5. FEB. 2026 – PRESS RELEASES
Good customer activity and strong credit quality led to solid result for 2025
Net profit of DKK 23.0 billion
Dividend of DKK 16.94 per share for 2025 as well as an extraordinary dividend of DKK 5.78 per share, in total DKK 22.72 per share
The Board of Directors has decided to initiate a share buy-back programme of DKK 4.5 billion
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2025 vs 2024
56.8 billion DKK
Total income
2024: 56.4 billion DKK
25.8 billion DKK
Operating expenses
2024: 25.7 billion DKK
294 million DKK
Loan impairments
2024: 543 million DKK
23.0 billion DKK
Net profit
2024: 23.6 billion DKK
13.3%
Return on equity
2024: 13.5%
17.3%
CET1 capital ratio
2024: 17.8%
Delivering on strategic priorities in 2025
In 2025, we continued to execute our Forward ’28 strategy and strengthened our position as a leading bank in the Nordic region. Investments in customer offerings, digital transformation and sustainability initiatives remained central to our strategy, alongside enhanced operational efficiency and advisory services.
For personal and private banking customers, initiatives such as our holistic advisory concept called Panorama, tailored loan products and a focus on life events improved customer engagement and satisfaction scores, with assets under management reaching record-high levels. For business and institutional customers, growth in prioritised segments was supported by new partnerships, scalable platforms and digital solutions, including enhancements to the District platform and innovative tools such as GenAI tools.
Employee engagement increased further, and progress with technology transformation, including cloud migration and platform modernisation, continues to position the Group well to meet our long-term ambitions, including a 20% increase in technology productivity and a 15% reduction in technology run costs by 2026.
These efforts underline our commitment to creating lasting value for customers, shareholders and society while driving sustainable growth and innovation.
Macroeconomic tailwinds after an eventful 2025
2025 was marked by significant political turmoil, including issues related to tariffs, but also by a continued normalisation of inflation, which allowed for further interest rate cuts. These developments helped support both the global economy and the Nordic economies individually. In Denmark, we saw strong economic growth, low unemployment and a robust economy, but consumer confidence remained subdued, which put a damper on household spending despite the rise in real incomes.
With interest rates expected to remain stable and investments anticipated to increase, we enter 2026 with a moderately positive outlook for economic development. We expect consumer sentiment to improve somewhat, and both in Denmark and across all of the Nordic export markets, we expect increased demand and a more stable economic environment. This creates new opportunities for both businesses and households in Denmark, despite the uncertainties that persist.
"There is no doubt that tariffs and uncertainty are harmful to many businesses and to long-term growth, but there are also positive factors to focus on right now. Both in Denmark and in our closest export markets, we see prospects for increased demand in 2026, alongside stabilised inflation and interest rates, and there are interesting opportunities and not only threats for Danish businesses," says Las Olsen, Head of Macro Research.
Solid financial performance
Danske Bank delivered a solid financial result in 2025, achieving a return on equity of 13.3% and a net profit of DKK 23.0 billion, in line with our guidance.
Total income increased 1% relative to the level in 2024. Net interest income was stable due to lending growth and effective interest rate risk management, notwithstanding the sale of the personal customer business in Norway and lower deposit margins following central bank rate cuts. Net fee income was strong, driven by record-high performance fee income, growth in assets under management and strong customer activity.
Operating expenses rose slightly to DKK 25.8 billion, with investments in digitalisation and wage inflation being only partially offset by structural cost reductions related to compliance and the discontinuation of payments to the Resolution Fund, which became fully funded in 2024. Loan impairments amounted to a net charge of DKK 294 million, reflecting strong credit quality, with provisions adjusted for geopolitical and macroeconomic uncertainties.
“We delivered a solid net profit of DKK 23.0 billion in 2025, reflecting a strong operational performance and disciplined cost control. Our cost/income ratio improved to 45.5%, supported by growing core income and efficiency measures, which enabled us to maintain strong profitability. Danske Bank’s underlying business remains robust, with prudent asset and liability management and strong capital and liquidity positions, which provide significant buffers and ensure that we remain a trusted financial partner for our customers,” says Cecile Hillary, Chief Financial Officer.
Shareholder distribution in line with our capital plan
Given our strong capital generation and balance sheet, we will propose distribution to shareholders for the financial year 2025 in line with our capital plan and CET1 capital ratio target. We propose a dividend of DKK 16.94 per share for 2025 as well as an extraordinary dividend of DKK 5.78 per share. In total, our distribution of dividend will thus amount to DKK 22.72 per share.
Share buy-back
At 31 December 2025, Danske Bank had bought back around 18 million shares for a total purchase amount of DKK 4.5 billion (figures at trade date) of the planned DKK 5.0 billion share buy-back programme.
On the basis of the financial results for 2025, the Board of Directors has decided to initiate a share buy-back programme of DKK 4.5 billion, equivalent to a total payout ratio of 100%, including the dividend for 2025 mentioned above. The programme, which has been approved by the Danish FSA, will start on 9 February 2026.
Outlook for 2026
Total income is expected to be around DKK 58 billion, driven by growing core banking income and our continued efforts to drive commercial momentum and growth in line with our financial targets for 2026. Income from trading and insurance activities remains subject to financial market conditions.
We expect operating expenses in the range of DKK 26-26.5 billion in 2026. The cost/income ratio is expected to be around 45%, in line with the target for 2026. Loan impairment charges are expected to be around DKK 1 billion as a result of continued strong credit quality.
Net profit is expected to be in the range of DKK 22-24 billion, reflecting a return on equity above our 2026 ambition of 13%.