Q4 2025 Danske Bank A/S Earnings Call Transcript

Feb 05, 2026 / 07:30AM GMT

Release Date Price: kr332.25 (+0.14%)

Transcript

Key Points

Positve

Danske Bank AS (DNKEY) reported a net profit of DKK23 billion for 2025, marking a robust return on equity of 13.3%.
The bank maintained net interest income at the same level as in 2024 despite several rate cuts and the sale of its personal customer business in Norway.
Core income improved due to higher net interest income from increased lending and deposits, alongside significantly higher fee income.
The bank announced a 100% payout ratio for 2025, including an ordinary dividend of 60% and an extraordinary dividend of 20%, along with a new share buyback program.
Danske Bank AS (DNKEY) saw strong momentum in its private banking segment, with assets under management reaching record high levels.

Negative

The slightly lower net profit in 2025 compared to 2024 was due to a more normalized level of loan impairment charges.
Operating expenses were higher in Q4 due to expected higher seasonal expenses, impacting the cost-income ratio.
Income from insurance activities was negatively impacted by a model recalibration for the health and accident business, leading to a net negative effect of DKK200 million.
Trading income saw a decline in Q4, mainly due to seasonally lower customer activity in fixed income markets.
The bank's cost outlook for 2026 includes a range of DKK26 billion to DKK26.5 billion, reflecting higher investment spend and cost management challenges.

Claus Jensen;S;Head of Investor Relations

Danske Bank A

/-

Good morning everyone. Welcome to the conference call for Danske Bank's financial results for 2025. My name is Claus Ingar Jensen, and I'm head of Danske Bank's Investor Relations. With me today, I have our CEO, Carsten Egeriis; and our CFO Cecile Hillary.

We aim to keep this presentation to around 20 minutes, and after the presentation, we will open up for a Q&A session as usual. Afterwards, feel free. To contact the investor relations department if you have any more questions.

I will now hand over to Carsten. Slide 1, please.

Carsten Rasch Egeriis;S;Chief Executive Officer

Danske Bank A

/-

Thanks, Claus, and I would also like to welcome you to our conference call where I'm pleased to share the highlights of Danske Bank's financial results for 2025.

Although the geopolitical situation overall continues to be challenging, the macroeconomic backdrop for our customers and thus our business in the Nordics

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