Denmark · Delayed Price · Currency is DKK Danske Bank Earnings Call Transcripts
Fiscal Year 2026
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Strong H1 2026 results with Q2 net profit of DKK 6.2 billion and ROE of 14.8%, driven by broad-based commercial momentum, robust fee and interest income, and disciplined cost control. 2026 profit outlook raised to DKK 23-25 billion, with continued investment in technology and stable asset quality.
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Q2 2026 is expected to show stable lending growth and resilient fee income, with limited NII benefit from recent rate hikes. Capital and liquidity remain strong, and management reiterates a focus on organic growth while remaining open to M&A in Sweden.
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Q1 2026 saw strong profit, stable income, and robust capital, with raised 2028 targets for ROE, cost efficiency, and dividends. Strategic investments in technology and AI are expected to drive further productivity and growth.
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Macroeconomic and sector outlooks remain positive, with upgraded GDP forecasts and resilient labor markets. Q1 sees stable lending growth, subdued capital markets activity, and no major credit quality concerns, while management prepares a strategy update and maintains full-year guidance.
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Nordic growth outlook remains positive, with stable lending and diversified fee income. Q4 will see a non-recurring tax gain, higher seasonal costs, and a negative insurance one-off, while CET1 ratio reflects regulatory impacts.
Fiscal Year 2025
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2025 saw record pre-impairment profit, stable NII, and strong fee income, with net profit at DKK 23 billion and a 13.3% ROE. Outlook for 2026 is positive, with expected net profit of DKK 22–24 billion, continued investment in digital and AI, and a 100% payout ratio.
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Net profit for the first nine months of 2025 reached DKK 16.7 billion, with stable NII, strong credit quality, and record-high assets under management. Guidance for 2025 net profit is now at the upper end of DKK 21–23 billion, with lower expected loan impairments and continued cost discipline.
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Macroeconomic conditions are improving in the euro area and Nordics, with Denmark's GDP growth revised down due to statistical changes but fundamentals remain strong. Lending and investment activity show modest recovery, while fee income is dampened by low sentiment and seasonality. Expense and impairment guidance are reiterated, and no interim dividends are planned.
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Net profit for H1 2025 reached DKK 11.2 billion, with stable NII and strong credit quality, despite softer fee income due to market volatility. The CET1 ratio rose to 18.7%, and guidance for 2025 net profit and expenses remains unchanged.
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Q1 2025 net profit rose 2% year-over-year to DKK 5.8 billion, with strong credit quality, stable income, and robust capital ratios. Full-year guidance is unchanged, with a focus on prudent cost management, strategic capital allocation, and ongoing market share initiatives.
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Nordic economies show improved growth and declining inflation, but geopolitical risks and market volatility persist. NII is expected to be lower due to rate cuts, with hedges providing some offset. Full-year guidance is maintained, with a notable DKK 0.2 billion insurance provision in Q1.
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Nordic inflation is normalizing with positive growth in Denmark and Norway, while rate cuts and muted credit demand shape Q4 trends. Full-year NII is guided at DKK 36.5 billion, with insurance results at the lower end of guidance due to model updates.
Fiscal Year 2024
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Net profit for 2024 reached DKK 23.6 billion, exceeding guidance, with strong core income growth and improved efficiency. 2025 outlook anticipates slightly lower income, stable costs, and continued robust capital returns, with 100% payout of earnings planned.
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Profitability improved with net profit of DKK 17.6 billion for the first nine months and ROE at 13.9% in Q3. Full-year net profit outlook was raised, cost discipline improved the cost income ratio, and asset quality remains strong with net impairment reversals.
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H1 2024 saw strong profit growth, robust capital position, and increased customer activity, with upgraded full-year guidance and a DKK 7.5 interim dividend. Capital distributions remain prudent, with all 2024 net profit and divestment proceeds to be paid out.