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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

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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.



number of branches



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
 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
Profit before tax, Non-core000
Effect on pre-tax profit421165-17,027475-15,966

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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

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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