Content is loading
Skip to main content

Interim report – first quarter 2023

"In the first three months of the year we saw continually good customer activity across our business and a further improvement in the trend for the inflow of personal customers in Denmark. The improved interest rate environment and high trading income driven by good customer activity at Large Corporates & Institutions contributed to our strong financial result. Furthermore, net trading income and income from insurance activities both benefited from improved market conditions and, among other things, our new fixed income strategy, which makes us strategically better positioned to take advantage of new market dynamics. Impairment charges remained at a very low level in the first quarter, reflecting sound credit quality. This, as well as our continued commercial momentum, was also reflected in both the 89% increase in net profit and the recent upward revision of our outlook for 2023"

Carsten Egeriis

Chief Executive Officer

Download report

Find the most relevant files

  • 02. May 2023Speech from conference call Q1 2023
  • 28. Apr 2023Danske Bank Interim report - first quarter 2023
  • 28. Apr 2023Conference call presentation - Q1 2023
  • 28. Apr 2023Investor Presentation - Q1 2023
  • 28. Apr 2023Fact Book Q1 2023
  • 28. Apr 2023Financial Statements Q1 2023
  • 28. Apr 2023Supervisory Diamond 2023Q1
  • 28. Apr 2023Additional Pillar 3 Disclosures Q1 2023
  • 28. Apr 2023Internal Capital Adequacy Assessment - Q1 2023
  • 28. Apr 2023Indicators for assessing systemically important banks 2022
  • 16. Apr 2023Restatements to Danske Bank reporting
  • 24. Mar 2023Script for Q1 2023 pre-close call
  • 02. Feb 2023Danske Bank Annual report 2022
  • 09. May 2023Sustainability Report 2022
  • 02. Feb 2023Fact Book - Q4 2022
  • 02. Feb 2023Financial Statements Q4 2022
  • 02. Feb 2023Supervisory Diamond 2022Q4
  • 02. Feb 2023Internal Capital Adequacy Assessment - Q4 2022
  • 02. Feb 2023Investor Presentation - Q4 2022
  • 02. Feb 2023Risk Management 2022
  • 02. Feb 2023One-off items Q4 2022
  • 06. Jan 2023Script for Q4 2022 pre-close call
  • 16. Dec 2022Transcript of Conference call 13 Dec Resolutions with US and Danish authorities regarding the Eston
  • 13. Dec 2022Danske Bank - Resolutions with US and Danish authorities regarding the Estonia matter
  • 29. Apr 2022Indicators for assessing systemically important banks 2021
  • 08. Mar 2022Exposure related to Russian invasion of Ukraine March 8 2022
View all

Outlook for 2023

Net profit is expected to be in the range of DKK 16.5-18.5 billion.

 

We continue to expect core income lines to grow, driven mainly by higher net interest income following further normalisation of interest rates and our continued efforts to drive commercial momentum. Fee income is expected to be slightly below the level in 2022.

We expect income from trading and insurance activities to recover towards normalised levels subject to financial market conditions. 

We continue to expect costs in 2023 to be in the range of DKK 25-25.5 billion reflecting our focus on cost management and despite the inflationary pressure. The outlook includes continually elevated remediation costs of approximately DKK 1.1 billion.

We expect loan impairment charges of up to DKK 2.5 billion due to continually strong credit quality and the recoveries we have seen in the first quarter. Loan impairment charges will be driven primarily by a weaker macroeconomic outlook that will affect model-driven impairments.



The outlook is subject to uncertainty and depends on economic conditions.

Facts & figures

Our financial Fact Book is updated every quarter. It covers financial statistics, key statistics and macroeconomics.

148

 

number of branches

2.5

million

eBanking, Mobile and Tablet Banking customers

One-off items

(DKK millions)Q1 2022Q2 2022Q3 2022Q4 20222022
Reported pre-tax profit3,7072,164-13.0334,877 -2,284
Gain from sale of international private banking activities in Luxembourg
421000421
 PMA for potential lower recovery rates from debt collection 0 -250  -250 
 Gain from sale of Danica Norway0415  415 
 Danica: Correction of discrepancy in product0-150 -150  
 Compensation: Debt collection case (impairment effect)0-6500-650
 Compensation: Debt collection case (expenses)00-6000-600
 Impairment charges on goodwill in Danica Pension00-1,6270-1,627 
 Provision for Estonia matter

00 -14,0000-14,000
 Gain from sale of shares in MobilePay   415  
 Gain from sale of shares in Sanistål    170 
 Reduction of provision for Estonia settlement    200 
  Increased Compensation: Debt collection case    -310 
One-off items, in sum421165-17,027475-15,966
Adjusted pre-tax profit3,2861,9993,9944,40213,681
      
 (DKK millions)Q1 2022Q2 2022Q3 2022Q4 20222022
Net interest income00000
Net fee income00000
Net trading income000170170
Net income from insurance business0415-15000
Other income42100451836
Revenues, in sum421415-1505851,271
Costs00-14,600
-110-14,710
Impairments0-250-2,277
0-2,527
Profit before tax, Non-core000
00
Effect on pre-tax profit421165-17,027475-15,966

Download in Excel


Financial accounts

Income statement
Balance sheet
Financial highlights
Key figures

Look up historical data on our income statement, balance sheet and key figures going back to 1998.

Download financial accounts going back to Q1 2004
Download financial accounts from 1998-2004

Subscription service

 

Sign up to receive news from us.


Sign up

Contact us

If you would like more information about Danske Bank's activities, please contact us at Investor Relations. Direct contact information can be found below, while general inquiries can be directed to investor.relations@danskebank.dk