Investor Presentation - FY 2023
Investor Presentation - FY 2023
Danske Bank
NII: Healthy deposit margin expansion Y/Y while recent pass-through impacts Q/Q
development; deposit and lending volumes have stabilised
Highlights
Net interest income 2023 vs 2022 (DKKm)
Deposit margin development (%)
3.0
35,000
-543
-480
2.5
PC
-
-
-
Net interest income continued the positive trend
despite 04 impacted by migration to savings
products and significant deposit pass-through in
light of previous hikes
Y/Y benefited from deposit margin expansion.
Lending margins affected by higher funding costs
and lagging effects of repricing. BU margins further
impacted Q/Q by allocation of Treasury costs (no
Group impact]
Q/Q impacted by the significant deposit rate pass-
through post the September rate hike. NII affected
by tax one-offs in both Q3 (positive) and Q4
(negative)
NII sensitivity in year 1: DKK (+/-) 500m (per 25bps
move) with assumed migration to savings products.
Additional impact in year 2 and 3 of DKK (+/-)300m
and DKK (+/-)200m, respectively, all else equal
2.68
$2.50
2.50
14,552
2.18
BC
2.0
25,108
-551 -2,607
71
-551
2.08
2.14 2.13
1.94
1.5
1.49
1.44
1.0
0.88
LC&I
0.5 1
0.40 0.48
0.26
-0.76
0.75
0.82
0.74
0.66
0.51
0.38
0.18
2022
Lending Lending Interest Deposit Deposit Treasury
volume margin related volume margin / Other
fees
FX
2023
0.0
0122 0222 0322 0422 0123 0223 0323 0423
Net interest income 0423 vs Q323 [DKKM]
Lending margin development (%)
9,326
Positive tax
One-off
Negative tax
One-off
1.5
307
92
9,219
85
1.15 1.14
1.13
-21
1.09
10
35
1.03 1.02
540
0.96
-124
0.94
-331
1.0
0.93
0.85 0.85
0.84
0.79
0.83
BC
0.72
0.75 0.74
0.68
0.62
0.64
9,134
0.5
0.59
0.59
LC&I
PC
9,019
0.0
03 23 Lending Lending Interest Deposit Deposit Treasury
volume margin related volume margin / Other
fees
FX
04 23
0122 0222 0322 0422 0123 0223 0323 0423
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