Financial results first quarter 2020


Return on equity after tax

DKK -1.3 bn

Net profit

"The first two months of 2020 showed good momentum in the underlying business, with solid customer activity and lending growth in most markets. However, the coronavirus pandemic impacted the results significantly towards the end of the quarter.  The key drivers were impairments made mainly because of the assumptions of a worsened macroeconomic scenario, the decline in oil prices and charges against exposure to certain sectors. We also saw the highly turbulent markets result in extraordinarily low trading income." 

Chris Vogelzang

Chief Executive Officer

Download the report

Find the most relevant files

  • 30. Apr 2020Interim report - first quarter 2020
  • 30. Apr 2020Conference call presentation - first quarter 2020
  • 30. Apr 2020Fact Book Q1 2020
  • 30. Apr 2020Debt investor update Q1 2020
  • 22. Jun 2020Script for pre-close call Q2 2020
  • 01. May 2020Speech from conference call - first quarter 2020
  • 30. Apr 2020Audio from conference call - first quarter 2020
  • 20. Apr 2020Restatements to Danske Bank financial highlights
  • 30. Apr 2020One-off items Q1 2020
  • 30. Apr 2020Financial statements Q1 2020
  • 30. Apr 2020Additional Pillar 3 disclosures Q1 2020
  • 30. Apr 2020Internal Capital Adequacy Assessment - first quarter 2020
  • 30. Apr 2020Supervisory Diamond - first quarter 2020
  • 05. Feb 2020Risk Management 2019
  • 05. Feb 2020Sustainability Report 2019
  • 05. Feb 2020Sustainability Fact Book 2019
View all

Outlook for 2020

The uncertainty connected with the economic situation and the impact of the coronavirus pandemic meant that on 16 March, we suspended our financial outlook for 2020.

As uncertainty as a result of the impact of the coronavirus pandemic prevails, the uncertainty related to our guidance is also higher than usual, reflecting the limited visibility for the macroeconomic situation and developments in the financial markets.

On that basis, we now aim for a net profit of at least DKK 3 billion. This represents our best estimate based on a timely assessment of the current situation and the likely impact on our business for the rest of the year.

We expect net interest income to be lower than the level in 2019 as margin pressure and higher funding costs will more than offset continued volume growth.

Net fee income is expected to be lower than the level in 2019 due to lower remortgaging activity and is subject to significant uncertainty regarding assets under management, customer activity and market developments.

Expenses are expected to be in the range of DKK 28-29 billion, driven by an acceleration of investments of up to DKK 2 billion and a continued increase in compliance costs.

Loan impairment charges are expected to be significantly higher due to the impact of the coronavirus pandemic on the economic outlook, with a large part recognised in the first quarter of the year.

We maintain our ambition for a return on shareholders’ equity of 9-10% in 2023.

The outlook is subject to uncertainty and depends on economic conditions, including developments in monetary policy at central banks.

Facts & figures

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



number of branches



eBanking, Mobile and Tablet Banking customers

One-off items

Download in Excel

Financial accounts

Income statement
Balance sheet
Financial highlights
Key figures
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

Order materials 

Order hard copies of our annual report.



The Danske Bank share is listed on NASDAQ OMX Copenhagen. See the latest share price, historical share data and information about dividends, shareholders and ratings.
More on shares


Statements and comments from the Danish FSA and information about EU stress tests, the EBA and the Capital Requirements Directive and Regulation.
More on regulation


We issue debt instruments on the international financial markets, and they are among the highest rated in Europe.
More on debt

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
  • Claus I. Jensen

    Head of Investor Relations

    Mobile: +45 25 42 43 70
  • John Bäckman

    Chief IR Officer

    Phone: +45 45 14 07 92
    Mobile: +45 30 51 46 85
  • Heidi Birgitte Nielsen

    Chief IR Officer

    Phone: +45 45 13 92 34
    Mobile: +45 27 20 41 74
  • Robin Løfgren

    Chief IR Officer

    Phone: +45 45 14 06 04
    Mobile: +45 24 75 15 40
  • Tulle Louise Præstrud

    IR Coordinator

    Phone: +45 45 14 06 80