Good start to the year driven by robust customer activity across the business and strong credit quality in uncertain environment. Net profit of DKK 5.6 billion for the first quarter of 2024

Press release

Bernstorffsgade 40 DK - 1577 København V Tel. [phone] 3 May 2024

Good start to the year driven by robust customer activity across the business and strong credit quality in uncertain environment
Net profit of DKK 5.6 billion for the first quarter of 2024

Carsten Egeriis, Chief Executive Officer, comments on the financial results:

“In the first three months of the year, we saw macroeconomic uncertainty remaining high, not least because of the geopolitical landscape. It is still very much a mixed picture with many areas of the Nordic economies performing well, but we also see businesses facing headwinds, for example within construction. Unemployment remains low, and households are in the process of regaining their real income.

For Danske Bank, the first quarter of 2024 was a continuation of our stable and satisfactory performance in 2023. Overall, our income increased, supported by good customer activity throughout our business, our sustained focus on efficiency kept costs down, and strong credit quality resulted in modest loan impairments. All in all, we continued to improve our profitability. We have also this year in Denmark seen good interest in our leading savings products among our personal customers as well as increased demand for bank lending and investment products. This, combined with the normalised interest rate environment, led to an increase in net interest income, and broad-based banking customer activity led to an increase in net fee income.

The first quarter of 2024 was effectively the first quarter of our new strategy period. With our Forward ’28 strategy, we have set clear ambitions for continuing the efforts to strengthen our position as a leading bank in the Nordic region. In the first quarter of the year, we continued to progress, among other things, with partnerships related to both platforms and cloud technology to provide our customers with the best digital customer experience, and we introduced a new asset management strategy to ensure broader distribution and product offering.”