First quarter 2024 vs first quarter 2023
Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality
Net profit of DKK 17.6 billion for the first nine months of 2024
2024 net profit outlook revised upwards. Now expects a net profit of DKK 22.5-23.5 billion, against previously 21-23 billion
"Supported by the improving macroeconomic environment, our diversified business model and core activities continued to ensure commercial progress. Net interest income increased 6% in the first nine months of the year and net fee income was up 10% for the period as a result of both solid customer activity and our ongoing development of customer offerings across the business.
We continued our consistent focus on costs and on creating further efficiency improvements in our processes, allowing us to keep operating expenses on par while still developing according to plan.
Our sustained commercial momentum and focus on operational efficiency thus resulted in a cost/income ratio of 45.5% and a return on equity of 13.4%, with credit quality remaining strong, as reflected in a net loan impairment reversal across all countries.
The continued cost focus and strong credit quality is furthermore the basis for our second upward revision this year, which is a testament to the robustness of the bank and our customers."
The outlook for 2024 is revised upwards to a net profit in the range of DKK 22.5-23.5 billion. At the release of our upward adjustment on 26 June 2024, we guided for a full-year 2024 net profit in the range of DKK 21-23 billion. The change in outlook is based on better cost trajectory as well as lower than expected loan impairments.
The outlook is subject to uncertainty and depends on economic conditions.
Stefan Singh Kailay, Head of Media Relations
Tel.: + 45 45 14 14 00