Financial results first half 2020

0.9%

Return on equity after tax

DKK 1.0 bn

Net profit

"In the second quarter of 2020, we saw a rebound in lending activity, which had a positive impact on net interest income. Furthermore, a normalisation of the financial markets led to a recovery in net trading income. Impairments were significantly lower than in the first quarter, and we expect to have booked most of the impairments needed for the full year. Expenses increased, due mainly to transformation costs and costs related to the continued strengthening and remediation of our compliance setup. However, we are seeing the first effects of our focus on bringing down underlying costs, and this remains a priority. "
Chris Vogelzang

Chief Executive Officer

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  • 17. Jul 2020Interim report - first half 2020
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Outlook for 2020

The outlook has been updated. However, net profit guidance is unchanged.

As uncertainty as a result of the impact of the corona crisis 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.

We 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 at around the same level as in 2019, as margin pressure and higher funding costs will offset continued volume growth.

Net fee income is expected to be lower than 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 transformation costs and costs for continued compliance remediation.

Loan impairment charges are expected to be significantly higher due to the impact of the coronavirus pandemic on the economic outlook, with most impairments recognised already in the first half 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.

200

 

number of branches

2.3

million

eBanking, Mobile and Tablet Banking customers

One-off items

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Financial accounts

Income statement
Balance sheet
Financial highlights
Key figures
Income statement
Balance sheet
Financial highlights
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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
  • Claus I. Jensen

    Head of Investor Relations

    Mobile: +45 25 42 43 70
    Email: clauj@danskebank.dk
  • John Bäckman

    Chief IR Officer

    Phone: +45 45 14 07 92
    Mobile: +45 30 51 46 85
    Email: jbc@danskebank.dk
  • Robin Løfgren

    Chief IR Officer

    Phone: +45 45 14 06 04
    Mobile: +45 24 75 15 40
    Email: rlf@danskebank.dk
  • Tulle Louise Præstrud

    IR Coordinator

    Phone: +45 45 14 06 80
    Email: lopr@danskebank.dk