 3 669, , ,3 Loans and advances to customers 2 162, , ,3 Debt securities 277,3 173,4 139, months 2 047, , ,0 Loans and advances to credit institutions 24,8 18,6 152,9 Loans and advances to customers 1 970, , ,6 Debt securities 51,7 6,4 11,5 1-5 years 7 779, , ,1 Treasury bills and other eligible bills 0,7 0,7 0,7 Loans and advances to credit institutions 44,0 42,2 29,4 Loans and advances to customers 7 722, , ,8 Debt securities 11,9 2,2 7, years 5 229, , ,9 Loans and advances to credit institutions 0,2 0,2 0,2 Loans and advances to customers 5 227, , ,7 Debt securities 1,9 0,0 0,0 Over 10 years 4 276, , ,7 Loans and advances to customers 4 276, , ,7 EUR m 6/ /2011 6/2011 Liabilities Less than 3 months , , ,0 Liabilities to credit institutions 1 688, , ,4 Liabilities to customers , , ,5 Debt securities in issue 836, , ,1 Subordinated liabilities 123,5 123,5 125, months 2 098, , ,9 Liabilities to credit institutions 8,4 505,5 505,0 Liabilities to customers 1 090, , ,7 Debt securities in issue 999,8 363,2 533,2 1-5 years 4 247, , ,9 Liabilities to credit institutions 90,0 90,0 500,0 Liabilities to customers 119,3 104,9 128,3 Debt securities in issue 3 805, , ,7 Subordinated liabilities 232,5 233,2 229, years 1 145, , ,1 Liabilities to credit institutions 0,0 0,0 90,0 Liabilities to customers 0,2 35,8 52,3 Debt securities in issue 1 145, , ,8 Over 10 years 0,0 0,0 0,4 Liabilities to customers 0,0 0,0 0,4 21

22 4 LOANS AND RECEIVABLES EURm 6/ /2011 6/2011 Loans and receivables to customers and public entities By type of loan Home loans , , ,9 Consumer loans 1 212, , ,7 Other retail loans 1 461, , ,6 Finance lease assets 559,8 555,3 597,6 Other commercial loans 6 815, , ,8 Impairment charges -358,7-332,6-362,7 Total , , ,0 Loans and receivables to credit institutions Deposits 2 147, , ,0 Repo agreements 1 360, ,1 415,9 Other loans 230,6 126,8 268,8 Total 3 738, , ,8 Total loans and receivables , , ,8 5 FINANCIAL INSTRUMENTS 6/ /2011 EURm Assets Liabilities Assets Liabilities Assets/liabilities held for trading 407,2 0,0 203,1 0,0 Derivative financial instruments (note 6) 1 952, , , ,4 Debt securities at fair value 0, ,2 0, ,0 Financial instruments, total 2 360, , , ,4 Financial instruments, total 6/ , ,5 22

23 6 DERIVATIVE FINANCIAL INSTRUMENTS 6/ /2011 Contract/ Fair value Contract/ Fair value EURm notional Assets Liabilities notional Assets Liabilities amount amount Derivatives held for trading Interest rate derivatives OTC derivatives ,8 500,4 892, ,3 554,7 496,9 Exchange-traded derivatives 578,4 1,7 1,8 159,7 0,6 1,1 Foreign exchange derivatives OTC derivatives ,4 586,4 564, ,5 513,8 501,9 Equity derivatives OTC derivatives 5 911,2 7,4 7, ,7 16,2 14,4 Other derivatives OTC derivatives 473,0 82,6 44,7 553,5 72,4 32,5 Exchange-traded derivatives 432,8 20,7 54,1 360,7 14,2 34,0 Total derivatives held for trading 1 199, , , ,8 Derivatives held for hedging Derivatives designated as fair value hedges Interest rate derivatives 7 174,3 751,2 197, ,2 271,4 219,3 Foreign exchange derivatives 110,4 2,5 14,4 95,4 0,5 12,3 Total derivatives held for hedging 753,7 211,8 271,9 231,6 Total derivative financial instruments 1 952, , , ,4 Total derivative financial instruments 6/ ,9 959,0 7 AMOUNTS OWED TO CREDIT INSTITUTIONS AND CUSTOMERS EURm 6/ /2011 6/2011 Amounts owed to credit institutions and central banks Liabilities to central banks 0,3 0,4 0,3 Deposits from credit insitutions 1 335, , ,3 Other liabilities owed to credit institutions 451,4 449,7 712,7 Total 1 787, , ,4 Amounts owed to customers and public entities Deposits Demand deposits 2 788, , ,4 Savings accounts 2 857, , ,9 Current accounts 6 207, , ,1 Money market deposits 228,2 365,9 475,2 Other time deposits 2 776, , ,6 Total deposits , , ,2 Total amounts owed to credit institutions and customers , , ,5 23

24 8 DEBT SECURITIES IN ISSUE EURm 6/ /2011 6/2011 Debt securities in issue Certificates of deposit 1 555, , ,6 Bonds and notes 5 231, , ,2 of which in foreign currency 35,7 34,8 39,1 Total 6 786, , ,8 Subordinated debt securities Capital securities 356,0 356,7 354,9 of which perpetuals 356,0 356,7 354,9 Total 356,0 356,7 354,9 Debt securities in issue, total 7 142, , ,7 9 CONTINGENT LIABILITIES AND COMMITMENTS EURm 6/ /2011 6/2011 Off-balance sheet items Guarantees and pledges 1 979, ,9 1701,3 Undrawn loans, overdraft facilities and other commitments to lend 3 498, ,7 3629,7 Total 5 477, , ,0 Sampo Bank Group is continually a party to various lawsuits. The Group does not expect the outcomes of these pending to have any material effect on its financial position. Assets pledged as collateral for liabilities or contingent liabilities Assets pledged 6/ /2011 Liabilities/ commit- ments Assets pledged Liabilities/ commitments Assets pledged as collateral Trading portfolio assets - Trading securities 383,1 606,6 406,9 606,4 Loans and receivables - Loans 5 510, , , ,1 Total 5 894, , , ,5 Non-cancellable operating leases 6/ /2011 6/2011 Minimum lease payments under non-cancellable operating leases not later than one year 27,2 27,9 27,2 later than one year and not later than five years 77,2 79,5 83,1 later than five years 17,8 24,5 32,2 Total 122,1 131,9 142,4 24

25 10 RELATED PARTY DISCLOSURES Sampo Bank Group's related parties comprise of Sampo Bank plc, consolidated subsidiaries, associated companies, administrative personnel and other related party entities. Sampo Bank Group's administrative personnel comprises Sampo Bank plc's managing director, deputy managing director, Board members and their close family members. Related parties also include companies in which administrative personnel or the nearby family of administrative personnel have a significant influence. Other related entities include the parent company, subsidiary companies and parent company executives and administrative personnel. Related party transactions have not changed materially since Related party loan terms correspond to the terms of staff loans confirmed in the Group. 25

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