Investor Presentation - FY 2022
Danske Bank
Investor Presentation - FY 2022
Net interest income up 14% Y/Y driven by normalisation of interest rates and growth;
trading/insurance partially recovering in H2; impairments driven by macro overlays
Key points, 2022 vs 2021
NII uplift from normalisation of interest rates, repricing initiatives and solid trend
in lending volumes
Fee income from generally high activity throughout 2022 partly offsetting lower
capital market and investment-related fees
Trading and insurance income impacted by significant asset repricing and volatile
markets
Writedown of goodwill in Danica due to higher applied discount rate
Steady progress on underlying cost development, absent one-offs and despite
higher remediation and litigation costs
Strong credit quality continues to lead to single-name reversals, while macro
model scenarios and additions of PMAs took impairments to a normalised level
Net interest income
Net fee income
Net trading income
Key points, Q4 22 vs Q3 22
Income statement and key figures (DKK m]
2022
2021 Index
04 22
Q3 22 Index
1,426
Net income from insurance business
63
25,188 22,049 114
12,590 13,525 93
4,126 35
2,088
7,442 6,307 118
3,054 2,999 102
747
503 149
3
386
-286
Other income
1,936
797 243
733
244 300
Total income
41,203 42,584 97 12,362
Operating expenses
26,478 25,663 103
9,767 127
6,909 6,777 102
Profit before loan impairments, GW & provision
14,725
16,921 87
5,454
2,990 182
Provision for Estonia matter
13,800
-200
14,000
Impairment charges on goodwill
1,627
1,627
Loan impairment charges
1,568
348 450
774
368
210
-2,271
16,573
4,880 -13,005
-13
-2
-2
-28
-2,284
16,571
4,877 -13,033
Tax
Net profit
2,784 3,651 78
704
760 93
-5,068
12,920
4,174 -13,792
NII up 18% Q/Q, benefiting from further normalisation of interest rates
Fee income higher from remortgaging activity and higher capital market activity
offsetting lower investment-related fees
Trading income at LC&I and insurance income recovered towards normalised
levels
Operating expenses included a further provision for the debt collection case of
DKK 0.3 billion
Impairments increased as further revision of macro model scenarios and
additional PMAs offset single-name reversals
Profit before tax, core
Profit before tax, Non-core
Profit before tax
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