Denmark · Delayed Price · Currency is DKK Danske Bank Earnings Call Transcripts
Fiscal Year 2026
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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. Lending and deposits grew, but fee income softened in Q2 due to market volatility. The CET1 ratio rose to 18.7%, and full-year guidance for profit and costs was reaffirmed.
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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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Q1 2025 pre-close call highlighted strong Nordic macro trends, cautious credit demand, and stable risk rates. Net interest income is guided above DKK 35 billion, with positive FX impacts and no major new one-offs expected. Capital and liquidity positions remain robust.
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Nordic inflation is normalizing with growth in Denmark and Norway, while muted lending and subdued trading activity persist. Full-year NII is guided at DKK 36.5bn, costs at DKK 25.8bn, and insurance results at the lower end of DKK 1.4–1.6bn 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 and efficiency gains. 2025 outlook anticipates net profit of DKK 21-23 billion, stable costs, and continued robust capital distribution, with NII guided above DKK 35 billion.
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Profit before loan impairment charges rose 15% year-over-year, with net profit at DKK 17.6 billion for the first nine months and a raised 2024 outlook. Strong capital, improved cost-income ratio, and robust asset quality support upgraded guidance and continued strategic progress.
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H1 2024 saw strong profit growth, robust capital, and higher customer activity, with fee income at a multi-year high and an interim dividend declared. 2024 net profit guidance was raised, and all earnings plus divestment proceeds will be distributed, while capital and risk targets remain prudent.