H1 2024 vs H1 2023
Strong business performance and positive outlook underpinned by robust customer activity and slightly improved macroeconomic environment
Net profit of DKK 11.5 billion for the first half of 2024
“Our diversified business model and core activities continued to deliver good results. Significant increases in both net interest income and net fee income, the latter due to robust customer activity also in the capital markets, and costs developing according to plan led to improved profitability in the first half of the year. Our continued commercial momentum and focus on operational efficiency thus resulted in a cost/income ratio of 45.8 and a return on equity of 13.1%. We continue to invest in our capabilities to provide a better customer experience as set out in Forward ’28, and we have also completed our accelerated capital distribution with interim dividends for both the first half-year of 2023 and 2024. This will not be repeated from 2025 and onwards as we will revert to paying dividend annually,”
On 26 June 2024, we revised the outlook for 2024 upwards to a net profit in the range of DKK 21-23 billion. At the release of our annual report for 2023 on 2 February this year, we guided for a full-year 2024 net profit in the range of DKK 20-22 billion. The profit upgrade follows our continually strong credit quality and reversals of impairment charges for the second quarter of 2024. We therefore now expect full-year loan impairment charges to be up to DKK 0.6 billion. For the financial targets for 2026, we maintain our assumption for loan impairment charges of approximately 8 basis points through the cycle.
Mads Sixhøj, Chief Communications Consultant
Tel.: + 45 45 14 14 00