Copenhagen, Denmark – Danske Bank A/S held a conference call to discuss their financial results for the first quarter of 2024. The call, led by Head of Investor Relations Claus Ingar Jensen, featured CEO Carsten Egeriis and CFO Stephan Engels discussing the bank’s performance and strategic priorities. The presentation highlighted the bank’s strong position in the Nordic region and its focus on sustainability-linked finance activities.

Despite geopolitical uncertainties and subdued economic activity, Danske Bank reported satisfactory results for the quarter. The bank saw robust performance across its business units, with an increase in core banking income lines and improved efficiency. The first quarter also showed strong credit quality, with loan impairment charges below normalized levels.

Net profit for the quarter was DKK 5.6 billion, with a return on equity of 12.9%. Danske Bank maintained a strong capital and liquidity position, including a share buyback program. Moody’s recent upgrade of the bank’s long-term senior debt indicated enhanced structural resilience and progress across the group.

Personal Customers unit saw solid financial performance, driven by increased total income and robust NII. The Global Private Banking franchise showed momentum with positive net sales of investment products. Business Customers unit reported higher customer activity and lending growth driven by corporates in Denmark and Norway.

Danske Bank’s Leasing and Asset Finance unit faced challenges with lower income due to elevated loan impairment charges. The bank continued prudent cost management to maintain stability and improve cost/income ratio. In Commercial, Corporate, and Institutional Banking, market sentiment improved, supporting advisory services and cash management services growth.

Danske Bank remains committed to its strategic priorities outlined in its Forward ’28 strategy. The bank aims to continue investments in technology, enhance customer experience, and drive productivity. The outlook for the bank includes a net profit of DKK 20 billion to DKK 22 billion for 2024.

The conference call concluded with a Q&A session, addressing questions on NII sensitivity, risk-weighted assets, lending growth prospects, and buyback programs. The bank’s focus on maintaining a strong financial position, improving efficiency, and delivering value to customers remains central to its strategy moving forward.