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Danske Bank Group
Interim report –
first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Contents
Management’s report
Financial statements
Statements
Financial highlights - Danske Bank Group
Executive summary
Strategy execution
Sustainability
Financial review
Personal Customers
Business Customers
Large Corporates & Institutions
Danica
Northern Ireland
Group Functions
Definition of alternative performance measures
3
4
5
7
8
15
17
19
22
24
26
28
Financial statements – Danske Bank Group
Income statement
Statement of comprehensive income
Balance sheet
Statement of capital
Cash flow statement
Notes
Financial statements – Danske Bank A/S
Income statement
Statement of comprehensive income
Balance sheet
Statement of capital
Notes
29
30
30
31
32
34
35
64
65
65
66
67
68
Statement by the management
Independent auditor’s review report
Supplementary information
71
72
73
2
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Financial highlights - Danske Bank Group
28,011
100
13,985
13,931
Income statement
(DKK millions)
Net interest income
Net fee income
Net trading income
Net income from insurance business
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
First half
First half
Index
2025
2024 25/24
18,083
18,287
7,066
1,736
714
316
27,917
12,670
156
99
100
126
75
98
7,074
1,377
949
324
12,818
454
99
34
Profit before loan impairment charges
15,247
15,193
100
Loan impairment charges
Profit before tax
Tax
Net profit
266
-99
14,980
15,292
3,770
3,824
11,211
11,468
-
98
99
98
Ratios and key figures
Dividend per share (DKK)*
Earnings per share (DKK)
Return on avg. total equity (% p.a.)
Net interest income as % p.a. of loans
and deposits
Cost/income ratio (C/I), (%)
Total capital ratio (%)
Common equity tier 1 capital ratio (%)
Share price (end of period) (DKK)
Book value per share (DKK)
-
13.5
13.0
1.3
45.4
22.4
18.7
7.5
13.4
13.1
1.3
45.8
22.5
18.5
Q2
2025
9,063
3,409
854
513
147
9,020
3,658
882
201
170
6,379
6,291
84
7,606
217
7,390
1,936
5,454
-
6.6
12.7
1.3
45.6
22.4
18.7
72
7,641
50
7,591
1,834
5,757
-
6.9
13.3
1.3
45.2
22.9
18.4
Balance sheet (end of period)
Q1
Index
Q2
Index
Full year
2025 Q2/Q1
2024 25/24
2024
(DKK millions)
First half
First half
Index
2025
2024** 25/24
Q2
2025
Q1
Index
Q2
Index
Full year
2025 Q2/Q1
2024** 25/24
2024
100
93
97
255
86
100
101
117
100
-
97
106
95
9,145
3,698
608
457
147
14,055
6,481
209
99
92
140
112
100
100
98
40
36,697
14,912
2,668
1,387
741
56,405
25,736
906
7,574
100
30,669
-200
7,774
1,936
5,839
-
95
100
93
-543
31,212
7,583
23,629
7.5
6.8
13.3
1.3
46.1
22.5
18.5
207.5
209.8
28.7
27.9
13.4
1.3
45.6
22.4
17.8
203.7
210.7
Due from credit institutions and central
banks
Repo loans
Loans
Trading portfolio assets
Investment securities
Insurance assets
Other assets
Total assets
189,378
254,350
74
189,378
233,630
348,991
340,108
103
348,991
360,367
81
97
254,350
74
182,113
340,108
103
384,049
1,725,662 1,650,498
105 1,725,662 1,709,470
101 1,650,498
105 1,674,680
522,660
454,509
281,944
273,642
540,921
522,846
115
103
103
522,660
513,889
102
454,509
281,944
283,793
99
273,642
540,921
530,864
522,846
115
103
103
531,831
269,118
548,912
130,076
223,118
58
130,076
126,844
223,118
58
125,339
102
103
3,739,632 3,719,072
101 3,739,632 3,758,856
99 3,719,072
101 3,716,042
Due to credit institutions and central
banks
Repo deposits
Deposits
72,324
76,876
94
72,324
83,560
87
76,876
94
84,454
309,274
233,519
132
309,274
244,627
126
233,519
132
209,057
1,073,580 1,043,668
103 1,073,580 1,099,373
98 1,043,668
103 1,094,635
Bonds issued by Realkredit Danmark
731,421
730,638
100
731,421
747,551
Other issued bonds
Trading portfolio liabilities
346,764
356,660
335,176
356,186
97
94
346,764
358,515
335,176
369,106
98
97
91
730,638
100
744,495
356,660
356,186
97
94
334,751
357,507
Insurance liabilities
Other liabilities
Subordinated debt
Total equity
527,291
506,832
104
527,291
509,341
104
506,832
104
529,793
137,070
199,586
33,962
37,052
172,771
178,055
69
92
97
137,070
137,813
33,962
39,540
99
86
199,586
37,052
172,771
169,430
102
178,055
69
92
97
144,866
40,798
175,687
Total liabilities and equity
3,739,632 3,719,072
101 3,739,632 3,758,856
99 3,719,072
101 3,716,042
* Total dividend for 2024 of DKK 28.70 per share comprises DKK 7.50 per share that was paid in connection with the interim report for the first
half of 2024, the special dividend of DKK 6.50 per share paid in December 2024 following completion of the divestment of the personal
customer business in Norway as well as a dividend of DKK 9.35 per share for the second half of 2024 and extraordinary dividend of DKK 5.35
per share that was paid out on 25 March 2025.
** Comparative information for H1 2024 has been restated as described in note G2(b).
258.3
209.6
207.5
209.8
258.3
209.6
225.1
203.8
Full-time-equivalent staff (end of period)
20,204
20,079
101
20,204
20,046
101
20,079
101
19,916
3
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Executive summary
In the first half-year, Danske Bank delivered a solid result,
generating a net profit of DKK 11.2 billion and a return on equity
of 13.0%. This result is in line with our expectations and was
driven by a steady development in total income and a stable cost
development. In the second quarter, our financial performance
held up well, however, fee income related to capital markets and
investment activity was impacted by lower activity due to
market volatility. Credit quality also remained strong with a low
level of loan impairments for the first half-year of DKK 266
million.
We continue to successfully execute and deliver on our strategic
priorities in key growth areas. This includes being able to support
our customers in an increasingly uncertain and volatile market,
especially in the second quarter, thanks to our well-capitalised
balance sheet and expert advisory solutions.
Additionally, the macroeconomic environment in which we
operate is relatively robust, and the Nordic economies continue
to show overall resilience. Key economic data, such as high
employment and lower interest rates, continued to be supportive
in the second quarter. This has not, however, translated into
better consumer sentiment as personal customers remain
cautious.
According to the latest macroeconomic outlook by Danske Bank
Research we continue to expect a robust economy with high
employment and relatively high growth, particularly in Denmark.
In terms of strategy execution, we continued to successfully
deliver on our strategy towards the targets laid out in Forward
’28. In our large corporates franchise, growth outside Denmark is
continuing. For our retail customers, we enhanced the home
purchase journey and our competitive product offerings. We also
saw further momentum in our private banking unit.
Across the Group, new technologies are being implemented, with
for instance a GenAI tool that helps advisers improve the
customer experience.
4
Danske Bank / Interim report – first half 2025
Capital and funding
Danske Bank’s underlying business is strong, our asset and
liability management is prudent, and our capital and liquidity
positions continue to be solid, with significant buffers well above
regulatory requirements. At the end of June 2025, our liquidity
coverage ratio (LCR) stood at 160% (31 December 2024: 167%),
with an LCR reserve of DKK 551 billion (31 December 2024:
DKK 560 billion), and our net stable funding ratio stood at 121%
(31 December 2024: 118%).
The CET1 capital ratio was 18.7% (31 December 2024: 17.8%).
Share buy-back programme
At the end of the second quarter of 2025, Danske Bank had
bought back around 7.8 million shares for a total purchase
amount of DKK 1.8 billion (see Company announcement no. 32
2025) of the planned DKK 5.0 billion share buy-back programme.
Financials
Danske Bank delivered a net profit of DKK 11,211 million in the
first half of 2025, down 2% from the same period last year.
Resilient net interest income combined with good customer
activity supported the financial result for the period.
Net interest income decreased 1% to DKK 18,083 million due to
lower deposit margins as a result of lower market rates, with the
decrease being partly offset by increased lending activity and
interest rate risk management income from hedging and bond
portfolios.
Net fee income was stable relative to the level in the same period
last year and amounted to DKK 7,066 million, as continually
strong customer activity combined with our focused strategy
had a positive effect on most types of fee income.
Net trading income increased 26% to DKK 1,736 million. Income
in the first half of 2025 was driven mainly by higher secondary
customer activity and positive market value adjustments of
cross-currency swaps.
Net income from insurance business decreased 25% relative to
the level in the first half of 2024 and amounted to DKK 714
million. The decrease was due primarily to the adverse effect of a
strengthening of provisions of DKK 220 million related to legacy
life insurance products in run-off, with the effect being partly
offset by an adjustment of accrued interest income.
Operating expenses decreased 1% relative to the level in the first
half of 2024 and amounted to DKK 12,670 million. We are on
track to end the year in line with our full-year guidance. The
decrease was affected by the discontinuation of payments to the
Danish Resolution Fund.
Loan impairment charges reflect overall stable credit quality,
despite the uncertain macroeconomic landscape, and were low
in the first half of 2025, amounting to DKK 266 million. We
continue to apply significant post-model adjustments related
to the elevated geopolitical and macroeconomic risks and
remain watchful of any possible credit deterioration.
Outlook for 2025
We continue to expect total income to be slightly lower in 2025
than in 2024, driven by lower, albeit resilient, net interest
income. Core banking income to be supported by our focus on
fee income and our continued efforts to drive the commercial
momentum and growth in line with our financial targets for
2026. Income from trading and insurance activities will be
subject to financial market conditions.
We expect operating expenses in 2025 to be up to DKK 26 billion,
reflecting our focus on cost management, and cost/income
target for 2026.
Loan impairment charges are expected to be around
DKK 1 billion as a result of continued strong credit quality.
We expect net profit to be in the range of DKK 21–23 billion.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Strategy execution
In addition, in January 2025, Danica launched a new commercial
strategy that aims to make Danica the preferred pension
provider in Denmark by 2028.
Following the start of the execution of Danske Bank’s Forward
’28 strategy in January 2024, the Group continues its efforts to
strengthen its position as a leading bank in the Nordic region,
with significant investments in customer offerings.
For business and institutional customers, the aim is to be a
leading bank in Denmark, Sweden, Finland and Norway.
For personal and private banking customers, the strategy
involves a sharpened focus in Denmark, Finland and Sweden on
continuing strategic development, strengthening relations with
existing customers and attracting new ones.
5
Danske Bank / Interim report – first half 2025
In line with the Forward ’28 strategy, we are making significant
investments in our four strategic areas: Advisory, Digital,
Sustainability, and Simple, Efficient, Secure.
Employee engagement remains a key focus item of the Danske
Bank people agenda. Biannual surveys allow employees to
express their views, fostering dialogues throughout the
organisation. The latest Culture & Engagement survey reflects a
positive trend, with engagement levels reaching 78%, marking
an improvement and a continually upward trend and placing
Danske Bank in the top 25% of comparable companies.
Additionally, we achieved a remarkable participation rate of 95%,
demonstrating strong commitment among the employees.
Since the start of 2024, we have seen strong progress and early
proof points across our digital, data and AI and technology
transformation agendas, and that trend continued in the first
half of 2025.
We are executing our digital and technology transformation at
pace, further enhancing our customer offerings while moving to
the latest technology, increasing productivity and reducing
costs.
We continue to add GenAI capabilities and solutions to help our
employees become even more productive with the aim of
delivering better service to our customers. We now have more
than ten GenAI solutions available, of which almost half are
enterprise tools - using GenAI at scale. The functionality of
DanskeGPT, our in-house GenAI solution that had its first
anniversary in April, continues to grow. GenAI tools are now
utilised by over 18,000 employees and partners across the
Group. Furthermore, the benefits of GenAI-powered tools in
software development are boosting the productivity of our
software engineers.
Our cloud migration programme continues to run ahead of
schedule, with applications being moved to, and optimised on,
Amazon Web Services (AWS). This transformation allows access
to the comprehensive AWS ecosystem, offering scalability,
innovation and advanced cloud services. We are also continuing
to reduce the number of legacy applications which, together with
the move to cloud, decreases both complexity and operational
costs. On the cybersecurity front, we continue to strengthen our
defences and remain vigilant regarding external factors.
Personal Customers
The execution of the Forward ’28 strategy at Personal Customers
continued at pace during the first six months of 2025. This is
enabled by our focus on targeted geographies and customer
segments. Our Personal Customers strategy relies on the
breadth of offerings and holistic financial advice in combination
with the convenience and proactivity products provided by
digital solutions, which are increasingly augmented by data and
AI.
During the first half of 2025, we have increased our visibility in
our markets through broader marketing campaigns as well as
1:1 customer communication to establish Danske Bank as the
key financial partner for new and existing customers. Marketing
efforts during the year have strengthened our engagement with
first-time home buyers in Denmark and Finland through our
‘BoligStart’ and ‘Fygge’ campaigns, while in Sweden, our ‘En lite
rakare bank’ campaign broadly reinforces our position as a
straight-forward bank to interact with.
A key focus of our 2024 strategic investments was our
investment offering and our Private Banking business. This has
resulted in a growing market share in retail investment funds in
Denmark and a positive development in Private Banking in 2025.
We have put further emphasis this year on supporting
homeowners and customers who are considering buying their
first or second home. We have launched new offerings for first-
time buyers in Finland and Denmark. We have adjusted our
pricing for interest-only mortgages to support customers with
home equity, and we have introduced a new housing universe in
our Mobile Banking app. The housing universe gives our
customers convenient access to relevant knowledge, tools and
mortgage loan monitoring from their mobile devices, with
advisers being only one click away.
Upskilling advisers and equipping them with better tools was a
specific focus area for the first half of 2025. All advisers in
Denmark have gone through training to broaden their skillset so
they can provide tailored advice specific to the objectives and
aspirations of a given customer and the latest economic and
market developments. This approach is supported by several
new tools, which include specific AI features. Together, these
improvements allow advisers to hold more meetings with
customers while also increasing customer satisfaction with
advisory sessions (average score of 9 out of 10).
The Forward ’28 strategy also emphasises making simple tasks
even easier for customers. We are continuously adding new
features to our mobile banking app, and we are providing easier
access to support through calls, chats and chatbots when
customers need help. During the first half of 2025, we
significantly reduced call centre wait times through multiple
enhancements, including a new call centre platform and better
live-chat functionality. This, along with the many other
enhancements to our mobile banking app, contributes to Danske
Mobile Banking in Denmark reaching a strong satisfaction score
of 8.5 out of 10.
We have also made it easier to onboard customers by
strengthening our dedicated welcoming teams in each of our
markets through specialised competencies and enhanced
tooling. New improvements to our welcoming app, launched in
Denmark in December 2024, make it possible to become a
customer and access your first account in the mobile banking
app in as little as six minutes (median onboarding time via the
app is 12 minutes). Thousands of new customers have already
downloaded and used the app.
In Denmark, we have also improved our ability to reach potential
customers by expanding our collaboration with subsidiaries
Danica and home, as well as entering into new external
partnerships with Lederne and Dansk Golf Union. In Finland, new
agreements with Fennia and the AKAVA Medical Association
have opened access to new potential customers.
Business Customers
In the first half of 2025, we saw good progression in our Forward
’28 strategy with a focus on customer acquisition and on driving
profitable growth by increasing engagement with existing
customers.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
We continued to expand our customer base in relation to mid-
corporates with advanced needs, corporates with international
needs and venture-backed companies across the Nordic
markets, with good progression in terms of customer inflow. This
growth is enabled by the implementation of a more structured
approach to customer acquisition, which has introduced
proactive outreach and data-driven leads to enhance
commercial performance.
In keeping with our growth ambitions, we invested in marketing
to strengthen our market positioning among potential business
customers across the Nordic countries by launching our ‘The
Nordic Business Bank’ campaign.
Customer satisfaction remained high, and we are progressing
towards our 2026 target of a 15% increase in mid-corporates
that are highly satisfied with our advisory offering. To do so, we
finalised comprehensive sales training programmes across the
Nordic countries, with more than 1,000 advisers and leaders
completing the trainings. The training enables them to engage
more proactively with our customers and maximise value in all
interactions, thus driving customer satisfaction and cross-
selling. We achieved a strong 8.5 out of 10 customer satisfaction
score among mid-corporates across the Nordic countries.
As Nordic businesses navigate an uncertain environment
marked by challenges such as tariffs and geopolitical tensions,
alongside opportunities like increased defence investments,
strategic advisory has become increasingly vital. We are
committed to nurturing our close relationships with our
customers, ensuring that our robust advisory offerings support
them in adapting to these evolving conditions.
We continue to invest in data analytics to equip our advisers with
effective leads, aiming for a 5% annual growth target in everyday
banking fee income. In addition, the group-wide roll-out of GenAI
tools, such as Microsoft Copilot and DanskeGPT, is helping
advisers become more efficient.
At Business Customers, we are committed to providing seamless
and convenient banking services through digital solutions. In the
first half of 2025 we launched a new version of our online
banking solution District in Denmark that is tailored to small
businesses. The roll out of this new District version was
complemented by a new mobile app. This launch was an
6
Danske Bank / Interim report – first half 2025
important step in delivering on our strong digital-first
engagement model and simplifying access to self-service
solutions, and we saw continued traction in District Marketplace
adoption, with more products accessible for self-service and
strong customer adoption rates. The new District solution will be
scaled sequentially to the other Nordic markets to enhance our
digital offerings.
Since the launch of the digital welcoming flow for small
businesses in Denmark, we have seen good adoption, which
enables fast and seamless onboarding of new customers to
support our growth ambitions. Moving forward, digital
onboarding will be scaled sequentially to all small businesses
across our markets.
We saw keen interest in existing and new partnerships, resulting
in good traction on referrals to our partners. Building on our
existing partnership with the European Investment Fund (EIF)
from 2024, we expanded our collaboration to further support
SMEs and small mid-cap companies in all Nordic countries
investing in sustainability, innovation and digitalisation. In
addition, we entered into a new ESG partnership with Position
Green to further support our customers in simplifying their ESG
data management for strategic decision-making. The
partnership spans across all four markets to enhance ESG
offerings for business customers.
With the continuous progression towards the goals of our
Forward ’28 strategy, we have built a good foundation for
increasing our momentum as we enter the second half of 2025.
Large Corporates & Institutions
At Large Corporates & Institutions, we are continuing the growth
journey of our franchise outside Denmark with an ambition to
onboard +40 new corporate customers. The positive momentum
from 2024 has continued into 2025, and we have already
established 67 new relationships since the start of Forward ’28,
of which 29 are in our core growth market in Sweden.
To further strengthen our position outside Denmark and capture
the ancillary business from our customer portfolio, we have
enhanced our presence in Sweden and Norway by hiring senior
competencies. We aim to improve alignment across products,
increase decision-making efficiency by utilising local expertise
and enhance our presence in the markets in Norway and
Sweden.
business across the Nordic region, providing tailored advisory
services across sectors.
Large Corporates & Institutions and Business Customers share
the ambition of strengthening and leveraging our One Corporate
Bank platform. In the first half of 2025, we saw good traction,
both with respect to our commercial ambitions and to the
execution of our digital investments.
At Large Corporates & Institutions, we have several key
initiatives driving our efforts to achieve 5% income growth in
everyday banking fees, one being our focus on acquiring new
house bank mandates. In this area, our robust offerings secured
15 new mandates in the first half-year. In addition, our strategic
priority of systematically assessing the competitor landscape
and adjusting our FX rates has enabled us to increase our
competitiveness. This approach enhances customer value by
allowing us to adapt to customers’ evolving needs.
These initiatives underpin our strategic progress and
momentum in increasing our support to the institutional client
base and enhancing service offerings to grow our market share
of the Nordic advisory business.
In Asset Management, we continue to focus on the areas in
which we are best and can create the most value for our
customers (such as portfolio solutions, liquid and illiquid
alternative investments and selected flagship strategies). Our
two new strategic partnerships with Goldman Sachs and
BlackRock continue to progress. In addition, last year we took
over the management of the Dansk Vækstkapital funds to
further strengthen our offering within illiquid alternative
investments, and in the second quarter of 2025, we launched the
fourth fund under the Dansk Vækstkapital brand.
To advance our One Corporate Bank ambitions, we have
prioritised our digital platform. This is evident in the progress of
our Premium API integration agenda and the overall
modernisation of our products. These strategic initiatives are
essential for driving growth and enhancing the capabilities of our
One Corporate Bank platform.
Lastly, we continue to see good traction in terms of deepening
our relations with institutions operating in the Nordic countries.
With our strong focus on diversifying our income composition
from institutional customers, we have made significant strides in
advancing our ambitions towards 2028 in the domain of
structured lending and collateralised lending. Our focused
approach has led to substantial growth in exposure and net
interest income, alongside securing numerous capital mandates
that reinforce our lending offerings and advisory support.
Leveraged Finance, Fund Finance and Securities Finance in
particular carried their strong momentum from last year into
2025.
In Capital Markets, we have strengthened our advisory
capabilities by investing in our local teams in Sweden and
Norway, aiming to grow our presence across Debt Capital
Markets, Equity Capital Markets and M&A activities while being
cognisant of the market environment. By enhancing frontline
competencies and capacity, we are growing our advisory
We are confident that with the progress we have made on our
Forward ’28 strategy during the first six months of 2025, we
have built a robust foundation for continued execution.
Danica
Danica’s new commercial strategy, Forward ’28, took effect in
January 2025 and aims to make Danica the preferred pension
company in Denmark by 2028, focusing on customer
satisfaction as a primary growth driver.
From a Danske Bank Group perspective, the new strategy
focuses on enhancing collaboration within the Group to unlock
greater commercial potential, and this has already generated an
increase in sales through Danske Bank. The strategy aligns with
the broader goals of the Danske Bank Group and aims to realise
growth through cross-sales, thereby strengthening the
bancassurance model.
From a customer perspective, the new strategy focuses on the
importance of making customer interactions with Danica easy
and convenient through digital solutions, comprehensive health
offerings, attractive returns and quality advice.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Sustainability
Since the launch of our Forward ’28 strategy, we have seen a
number of key developments in the strategic context of the
global sustainability agenda due to shifts in the geopolitical
landscape and US policies. In Europe, a key focus is to achieve
greater energy independence and strengthen competitiveness,
both of which are supported by an increased supply of low-
carbon energy. We maintain our focus on the sustainability
transition in the Nordic and European context and remain fully
committed to supporting our customers in achieving their
sustainability objectives.
ESG solutions for business customers
Our strategy for business customers is to support small and
medium-sized enterprises (SMEs) with their sustainable
transition through ESG advisory services, partnerships and
financing. To strengthen Danske Bank’s sustainability offering
for business customers, we have established a partnership with
the ESG software and advisory company Position Green. Through
this partnership, we want to make ESG management easier for
companies by offering them insights they can use in their
strategic business decisions.
Sustainability offerings for personal customers
For personal customers, our Forward ’28 strategy aims to
enhance the customer experience whenever customers engage
with us on sustainability matters. We aim to attract and retain
customers by making it easy for them to make sustainable
choices that are aligned with the net-zero ambition.
In the spring of 2025, Danske Bank in Finland launched loans for
climate adaptation and energy-efficiency improvements. The
loan offerings encourage the adoption of heating solutions that
emit less CO2e and, in most cases, are also a sound financial
choice. The loans also cover other improvements that reduce
energy consumption and help adapt homes to weather-related
changes such as storm surges and heavy precipitation.
Furthermore, we have expanded the list of purposes that are
eligible for energy improvement loans, both in Denmark and in
Finland. Personal customers are now able to use loans to install
battery solutions at home to store electricity when electricity
prices are cheaper and when there is a surplus of solar- or wind-
generated electricity.
In May, Danske Bank and the European Investment Fund
established a partnership for loan guarantees to support the
growth of Nordic SMEs and small mid-caps. Danske Bank has
signed a guarantee agreement with the European Investment
Fund, which will ensure the availability of up to EUR 178 million in
new financing earmarked for sustainability-related projects and
projects in innovation and digitalisation.
Climate transition financing for large corporates
In 2025, we changed our approach to financing the climate
transition of companies in high-emitting sectors that have
credible transition plans. With our new approach, we are moving
from solely sustainability-labelled transactions, such as green
bonds and loans, to also financing the transition. We do this
based on comprehensive company-level assessments of
companies’ transition plans, and our approach involves in-depth
dialogues with customers to understand their strategies and
financial needs and the provision of bespoke financing solutions.
By contributing to companies’ transition activities, we facilitate
growth in sectors such as power generation, heating, steel and
transportation, all of which require substantial investment to
decarbonise.
Green investments at Danica
Danica is contributing to the Group’s sustainability efforts by
committing to invest DKK 100 billion in the green transition by
2030. By June 2025, Danica had invested DKK 62 billion (31
December 2024: DKK 57.4 billion) towards reaching this target.
In addition to this, DKK 6.7 billion had been invested through the
Danica Balance Responsible Choice pension solution by the end
of June 2025 (31 December 2024: DKK 6.4 billion). In Danica
Balance Responsible Choice, a minimum of 75% of investments
must be deemed sustainable by contributing to the UN
Sustainable Development Goals.
As part of our active ownership strategy, Danica engaged with
36 large target companies on climate-related issues during the
first half of 2025 (31 December 2024: 27 companies).
Investments in Defence companies
Due to the current geopolitical situation, there has been an
increased emphasis on strengthening the defence sector in
Europe, as highlighted by the European Commission and the
Danish government, alongside evolving attitudes among our
investment customers towards defence shares.
This led us in February 2025 to review our exclusion lists
concerning the defence sector. As a result of this review, we
have removed approximately 30 companies from our exclusion
lists, allowing us to invest in nearly all European defence industry
companies. This adjustment follows a series of changes that we
made throughout 2024 to expand our investment universe
related to Defence companies by around 200 companies in total.
Focus on diversity, equity and inclusion
Within our social agenda, we view diversity, equity and inclusion
as important themes. A broad representation of talented
employees enables employee engagement, retention and better
performance. We use targets for gender balance in leadership
positions as one measure of progress. Board membership
elections held at our annual general meeting resulted in a
temporary decline in the gender balance of our Board of
Directors, shifting from 37.5% women to 33%. This is expected to
return to 37.5% by the end of 2025. Meanwhile, our Executive
Leadership Team increased its representation of women from
22% to 33%.
Regulatory changes in sustainability reporting
On 26 February 2025, the European Commission published two
proposals amending the Accounting Directive related to
sustainability reporting as adopted through the Corporate
Sustainability Reporting Directive (CSRD). Collectively, the
proposals are referred to as the Omnibus I package. These
include a proposal to amend the application date of the CSRD,
also known as the ’stop-the-clock’ proposal, and a proposal to
amend the scope of application and certain reporting obligations
of the CSRD. This second proposal is referred to as the ’scoping’
proposal and is yet to be finalised by EU legislators.
The ‘stop-the-clock’ proposal postpones by two years the
sustainability reporting obligation under the CSRD for three of
the Group’s subsidiaries that have not yet reported in line with
the CSRD and that would otherwise be required to start CSRD
reporting for the financial year ending 31 December 2025. The
three subsidiaries are Realkredit Danmark Group, Danske
Hypotek AB and Danske Mortgage Bank Plc.
7
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Financial review
Net trading income increased to DKK 1,736 million (H1 2024:
DKK 1,377 million), driven mainly by higher secondary customer
activity and positive market value adjustments of cross-
currency swaps.
Forward ’28 strategy, higher bonus payments and staff costs
impacted by wage inflation. We are on track to end the year in
line with our full-year guidance.
H1 2025 vs H1 2024
Net profit decreased to DKK 11,211 million (H1 2024:
DKK 11,468 million), mainly as a result of slightly reduced net
interest income due to lower rates, a decline in net income from
insurance business, which was negatively affected by a
strengthening of provisions, and an increase in loan impairment
charges relative to the first half of 2024, which saw a net
reversal.
Income
Net interest income decreased to DKK 18,083 million (H1 2024:
DKK 18,287 million). The decrease was caused primarily by the
sale of the personal customer business in Norway and a
decrease in deposit margins due to lower market rates.
Increased lending activity, excluding the personal customer
business in Norway, and interest rate risk management income
from hedging and bond portfolios had a partly offsetting effect,
however.
Net fee income was stable at DKK 7,066 million (H1 2024:
DKK 7,074 million). Net fee income benefited from higher
everyday banking fee income and repricing actions in relation to
our subscription-based service model, although the positive
effect was offset by lower fee income from personal customer
activities, among other things due to the sale of the personal
customer business in Norway, and lower income in the second
quarter due to the impact of market volatility. Also, the first half
of 2024 saw a non-recurring reduction in fee expenses of
DKK 102 million.
Net profit
DKK 5,454 million
for the second quarter of 2025
8
Danske Bank / Interim report – first half 2025
Net income from insurance business decreased to DKK 714
million (H1 2024: DKK 949 million). The decrease was due
primarily to the adverse effect of a strengthening of provisions
of DKK 220 million related to legacy life insurance products in
run-off. In addition, the first half of 2024 was positively affected
by a reversal of provisions relating to the sale of Danica Norway
in 2022.
Other income was stable at DKK 316 million (H1 2024: DKK 324
million). Other income was affected by lower income from the
sale of used assets in our leasing company, although the effect
was offset by lower negative valuations of holdings in
associates.
Operating expenses
Operating expenses decreased to DKK 12,670 million (H1 2024:
DKK 12,818 million). The decrease was due primarily to the
discontinuation of payments to the Resolution Fund, which
became fully funded in 2024, as well as higher capitalisation of
internally developed software, although the positive effect was
partly offset by higher digitalisation investments made under our
The Resolution fund, bank tax etc. item stood at DKK 156 million
(H1 2024: DKK 454 million) and now consists primarily of bank
tax.
Loan impairment charges
Loan impairments were low in the first half of 2025, amounting
to a net charge of DKK 266 million (H1 2024: net reversal of
DKK 99 million).
The impairment level reflected overall stable credit quality,
despite the uncertain macroeconomic landscape. We continue
to apply significant post-model adjustments related to the
elevated geopolitical and macroeconomic risks and remain
watchful of any possible credit deterioration. The total balance of
post-model adjustments has been reduced slightly since the end
of 2024. The post-model adjustment addressing geopolitical
tensions has increased in response to heightened geopolitical
and tariff risks. Conversely, the post-model adjustment related
to commercial property has decreased due to improved market
conditions and lower interest rates, and the post-model
adjustment related to construction has also decreased.
Loan impairment charges
(DKK millions)
Personal Customers
Business Customers
Large Corporates & Institutions
Northern Ireland
Group Functions
Total
First half 2025
First half 2024
Charges
% of net credit
exposure*
Charges
% of net credit
exposure*
48
-516
736
9
-11
266
0.01
-0.15
0.39
0.03
0.34
0.03
-178
591
-513
3
-2
-99
-0.05
0.18
-0.29
0.01
-0.20
-0.01
* Defined as net credit exposure from lending activities, excluding exposure related to credit institutions and central banks and loan
commitments.
Q2 2025 vs Q1 2025
Net profit decreased to DKK 5,454 million (Q1 2025:
DKK 5,757 million). The effects of a decrease in net fee
income and an increase in loan impairment charges were
partly offset by higher net income from insurance business.
• Net interest income increased to DKK 9,063 million (Q1
2025: DKK 9,020 million) due to an increase in lending
activities and interest rate risk management income,
although the effect was partly offset by lower deposit
margins.
• Net fee income decreased to DKK 3,409 million (Q1 2025:
DKK 3,658 million) due mainly to a decrease in income from
financing activities and lower capital market fee and
investment fee income. However, the effect was partly
offset by higher everyday banking fee income.
• Net trading income was down slightly to DKK 854 million
(Q1 2025: DKK 882 million). Net trading income was
affected by a decline in customer activity that was partly
offset by one-off income of DKK 57 million from the sale of
Eksportfinans as well as Group Treasury risk management
activities.
• Net income from insurance business increased to DKK 513
million (Q1 2025: DKK 201 million). The increase was driven
by an improvement in the insurance service result of the
health and accident business. In addition, the first quarter
of 2025 was negatively affected by the strengthening of
provisions related to legacy life insurance products.
• Operating expenses increased to DKK 6,379 million (Q1
2025: DKK 6,291 million) due to higher digitalisation
investments made under the Forward ’28 strategy.
• Loan impairments amounted to a net charge of DKK 217
million (Q1 2025: net charge of DKK 50 million). Both
quarters were characterised by stable credit quality.
• Tax amounted to DKK 1,936 million (Q1 2025: DKK 1,834
million), corresponding to an effective tax rate of 26.2% (Q1
2025: 24.2%). The development was driven by tax from
previous years.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Personal Customers made impairment charges, contrary to the
first half of 2024, when there was a net reversal. Underlying
credit quality remained stable.
Business Customers saw a net reversal in the first half of 2025,
driven by reversals related to single-name exposures, as well as
a reduced share of post-model adjustments related to
commercial property and construction.
Large Corporates & Institutions made net impairment charges as
opposed to the first half of 2024, which saw a net reversal. The
charges were driven by single-name exposures and an increased
allocation of post-model adjustments.
The macroeconomic scenarios have been updated and continue
to indicate a trend towards normalisation. The severe downside
scenario was updated in the second quarter of 2025. The
scenario continues to reflect a global recession in which
retaliatory tariffs and supply chain issues trigger an economic
downturn and high inflation. Interest rate hikes are anticipated,
though at a marginally lower level as interest rates have
declined.
To address the ongoing uncertainty, an additional downside
scenario has been introduced with a probability of 5% (2024:
0%), reducing the probability of the base-case scenario to 55%
(2024: 60%). The weightings of the upside and severe recession
scenarios remain unchanged from the end of 2024, with a
probability of the upside scenario of 20% (2024: 20%) and the
severe downside scenario of 20% (2024: 20%).
Tax
The tax expense of DKK 3,770 million (H1 2024: DKK 3,824
million) corresponded to an effective tax rate of 25.2% (H1 2024:
25.0%).
Lending
Lending stood at DKK 1,726 billion (31 December 2024:
DKK 1,675 billion). Mortgage lending at nominal value at
Realkredit Danmark amounted to DKK 794 billion (31 December
2024: DKK 795 billion).
At Personal Customers, total lending was stable at the same
level as at 31 December 2024. In Denmark, Personal Customers
9
Danske Bank / Interim report – first half 2025
and Private Banking saw an increase in volumes related to home
finance products. Total lending saw a positive currency effect of
DKK 3.5 billion relative to the end of 2024, mainly due to the
appreciation of the Swedish krona.
At Large Corporates & Institutions, deposit volumes decreased
12% in General Banking, while total deposits at Large Corporates
& Institutions as a whole decreased 11%. The decrease was due
primarily to a single corporate M&A outflow.
Total lending at Business Customers was up 3%, or 2% in local
currency, from the level at the end of 2024. The increase was
driven partly by our activities in Norway, Finland and Sweden and
the appreciation of the currencies in these countries. The
currency impact on bank lending volumes in the first half of
2025 was DKK 4.0 billion relative to the level at the end of 2024.
Mortgage volumes increased 2% from the level at the end of
2024.
Large Corporates & Institutions saw an increase in lending
volumes of 9% from the level at the end of 2024, driven by an
increase of 10% in General Banking, primarily among corporate
customers in Denmark and Sweden.
In Denmark, new gross lending, excluding repo loans, amounted
to DKK 121.5 billion, while new net lending amounted to
DKK 25.3 billion. Lending to personal customers accounted for
DKK 43.7 billion and DKK 3.0 billion, respectively, of these
amounts.
Deposits
Deposits decreased slightly and amounted to DKK 1,074 billion
at the end of June 2025 (31 December 2024: DKK 1,095 billion).
The small decrease was driven mainly by a single corporate M&A
outflow at Large Corporates & Institutions that was partly offset
by an increase in Global Private Banking at Personal Customers.
Personal Customers saw a good inflow of deposit volumes,
which increased 5% from the end of 2024. The increase was
driven primarily by Global Private Banking and the appreciation
of currencies, primarily the Swedish krona, of DKK 1 billion.
At Business Customers, deposit volumes decreased 2% relative
to the level at the end of 2024. The decrease was due to single-
name exposures in the commercial property segment, with the
impact being partly offset by a positive currency effect of
DKK 1.5 billion mainly related to the appreciation of the Swedish
krona.
Credit exposure
Credit exposure from lending activities increased to DKK 2,463
billion (31 December 2024: DKK 2,390 billion). The increase in
Stage 3 loans in core segments
(DKK millions)
Gross exposure
Allowance account
Net exposure
Collateral (after haircut)*
Stage 3 coverage ratio (%)*
Stage 3 gross/total gross credit exposure
exposure was caused by higher deposits with central banks as
well as an increase in the Public institutions exposure.
Risk Management 2024, section 3, which is available at
danskebank.com/ir, provides details on Danske Bank’s credit risk
management.
30 June 2025
31 December 2024
32,489
9,652
22,837
18,729
70
1.3%
32,518
9,058
23,460
19,679
71
1.3%
*The stage 3 coverage ratio is calculated as allowance account stage 3 exposures relative to gross stage 3 net of collateral (after haircuts).
Allowance account by business units
(DKK millions)
Personal Customers
Business Customers
Large Corporates & Institutions
Northern Ireland
Group Functions
Total
*Relating to lending activities
30 June 2025
31 December 2024
Accumulated
impairment
charges
% of credit
exposure*
Accumulated
impairment
charges
% of credit
exposure*
4,644
10,387
4,388
749
11
20,179
0.69
1.47
1.08
1.11
-0.23
1.09
4,674
10,752
3,666
785
22
19,901
0.70
1.57
0.97
1.21
-0.34
1.11
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit quality
Credit quality remained strong in the first half of 2025 for all
business units, and we remain vigilant for any possible
deterioration related to the uncertainty mentioned in the loan
impairment charges section above.
Total gross credit exposure in stage 3 was stable at DKK 32.5
billion (31 December 2024: DKK 32.5 billion), corresponding to
1.3% of total gross exposure. Stage 3 exposure was
concentrated on personal customers, commercial property,
services and construction and building materials, which
combined accounted for 57% of total gross exposure in stage 3.
The allowance account amounted to 1.09% (31 December 2024:
1.11%) of credit exposure.
Interest rate risk in the banking book
Danske Bank is exposed to interest rate risk in its banking book,
primarily because it holds non-maturity deposits on its balance
sheet. The structural mismatch between assets that reprice in
the short term and liabilities that reprice in the long term is
managed using fixed income securities and derivative
instruments. Previously, these derivatives were traded only to
mitigate the risks associated with wholesale funding activities. In
2024, Group Treasury initiated plans to broaden the use of
derivatives in a hedge accounting format to enhance the Group’s
management of its interest rate risk with implementation
expected to begin in the first half of 2026.
The bond and derivative portfolios are designed to be counter-
cyclical, aiming to stabilise the earnings stream and the
economic value of equity. The hedges are structured so that only
a portion matures at any given time, resulting in a highly granular
reinvestment profile. Consequently, the average yields of
maturing securities represent a mix of various durations,
effectively addressing the structural interest rate risk
mismatches that arise from offering conventional banking
products across different markets.
As part of managing its interest rate risk in the banking book, the
Group holds high-quality liquid bonds that are included in the
calculation of the Group’s liquidity coverage ratio (LCR). To
ensure aligned accounting treatment across the banking book,
these bonds are held at amortised cost. The carrying amount
10
Danske Bank / Interim report – first half 2025
and fair value of the Group’s hold-to-collect bond instruments
can be seen in note G12.
Funding and liquidity
In the first half of 2025, the funding markets remained strong
despite increased volatility. Following an initially sharp reaction
to the introduction of increased US tariffs in April, the markets
later recovered.
In the first half of 2025, the Group issued covered bonds of
DKK 16.7 billion, preferred senior debt of DKK 11.9 billion, non-
preferred senior debt of DKK 12.6 billion, tier 2 capital of DKK 1
billion and additional tier 1 capital of DKK 3.6 billion, thus
bringing total long-term wholesale funding to DKK 45.8 billion.
All bond transactions were well received by the market.
Our strategy is to be a regular issuer in the EUR benchmark
format and in the domestic USD market for preferred senior and
non-preferred senior bonds in the Rule 144A format. We also
maintain the strategy of securing funding directly in our main
lending currencies, including NOK and SEK. The benchmark
issues are expected to be supplemented by private placements
of bonds.
From time to time, we will issue in GBP, JPY, CHF and other
currencies when market conditions allow. Issuance plans for
subordinated debt in either the additional tier 1 or tier 2 formats
will depend on balance sheet growth and redemptions on the
one hand and our capital targets on the other. Any issuance of
subordinated debt may cover part of our funding need. Note G7
provides more information about bond issues in the first half of
2025.
Danske Bank’s liquidity position remained robust. At the end of
June 2025, our liquidity coverage ratio stood at 160% (31
December 2024: 167%), with an LCR reserve of DKK 551 billion
(31 December 2024: DKK 560 billion), and our net stable funding
ratio was 121%.
At the end of June 2025, the total nominal value of outstanding
long-term funding, excluding debt issued by Realkredit Danmark,
was DKK 339 billion (31 December 2024: DKK 333 billion).
Capital ratios and requirements
At the end of June 2025, the Group’s total capital ratio was
22.4% (31 December 2024: 22.4%) and its CET1 capital ratio was
18.7% (31 December 2024: 17.8%). The movement in the capital
ratios in the first half of 2025 was primarily attributable to an
increase in net profit after dividends. The total capital ratio was
primarily affected by net redemptions of additional tier 1 and tier
2 capital.
During the first half of 2025, the total REA decreased by
approximately DKK 9 billion, due mainly to a decline in the REA
for credit risk, which was partially offset by increases in the REAs
for market risk and operational risk.
Danske Bank’s capital management policies are based on the
Internal Capital Adequacy Assessment Process (ICAAP). In this
process, Danske Bank determines its solvency need ratio. The
solvency need ratio consists of the 8% minimum capital
requirement under Pillar I and an individual capital add-on under
Pillar II.
At the end of June 2025, the Group’s solvency need ratio was
11.1%, a minor decrease of 0.1 percentage points from the level
at the end of 2024.
A combined buffer requirement (CBR) applies to financial
institutions in addition to the solvency need ratio. At the end of
June 2025, the Group’s CBR was 8.2%, a slight increase of 0.1
percentage points from the level at the end of 2024.
Minimum requirement for own funds and eligible
liabilities
The Danish FSA sets the MREL at two times the solvency need
plus one time the SIFI buffer, the capital conservation buffer and
the systemic risk buffer. Furthermore, the CBR must be met in
addition to the MREL. In the annual MREL decision from the
Danish FSA, the (backward-looking) MREL was set at 27.5% of the
total REA adjusted for Realkredit Danmark, while the
subordination requirement has been set at 29.5 % of the total
REA adjusted for Realkredit Danmark.
From the third quarter of 2025, excess subordinated funds will,
all else equal, decrease by approximately DKK 15 billion as
Realkredit Danmark’s debt buffer requirement will be deducted
from subordinated funds. The overall MREL funds will remain
unchanged.
At the end of June 2025, the point-in-time requirement including
the CBR was equivalent to DKK 238 billion, or 36.6% of the total
REA adjusted for Realkredit Danmark. Taking the deduction of
capital and debt buffer requirements for Realkredit Danmark into
account, MREL-eligible liabilities amounted to DKK 283 billion. In
addition, an MREL of 6% of the leverage ratio exposure (LRE) is in
place. The LRE-based requirement equalled 24.0% of the total
REA adjusted for Realkredit Danmark.
Capital ratios and requirements
(% of the total REA)
Capital ratios
CET1 capital ratio
Total capital ratio
Capital requirements (incl. buffers)
CET1 requirement
- portion from countercyclical buffer
- portion from capital conservation buffer
- portion from systemic risk buffer
- portion from SIFI buffer
Solvency need ratio
Total capital requirement*
Buffer to requirement
CET1 capital
Total capital
30 June
2025
18.7
22.4
14.6
2.0
2.5
0.7
3.0
11.1
19.3
4.1
3.0
* The total capital requirement consists of the solvency need ratio
and the combined buffer requirement.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
MREL requirement and eligible funds
(30 June 2025)
DKK billions (% of total REA)
283
(43.6%)
48
(7.5%)
89
(13.7%)
146
(22.5%)
238
(36.6%)
MREL including CBR
MREL funds
Preferred senior debt > 1 year
Non-preferred senior debt > 1 year
CET1, AT1, T2
MREL including CBR
Note: The requirement and eligible funds are adjusted for Realkredit
Danmark’s capital and debt buffer requirements.
11
Danske Bank / Interim report – first half 2025
Leverage ratio
At the end of June 2025, the Group’s leverage ratio was 4.7%.
Capital targets and capital distribution
The CET1 capital ratio target was kept at above 16% and ensures
a sufficiently prudent buffer in relation to the capital
requirement. Danske Bank fully meets this capital target.
The Board of Directors will continue to adapt the capital targets
to regulatory developments in order to ensure a strong capital
position.
Danske Bank’s dividend policy for 2025 remains unchanged,
targeting a dividend payout of 40-60% of net profit in the form of
annual dividend payments, subject to board approval.
Danske Bank has strong capital and liquidity positions, and the
Board of Directors remains committed to our capital distribution
policy.
At 30 June 2025, Danske Bank had bought back around 7.8
million shares for a total purchase amount of DKK 1.8 billion
(figures at trade date) of the planned DKK 5.0 billion share buy-
back programme.
On 20 March 2025, the annual general meeting of Danske Bank
A/S adopted the proposal to reduce Danske Bank’s share capital
by DKK 271,894,960 nominally by cancelling 27,189,496 shares
from Danske Bank’s holding of own shares. The reduction of the
share capital has been carried out and registered at 24 April
2025.
The Supervisory Diamond
The Danish FSA has identified a number of specific risk
indicators for banks and mortgage institutions and set threshold
values with which all Danish banks must comply. The
requirements are known as the Supervisory Diamond.
At the end of June 2025, Danske Bank was in compliance with all
threshold values. A separate report is available at
danskebank.com/ir.
Realkredit Danmark also complies with all threshold values.
New regulation
The EU implementation of Basel IV, the CRR3, came into effect on
1 January 2025. The date on which the Fundamental Review of
the Trading Book (FRTB) rules take effect has, however, been
postponed and is now 1 January 2026. However, in the second
quarter of 2025, the European Commission put forward draft
legislation that would further postpone the application date for
the FRTB rules until 1 January 2027.
In addition, the fully phased-in CRR3 rules are subject to a
lengthy transition period and transitional arrangements. Taking
into account the transitional arrangements with regard to the
output floor, the Group currently expects the output floor to
restrict the Group at the earliest in 2033, when the transitional
arrangements are set to expire.
In the second quarter of 2025, Danish legislators adopted
legislation to the effect that the CRR3 output floor will not apply
for Danish subsidiaries of Danish groups, stipulating that
Realkredit Danmark will not be subject to the floor at the solo
level. Further, Danish legislators have also implemented the
transitional arrangement for exposures secured by residential
real estate property with regards to the output floor, which the
Group thus expects to apply. The new rules took effect on 1 July
2025.
With a view to further aligning with the EU conglomerate
directive, draft legislation was published for consultation in
Denmark in the second quarter of 2025. The draft legislation is
envisioned to apply from 1 January 2026 and will, if adopted,
imply that the Danish implementation of the conglomerate
directive will be aligned with the EU standard.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit ratings
The credit rating agencies did not change their ratings of the
Danske Bank Group in the second quarter of 2025.
On 27 May 2025, Scope affirmed its ratings of Danske Bank and
revised its outlook to Positive from Stable, reflecting its
expectations regarding the closure of the DOJ probation period.
Environmental, Social and Governance (ESG)
ratings
The ESG rating agencies monitored by the Danske Bank Group
did not change their ratings of the Danske Bank Group in the
second quarter of 2025.
12
Danske Bank / Interim report – first half 2025
Credit ratings
Danske Bank Group
30 June 2025
Counterparty rating
Deposits
Senior unsecured debt
Issuer rating
Non-preferred senior debt
Subordinated tier 2 debt
Additional tier 1 capital instruments
Realkredit Danmark A/S
Issuer rating
Danske Hypotek AB
Issuer rating
Danske Mortgage Bank Plc
Issuer rating
Danica Pension, Livsforsikringsaktieselskab
Issuer rating
Subordinated tier 2 debt
ESG ratings
Danske Bank Group
30 June 2025
CDP
ISS ESG
MSCI ESG Ratings
Sustainalytics
Fitch
AA-
AA-/F1+
AA-/F1+
A+/F1/Stable
A+
A-
BBB
Moody’s
Nordic Credit Rating
Aa3/P-1
A1/P-1/Stable
A1/P-1/Stable
A1/P-1/Stable
Baa1
-
-
S&P
AA-/A-1+
-
Scope
-
-
A+/A-1
A+/S-1+/Positive
A+/A-1/Stable
A+/S-1+/Positive
A-
BBB+
BBB-
A/Positive
BBB+/Positive
BBB-/Positive
A+/N2/Stable
A/Stable
BBB+
A+/S-1+/Positive
A+/Positive
B
C+ Prime
BBB
Low Risk
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Update on debt collection case
Danske Bank is progressing on providing finalisation for
customers impacted by the debt collection case. The bank has
attempted to pay out compensation to approximately 85% of the
customers in scope of compensation (excluding estate case
customers). The bank has finalised its approach to estate cases,
and payment of compensation to estates was commenced in the
first quarter of 2025.The impartial reviewers' report on the
bank's approach to estate cases was submitted to the Danish
Financial Supervisory Authority in May 2025.
By the end of 2025, the bank expects to have finalised the
analysis of more than 95% of the customer cases in the debt
collection systems (including estate case customers), which will
enable a subsequent pay-out process.
The new debt collection system is continuously being enhanced
and tested to gradually handle more complex case types. This
work progressed in 2024 and continues in 2025.
Independent expert
The Danish FSA has extended the appointment of the
Independent Experts for a ninth period and has ordered Danske
Bank to let one or more experts follow the Bank for the remaining
term of the Bank’s probation period as set out in the Plea
Agreement entered into by the Bank in December 2022 with the
US Department of Justice (the DoJ) for the purpose of following
whether the Bank has processes and organisation in place to
enable the Bank to comply with the Plea Agreement.
13
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Business units
Personal Customers
Our Personal Customers unit provides advisory services to personal customers and Private
Banking customers in Denmark, Sweden and Finland. Our advisers and experts are there to
help customers when and how it best suits them – online, via our websites or, if so required,
over the phone or at a branch.
When our customers need to make important financial decisions about, for example, their
home, investments or pension, we offer customised advice that is based on their current
situation and needs. And with our intuitive digital solutions, we aim to make it as easy as
possible for our customers to do most of their banking business whenever and wherever
they want.
Business Customers
We offer our customers advice that adds value to their business, no matter whether the
customer is a sole proprietor or an entity in a multinational group. Our strategic advisory
services are always based on the needs of the business, for example in connection with
growth, an acquisition, a change of ownership, strategic development or international
expansion.
Our business customers have access to the market’s most innovative digital solutions that
make day-to-day banking easy and pave the way for new insights and opportunities.
Large Corporates & Institutions
Large Corporates & Institutions caters to all financing and transaction needs of large
corporate and institutional customers, and we help them to prosper and grow. We offer
expertise in financing, risk management, investments and financial advisory services, and
our customers have access to our award-winning transaction banking solutions. Thanks to
our extensive network and our many years of experience, we serve as intermediary
between issuers and investors with a view to creating financing and investment
opportunities. Our goal is to be an inspirational partner that understands the customers’
strategic agendas and offers tailored solutions to meet their needs.
14
Danske Bank / Interim report – first half 2025
Danica
Danica aims at making Danica the preferred pension company in Denmark by 2028,
focusing on customer satisfaction as a primary growth driver. We focus on making
customer interactions with Danica easy and convenient through digital solutions providing
comprehensive health offerings, attractive returns and quality advice.
Additionally, the strategy aligns with the broader goals of Danske Bank’s Forward ’28
strategy. The alignment underscores significant potential in synchronising services
between the bank and the pension business, where several customers currently do not
engage in both services.
Northern Ireland
Danske Bank is the leading bank in Northern Ireland, serving personal, business and
corporate customers. It is also a growing bank in targeted sectors across the rest of the
United Kingdom. We support our customers through face-to-face, online and mobile
solutions. Our focus in Northern Ireland is on remaining a stable and strong bank,
consolidating our market-leading position alongside pursuing prudent low-cost growth
opportunities in the rest of the UK.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Personal Customers
In the first half of 2025, we continued to support our customers
in managing their finances in a market environment marked by
significant political uncertainty and low consumer confidence,
particularly due to trade war and geopolitical risks. In Denmark,
we started to see very good activity in the property market in the
latter part of the second quarter, which had a positive spillover
effect on our home financing products. In Finland, the housing
market showed signs of recovery but is still subdued. However,
we continued to see good activity and growth in both home loan
applications and sales. In Sweden, despite overall low market
activity relative to the first half-year of 2024, we had a solid
activity level, which, combined with an increased focus on
reducing churn, stabilised our mortgage volumes and market
share.
Profit before tax amounted to DKK 4,217 million in the first half
of 2025 (H1 2024: DKK 5,028 million). The decrease was due
mainly to a decline in net interest income caused by lower
market rates, a decline in fee income mainly caused by positive
one-offs made in the first half of 2024 as well as lower
refinancing activity in the second quarter of 2025 combined with
higher loan impairment charges. Both income and operating
expenses were affected by the divestment of the personal
customer business in Norway.
Business progress and initiatives
In the first half of 2025, we continued to strengthen our position
in our core markets, supported by the execution of key
initiatives. Despite geopolitical headwinds, growth and economic
outlooks remain strong across the Nordic countries, and we
remain committed to delivering a seamless and personalised
customer experience through our market-leading retail and
private banking platform.
In Denmark, we enhanced our offering and strengthened our
positioning within home financing, thus strengthening our
attractiveness in the market. A great example is the introduction
of new tools and advisory concepts that ease access to home
finance for customers with surplus discretionary income,
15
Danske Bank / Interim report – first half 2025
Personal Customers
(DKK millions)
Net interest income
Net fee income
Net trading income
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Loans, excluding reverse transactions before
impairments
Allowance account, loans
Deposits, excluding repo deposits
Covered bonds issued*
Allocated capital (average)
Net interest income as % p.a. of loans and
deposits**
First half
First half
2025
6,349
2,231
50
68
8,698
4,433
16
4,265
48
4,217
2024
7,091
2,520
71
33
9,715
4,866
72
4,850
-178
5,028
660,587
655,043
4,078
402,538
535,419
26,682
4,348
391,010
556,955
30,709
Index
25/24
90
89
70
206
90
91
22
88
-
84
101
94
103
96
87
Q2
2025
3,118
1,021
26
29
4,193
2,292
9
1,901
-69
1,970
Q1
2025
3,231
1,210
25
39
4,505
2,141
7
2,364
117
2,247
660,587
660,090
4,078
402,538
535,419
26,756
4,172
389,207
531,584
26,607
Index
Q2/Q1
97
84
104
74
93
107
129
80
-
88
100
98
103
101
101
1.22
1.39
1.19
1.26
Profit before loan impairment charges as % p.a. of
allocated capital
32.0
31.6
Profit before tax as % p.a. of allocated capital (avg.)
31.6
32.7
51.0
50.1
Cost/income ratio (%)
Full-time-equivalent staff
28.4
35.5
29.5
33.8
54.7
47.5
Q2
2024
3,547
1,321
37
18
4,923
2,545
31
2,377
78
2,299
655,043
4,348
391,010
556,955
30,352
1.39
31.3
30.3
51.7
Index
25/24
88
77
70
161
85
90
29
80
-
86
101
94
103
96
88
Full year
2024
14,042
4,764
134
114
19,054
9,774
150
9,280
-440
9,720
659,974
4,188
383,544
532,809
29,950
1.37
31.0
32.5
51.3
3,945
4,020
98
3,945
3,879
102
4,020
98
3,806
* Covered bonds issued in Q2 2024 is affected by an adjustment in relation to the covered bonds that were included in the sale of the personal customer business in Norway. There is no
change to total liabilities at Personal Customers in the second quarter of 2024.
** Net interest income as % p.a. of loans and deposits in 2024 excludes loans and deposits included in the sale of the personal customer business in Norway.
Fact Book Q2 2025 provides financial highlights at customer type level for Personal Customers. Fact Book Q2 2025 is available at danskebank.com/ir.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
reinforcing our commitment to strengthening relations with our
customers. We also launched a nationwide home finance
campaign that addresses both the practical and emotional
aspects of home buying. This was supported by the launch of a
new concept called Danske BoligStart, targeting home buyers
aged 18-38. This concept aims to offer an easy home-buying
experience, aiding customers to go through the process with
greater confidence. Furthermore, our recent investment savings
campaign in Denmark that offered zero brokerage fees on our
account product called Aktiesparekonto (ASK) successfully
attracted strong investment inflows into Danske Invest and
thereby supported our market share growth for funds and
managed investment products.
Across Denmark, Sweden and Finland, we strengthened our
investment offering with the launch of a new feature in Danske
Mobile Banking called Allocation Insights. This digital self-service
feature enables over 350,000 customers to assess whether their
portfolios align with Danske Bank’s recommendations. Overall,
the investment inflow into packaged products persisted across
all markets, despite market volatility since the end of the first
quarter of 2025.
In Finland, we are seeing improvements in home loan activity
and an increase in our market share of new home loans, as the
overall housing market shows signs of recovery amid continued
pressure. Our new estate handling flow supports this trend by
providing premium customers with specialised support tailored
to their specific needs. In addition, it benefits all customers with
enhanced service through live human support integrated into
the digital flow — a strong example of combining personal advice
with digital solutions.
H1 2025 vs H1 2024
Profit before tax decreased to DKK 4,217 million (H1 2024:
DKK 5,028 million). The result was driven by lower net interest
income, lower net fee income and increased loan impairment
charges.
Net interest income experienced a decline of 10% and amounted
to DKK 6,349 million (H1 2024: DKK 7,091 million). Adjusted for
the personal customer business in Norway, the decrease was 6%
as the first half of 2024 included DKK 304 million related to the
personal customer business in Norway. The decline was driven
16
Danske Bank / Interim report – first half 2025
mainly by lower market rates, which caused a decline in net
interest income on deposits. The decrease was somewhat
mitigated by the Group’s hedging strategy, including interest on
shareholders’ equity.
Deposit volumes for personal customers increased 5% relative
to the level at the end of 2024. The growth in deposit volumes of
approximately DKK 19 billion resulted primarily from personal
customers increasing their cash savings rather than their
investments due to the impact of geopolitical uncertainty. The
increase in deposit volumes was driven mainly by Private
Banking customers and was especially evident in our deposit
base in Denmark. Growth in deposit volumes was impacted by
exchange rate developments, particularly the appreciation of the
Swedish krona, which had a positive impact of DKK 1 billion
relative to the end of 2024. In addition, we saw underlying
growth in our deposit base in Sweden. The same pattern was
evident for Finland, where deposit volumes increased 3% relative
to the first half of 2024.
Total lending increased slightly from the end of 2024. Across
Personal Customers and Private Banking in Denmark, we saw an
increase in volumes related to home finance products relative to
the level at the end of 2024. For bank lending, there was a
positive currency exchange impact of DKK 3.5 billion relative to
the level at the end of 2024, driven by the appreciation of the
Swedish krona.
Net fee income decreased to DKK 2,231 million (H1 2024: DKK
2,520 million). The decrease was caused primarily by lower
everyday banking fee income due to a non-recurring fee uplift in
the first half of 2024 of DKK 128 million that related mainly to
new vendor agreements. Investment fee income saw a decrease
as a result of reduced investment activity linked to the tariffs
announced by the US administration. The lower activity mainly
impacted brokerage and performance fees. The decline in
brokerage fee income was also due to our Aktiesparekonto
campaign with zero brokerage costs. Although we saw lower
activity, fee income from assets under advice (AuA) increased
due to a higher average volume of AuA than in the first half of
2024. On the investment side, it is worth noting that both market
and net sales have experienced a recovery since the end of the
first quarter. Financing fee income also declined relative to the
first half of 2024, driven mainly by seasonality in relation to the
refinancing of FlexKort loans. This was partly offset by an
increase in Danske Bolig Fri loan activity. Net fee income for the
first half of 2024 included DKK 55 million related to the personal
customer business in Norway.
Net trading income was down to DKK 50 million (H1 2024:
DKK 71 million) but flat when adjusted for the divestment of the
personal customer business in Norway.
Other income amounted to DKK 68 million (H1 2024: DKK 33
million). The increase was driven mainly by a decrease in our
payment share for a partnership agreement.
Operating expenses decreased to DKK 4,433 million (H1 2024:
DKK 4,866 million). Adjusted for the personal customer business
in Norway, our costs remained stable.
Loan impairment charges increased to DKK 48 million in the first
half of 2025 (H1 2024: net reversal of DKK 178 million).
Impairment charges were influenced primarily by rating
migration. Credit quality remained strong, with average loan-to-
value ratio levels remaining low.
Credit exposure
Net credit exposure from lending activities increased to DKK 723
billion at the end of the second quarter of 2025 (31 December
2024: DKK 717 billion), due mainly to increased exposure in
Personal Customers Sweden and Denmark.
Q2 2025 vs Q1 2025
Profit before tax decreased to DKK 1,970 million in the second
quarter of 2025 (Q1 2025: DKK 2,247 million). The decrease
was driven by both lower net fee income and lower net
interest income as well as increased operating expenses.
• Net interest income saw a 3% decrease to DKK 3,118
million (Q1 2025: DKK 3,231 million) from the preceding
quarter. The decrease was due to lower market rates,
despite repricing actions to mitigate the decrease in
deposit margins.
• Net fee income decreased 16% to DKK 1,021 million (Q1
2025: DKK 1,210 million) from the preceding quarter as a
result of lower financing fees due to the seasonality of
refinancing auctions. Investment fee income declined as a
result of fund performance being affected by geopolitical
challenges and trade tensions as well as a decrease in
everyday banking and financing fee income.
• Operating expenses increased relative to the preceding
quarter and amounted to DKK 2,292 million (Q1 2025:
DKK 2,141 million) due to increased technology
investments.
• The second quarter of 2025 saw a net loan impairment
reversal of DKK 69 million (Q1 2025: net charge of DKK 117
million). The reversal was driven mainly by exposure
changes.
Profit before tax
DKK 1,970 million
for the second quarter of 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Business Customers
(DKK millions)
Net interest income
Net fee income
Net trading income
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Loans, excluding reverse transactions before
impairments
Allowance account, loans
Deposits, excluding repo deposits
Covered bonds issued
Allocated capital (average)
First half
First half
2025
5,846
1,229
17
253
7,344
2,775
41
4,569
-516
5,085
2024
5,770
1,171
18
399
7,359
2,628
112
4,731
591
4,140
Index
25/24
101
105
94
63
100
106
37
97
-
123
Q2
2025
2,876
597
6
119
3,599
1,408
22
2,191
-67
2,257
Q1
2025
2,969
632
11
133
3,745
1,367
19
2,379
-449
2,828
Index
Q2/Q1
97
94
55
89
96
103
116
92
15
80
Q2
2024
2,877
581
13
183
3,654
1,353
51
2,301
-118
2,419
Index
25/24
100
103
46
65
98
104
43
95
57
93
Full year
2024
11,434
2,303
31
639
14,408
5,501
226
8,907
218
8,690
683,830
655,140
104
683,830
676,329
101
655,140
104
665,235
9,151
246,558
393,407
46,504
9,966
251,626
373,981
42,013
92
98
105
111
9,151
246,558
393,407
47,034
9,341
250,830
393,209
45,968
98
98
100
102
9,966
251,626
373,981
42,156
1.29
21.8
23.0
37.0
92
98
105
112
9,590
251,446
386,025
42,087
1.27
21.2
20.6
38.2
Net interest income as % p.a. of loans and deposits
1.26
1.28
1.24
1.29
Profit before loan impairment charges as % p.a. of
allocated capital
19.6
22.5
Profit before tax as % p.a. of allocated capital (avg.)
21.9
19.7
37.8
35.7
Cost/income ratio (%)
Full-time-equivalent staff
18.6
19.2
39.1
20.7
24.6
36.5
1,750
1,688
104
1,750
1,746
100
1,688
104
1,731
Fact Book Q2 2025 provides financial highlights at customer type level for Business Customers. Fact Book Q2 2025 is available at danskebank.com/ir.
Business Customers
In the first half of 2025, at Business Customers we continued to
deliver on our strategic ambitions and achieved solid financial
results despite a challenging market environment. We remained
committed to supporting our customers across all four Nordic
countries by developing new initiatives to enhance their
business growth and help them succeed, reinforcing our role as
a strategic financial partner in line with our Forward ’28 strategy.
In the first half of 2025, profit before tax amounted to DKK 5,085
million, an increase of 23% from the same period last year (H1
2024: DKK 4,140 million). The increase was driven by loan
impairment reversals. Net fee income also increased, although
the effect was offset by lower other income from our leasing
operations.
Business progress and initiatives
In the first half of 2025, we saw continually good progress in
terms of customer inflow and a positive development in lending
volumes, and business with existing customers remained strong
across our mid-sized customer segment. We also saw growth in
our business with subsidiaries of international companies and
venture-backed companies, highlighting the strength of our
offerings and our ability to attract new customers in these
segments in line with our strategic objectives.
H1 2025 vs H1 2024
Profit before tax amounted to DKK 5,085 million (H1 2024:
DKK 4,140 million). The increase was driven by loan impairment
reversals and increases in net interest income and net fee
income, although the effect of the income increases was partly
offset by lower income from our leasing operations.
Net interest income increased 1%, amounting to DKK 5,846
million (H1 2024: DKK 5,770 million) as a result of increased
activity, higher lending volumes and increased allocation from
Group Treasury related to the Group’s hedging strategy,
including interest on shareholders’ equity. Conversely, income
from deposits was adversely affected by lower market rates.
17
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Net fee income increased to DKK 1,229 million (H1 2024:
DKK 1,171 million). The increase was driven primarily by higher
everyday banking fee income.
Other income decreased to DKK 253 million (H1 2024: DKK 399
million). The decrease was caused by lower income from the sale
of used assets in our leasing company.
Operating expenses amounted to DKK 2,775 million, an increase
of 6% relative to the first half of 2024. The increase was driven
by investments made in accordance with our Forward ’28
strategy combined with a generally higher cost level as a result
of inflation.
Deposit volumes totalled DKK 247 billion, which was a decrease
of 2% relative to the level at the end of 2024 (31 December 2024:
DKK 251 billion). There was a positive impact from currency
exchange rates of DKK 1.5 billion in total. In local currency, we
saw an increase in deposit volumes in Finland of 7%, and the
development in Denmark was stable. On the other hand, we saw
a decline in Norway of 6% and a decline in Sweden of 13% that
was driven by a single customer in the commercial property
segment. In Norway, a significant portion of the deposit outflow
was attributed to the public sector volumes.
Supported by our strategy execution, we saw an increase in bank
lending volumes of 4% relative to the level at the end of 2024.
Volume growth was driven partly by exchange rates, with an
impact of DKK 4.0 billion relative to the level at the end of 2024.
Growth (in local currency) was driven by our activities in Sweden
and Norway with increases of 6% and 8%, respectively, relative
to the level at the end of 2024. Additionally, our activities in
Finland contributed positively with growth of 1%, while bank
lending volumes dropped 3% in Denmark.
Nominal Realkredit Danmark mortgage volumes increased 2%
relative to the level at the end of 2024, with most of the increase
being driven by commercial property lending. Combined with the
increase in bank lending, this had lifted total lending volumes
after fair value adjustments 3% by the end of June 2025.
Overall credit quality remained strong and is supported by strong
macroeconomic trends.
Loan impairments resulted in a net reversal of DKK 516 million in
the first half of 2025, contrasting with a net charge in the first
half of 2024. Impairments for the first half of 2025 were
influenced primarily by a reduction in the post-model
adjustments related to commercial property and construction.
Q2 2025 vs Q1 2025
Profit before tax decreased to DKK 2,257 million in the second
quarter of 2025 (Q1 2025: DKK 2,828 million) due to a
decrease in net interest income combined with a lower net
loan impairment reversal than in the first quarter of 2025.
Credit exposure
Net credit exposure from lending activities increased to DKK 788
billion at the end of the second quarter of 2025 (31 December
2024: DKK 768 billion). The increase was driven primarily by an
increase in exposure to the Private housing co-ops. & non-profit
associations, Services, Commercial property and Capital goods
segments, partially countered by a decrease in the Public
institutions segment.
• Net interest income decreased 3% to DKK 2,876 million (Q1
2025: DKK 2,969 million), driven mainly by lower income
from deposits due to lower market rates.
• Net fee income decreased 6% to DKK 597 million (Q1 2025:
DKK 632 million) due to lower income from financing
activities.
• Other income decreased 11% to DKK 119 million (Q1 2025:
DKK 133 million), with the decrease caused by lower
income from the sale of used assets in our leasing
company.
• Operating expenses increased 3% to DKK 1,408 million (Q1
2025: DKK 1,367 million) relative to the preceding quarter
as a result of investments made in the second quarter as
part of the Forward ’28 strategy.
• The second quarter of 2025 saw a net loan impairment
reversal of DKK 67 million (Q1 2025: net reversal of
DKK 449 million). The reversal was due mainly to a
decrease in post-model adjustments.
Profit before tax
DKK 2,257 million
for the second quarter of 2025
18
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Large Corporates & Institutions
(DKK millions)
Net interest income
Net fee income
Net trading income
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Loans, excluding reverse trans. before
impairments
of which loans in General Banking
Allowance account, loans (incl. credit institutions)
Deposits, excluding repo deposits
of which deposits in General Banking
Covered bonds issued
Allocated capital (average)
First half
First half
2025
4,097
3,503
1,295
3
8,898
3,618
60
5,280
736
4,544
331,834
296,069
2,868
315,869
292,630
27,105
41,138
2024*
3,496
3,266
1,286
1
8,048
3,552
235
4,496
-513
5,009
294,204
269,744
1,458
300,167
276,647
28,067
40,505
Index
25/24
117
107
101
300
111
102
26
117
-
91
113
110
197
105
106
97
102
Q2
2025
2,036
1,738
532
-1
4,305
1,799
33
2,506
316
2,190
Q1
2025
2,060
1,765
763
4
4,593
1,819
27
2,774
420
2,353
331,834
296,069
2,868
315,869
292,630
27,105
41,547
324,849
280,334
2,659
351,678
331,775
28,029
40,724
Index
Q2/Q1
99
98
70
-
94
99
122
90
75
93
102
106
108
90
88
97
102
Net interest income as % p.a. of loans and deposits
1.24
1.17
1.25
1.22
Profit before loan impairment charges as % p.a. of
allocated capital
Profit before tax as % p.a. of allocated capital (avg.)
Cost/income ratio (%)
Full-time-equivalent staff
25.7
22.1
40.7
22.2
24.7
44.1
24.1
21.1
41.8
27.2
23.1
39.6
* Comparative information for Q2 2024 has been restated as described in note G2(b).
Q2
2024*
1,766
1,745
472
1
3,984
1,794
109
2,190
-137
2,327
294,204
269,744
1,458
300,167
276,647
28,067
40,422
1.20
21.7
23.0
45.0
Index
25/24
115
100
113
-
108
100
30
114
-
94
113
110
197
105
106
97
103
Full year
2024
7,164
7,645
2,365
191
17,365
7,460
459
9,905
-233
10,138
305,498
269,392
2,122
355,760
330,807
28,020
40,530
1.19
24.4
25.0
43.0
2,187
2,105
104
2,187
2,179
100
2,105
104
2,127
Large Corporates &
Institutions
In the first half of 2025, we saw a stable development and
achieved solid financial results amid geopolitical changes and an
uncertain environment. With our strong balance sheet, we are
well-positioned to continue to support our customers. Our
efforts to attract new corporate customers outside Denmark and
to strengthen customer relations across our markets have
enabled us to improve our position within cash management.
Furthermore, we maintained our leadership within sustainable
finance.
Profit before tax decreased to DKK 4,544 million, or 9%, from the
level in the same period last year, with the decrease driven by
higher loan impairment charges. However, overall credit quality
remained strong, and profit before loan impairment charges
increased by 17%. Additionally, the return on allocated capital
before impairments increased to 25.7%, against 22.2% in the
first half of 2024.
Business progress and initiatives
The first half of 2025 demonstrated our strong momentum in
the Nordic capital markets, especially in Debt Capital Markets
and Loan Capital Markets, where we retained our top tier
positions in the Nordic league tables. Equity Capital Markets also
showcased our resilience and adaptability in the global
environment where we made marked improvements in the first
half-year. While the year started positively, April's turmoil was
followed by a robust recovery in May and June, setting a more
positive outlook for the remainder of the year.
In Debt Capital Markets, we experienced significant bond
issuance activity across currencies and countries. Highlights
include Lundbeck's EUR 500 million 4-year transaction that
partly financed recent M&A activity, YIT’s EUR 100 million green
bond issue and the Kingdom of Sweden's EUR 2 billion
benchmark issue, which attracted substantial investor interest.
19
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Total income
(DKK millions)
General Banking
Markets
of which xVA*
Asset Management
of which performance fees
Investment Banking
Total income
Assets under management
(DKK millions)
Institutional clients
Retail clients
Total assets under management**
First half
First half
2025
4,490
2,957
-79
1,088
-17
363
8,898
2024
4,249
2,317
46
1,130
50
352
8,048
Index
25/24
106
128
-
96
-
103
111
Q2
2025
2,124
1,501
-9
523
5
157
Q1
2025
2,366
1,456
-70
565
-22
206
4,305
4,593
Index
Q2/Q1
90
103
13
93
-
76
94
Q2
2024
2,139
998
25
603
39
244
Index
25/24
99
150
-
87
13
64
Full year
2024
8,699
4,641
30
3,201
729
825
3,984
108
17,365
544,624
358,299
902,923
484,181
355,771
839,952
112
101
107
544,624
358,299
902,923
525,114
348,687
873,801
104
103
103
484,181
355,771
839,952
112
101
107
521,163
358,904
880,068
* The xVA acronym covers Credit (CVA), Funding (FVA) and Collateral (ColVA) Valuation Adjustments to the fair value of the derivatives portfolio. Danske Bank has a centralised xVA desk
responsible for quantifying, managing and hedging xVA risks. The PnL result of the xVA desk is thus the combined effect of the net xVA position and funding and collateral costs of the
trading book.
** Includes assets under management from Group entities.
In Equity Capital Markets, April's considerable market volatility
temporarily slowed activity levels. However, as the quarter
progressed, the equity markets rebounded, driving increased
primary market activity. During this period, we were pleased to
advise our customers, such as Cibus on their SEK 1 billion
directed issue.
Danske Bank continues to be in the top positions of Bloomberg’s
Nordic league tables for sustainable bonds and loans. Despite a
slow start in 2025, the global sustainable bond market made a
strong comeback, surpassing H1 2024 levels. By mid-year, the
Nordic sustainable bond market had seen a 12% increase.
We have advised on landmark projects, including the city of
Helsingborg’s sustainability-linked bond linking the financing
cost to the development in youth unemployment, Gränges’
inaugural green bond and Kommuninvest’s inaugural social
bond. We also arranged the largest-ever green bond issuance by
a German state, EUR 1.5 billion by the State of Hesse.
In Loan Capital Markets, we acted as the sustainability-linked
loan coordinator for clients such as Munters and VR Group and
worked with AAK to introduce emissions targets for forestry and
land use into their financing. We also participated in an EUR 2.3
billion green financing package for SSAB’s fossil-free mini-mill,
which is expected to reduce Sweden’s CO2 emissions by
approximately 7%.
Within Asset Management, we made significant progress in
simplifying our value chain, and we are pleased to report an
increasing market share in Danske Invest since the first quarter
of 2024.
H1 2025 vs H1 2024
Profit before tax decreased to DKK 4,544 million (H1 2024:
DKK 5,009 million), with the decrease driven by higher loan
impairment charges, while profit before loan impairment
charges increased 17% relative to the level in the first half of
2024.
20
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit exposure
Net credit exposure from lending activities decreased to
DKK 685 billion at the end of the second quarter of 2025 (31
December 2024: DKK 688 billion). The decrease was driven
primarily by a decrease in exposure to the Financials and Public
institutions segments, although the effect was largely countered
by an increase in exposure to the Services, Utilities and
infrastructure, and Metals and mining segments.
Net interest income increased to DKK 4,097 million (H1 2024:
DKK 3,496 million), driven primarily by interest income from
lending activities and increased allocation from Group Treasury
related to the Group’s hedging strategy, including interest on
shareholders’ equity. This increase was partly offset by lower
interest income from deposits. Lending volumes in General
Banking increased 10% from the level at the end of 2024 and
were driven primarily by corporate customers in Sweden and
Denmark. Deposit volumes in General Banking decreased 12%
from the level at the end of 2024 primarily due to a single
corporate M&A outflow.
Net fee income increased to DKK 3,503 million (H1 2024:
DKK 3,266 million) as we saw an increase in fee income in most
areas, primarily from everyday banking services. Furthermore,
we continued to increase our market share within cash
management in the first half of 2025 by adding 17 new house
bank mandates. Assets under management reached DKK 903
billion in the first half-year of 2025 despite the negative market
developments in March and April. This growth was driven not
only by a rebound in asset prices in May and June but also by a
robust development in net sales in the institutional and private
banking segments.
Net trading income increased slightly to DKK 1,295 million (H1
2024: DKK 1,286 million), driven by higher secondary customer
activity.
Operating expenses increased to DKK 3,618 million (H1 2024:
DKK 3,552 million) as a result of increased investments in our
technology transformation and provisions for performance-
based compensation. This increase was partly offset by the
discontinuation of payments to the Resolution Fund.
Overall credit quality remained strong and has proven to be
resilient to the external economic uncertainty. Loan impairments
for the first half of 2025 amounted to DKK 736 million, marking
an increase relative to the net reversal for the first half of 2024.
The charges were driven mainly by single-name exposures as
well as a higher proportion of post-model adjustments.
Q2 2025 vs Q1 2025
Profit before tax decreased to DKK 2,190 million (Q1 2025:
DKK 2,353 million), primarily because of a decrease in net
trading income.
• Net interest income decreased slightly to DKK 2,036 million
(Q1 2025: DKK 2,060 million) due to reduced allocation
from Group Treasury. This decrease was partly offset by
increased interest income from lending activities.
• Net fee income decreased slightly to DKK 1,738 million (Q1
2025: DKK 1,765 million).
• Net trading income decreased to DKK 532 million (Q1 2025:
DKK 763 million) due to lower customer activity.
• Operating expenses decreased slightly to DKK 1,799 million
(Q1 2025: DKK 1,819 million) as a result of lower provisions
for performance-based compensation, although the
decrease was partially offset by higher technology
transformation costs.
• Net loan impairment charges amounted to DKK 316 million
in the second quarter of 2025 (Q1 2025: net charges of
DKK 420 million). The impairment charges were influenced
mainly by single-name exposures.
Profit before tax
DKK 2,190 million
for the second quarter of 2025
21
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Danica
(DKK millions)
Insurance service result
Net financial result
Other income
Net income from insurance business
First half
First half
2025
2024
Index
25/24
7
678
29
714
461
421
66
949
Q2
2025
274
222
17
513
Q1
2025
-267
456
12
201
539,333
526,130
27,232
19,871
10.3
217
971
26,463
20,282
4.0
215
954
Index
Q2/Q1
-
49
142
255
103
103
98
-
-
102
Q2
2024
271
179
6
457
520,986
25,608
19,854
9.2
217
912
Index
25/24
101
124
283
112
104
106
100
-
-
-
Full year
2024
260
1,033
94
1,387
543,817
26,800
20,219
6.9
207
940
2
161
44
75
104
106
100
-
-
106
Insurance liabilities
539,333
520,986
Liabilities under investment contracts
Allocated capital (average)
Net income as % p.a. of allocated capital
Solvency coverage ratio
Full-time-equivalent staff
27,232
20,075
7.1
217
971
25,608
20,031
9.5
217
912
Assets under management
(DKK millions)
Total
Premiums
(DKK millions)
486,743
466,778
104
486,743
469,643
104
466,778
104
486,956
Gross premiums, Denmark
25,545
21,570
118
13,435
12,111
111
11,022
122
43,643
Danica
The first half of 2025 was characterised by high volatility in the
financial markets due to trade tensions and the persistent
geopolitical risk.
The return on customer pension savings was impacted by
volatility in the equity markets, whereas bonds and alternative
investments saw a more stable development.
The investment return on our pension customers’ savings was
therefore negative during the first quarter of 2025, but as
markets recovered in the second quarter of 2025, customer
returns turned positive for the first half of 2025.
Net income at Danica decreased to DKK 714 million in the first
half of 2025, down 25% from the level for the same period in
2024. The increase in the net financial result was more than
offset by a decrease in the insurance service result, which was
impacted by a strengthening of provisions related to legacy life
insurance products in run-off in the first quarter of 2025.
Business initiatives
Danica has successfully digitised nearly all claim submission
processes, resulting in high customer satisfaction. Additionally,
customers are promptly informed about the eligibility of their
claims for coverage.
H1 2025 vs H1 2024
Net income at Danica amounted to DKK 714 million (H1 2024:
DKK 949 million). Even though the net financial result increased,
this was not enough to offset a significant decrease in the
insurance service result, which was adversely affected by a
strengthening of provisions of DKK 220 million related to legacy
life insurance products in run-off.
22
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
The insurance service result decreased to DKK 7 million (H1
2024: DKK 461 million), due partly to the above-mentioned
strengthening of provisions. The insurance service result for the
health and accident business recorded a loss for the first half of
2025, however, Danica saw a positive trend in the treatment and
prevention of long-term illness and injury that was driven by
intensified efforts with new healthcare solutions and improved
digital solutions. Furthermore, the health and accident business
was positively affected by a decline in the number of reported
claims and by pricing adjustments. Danica continues to work
towards achieving an equilibrium.
The net financial result increased to DKK 678 million (H1 2024:
DKK 421 million) due to an increase in the investment return
attributable to shareholders’ equity.
Assets under management showed an increase of DKK 20 billion
from the end of June 2024 following the positive developments
in the financial markets in the second quarter of 2025, which
more than offset the negative developments in the first quarter
of 2025.
Total premiums including both life insurance and health and
accident increased 18% from the level in the same period in
2024. The increase for life insurance premiums included an
increase in both single and regular premiums.
Q2 2025 vs Q1 2025
Net income at Danica increased to DKK 513 million (Q1 2025:
DKK 201 million) due primarily to an increase in the insurance
service result.
• The insurance service result increased to DKK 274 million
(Q1 2025: loss of DKK 267 million), due mainly to the first
quarter of 2025 being adversely affected by the
strengthening of provisions of DKK 220 million. The result
of the health and accident business improved in the second
quarter of 2025 and contributed a positive result of DKK 23
million.
• The net financial result decreased in the second quarter of
2025 and amounted to DKK 222 million (Q1 2025: DKK 456
million). The development was attributable to a decrease in
the investment return attributable to shareholders’ equity.
• Total premiums increased 11% following an increase in
single premiums from life insurance.
• Assets under management increased DKK 17 billion, due
primarily to the positive developments in the financial
markets in the second quarter of 2025.
Net income at Danica
DKK 513 million
for the second quarter of 2025
23
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Northern Ireland
(DKK millions)
Net interest income
Net fee income
Net trading income
Other income
Total income
Operating expenses
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Loans, excluding reverse transactions before
impairments
Allowance account, loans
Deposits, excluding repo deposits
Allocated capital (average)*
Net interest income as % p.a. of loans and deposits
Profit before tax as % p.a. of allocated capital (avg.)
Cost/income ratio (%)
Full-time-equivalent staff
*Allocated capital equals the legal entity’s capital.
First half
First half
2025
1,640
152
95
7
1,894
775
1,119
9
1,110
2024
1,443
155
79
5
1,683
743
941
3
938
66,839
63,100
718
795
111,403
103,458
6,797
1.81
32.7
40.9
6,224
1.74
30.1
44.1
Index
25/24
114
98
120
140
113
104
119
300
118
106
90
108
109
Q2
2025
836
77
45
3
960
393
566
58
509
Q1
2025
805
75
50
4
934
381
553
-49
602
66,839
65,813
718
706
111,403
109,410
6,918
1.81
29.4
40.9
6,674
1.82
36.1
40.8
Index
Q2/Q1
104
103
90
75
103
103
102
-
85
102
102
102
104
Q2
2024
734
80
37
2
853
394
459
-21
481
63,100
795
103,458
6,289
1.74
30.6
46.2
Index
25/24
114
96
122
150
113
100
123
-
106
106
90
108
110
Full year
2024
3,025
320
154
12
3,511
1,580
1,931
-86
2,017
64,004
738
108,504
6,510
1.77
31.0
45.0
1,242
1,240
100
1,242
1,247
100
1,240
100
1,261
Northern Ireland
Our focus in Northern Ireland is to remain a strong bank,
consolidating our market-leading position alongside pursuing
low-cost growth opportunities in the rest of the UK. Financial
performance remained positive with profit before tax of
DKK 1,110 million in the first half of 2025, 18% higher than for
the same period last year.
Business progress and initiatives
We are a leading bank in Northern Ireland, serving personal,
business and corporate customers. The Northern Ireland market
remains our regional focus, while we also seek growth in
targeted sectors across the rest of the UK.
The strategy aligns with the Group’s key focus areas, including
digitalisation, customer journeys, sustainability, and simplicity
and efficiency, all underpinned by high levels of employee
engagement.
In the first half of 2025, a targeted personal current account
switching campaign helped attract over 7,000 new customers.
Residential mortgage lending volumes continued to grow,
reflecting an increased market share of new business in
Northern Ireland. This growth was supported by sustained
demand for housing and continually low unemployment levels.
Among our business customers, we have seen increased
demand for sustainability-linked loans this year, and in the
second quarter, we approved our largest ever loan of this type.
With sustainability-linked loans, the cost of the loan is linked to
the customer's ambitions to reduce greenhouse gas emissions
and improve energy performance.
24
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
H1 2025 vs H1 2024
Profit before tax increased 18% to DKK 1,110 million (H1 2024:
DKK 938 million), primarily reflecting the positive impact of
higher lending and deposit volumes on net interest income.
Net interest income increased to DKK 1,640 million (H1 2024:
DKK 1,443 million), driven by balance sheet growth supported by
the impact of hedging actions. Lending and deposits were 7%
and 9% higher year-on-year in local currency.
Net fee income stood at DKK 152 million (H1 2024: DKK 155
million). The reduction reflects an intra-Group guarantee fee
implemented with effect from the second half of 2024.
Underlying fee income remained stable year-on-year.
Net trading income was higher in the first half of 2025 at DKK 95
million (H1 2024: DKK 79 million). Both periods include positive
mark-to-market movement on the bank’s hedging portfolio,
reflecting a combination of changing market expectations for UK
interest rates and the rollover of the hedging portfolio.
Operating expenses increased to DKK 775 million (H1 2024:
DKK 743 million), including increased employer taxation costs,
inflation and higher costs for IT services provided by the Group.
The bank has a continued cost and efficiency focus across local
and Group cost drivers.
Credit quality remained strong, with a low net loan impairment
charge of DKK 9 million (H1 2024: net charge of DKK 3 million).
Q2 2025 vs Q1 2025
The second quarter of 2025 saw profit before tax of DKK 509
million (Q1 2025: DKK 602 million).
• Net interest income increased to DKK 836 million (Q1 2025:
DKK 805 million), with the increase driven by a combination
of balance sheet growth and hedging actions.
• Net fee income was DKK 77 million (Q1 2025: DKK 75
million) and was thus stable quarter-on-quarter.
• Net trading income amounted to DKK 45 million (Q1 2025:
DKK 50 million), reflecting mark-to-market movements on
the hedging portfolio.
• Operating expenses increased to DKK 393 million (Q1 2025:
DKK 381 million), with the second quarter including annual
salary increases, an uplift in employer taxation costs and
higher costs for IT services provided by the Group.
• Loan impairment charges in the second quarter saw a net
charge against a net reversal in the first quarter. Overall
credit quality remained high as reflected for a total
impairment charge of DKK 9 million in both quarters.
Profit before tax
DKK 509 million
for the second quarter of 2025
25
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Group Functions
(DKK millions)
Net interest income
Net fee income
Net trading income
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Full-time-equivalent staff
Profit before tax
(DKK millions)
Group Treasury
Own shares and issues
Additional tier 1 capital
Group support functions
Non-core
Total Group Functions
First half
First half
2025
152
-49
279
-14
368
2024
487
-38
-77
-115
257
1,070
1,030
39
-702
-11
-690
36
-773
-2
-771
Index
25/24
31
129
-
12
143
104
108
91
-
89
Q2
2025
198
-25
246
-4
415
486
20
-71
-21
-50
Q1
2025
-46
-25
33
-10
-47
583
19
-630
10
-640
Index
Q2/Q1
-
100
-
40
-
83
105
11
-
8
Q2
2024
222
-28
49
-57
185
395
18
-210
-2
-208
Index
25/24
89
89
-
7
224
123
111
34
-
24
Full year
2024
1,032
-121
-16
-216
679
1,421
71
-742
-2
-740
10,108
10,115
100
10,108
10,042
101
10,115
100
10,050
613
-51
2
675
-156
-1
-1,316
-1,355
63
-690
65
-771
91
33
-
97
97
89
554
-20
1
-647
61
-50
59
-31
-
-669
1
-640
-
65
-
97
-
8
411
-25
-1
-585
-7
-208
135
80
-
111
-
24
1,783
-463
-4
-2,110
54
-740
Group Functions
Group Functions includes Group Treasury, Technology &
Services and other functions. In addition, Group Functions
includes eliminations.
In the first half of 2025, the loss before tax decreased to DKK 690
million (H1 2024: loss of DKK 771 million). Net trading income
increased to DKK 279 million (H1 2024: loss of DKK 77 million),
driven by positive fair value adjustments in Group Treasury,
while net interest income decreased to DKK 152 million (H1
2024: DKK 487 million). Higher income from interest rate risk
management in Group Treasury was more than offset by
primarily allocation of equity interest to the business units and
lower allocation income from funds transfer pricing. At Group
level, the effect of these internal allocation developments was
neutral.
Initiatives
Group Functions supports, among other things, the business
units by allocating capital, interest-bearing capital costs and
long-term funding costs through Group Treasury’s Internal Bank
setup. Group Treasury also manages, among other things, the
Group’s liquidity bond portfolio and the investment of
shareholders’ equity for Realkredit Danmark as well as the
interest rate risk on the non-trading book. Operating expenses
related to the sub-units within Group Functions are allocated to
the business units. This is done to ensure cost efficiency
throughout the Group.
26
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
H1 2025 vs H1 2024
The result at Group Functions improved and amounted to a loss
before tax of DKK 690 million (H1 2024: loss of DKK 771 million).
Net interest income decreased to DKK 152 million (H1 2024:
DKK 487 million), with an increase in interest rate risk
management income from fixed-rate lending hedging and bond
portfolios being more than offset by interest on shareholders’
equity allocated from the Internal Bank to the business units in
2025 on the basis of their allocated capital. Interest on excess
capital and other non-allocated capital was retained at the
Internal Bank. Net interest income was also negatively affected
by a lower placement rate on shareholders’ equity. There was a
decrease in Internal Bank income from the allocation of interest
rate risk management costs to the business units related
primarily to the hedging of the interest rate risk on deposits.
Net trading income related to market value adjustments
improved and amounted to a gain of DKK 279 million (H1 2024:
loss of DKK 77 million) due primarily to positive market value
adjustments of cross-currency swaps in Group Treasury held for
funding purposes and at fair value. Furthermore, the first half of
2025 saw a one-off gain of DKK 57 million related to the sale of
Norwegian financial institution Eksportfinans.
Other income amounted to a loss of DKK 14 million (H1 2024:
loss of DKK 115 million). The increase related to a reduction in
negative value adjustments of holdings in associates.
Operating expenses, after allocation to the business units,
amounted to DKK 1,070 million (H1 2024: DKK 1,030 million).
Operating expenses were affected mainly by higher digitalisation
expenses, with the effect being partly offset by increased
capitalisation of costs related to internally developed software.
Q2 2025 vs Q1 2025
Group Functions saw a reduced loss before tax of DKK 50
million (Q1 2025: loss of DKK 640 million). The decrease was
due mainly to an increase in net interest income driven by
Group Treasury and an increase in net trading income,
including a one-off gain on the sale of Norwegian financial
institution Eksportfinans.
• Net interest income increased to DKK 198 million (Q1 2025:
net expense of DKK 46 million), due primarily to an increase
in interest rate risk management income in Group
Treasury, although this income was partly allocated from
the Internal Bank to the business units in the second
quarter of 2025.
• Net fee income was unchanged and amounted to a net
expense of DKK 25 million (Q1 2025: net expense of DKK 25
million).
• Net trading income increased to DKK 246 million (Q1 2025:
DKK 33 million), among other things due to higher income
from Group Treasury risk management activities and a
one-off gain of DKK 57 million related to the sale of
Norwegian financial institution Eksportfinans.
• Other income amounted to a loss of DKK 4 million (Q1 2025:
loss of DKK 10 million) and related mainly to holdings in
associates.
• Operating expenses, after allocation to the business units,
decreased to DKK 486 million (Q1 2025: DKK 583 million).
The effect of an increase in digitalisation expenses was
more than offset by higher allocations.
The number of full-time-equivalent staff was 10,108 (end-H1
2024: 10,115).
Profit before tax
DKK -50 million
for the second quarter of 2025
27
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Definition of alternative performance
measures
Ratios and key figures
Dividend per share (DKK)
Return on average total equity (% p.a.)
Danske Bank’s management believes that the alternative performance measures (APMs) used in the Management’s report provide
valuable information to readers of the financial statements. The APMs provide a more consistent basis for comparing the results of
financial periods and for assessing the performance of the Group and each individual business unit. They are also an important aspect
of the way in which Danske Bank’s management defines operating targets and monitors performance.
Throughout the Management’s report, performance is assessed on the basis of the financial highlights and segment reporting, which
represent the financial information regularly provided to management. There is no difference between the financial highlights and the
IFRS income statement.
Net interest income as % p.a. of loans and
deposits
Definitions of additional ratios presented on page 3 and in other sections of the Management’s report:
Definition
Total dividend per share, consisting of the interim dividend per share (if any) paid out
during the year, and the dividend per share proposed in the Annual Report and paid to
shareholders in the subsequent year. Any extraordinary or special dividend is also
included in dividend per share.
Net profit as disclosed in the financial highlights divided by the average of the quarterly
average total equity (beginning and end of each quarter) within the year. The
denominator represents equity equal to a decrease in the average of the quarterly
average equity of DKK 2,399 million (2024: an increase of DKK 312 million) compared
to a simple average of total equity (beginning and end of the period).
Net interest income in the financial highlights divided by the daily average of the sum
of loans and deposits. If the ratio was calculated applying the sum of loans and
deposits at the end of the period, the ratio for 2025 would be 1.29% (2024: 1.33%) due
to the daily average of the sum of loans and deposits being DKK 12.5 billion higher
(2024: DKK 63.2 billion lower) than if calculating the ratio by applying the end-of-period
sum of loans and deposits. The purpose of the ratio is to show whether the growth in
net interest income follows the growth in loans and deposits. The daily average is a
more faithful representation of the growth in loans and deposits.
Cost/income ratio (C/I), (%)
Operating expenses divided by total income.
Book value per share
Shareholders’ equity divided by the number of shares outstanding at the end of the
period.
Loan impairment charges as % of net
credit exposure
Allowance account as % of net credit
exposure
This ratio is calculated on the basis of loan impairment charges and loans and
guarantees. The numerator is the loan impairment charges of DKK 266 million (2024:
DKK -543 million) annualised. The denominator is the sum of Loans at amortised cost
of DKK 921.9 billion (2024: DKK 921.6 billion), Loans at fair value of DKK 755.2 billion
(2024: DKK 753.3 billion), Loans held for sale of DKK 0 billion (2024: DKK 110.4 billion)
and guarantees of DKK 96.4 billion (2024: DKK 75.9 billion) at the beginning of the year,
as disclosed in the column ‘Lending activities’ in the ‘Breakdown of credit exposure’
table in the notes to the financial statements. The ratio is calculated for each business
unit.
This ratio is calculated on the basis of the allowance account and loans and
guarantees. The numerator is the allowance account of DKK 20.2 billion (2024:
DKK 19.9 billion) at the end of the period, as disclosed in the ‘Allowance account broken
down by segment’ table in the notes to the financial statements. The denominator is
the sum of Loans at amortised cost of DKK 977.1 billion (2024: DKK 921.9 billion), Loans
at fair value of DKK 751.2 billion (2024: DKK 755.2 billion), and guarantees of DKK 99.2
billion (2024: DKK 96.4 billion) at the end of the period, as disclosed in the column
‘Lending activities’ in the ‘Breakdown of credit exposure’ table in the notes to the
financial statements. The ratio is calculated for each business unit.
28
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Financial statements
Financial statements - Danske Bank Group
Notes to the financial statements
Financial statements – Danske Bank A/S
Income statement – Danske Bank Group
Statement of comprehensive income – Danske
Bank Group
Balance sheet – Danske Bank Group
Statement of capital – Danske Bank Group
Cash flow statement – Danske Bank Group
30
30
31
32
34
Financial statements – Danske Bank A/S
Income statement – Danske Bank A/S
Statement of comprehensive income– Danske
Bank A/S
Balance sheet – Danske Bank A/S
Statement of capital – Danske Bank A/S
Notes – Danske Bank A/S
64
65
65
66
67
68
G1. Material accounting policies and estimates
G2. Changes in accounting policies and
presentation
G3. Business segments
G4. Income
G5. Loan impairment charges
G6. Insurance assets and Insurance liabilities
G7. Issued bonds, subordinated debt and
additional tier 1 capital
G8. Other assets and Other liabilities
G9. Foreign currency translation reserve
G10. Guarantees, commitments and contingent
liabilities
G11. Assets provided or received as collateral
G12. Fair value information for financial
instruments
G13. Risk management notes
35
37
37
39
39
40
40
41
42
42
44
45
48
29
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Income statement – Danske Bank Group
Statement of comprehensive income – Danske Bank Group
First half
First half
2025
2024
Full year
2024
Note
(DKK millions)
Net profit
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit pension plans
Tax*
Items that will not be reclassified to profit or loss
Items that are or may be reclassified subsequently to
profit or loss
Translation of units outside Denmark
Hedging of units outside Denmark
Unrealised value adjustments of bonds at fair value (OCI)
Realised value adjustments of bonds at fair value (OCI)
Tax*
Items that are or may be reclassified subsequently to
profit or loss
Total other comprehensive income
Total comprehensive income
First half
First half
2025
11,211
2024
11,468
Q2
2025
5,454
Q2
Full year
2024
5,839
2024
23,629
-48
1
-49
976
-429
86
-1
171
461
412
42
3
39
-813
315
-227
40
-185
-500
-461
11,623
11,008
17
5
12
-1,681
941
175
-
-60
-506
-494
4,960
10
-2
12
967
-606
-50
27
52
287
299
54
14
40
-1,613
635
479
73
-113
-313
-273
6,137
23,356
* A positive amount is a tax expense, and a negative amount is a tax income.
Note
(DKK millions)
Interest income calculated using the effective interest
method*
Other interest income*
Interest expense*
Net interest income from banking activities
G4
G4
Fee income
Fee expenses
Net fee income
Net trading income or loss
Insurance revenue
Insurance service expenses
Net return on investments backing insurance liabilities
Net finance income or expense from insurance
Other insurance related income
Net insurance result
G4
Other income**
Total other income
Total income
Operating expenses
Profit before loan impairment charges
G5
Loan impairment charges
Profit before tax
Tax
Net profit
Earnings per share (DKK)
Diluted earnings per share (DKK)
Dividend per share (DKK)
27,934
10,506
20,357
18,083
8,397
1,331
7,066
1,736
3,022
3,015
3,868
-3,190
29
714
316
316
27,917
12,670
15,247
266
14,980
3,770
11,211
29,834
9,899
21,446
18,287
9,251
2,177
7,074
1,377
3,003
2,516
40
949
324
324
28,011
12,818
15,193
-99
15,292
3,824
11,468
Q2
2025
13,549
5,388
9,873
9,063
4,068
659
3,409
854
1,547
1,274
17
513
147
147
Q2
2024
15,840
3,945
10,640
9,145
4,735
1,037
3,698
608
1,496
1,211
4,584
-4,405
-7
457
147
147
13,985
14,055
6,379
7,606
217
7,390
1,936
5,454
6,481
7,574
-200
7,774
1,936
5,839
24,211
-23,789
14,730
-14,509
13.5
13.5
13.4
13.4
6.6
6.6
6.8
6.8
-
-
-
-
63,022
17,504
43,829
36,697
19,463
4,551
14,912
2,668
5,869
5,609
44,001
-42,968
94
1,387
741
741
56,405
25,736
30,669
-543
31,212
7,583
23,629
27.9
27.8
28.7
* First half 2024 is affected by adjustments between Interest income calculated using the effective interest method, Other interest income
and Interest expense. There is no change to Net interest income from banking activities in First half 2024.
** Other income includes Gain or loss on sale of disposal groups.
30
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Balance sheet – Danske Bank Group
Note
(DKK millions)
Assets
Cash in hand and demand deposits with central banks
Due from credit institutions and central banks
Trading portfolio assets
Investment securities
Loans at amortised cost
Loans at fair value
Assets under pooled schemes and investment contracts
G6
Insurance assets
Intangible assets
Tax assets
G8
Other assets**
Total assets
31
Danske Bank / Interim report – first half 2025
30 June 31 December
30 June
2025
2024
2024*
Note
(DKK millions)
160,744
58,803
522,660
281,944
977,103
107,498
143,569
531,831
269,118
921,900
1,074,142
1,074,783
73,279
76,173
208,002
154,500
454,509
273,642
908,371
980,308
74,462
Liabilities
Due to credit institutions and central banks
Trading portfolio liabilities
Deposits
G7
G7
Issued bonds at fair value
Issued bonds at amortised cost
Deposits under pooled schemes and investment contracts
G6
Insurance liabilities
540,921
548,912
522,846
7,262
10,766
32,009
6,737
5,814
6,083
11,504
29,706
124,844
G8
G7
G7
3,739,632
3,716,042
3,719,072
Tax liabilities
Other liabilities**
Non-preferred senior bonds
Subordinated debt
Total liabilities
Equity
Share capital
G9
Foreign currency translation reserve
Reserve for bonds at fair value (OCI)
Retained earnings
Proposed dividends
Total equity
Total liabilities and equity
30 June 31 December
30 June
2025
2024
2024*
239,055
335,176
214,364
357,507
202,589
356,186
1,216,122
1,173,781
1,151,474
732,885
256,864
74,401
746,556
243,198
76,608
733,160
259,837
75,439
527,291
529,793
506,832
1,769
60,900
88,437
33,962
2,225
66,033
89,492
40,798
1,707
122,440
94,300
37,052
3,566,862
3,540,355
3,541,017
8,350
-3,070
331
8,622
-3,617
246
8,622
-3,136
-494
167,159
158,157
173,063
-
12,279
-
172,771
175,687
178,055
3,739,632
3,716,042
3,719,072
* Comparative information for as at 30 June has been restated as described in note G2(b).
** Other assets and Other liabilities includes Assets held for sale and Liabilities in disposal groups held for sale.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Statement of capital – Danske Bank Group
Changes in equity
Foreign
currency
translation
reserve
Reserve
for bonds
at fair
value (OCI)
Retained
earnings
Proposed
dividends
Total
(DKK millions)
-3,617
246
158,157
12,279
175,687
Total equity as at 1 January 2024
-
-
976
-429
-
-
-
547
547
-
-
-
-
-
-
-
-
-
86
-1
-
86
86
-
-
-
-
-
11,211
-48
-
-
-
-
-172
-220
10,990
43
272
-2,072
-15,070
14,839
-
-
-
-
-
-
-
-
-
11,211
Net profit
Other comprehensive income
-48
976
Remeasurement of defined benefit pension plans
Translation of units outside Denmark
-429
Hedging of units outside Denmark
86
-1
-172
412
Unrealised value adjustments
Realised value adjustments
Tax
Total other comprehensive income
11,623
Total comprehensive income
Transactions with owners
-12,279
-12,236
Dividends paid
-
-
-
-
-
-
Share capital reduction
-2,072
Acquisition of own shares - share buy-back programme
-15,070
Acquisition of own shares - other
14,839
Sale of own shares
172,771
Total equity as at 30 June 2024
8,350
-3,070
331
167,159
Share
capital
8,622
-
-
-
-
-
-
-
-
-
-
-272
-
-
-
Foreign
currency
translation
reserve
Reserve
for bonds
at fair
value (OCI)
Retained
earnings
Proposed
dividends
Total
-2,639
-306
163,596
6,466
175,739
Share
capital
8,622
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-813
315
-
-
-
-497
-497
-
-
-
-
-
-
-
-
-
-227
40
-
-188
-188
-
-
-
-
-
11,468
42
-
-
-
-
182
225
11,693
39
-
-2,164
-14,638
14,537
8,622
-3,136
-494
173,063
-
-
-
-
-
-
-
-
-
11,468
42
-813
315
-227
40
182
-461
11,008
-6,466
-6,427
-
-
-
-
-
-
-2,164
-14,638
14,537
178,055
(DKK millions)
Total equity as at 1 January 2025
Net profit
Other comprehensive income
Remeasurement of defined benefit pension plans
Translation of units outside Denmark
Hedging of units outside Denmark
Unrealised value adjustments
Realised value adjustments
Tax
Total other comprehensive income
Total comprehensive income
Transactions with owners
Dividends paid
Share capital reduction
Acquisition of own shares - share buy-back programme
Acquisition of own shares - other
Sale of own shares
Total equity as at 30 June 2025
32
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Statement of capital – Danske Bank Group
Share buy-back programme
On 10 February 2025, the Group initiated a share buy-back programme of DKK 5.0 billion, which may run until 30 January 2026. At the
end of June 2025, the Group had acquired 7,817,490 shares for a total amount of DKK 1,817 million under the share buy-back
programme. This is in addition to 1,193,175 shares acquired in 2025 for a total of DKK 254 million under the previous share buy-back
programme, which ran until 31 January 2025.
Number of shares
Issued at 1 January
Cancellation of own shares (day-weighted)
Average number of shares held in relation to Share buy-back programme
Average number of shares held in the Group's trading portfolio
Average number of shares outstanding
Average number of dilutive shares issued for share-based payments
Adjusted average number of shares outstanding, including dilutive shares
30 June 2025 31 December 2024
862,184,621
862,184,621
Prudent valuation
Prudential filters
10,214,838
18,349,869
2,542,093
-
11,612,046
2,498,271
831,077,821
848,074,304
2,331,431
1,656,061
833,409,252
849,730,365
On 20 March 2025, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank’s share capital by
DKK 271,894,960 nominally by cancelling 27,189,496 shares from Danske Bank’s holding of own shares. The reduction of the share
capital has been carried out and registered at 24 April 2025. After the reduction, Danske Bank A/S’ share capital amounts to DKK
8,349,951,250 nominally, corresponding to 834,995,125 shares of DKK 10 each.
33
Danske Bank / Interim report – first half 2025
Total capital and total capital ratio
(DKK millions)
Total equity
Revaluation of domicile property at fair value
Tax effect of revaluation of domicile property at fair value
Total equity calculated in accordance with the rules of the Danish FSA
Common equity tier 1 capital instruments
Adjustment to eligible capital instruments
IFRS 9 reversal due to transitional rules
Expected/proposed payouts
Intangible assets of banking operations
Minimum Loss Coverage for Non-Performing Exposures
Deferred tax on intangible assets
Deferred tax assets that rely on future profitability, excluding temporary differences
Defined benefit pension plan assets
Statutory deduction for insurance subsidiaries
Common equity tier 1 capital
Additional tier 1 capital instruments
Tier 1 capital
Tier 2 capital instruments
Total capital
Total risk exposure amount
Common equity tier 1 capital ratio (%)
Tier 1 capital ratio (%)
Total capital ratio (%)
30 June 2025 31 December 2024
172,771
175,687
221
-34
172,957
172,957
-3,621
-
-845
219
-24
175,882
175,882
-901
752
-912
-
-
-6,726
-6,544
-2,475
458
-530
-899
-1,275
150,500
7,668
158,168
21,977
180,145
806,008
18.7%
19.6%
22.4%
-17,279
-6,266
-2,607
461
-599
-917
-2,397
145,217
10,360
155,577
26,570
182,147
814,706
17.8%
19.1%
22.4%
Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital Requirements
Regulation, taking into account the full implementation of IFRS 9 as stipulated by the Danish FSA. With IFRS 9 fully transitioned, the Group no
longer applies transitional arrangements and adheres strictly to the requirements set forth in the CRR.
The Internal Capital Adequacy Assessment Report provides more details about the Group’s solvency need. The report is available at
danskebank.com/reports. The report is not subject to review.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Cash flow statement – Danske Bank Group
First half
First half
Full Year
2025
2024*
2024
(DKK millions)
14,980
-9,127
921
6,774
28,884
-13,161
-231
-12,825
-54,827
42,341
-3,141
5,502
-7,043
-7,727
15,292
-11,780
1,822
5,334
42,885
-4,621
-101
10,272
-22,293
-71,467
30,911
-3,862
7,156
-5,786
Cash flow from financing activities
31,212
Issue of subordinated debt
-10,335
Redemption of subordinated debt
700
Issue of non-preferred senior bonds
21,577
Redemption of non-preferred senior bonds
59,148
-109,329
Dividends paid
Share buy-back programme
Principal portion of lessee lease payments
-158
Cash flow from financing activities
14,796
-35,906
-53,265
Cash and cash equivalents as at 1 January
Foreign currency translation
Change in cash and cash equivalents
4,526
Cash and cash equivalents, end of period
-6,967
13,109
-92,469
Cash and cash equivalents, end of period
Cash in hand
Demand deposits with central banks
-21
-
-
Total
Amounts due from credit institutions and central banks within three months
-
-729
-84
1
-833
26
-330
-227
1
-530
26
-1,270
-984
-6
-2,234
* Comparative information for First half 2024 has been restated as described in note G2(b).
First half
First half
Full Year
2025
2024*
2024
4,596
-10,417
12,663
-10,583
-12,236
-2,071
-243
8,378
-10,748
21,604
-21,780
-6,427
-2,164
-303
12,108
-11,392
28,338
-35,702
-18,207
-5,246
-576
-18,291
-11,440
-30,677
242,100
365,609
365,609
-476
1,192
1,871
-26,851
-17,756
-125,380
214,773
349,045
242,100
6,760
153,984
54,029
214,773
6,224
201,777
141,044
349,045
6,909
100,590
134,601
242,100
(DKK millions)
Cash flow from operations
Profit before tax
Tax paid
Adjustment for non-cash operating items
Cash flow from operations before changes in operating capital
Changes in operating capital
Amounts due to/from credit institutions and central banks
Trading portfolio
Acquisition/sale of own shares
Investment securities
Loans at amortised cost and fair value
Deposits
Issued bonds at amortised cost and fair value
Insurance assets/liabilities
Other assets/liabilities
Cash flow from operations
Cash flow from investing activities
Acquisition of businesses
Sale of businesses
Acquisition of intangible assets
Acquisition of tangible assets
Sale of tangible assets
Cash flow from investing activities
34
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Notes – Danske Bank Group
G1. Material accounting policies and estimates
(a) General
The report has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, and additional Danish
disclosure requirements for listed financial companies. The report is condensed and should be read in conjunction with the Group’s
Annual Report 2024.
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. Further information on
the changes to accounting policies and presentation in 2025 can be found in note G2(a). In addition, balances as at 30 June 2024 have
been restated to reflect a change in accounting treatment during the fourth quarter of 2024 for variation margin for derivative
transactions. Further information can be found in note G2(b). The Group has not changed its material accounting policies from those
applied in Annual Report 2024. Annual Report 2024 provides a full description of the material accounting policies.
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding
discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement
users.
(b) Significant accounting estimates and judgements
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies
relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model
assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15 of the Annual Report 2024)
and the designation of financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting
mismatch (further explained in note G16 of the Annual Report 2024). An overview of the classification and measurement basis for
financial instruments can be found in note G1(c) of the Annual Report 2024.
The determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future
events on those assets and liabilities. The estimates are based on premises that management finds reasonable, but which are
inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and
other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and
judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next
reporting period could differ from those on which management’s estimates are based.
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised
cost or fair value through other comprehensive income
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since
initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting
from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more
than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit
losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses
estimates and assumptions as explained in the following paragraphs.
The expected credit losses are calculated for all individual facilities as a function of probability of default (PD), exposure at default
(EAD) and loss given default (LGD) and incorporate forward-looking information. The estimation of expected credit losses involves
forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those
judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying
amount in future periods. The incorporation of forward-looking elements reflects the expectation of the Group’s senior management
and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple
scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During the
second quarter of 2025, a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three
scenarios. Therefore the four scenarios at 30 June 2025 are: base case, upside, downside and severe downside. Note G13 provides
information on the scenarios as at 30 June 2025.
At 30 June 2025, the base case scenario enters with a probability of 55% (31 December 2024: 60%), the upside scenario with a
probability of 20% (31 December 2024: 20%), the new downside scenario with a probability of 5% (31 December 2024: 0%) and the
severe downside scenario with a probability of 20% (31 December 2024: 20%). With the applied macroeconomic scenarios, the
allowance account as at 30 June 2025 amounted to DKK 20.2 billion (31 December 2024: DKK 19.9 billion). If the base case scenario
was assigned a probability of 100%, the allowance account would decrease by DKK 2.3 billion (31 December 2024: DKK 2.5 billion).
Compared to the base case scenario, the allowance account would increase by DKK 0.3 billion if the downside scenario was assigned a
probability of 100%. If the severe downside scenario was assigned a probability of 100%, the allowance account would increase by
DKK 11.7 billion (31 December 2024: DKK 12.9 billion) compared to the base case scenario. The increase reflects primarily the transfer
of exposures from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned
a probability of 100%, the allowance account would increase by DKK 0.0 billion (31 December 2024: decrease of DKK 0.2 billion)
compared to the base case scenario.
Management applies judgement when determining the need for post-model adjustments. As at 30 June 2025, the post-model
adjustments amounted to DKK 5.7 billion (31 December 2024: DKK 5.9 billion) which are predominantly linked to macroeconomic and
geopolitical uncertainties. Further information on post-model adjustments can be found in note G13.
Note G15 of the Annual Report 2024 and the section on credit risk in note G13 in this report provide more details on expected credit
losses. As at 30 June 2025, financial assets covered by the expected credit loss model accounted for about 54.0% of total assets (31
December 2024: 53.8%)
Fair value measurement of financial instruments
At the end of June 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained.
The majority of valuation techniques continues to employ only observable market data, and there has been no significant increase in
financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs.
The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active
market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover
expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and
liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. As at 30 June 2025, the
adjustments totalled DKK 0.3 billion (31 December 2024: DKK 0.3 billion), including the adjustment for credit risk on derivatives that
are credit impaired. Note G12 in this report and note G33(a) of the Annual Report 2024 provides more details on the fair value
measurement of financial instruments.
35
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G1. Material accounting policies and estimates - continued
Measurement of goodwill
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires
management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including
discount rates, changes in the economic outlook, customer behaviour and competition. At 30 June 2025, goodwill amounted to
DKK 4.5 billion (31 December 2024: DKK 4.4 billion). On 1 January 2025, Danske Bank acquired the right to the management of the
billion kroner funds Dansk Vækstkapital I, Dansk Vækstkapital II and Dansk Vækstkapital III, as well as potential future Dansk
Vækstkapital funds from the state-owned Export and Investment Fund of Denmark (EIFO) for a purchase consideration of DKK 21
million. This acquisition led to an increase in goodwill in Asset Management of DKK 17 million.
In connection with the quarterly reporting, management performs an impairment review to assess whether there are indications that
goodwill might be impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market
value of assets under management, major restructurings, macroeconomic developments, etc. No indications of impairment have
been noted at the end of June 2025.
Goodwill mainly consists of DKK 2.1 billion (31 December 2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (31 December 2024: DKK 1.8
billion) in Asset Management and DKK 0.5 billion (31 December 2024: DKK 0.5 billion) in General Banking (all part of the business
segment Large Corporates & Institutions) showing significant amounts of excess value in the impairment tests in 2024.
Note G19 of the Annual Report 2024 provides more information about impairment testing and sensitivity to changes in assumptions.
Measurement of Insurance contract liabilities (part of Insurance liabilities)
Insurance contract liabilities are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for
non-financial risk, and a contractual service margin (CSM).
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates
and disability rates. Mortality rates are based on the Danish FSA’s benchmark, whilst others are estimated based on data from the
Group’s own portfolio of insurance contracts.
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on the
European Insurance and Occupational Pension Authority (EIOPA) discount yield curve.
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial
assumptions, such as mortality rates and longevity. The confidence level used to determine the risk adjustment is at least 85%. For
insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used
for life insurance contracts measured using GMM.
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a
safety margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%.
Note G18 of the Annual Report 2024 provides more information about insurance contract liabilities.
36
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G2. Changes in accounting policies and presentation
G3. Business segments
(a) Changes in accounting policies
Amendment to IAS 21, The effects of changes in foreign exchange rates
The amendment to IAS 21 requires an entity to apply a consistent approach to assessing whether a currency is exchangeable into
another currency and, when it is not, to determine the exchange rate to be used. The amendment also details the disclosures that are
required if a currency is not exchangeable. The amendment has no impact on the financial statements.
(b) Change in accounting treatment for variation margin for derivative transactions
During the fourth quarter of 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group’s
updated understanding of the application of a legal framework in relation to variation margin for transactions cleared on London
House Clearnet and EUREX. Previously, the outstanding mark-to-market on derivatives was considered pledged collateral that needed
to be repaid. However, the outstanding mark-to-market on derivatives is instead treated as a final settlement of the exposure. This
change was applied retrospectively and thus required an adjustment to balances in comparative periods for Trading portfolio assets,
Loans at amortised cost, Trading portfolio liabilities and Deposits to reflect the treatment under the new framework.
Adjustments to Loans at amortised cost, Trading portfolio assets, Deposits and Trading portfolio liabilities as at 30 June 2024 are
shown in the following table. The adjustments have no impact on net profit nor equity at the end of the first half of 2024. There is no
change to balances as at 31 December 2024.
Business model and business segmentation
The Group’s commercial activities are organised in five reporting business units:
• Personal Customers, which serves personal customers in Denmark, Sweden and Finland.
• Business Customers, which serves small and medium-sized business customers across all markets and includes the Group’s
Asset Finance operations.
Large Corporates & Institutions, which serves large corporate and institutional customers across all Nordic markets.
•
• Danica, which specialises in pension schemes, life insurance policies and health insurance policies in Denmark.
• Northern Ireland, which serves retail and commercial customers through a network of branches and business centres in Northern
Ireland alongside digital channels.
Besides the five commercial business units, the Group’s reportable segments under IFRS 8 include Group Functions, as presented in
the tables on the following page.
(DKK millions)
Assets
Trading portfolio assets
Loans at amortised cost
Total assets
Liabilities
Trading portfolio liabilities
Deposits
Total liabilities
Total equity
Total liabilities and equity
30 June 2024
Adjustment Restated 30 June 2024
497,400
910,167
3,763,759
372,509
1,179,837
3,585,704
178,055
3,763,759
-42,891
-1,796
-44,687
-16,324
-28,364
-44,687
-
-44,687
454,509
908,371
3,719,072
356,186
1,151,474
3,541,017
178,055
3,719,072
In the Cash flow statement, comparatives for first half 2024 have been restated for Trading portfolio, Loans at amortised cost and fair
value and Deposits (all part of Cash flows from operations). The remaining lines in the Cash flow statement have not been affected by
the change and therefore have not been restated. There is no change to the cash flow statement for full-year 2024.
The Group’s financial statements show restated amounts in the comparative figures for first half 2024 for the Balance sheet, Cash
flow statement and note G3. Similarly, the Balance sheet for Danske Bank A/S shows restated amounts for 30 June 2024.
37
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
In the following tables, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and
Other income is equivalent to Total other income in the IFRS financial statements.
Business segments first half 2025
Business segments first half 2024
(DKK millions)
Net interest income
Net fee income
Net trading income
Net income from insurance business
Other income
Total income
Operating expenses
of which resolution fund, bank tax etc.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Personal
Customers
Business
Customers
Large
Corporates
&
Institutions
6,349
2,231
50
-
68
8,698
4,433
16
4,265
48
4,217
5,846
1,229
17
-
253
7,344
2,775
41
4,569
-516
5,085
4,097
3,503
1,295
-
3
8,898
3,618
60
5,280
736
4,544
Danica
Northern
Ireland
Group
Functions Eliminations
Total
(DKK millions)
Personal
Customers
Business
Customers
-
-
-
714
-
714
-
-
714
-
714
1,640
152
95
-
7
1,894
775
-
1,119
9
1,110
239
-104
284
-
1,455
1,874
2,484
39
-610
-11
-598
-88
18,083
Net interest income
55
-5
-
-1,469
-1,506
-1,414
7,066
1,736
714
316
Net fee income
Net trading income
Net income from insurance business
Other income
27,917
Total income
12,670
Operating expenses
-
156
of which resolution fund, bank tax etc.
-92
15,247
Profit before loan impairment charges
-
266
Loan impairment charges
-92
14,980
Profit before tax
7,091
2,520
71
-
33
9,715
4,866
72
4,850
-178
5,028
5,770
1,171
18
-
399
7,359
2,628
112
4,731
591
4,140
Large
Corporates
&
Institutions
3,496
3,266
1,286
-
1
8,048
3,552
235
4,496
-513
5,009
Danica
Northern
Ireland
Group
Functions Eliminations
-
-
-
949
-
949
-
-
949
-
949
1,443
155
79
-
5
1,683
743
-
941
3
938
584
-145
8
-
1,158
1,605
2,266
36
-661
-2
-659
-97
107
-86
-
-1,272
-1,348
-1,236
-
Total
18,287
7,074
1,377
949
324
28,011
12,818
454
-113
15,193
-
-99
-113
15,292
Loans, excluding reverse transactions
656,509
674,679
328,967
-
66,120
15,615
-16,227 1,725,662
Loans, excluding reverse transactions*
650,695
645,174
292,746
-
62,305
14,614
-15,037 1,650,498
Other assets
Total assets
443,833
170,780 2,973,622
590,884
76,104 4,759,128
-7,000,381 2,013,970
Other assets *
476,960
182,117 2,757,918
570,817
62,449 4,962,979
-6,944,666 2,068,574
1,100,342
845,459 3,302,589
590,884
142,224 4,774,743
-7,016,608 3,739,632
Total assets*
1,127,655
827,291 3,050,664
570,817
124,754 4,977,593
-6,959,703 3,719,072
Deposits, excluding repo deposits
402,538
246,558
315,869
-
111,403
8,501
-11,288 1,073,580
Deposits, excluding repo deposits*
391,010
251,626
300,167
-
103,458
6,262
-8,854 1,043,668
Other liabilities
Allocated capital
671,040
551,808 2,945,161
570,889
23,859 4,735,843
-7,005,320 2,493,282
Other liabilities *
706,138
533,179 2,709,465
550,687
14,872 4,933,856
-6,950,850 2,497,348
26,763
47,093
41,559
19,995
6,962
30,399
-
172,771
Allocated capital
30,508
42,486
41,032
20,130
6,424
37,475
-
178,055
Total liabilities and equity
1,100,342
845,459 3,302,589
590,884
142,224 4,774,743
-7,016,608 3,739,632
Total liabilities and equity*
1,127,655
827,291 3,050,664
570,817
124,754 4,977,593
-6,959,703 3,719,072
Profit before tax as % p.a. of allocated
capital (avg.)
Cost/income ratio (%)
Full-time-equivalent staff, end of
period
31.6
51.0
21.9
37.8
22.1
40.7
7.1
-
32.7
40.9
-3.1
-
3,945
1,750
2,187
971
1,242
10,108
17.3
45.4
Profit before tax as % p.a. of allocated
capital (avg.)
Cost/income ratio (%)
20,204
Full-time-equivalent staff, end of
period
-
-
-
32.7
50.1
19.7
35.7
24.7
44.1
9.5
-
30.1
44.1
-3.0
-
4,020
1,688
2,105
912
1,240
10,115
-
-
-
17.3
45.8
20,079
*Comparative information for First half 2024 has been restated as described in note G2(b).
38
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G4. Income
G5. Loan impairment charges
(a) Fee income
Note G6 of the Annual Report 2024 provides additional information on the Group’s accounting policy for fee income, including the
description by fee type.
Loan impairment charges include impairment charges for expected credit losses on loans, lease receivables, bonds at amortised cost
and fair value through other comprehensive income, certain loan commitments and financial guarantee contracts as well as fair value
adjustments of the credit risk on loans measured at fair value.
Fee income first half 2025
(DKK millions)
Investment
Money transfers, account fee, cash management and other fees
Lending and Guarantees
Capital markets
Total
Fee income first half 2024
(DKK millions)
Investment
Money transfers, account fee, cash management and other fees
Lending and Guarantees
Capital markets
Total
Loan impairment charges
Fee income
Fee expenses Net fee income
(DKK millions)
3,065
3,413
1,127
792
8,397
716
515
76
24
2,349
2,899
1,051
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl. changes in models)
768
Write-offs charged directly to income statement
1,331
7,066
Received on claims previously written off
Interest income, effective interest method
Total
Fee income
Fee expenses Net fee income
4,185
3,131
1,159
777
9,251
1,760
313
76
28
2,177
2,425
2,818
1,083
749
7,074
(b) Other income
Other income amounted to DKK 316 million for the first half ending 30 June 2025 (30 June 2024: DKK 324 million). Other income
includes gain or loss on sale of disposal groups, income from investment property and real estate brokerage, and income from
holdings in associates.
30 June 2025 30 June 2024
1,552
-1,498
410
54
-75
-177
266
2,584
-1,815
-98
71
-665
-175
-99
39
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G6. Insurance assets and Insurance liabilities
Insurance assets comprise assets earmarked for policyholders. As at 30 June 2025, Insurance assets total DKK 562,144 million (31
December 2024: DKK 567,273 million) before own bonds of DKK 5,515 million (31 December 2024: DKK 5,437 million) and other intra-
group balances of DKK 15,708 million (31 December 2024: DKK 12,924 million).
Insurance liabilities comprise DKK 460,340 million of Insurance contract liabilities as defined by IFRS 17 (31 December 2024: DKK
456,227 million) and DKK 78,993 million of Other insurance-related liabilities (31 December 2024: DKK 87,590 million), before intra-
group balances of DKK 12,042 million (31 December 2024: DKK 14,024 million).
Note G18 of Annual Report 2024 provides additional information on Insurance assets and Insurance liabilities.
G7. Issued bonds, subordinated debt and additional tier 1 capital -
continued
Other issued bonds
Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at
amortised cost and Non-preferred senior bonds.
Nominal value of other issued bonds
G7. Issued bonds, subordinated debt and additional tier 1 capital
(DKK millions)
Commercial papers and certificate of deposits
Issued bonds at fair value
(DKK millions)
Bonds issued by Realkredit Danmark (covered bonds)
Structured retail notes
Total
Issued bonds at amortised cost and Non-preferred senior bonds
(DKK millions)
Commercial papers and certificates of deposits
Preferred senior bonds
Covered bonds
Structured retail notes
Issued bonds at amortised cost, total
Non-preferred senior bonds
Preferred senior bonds
Covered bonds
Structured retail notes
Non-preferred senior bonds
Total
(DKK millions)
Commercial papers and certificate of deposits
Preferred senior bonds
Covered bonds
Structured retail notes
Non-preferred senior bonds
Total
30 June 31 December
2025
2024
731,421
744,495
1,463
2,061
732,885
746,556
30 June 31 December
2025
46,618
66,275
2024
49,044
66,778
143,683
126,763
289
612
256,864
243,198
88,437
89,492
Further information on issued bonds at fair value through profit or loss can be found in note G16 of the Annual Report 2024. The
issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year are
presented in the following tables.
40
Danske Bank / Interim report – first half 2025
1 January
2025
49,002
68,592
128,673
3,117
91,588
1 January
2024
29,613
65,545
129,419
4,076
97,900
Foreign
currency
Issued
Redeemed
translation
74,627
11,906
16,700
-
12,600
72,677
10,022
4,244
913
10,566
98,422
-4,385
-3,116
4,312
67
-3,652
-6,774
30 June
2025
46,567
67,360
145,441
2,272
89,969
351,609
340,972
115,833
Issued
Redeemed
translation
78,934
10,684
27,161
-
28,404
60,856
8,735
25,770
1,154
35,782
Foreign
currency 31 December
1,310
1,099
2024
49,002
68,592
-2,137
128,673
196
1,067
1,534
3,117
91,588
340,972
326,553
145,182
132,298
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Subordinated debt and additional tier 1 capital
As at 30 June 2025, the nominal value of subordinated debt, including liability accounted additional tier 1 capital, amounted to DKK
34,192 million (31 December 2024: DKK 41,440 million). During the period ended 30 June 2025, the Group issued NOK 1,600 million of
tier 2 capital and USD 500 million of liability accounted additional tier 1 capital. The Group also redeemed EUR 750 million of tier 2
capital and USD 750 million of liability accounted additional tier 1 capital during the six months ended 30 June 2025. During 2024, the
Group issued EUR 1,250 million of tier 2 capital and SEK 4,250 million of tier 2 capital. In 2024, the Group also redeemed EUR 750
million of tier 2 capital and SEK 1,000 million of tier 2 capital, as well as USD 750 million of liability accounted additional tier 1 capital.
For the additional tier 1 capital, Danske Bank A/S may, at its sole discretion, omit interest payments to bondholders. Any interest
payments are paid out of distributable items, which primarily consist of retained earnings in Danske Bank A/S and Danske Bank Group.
As at 30 June 2025, distributable items for Danske Bank A/S amounted to DKK 119.4 billion (31 December 2024: DKK 109.6 billion).
The additional tier 1 capital will be temporarily written down or converted into a variable number of ordinary shares, depending on the
terms of each issued bond, if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group. As at
30 June 2025 the common equity tier 1 capital ratio was 22% (31 December 2024: 20.5%) for Danske Bank A/S. The ratios for the
Danske Bank Group are disclosed in the Statement of capital.
G8. Other assets and Other liabilities
(DKK millions)
Other assets
Accrued interest and commissions due
Prepayments, accruals and other amounts due
Defined benefit pension plan, net assets
Investment property
Tangible assets
Right of use lease assets
Holdings in associates
Assets held for sale
Total
Other liabilities
Sundry creditors
Accrued interest and commissions due
Defined benefit pension plans, net liabilities
Other staff commitments
Lease liabilities
Loan commitments and guarantees etc.
Reserves subject to a reimbursement obligation
Provisions, including litigations
Total
*Other assets includes Assets held for sale.
30 June 31 December
2025
2024*
7,735
12,073
891
365
6,946
3,504
382
114
7,352
9,727
907
396
7,092
3,675
396
160
32,009
29,706
38,173
13,479
252
747
3,627
2,952
2
1,668
60,900
42,659
13,265
275
1,287
3,787
2,893
2
1,866
66,033
In the table above, Provisions, including litigations includes customer remediation of DKK 1,175 million, regulatory and legal
proceedings of DKK 5 million, restructuring costs of DKK 164 million and other provisions of DKK 325 million.
41
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G9. Foreign currency translation reserve
G10. Guarantees, commitments and contingent liabilities
As at 30 June 2025, the Group has granted loans to its branches in Sweden, Norway and Finland in the currency of the foreign unit for
a total of DKK 34,272 million (31 December 2024: DKK 32,893 million). The loans are part of the net investment in those units and the
foreign currency gains/losses on these loans are recognised in Other comprehensive income. The funding of the loans is partly done
in DKK in order to create a so-called structural FX hedge position in accordance with banking regulations, i.e. to reduce the impact on
capital ratios resulting from changes in the risk exposure amount due to changes in currency rates. The Group’s net investment in its
subsidiaries Danske Hypotek AB (Sweden) and Danske Mortgage Bank Plc (Finland) is included in the structural FX hedge position to
extend the hedge to the risk exposure amount measured by currency for EUR, NOK and SEK across the entire Group balance sheet,
although with constraints to the size of the loans to the foreign branches and the net investments in the foreign subsidiaries. This
strategy of partly hedging the sensitivity to capital ratios from volatility in foreign currency rates increases the volatility in Other
comprehensive income and the Foreign currency translation reserve in equity under IFRS since it decreases the hedge of the currency
risk on the net investments in those units. As at 30 June 2025, the structural FX hedge position totalled DKK 38,815 million (31
December 2024: DKK 36,952 million) and a gain of DKK 517 million has been recognised in Other comprehensive income during the
first half of 2025, primarily due to a strengthening of SEK against DKK throughout the first half of 2025. For comparison, a total loss of
DKK 496 million was recognised in Other comprehensive income during the first half of 2024, primarily due to a weakening of SEK but
also NOK against DKK throughout the first half of 2024.
Contingent liabilities consist of possible liabilities arising from past events. The existence of such liabilities will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group’s control. Contingent liabilities
that can, but are not likely to, result in an outflow of economic resources are disclosed.
The Group uses a variety of loan related financial instruments to meet customers’ financial requirements. Instruments include loan
offers and other credit facilities, guarantees and instruments not recognised in the balance sheet. If an instrument is likely to result in
a payment obligation, a liability is recognised under Other liabilities corresponding to the present value of expected payments.
(a) Guarantees
(DKK millions)
Financial guarantees
Other guarantees
Total
(b) Commitments
(DKK millions)
Loan commitments shorter than 1 year
Loan commitments longer than 1 year
Other unutilised commitments
Total
30 June
31 December
2025
14,715
84,527
99,243
2024
17,393
78,965
96,359
30 June
31 December
2025
196,067
243,262
15,585
454,913
2024
191,002
244,372
16,689
452,062
42
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G10. Guarantees, commitments and contingent liabilities - continued
(c) Regulatory and legal proceedings
Estonia matter
In December 2022, Danske Bank entered into final coordinated resolutions with the US Department of Justice (DoJ), the US Securities
and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct
related to the non-resident portfolio at Danske Bank’s former Estonia branch. The aggregate amounts payable to the US and Danish
authorities were paid in January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into
Danske Bank by the authorities in Denmark and the United States. As part of the Bank’s agreement with DoJ, Danske Bank was placed
on corporate probation for three years from 13 December 2022 until 13 December 2025 and Danske Bank committed to continue
improving its compliance programs. Danske Bank has taken extensive remediation action to address those failings to prevent any
similar occurrences, and the Bank remains in contact with DoJ as a matter of post-resolution obligations set forth in the agreement
with DoJ.
The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total
claim amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while
the remaining case complexes are stayed or pending before the Copenhagen City Court. In the case complex pending before Eastern
High Court, test cases have been selected to be progressed to trial. The Eastern High Court has scheduled the main hearing to start in
2027. The civil claims were not included in the coordinated resolutions with DoJ, SEC, and SCU. Danske Bank will continue to defend
itself vigorously against these claims. The timing of completion of such civil claims (pending or threatening) and their outcome are
uncertain and could be material.
Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen with a current total claim amount of
approximately DKK 1.7 billion. Under Danish law, the purpose of a procedural notification is to make a formal reservation of rights to
bring a potential claim against the notified party. The first case was dismissed in the first instance and subsequently appealed by the
claimants.
An action has been filed in the United States District Court for the Eastern District of New York against Danske Bank and others. The
complaint sought unspecified punitive and compensatory damages. On 29 December 2022, the action was dismissed by the court
and on 27 January 2023, the complainants filed an appeal of the dismissal. The timing of the completion of the lawsuit and the
outcome are uncertain.
Other
Owing to its business volume, Danske Bank is continually a party to various other lawsuits and disputes, and has an ongoing dialogue
with public authorities, such as the Danish FSA and the Danish Tax Agency on other matters. In general, Danske Bank does not expect
the outcomes of any of these other pending lawsuits and disputes, or its dialogue with public authorities to have any material effect
on its financial position. Provisions for litigations are included in Other liabilities, see note G8.
43
Danske Bank / Interim report – first half 2025
(d) Further explanation
A limited number of employees are employed under terms which, if they are dismissed before reaching their normal retirement age,
grant them a severance and/or pension payment in excess of their entitlement under ordinary terms of employment. As the
sponsoring employer, the Group is also liable for the pension obligations of a number of company pension funds.
The Group participates in the Danish Guarantee Fund and the Danish Resolution Fund. The funds’ capital must amount to at least 0.8%
and 1%, respectively, of the covered deposits of all Danish credit institutions by 31 December 2024.
The Danish Guarantee Fund is currently fully funded, but if the fund subsequently does not have sufficient means to make the
required payments, extraordinary contributions of up to 0.5% of the individual institution’s covered deposits may be required.
Extraordinary contributions above this percentage require the consent of the Danish FSA.
The Danish Resolution Fund is fully funded. If the Resolution Fund does not have sufficient means to make the required payments,
extraordinary contributions of up to three times the latest annual contributions may be required by Danske Bank A/S and Realkredit
Danmark A/S.
In addition, Danish banks participate in the Danish Restructuring Fund, which reimburses creditors if the final dividend is lower than
the interim dividend in respect of banks that were in distress before 1 June 2015. Similarly, Danish banks have made payment
commitments totalling DKK 1 billion to cover losses incurred by the Danish Restructuring Fund for the withdrawal of distressed banks
from data centres etc. Payments to the Danish Restructuring Fund are calculated based on the individual credit institution’s share of
covered deposits relative to other credit institutions in Denmark. However, each institution’s contribution to the Danish Restructuring
Fund may not exceed 0.2% of its covered deposits.
The Group is a member of deposit guarantee schemes and other compensation schemes in Norway and the UK. As in Denmark, the
contributions to the schemes in these countries are annual contributions combined with extraordinary contributions if the means of
the schemes are not sufficient to cover the required payments.
Danske Bank A/S is taxed jointly with all Danish entities of Danske Bank Group and is jointly and severally liable with these for
payment of Danish corporation tax and withholding tax, etc.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G11. Assets provided or received as collateral
Securities provided as collateral under agreements that entitle the counterparty to sell the securities or provide them as collateral for
other loans amounted to DKK 278.2 billion as at 30 June 2025 (31 December 2024: DKK 176.3 billion).
As at 30 June 2025, the Group had received securities worth DKK 402.3 billion (31 December 2024: DKK 452.0 billion) as collateral for
reverse repo transactions, securities lending, derivatives transactions and other transactions entered into on the standard terms for
such transactions. As the party receiving the collateral, the Group is entitled in most cases to sell the securities or provide the
securities as collateral for other loans in exchange for returning similar securities to the counterparty at the expiry of the transactions.
As at 30 June 2025, the Group had sold securities or provided securities as collateral worth DKK 109.1 billion (31 December 2024: DKK
103.0 billion).
The Group also receives many other types of assets as collateral in connection with its ordinary lending activities. The Group has not
received the ownership of these assets. Note G40 of the Annual Report 2024 provide more details on assets received as collateral in
connection with ordinary lending activities.
As at 30 June 2025, the Group had deposited securities (including bonds issued by the Group) worth DKK 4.2 billion as collateral with
Danish and international clearing centres and other institutions (31 December 2024: DKK 4.2 billion).
As at 30 June 2025, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 73.9 billion as
collateral for derivatives transactions (31 December 2024: DKK 85.8 billion).
As at 30 June 2025, the Group had registered insurance assets (including bonds and shares issued by the Group) and investment
contracts worth DKK 505.8 billion (31 December 2024: DKK 505.3 billion) as collateral for policyholders’ savings of DKK 473.8 billion
(31 December 2024: DKK 469.8 billion).
As at 30 June 2025, the Group had registered loans at fair value and securities (including bonds issued by the Group) worth a total of
DKK 756.2 billion (31 December 2024: DKK 760.6 billion) as collateral for bonds issued by Realkredit Danmark. Similarly, the Group had
registered loans and other assets worth DKK 237.6 billion (31 December 2024: DKK 231.1 billion) as collateral for covered bonds
issued under Danish, Finnish and Swedish law.
The following table shows assets provided as collateral for liabilities or contingent liabilities. Assets provided as collateral under repo
transactions are shown separately whereas the types explained above are included in the column ‘Other’.
Assets provided as collateral
(DKK millions)
Due from credit institutions
Trading and investment securities
Loans at fair value
Loans at amortised cost
Insurance assets and assets under investment contracts
Total
Own issued bonds
30 June 2025
31 December 2024
Repo
Other
Total
Repo
Other
Total
-
15,749
15,749
-
29,204
29,204
278,158
51,580
329,738
176,271
52,627
228,898
-
-
-
751,224
751,224
253,391
253,391
484,665
484,665
-
-
-
755,188
755,188
243,691
243,691
487,000
487,000
278,158 1,556,609 1,834,767
176,271 1,567,709 1,743,981
30,455
23,664
54,119
32,146
21,030
53,176
Total, including own issued bonds
308,613 1,580,273 1,888,886
208,418 1,588,739 1,797,156
44
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G12. Fair value information for financial instruments
Financial instruments are recognised in the balance sheet at fair value or amortised cost.
30 June 2025
31 December 2024
Fair value Amortised cost
Fair value Amortised cost
-
16,319
522,660
160,744
42,484
-
-
63,040
531,831
107,498
80,529
-
-
137,097
-
135,714
144,847
-
133,404
-
-
977,103
-
921,900
1,074,142
73,279
498,379
-
-
-
1,074,783
76,173
508,045
-
-
-
2,329,626
1,317,428
2,387,276
1,245,642
158,742
335,176
141,918
732,885
80,313
-
1,074,204
-
129,910
357,507
78,550
746,556
84,454
-
1,095,232
-
-
256,864
-
243,198
74,401
57,699
-
-
-
-
-
88,437
33,962
2,952
76,608
60,111
-
-
-
-
-
89,492
40,798
2,893
1,500,820
1,536,732
1,449,242
1,556,067
(DKK millions)
Financial assets
Cash in hand and demand deposits with central banks
Due from credit institutions and central banks
Trading portfolio assets
Investment securities held at amortised cost
Investment securities held at fair value
Loans at amortised cost
Loans at fair value
Assets under pooled schemes and investment contracts
Insurance assets
Total
Financial liabilities
Due to credit institutions and central banks
Trading portfolio liabilities
Deposits
Issued bonds at fair value
Issued bonds at amortised cost
Deposits under pooled schemes and investment contracts
Insurance liabilities
Non-preferred senior bonds
Subordinated debt
Loan commitments and guarantees
Total
45
Danske Bank / Interim report – first half 2025
Insurance liabilities in the Balance sheet comprise Insurance contract liabilities (as defined by IFRS 17) and Other insurance-related
liabilities. The preceding table does not include Insurance contract liabilities as they are measured using the General Measurement
Model, Variable Fee Approach or Premium Allocation Approach as defined by IFRS 17.
Investment securities at fair value include bonds measured at fair value through other comprehensive income (see the table on bonds
in note G13). All other financial assets in the column ‘Fair value’ are mandatorily measured at fair value through profit or loss under
IFRS 9. Except for trading portfolio liabilities, all other financial liabilities at fair value are measured at fair value through profit or loss
using the fair value option.
Financial instruments at amortised cost
The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (see note G13 in Annual
Report 2024 for further description of business models). Bonds held within a business model for the purpose of collecting contractual
cash flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding
are measured at amortised cost. For bonds classified as hold-to-collect, amortised cost exceeded fair value as of 30 June 2025 with
DKK 3,175 million (31 December 2024: DKK 3,770 million). This portfolio mainly contains Danish mortgage bonds and central and local
government bonds and has a weighted average rating factor of 6.4, following Moody’s numerical rating factor to scale, which
corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 2.8 years. Without any reinvestments,
respectively 31%, 48% and 21% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and after 5 years.
The difference from amortised cost to fair value has reduced during the first half of 2025, due to a decrease in market interest rate
levels.
Financial instruments at fair value
Note G33(a) of the Annual Report 2024 provides more information about fair value calculation methods for financial instruments.
Financial instruments valued on the basis of quoted prices in an active market are recognised in the Quoted prices category. Financial
instruments valued substantially on the basis of other observable input are recognised in the Observable input category. This
category covers instruments such as derivatives valued on the basis of observable yield curves and exchange rates and illiquid
mortgage bonds valued by reference to the value of similar liquid bonds. Other financial instruments valued substantially on the basis
of non-observable input are recognised in the Non-observable input category. This category covers instruments such as unlisted
shares, some unlisted bonds and a very limited portion of the derivatives portfolio.
If, at the balance sheet date, a financial instrument’s classification differs from its classification at the beginning of the year, the
classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the
financial markets have resulted in reclassification between the categories. Some bonds have become illiquid and have therefore been
moved from the Quoted prices to the Observable input category, while other bonds have become liquid and have been moved from
the Observable input to the Quoted prices category. The amounts transferred are insignificant.
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G12. Fair value information for financial instruments – continued
Quoted prices
Observable
input
Non-
observable
input
Total
(DKK millions)
31 December 2024
Financial assets
-
10,405
224,770
51,208
128,310
-
-
73,279
162,271
207,294
1,679
16,319
216,509
17,413
-
16,215
-
1,074,142
-
40,535
5,161
43,371
-
16,319
Due from credit institutions and central banks
2,140
229,054
Derivatives
-
215
-
321
-
-
1,985
35,278
805
242,183
Trading portfolio bonds
51,423
Trading portfolio shares
144,525
Investment securities, bonds
321
Investment securities, shares
1,074,142
Loans at fair value
73,279
Assets under pooled schemes and investment contracts
204,791
Insurance assets, bonds
247,733
Insurance assets, shares
45,855
Insurance assets, derivatives
Quoted prices
Observable
input
Non-
observable
input
-
7,289
160,849
92,637
108,843
-
-
76,173
160,099
208,508
826
63,040
249,643
17,168
-
24,042
-
1,074,783
-
49,275
5,963
43,682
-
4,114
-
131
-
519
-
-
2,103
36,911
678
Total
63,040
261,046
178,017
92,768
132,885
519
1,074,783
76,173
211,477
251,382
45,186
859,216
1,429,664
40,744
2,329,626
Total
815,224
1,527,596
44,456
2,387,276
-
12,877
106,046
158,742
209,859
3,030
-
141,918
732,885
-
312
-
74,401
56,750
852,120
644,700
3,346
17
-
-
-
637
4,000
-
158,742
Due to credit institutions and central banks
Financial liabilities
226,082
Derivatives
109,093
Obligations to repurchase securities
141,918
Deposits
732,885
Issued bonds at fair value
74,401
57,699
Deposits under pooled schemes and investment contracts
Insurance liabilities
-
10,125
100,696
-
746,556
-
208
129,910
241,256
2,301
78,550
-
76,608
59,402
-
3,120
10
-
-
-
501
3,631
129,910
254,500
103,007
78,550
746,556
76,608
60,111
1,449,242
1,500,820
Total
857,585
588,027
Financial instruments at fair value
(DKK millions)
30 June 2025
Financial assets
Due from credit institutions and central banks
Derivatives
Trading portfolio bonds
Trading portfolio shares
Investment securities, bonds
Investment securities, shares
Loans at fair value
Assets under pooled schemes and investment contracts
Insurance assets, bonds
Insurance assets, shares
Insurance assets, derivatives
Total
Financial liabilities
Due to credit institutions and central banks
Derivatives
Obligations to repurchase securities
Deposits
Issued bonds at fair value
Deposits under pooled schemes and investment contracts
Insurance Liabilities
Total
46
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G12. Fair value information for financial instruments – continued
Financial instruments valued on the basis of unobservable inputs
Reconciliation from beginning to end of period
Sensitivity (change in fair value)
Gains/losses for the period
30 June 2025
31 December 2024
Carrying amount
Increase
Decrease
Realised
Unrealised
(DKK millions)
(DKK millions)
30 June 2025
Unlisted shares allocated to insurance contract
policyholders
Unlisted shares other
Illiquid bonds
Derivatives, net fair value
31 December 2024
Unlisted shares allocated to insurance contract
policyholders
Unlisted shares other
Illiquid bonds
Derivatives, net fair value
35,278
519
1,985
-1,038
36,911
640
2,103
1,171
-
52
29
-
-
64
32
-
-
52
29
-
-
64
32
-
1,126
-2,008
80
-
-
2,189
98
-
-
-35
-133
-470
-10
-3
-1,398
615
Fair value at 1 January
Value adjustment through profit or loss
Acquisitions
Sale and redemption
Transferred from quoted prices and observable
input
Transferred to quoted prices and observable
input
Shares
37,551
-837
1,659
-2,576
-
-
Bonds
Derivatives
2,103
-133
62
-47
-
-
1,171
-470
-1,223
-522
-
6
Shares
35,308
2,274
3,658
-3,856
Bonds
Derivatives
2,458
-1,398
372
-21
12
615
707
-105
167
692
-
-
-
-58
1,171
Fair value end of period
35,797
1,985
-1,038
37,551
2,103
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the
Observable input category consists primarily of maturity reductions, implying that the yield curves have become observable.
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. Therefore,
changes in the fair value will affect the Group’s net profit only to a limited extent. The Group’s remaining portfolio of unlisted shares
consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of the fair value measurement to
changes in the unobservable input disclosed in the table is calculated as a 10% increase or 10% decrease in fair value. Under current
market conditions, a 10% decrease in the fair value is considered to be below a possible alternative estimate of the fair value at the end
of the period. The unrealised adjustments in the six months ended 30 June 2025 were attributable to various unlisted shares.
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair
value measurement to changes in non-observable input is calculated as a 50bps widening or narrowing of the credit spread.
A substantial number of derivatives valued on the basis of non-observable input are hedged by similar derivatives or are used for
hedging the credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs
to reflect reasonable, possible alternative assumptions would not change the fair value of the derivatives significantly above what is
already covered by the reserve related to fair value adjustment for model risk.
47
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
G13. Risk management notes
The consolidated financial statements for 2024 provide a detailed description of the Group’s risk management practices.
Lending
activities
Counterparty
credit risk
Trading and
investment
securities
Customer-
funded
investments
Total
154.0
58.8
522.7
281.9
977.1
1,074.1
73.3
540.9
99.2
196.1
243.3
15.6
154.0
42.5
-
-
977.1
751.2
-
-
99.2
196.1
243.3
-
-
16.3
229.1
-
-
322.9
-
-
-
-
-
-
-
-
293.6
281.9
-
-
-
-
-
-
-
-
(DKK billions)
31 December 2024
Balance sheet items
Demand deposits with central banks
Due from credit institutions and central banks
Trading portfolio assets
Investment securities
Loans at amortised cost
Loans at fair value
-
-
-
-
-
-
73.3
Assets under pooled schemes and investment contracts
540.9
Insurance assets
Off-balance-sheet items
Guarantees
Loan commitments shorter than 1 year
Loan commitments longer than 1 year
-
-
-
15.6
Other unutilised commitments
Total
100.6
143.6
531.8
269.1
921.9
1,074.8
76.2
548.9
96.4
191.0
244.4
16.7
Lending
activities
Counterparty
credit risk
Trading and
investment
securities
Customer-
funded
investments
100.6
80.5
-
-
921.9
755.2
-
-
96.4
191.0
244.4
-
-
63.0
261.0
-
-
319.6
-
-
-
-
-
-
-
-
270.8
269.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
76.2
548.9
-
-
-
16.7
641.7
4,237.0
2,463.4
568.3
575.6
629.8
Total
4,215.3
2,389.9
643.7
539.9
In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines
of credit of DKK 212 billion at 30 June 2025 (31 December 2024: DKK 193 billion). These items are included in the calculation of the
total risk exposure amount in accordance with the Capital Requirements Directive.
Breakdown of credit exposure
(DKK billions)
30 June 2025
Balance sheet items
Demand deposits with central banks
Due from credit institutions and central banks
Trading portfolio assets
Investment securities
Loans at amortised cost
Loans at fair value
Assets under pooled schemes and investment contracts
Insurance assets
Off-balance-sheet items
Guarantees
Loan commitments shorter than 1 year
Loan commitments longer than 1 year
Other unutilised commitments
Total
48
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk
Credit exposure from lending activities
Credit exposure from lending activities in the Group’s banking business includes loans, amounts due from credit institutions and
central banks, guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes
repo loans at amortised cost. For reporting purposes, all collateral values are net of haircuts and capped at the exposure amount.
The Group’s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default.
This includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to
impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some
credit exposure in default is outside stage 3. The stage 3 coverage ratio is 70% (31 December 2024: 71%).
For further details about the Group’s credit risk management and the use of information on expected credit losses for risk
management purposes, see Risk Management 2024.
Credit portfolio broken down by rating category and stages
The following tables break down the credit exposure by rating categories and stages. Further information on classification of
customers can be found on page 212 in Annual Report 2024.
49
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk– continued
Credit exposure broken down by rating categories
(DKK billions)
30 June 2025
PD level
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Upper
Lower
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
1
2
3
4
5
6
7
8
9
10
11 (default)
Total
(DKK billions)
31 December 2024
1
2
3
4
5
6
7
8
9
10
11 (default)
Total
-
0.01
0.03
0.06
0.14
0.31
0.63
1.90
7.98
25.70
100.00
0.01
0.03
0.06
0.14
0.31
0.63
1.90
7.98
25.70
99.99
100.00
86.4
255.4
511.9
585.0
468.9
289.6
95.1
11.8
1.3
0.4
0.4
0.1
0.1
0.8
1.9
8.3
37.5
43.2
27.0
5.8
19.0
1.4
2,306.0
145.0
-
-
-
-
-
0.1
0.6
-
-
0.4
31.3
32.5
-
-
0.1
0.2
0.4
0.6
1.0
0.7
-
-
0.1
3.1
-
-
-
-
0.1
0.6
1.9
2.2
0.8
1.7
0.1
7.4
-
-
-
-
-
-
0.1
0.1
-
0.1
9.4
9.7
86.4
255.4
511.8
584.8
468.5
289.0
94.0
11.1
1.2
0.4
0.3
0.1
0.1
0.8
1.9
8.2
36.9
41.3
24.8
5.0
17.3
1.3
2,302.9
137.6
-
-
-
-
-
-
0.4
-
-
0.3
21.9
22.8
65.5
159.4
261.2
271.2
186.5
93.9
36.8
3.0
0.2
-
0.2
1,077.9
-
-
0.5
1.0
4.6
15.6
13.9
8.2
1.3
6.5
0.1
51.7
-
-
-
-
-
-
0.4
-
-
-
3.6
4.1
PD level
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Upper
Lower
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
-
0.01
0.03
0.06
0.14
0.31
0.63
1.90
7.98
25.70
100.00
0.01
0.03
0.06
0.14
0.31
0.63
1.90
7.98
25.70
99.99
100.00
130.1
191.1
508.6
583.0
422.5
291.1
89.1
9.6
1.0
1.0
0.3
-
0.2
0.8
2.6
8.5
39.5
43.7
28.9
5.1
19.3
1.5
2,227.3
150.0
-
-
-
0.1
-
-
0.7
-
0.1
0.8
30.7
32.5
-
-
0.1
0.2
0.4
0.6
1.2
0.7
-
-
0.1
3.2
-
-
-
-
0.1
0.6
1.8
2.2
0.7
2.1
0.1
7.6
-
-
-
-
-
-
0.1
0.1
-
0.1
8.8
9.1
130.1
191.1
508.6
582.8
422.1
290.4
88.0
8.9
0.9
1.0
0.2
-
0.2
0.8
2.6
8.4
38.9
41.9
26.7
4.4
17.2
1.4
2,224.1
142.4
-
-
-
0.1
-
-
0.5
-
0.1
0.7
22.0
23.5
108.8
95.3
259.8
268.9
154.4
95.8
31.3
2.5
0.1
0.3
-
1,017.3
-
-
0.5
1.6
5.1
14.2
11.1
7.9
1.6
6.8
0.1
49.0
-
-
-
-
-
-
0.5
-
0.01
0.1
3.1
3.8
50
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk– continued
Credit portfolio broken down by industry (NACE) and stages
The following tables break down credit exposure by industry. The industry segmentation is based on the classification principles of
the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group’s
business risk approach used for the active management of the credit portfolio.
Credit exposure broken down by industry
(DKK billions)
30 June 2025
Public institutions
Financials
Agriculture
Automotive
Capital goods
Commercial property
Construction and building materials
Consumer goods
Hotels, restaurants and leisure
Metals and mining
Other commercials
Pharma and medical devices
Private housing co-ops and non-profit associations
Pulp, paper and chemicals
Retailing
Services
Shipping, oil and gas
Social services
Telecom and media
Transportation
Utilities and infrastructure
Personal customers
Total
51
Danske Bank / Interim report – first half 2025
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 2
Stage 3
Stage 1
212.0
143.6
52.4
26.8
89.6
277.4
45.4
81.4
14.5
21.1
4.9
53.0
207.8
44.0
30.3
86.0
38.9
26.0
24.9
20.7
95.4
1.4
3.4
5.5
5.8
11.4
29.0
9.6
7.9
1.2
2.3
0.4
2.0
3.7
4.0
5.1
4.8
4.4
2.5
2.0
2.4
0.5
0.2
0.4
1.5
0.6
1.8
3.2
2.0
1.0
0.5
0.1
0.9
0.1
0.6
0.4
1.8
2.7
1.1
0.3
1.0
1.4
0.1
-
0.1
0.3
-
0.1
0.6
0.2
-
-
-
0.2
-
0.1
-
0.1
0.2
-
-
-
-
-
1.1
3.1
-
0.2
0.7
0.3
0.6
1.1
0.9
0.4
0.1
0.1
-
0.1
0.1
0.3
0.4
0.3
0.2
0.1
0.1
0.2
-
1.3
7.4
-
0.1
0.4
0.2
0.9
0.8
1.0
0.5
0.1
-
0.1
-
0.1
0.2
0.7
0.7
0.2
0.1
0.6
0.2
-
2.5
9.7
Stage 1
212.0
143.5
52.1
26.8
89.5
276.8
45.3
81.3
14.5
21.1
4.7
53.0
207.7
44.0
30.2
85.7
38.9
26.0
24.9
20.7
95.3
1.4
3.2
4.7
5.5
10.7
27.9
8.7
7.5
1.2
2.2
0.3
2.0
3.5
3.8
4.7
4.5
4.2
2.4
1.8
2.2
0.5
0.2
0.3
1.0
0.5
0.9
2.4
1.0
0.5
0.4
0.1
0.8
0.1
0.5
0.3
1.1
2.0
1.0
0.2
0.4
1.1
0.1
7.9
22.8
Stage 1
210.1
130.1
12.3
20.8
80.7
44.4
33.8
65.2
4.0
18.3
1.4
49.7
32.6
32.2
20.2
71.9
23.3
9.6
20.1
12.9
72.5
111.6
1,077.9
Stage 2
Stage 3
-
2.1
1.4
3.2
8.0
3.4
5.3
5.5
0.3
1.5
-
1.7
0.4
2.6
3.8
3.2
1.1
2.1
1.5
0.6
0.2
3.7
51.7
-
0.1
-
0.2
-
0.3
0.1
0.1
0.1
-
0.5
-
0.2
0.1
0.5
1.5
0.1
-
-
0.2
0.1
-
4.1
709.8
2,306.0
35.7
145.0
10.4
32.5
708.8
2,302.9
34.4
137.6
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 2
Stage 3
Stage 1
190.2
156.3
51.6
25.5
88.0
269.2
43.1
78.5
12.4
16.3
2.1
56.1
200.3
44.9
26.4
75.6
37.5
26.5
23.8
22.6
90.3
1.4
2.8
5.2
5.1
11.3
31.1
8.0
8.2
1.3
2.6
0.3
1.4
3.3
3.4
4.9
4.9
5.6
2.7
1.3
2.1
0.3
0.2
0.4
1.6
0.3
2.1
4.0
1.8
1.2
0.7
-
1.0
-
0.5
0.7
1.9
1.2
1.5
0.3
1.3
1.2
-
-
-
0.3
-
0.1
0.7
0.4
-
-
-
0.1
-
0.1
-
0.1
0.2
-
-
-
-
-
1.0
3.2
-
0.1
0.7
0.3
0.4
1.4
1.1
0.5
0.1
0.1
-
0.1
0.1
0.2
0.4
0.5
0.1
0.1
0.1
0.1
-
1.3
7.6
-
0.1
0.5
0.1
0.8
0.9
0.9
0.4
0.2
-
0.1
-
0.1
0.2
0.6
0.4
0.2
0.1
0.7
0.3
-
2.6
9.1
Stage 1
190.2
156.3
51.2
25.5
88.0
268.6
42.8
78.5
12.4
16.3
2.0
56.0
200.3
44.8
26.3
75.4
37.5
26.5
23.8
22.6
90.3
Stage 2
Stage 3
1.4
2.7
4.5
4.8
10.9
29.7
6.9
7.7
1.3
2.5
0.3
1.3
3.2
3.2
4.5
4.4
5.6
2.6
1.2
2.0
0.3
0.2
0.3
1.1
0.1
1.3
3.1
1.0
0.7
0.5
-
0.9
-
0.4
0.5
1.3
0.8
1.4
0.2
0.6
0.9
-
688.8
2,224.1
41.3
142.4
8.0
23.5
Stage 1
188.6
140.0
11.8
18.9
78.1
47.3
31.1
61.7
3.2
13.6
-
52.9
26.8
33.8
16.4
63.4
21.5
10.0
18.2
14.6
67.2
98.1
-
1.9
1.2
2.7
8.3
4.2
3.2
5.9
0.3
1.8
-
1.1
0.5
2.1
3.4
2.7
0.4
2.1
1.1
0.7
0.2
5.1
-
0.2
-
-
0.3
0.4
0.4
0.1
0.1
-
0.6
-
0.1
0.1
0.6
0.4
0.2
-
0.1
-
-
-
3.8
689.9
2,227.3
42.7
150.0
10.6
32.5
1,017.3
49.0
Credit risk – continued
(DKK billions)
31 December 2024
Public institutions
Financials
Agriculture
Automotive
Capital goods
Commercial property
Construction and building materials
Consumer goods
Hotels, restaurants and leisure
Metals and mining
Other commercials
Pharma and medical devices
Private housing co-ops and non-profit associations
Pulp, paper and chemicals
Retailing
Services
Shipping, oil and gas
Social services
Telecom and media
Transportation
Utilities and infrastructure
Personal customers
Total
52
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
Collateral
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is
obtaining collateral. In Annual Report 2024, a table showing collateral by type (after haircut) is included. The mitigating effect from
collateral at the end of June 2025 can be found as the difference between the columns ‘Net exposure’ and ‘Net exposure, ex collateral’
and amounted to DKK 1,329.6 billion at 30 June 2025 (31 December 2024: DKK 1,319.9 billion).
The following tables break down credit exposure by business unit and underlying segment.
Credit exposure by business unit
(DKK billions)
30 June 2025
Personal Customers
Personal Customers Denmark
Personal Customers Sweden
Personal Customers Finland
Global Private Banking
Personal Customers Other
Total Personal Customers
Business Customers
Asset Finance
Business Customers
Commercial Real Estate
Business Customers Other
Total Business Customers
Large Corporates & Institutions
Northern Ireland
Group Functions
Total
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
433.3
100.0
75.5
73.6
-
682.5
50.5
270.9
391.5
0.4
713.3
646.9
106.8
156.6
22.1
2.9
5.9
4.1
-
35.0
10.8
34.4
25.9
-
71.1
35.4
3.4
0.1
2,306.0
145.0
7.0
0.5
2.0
0.8
-
10.3
2.8
9.3
1.9
-
13.9
7.0
1.3
-
32.5
0.8
0.1
0.1
0.1
-
1.0
0.1
0.9
0.5
-
1.5
0.4
0.3
-
3.1
0.8
0.1
0.2
0.3
-
1.4
0.3
3.3
0.8
-
4.3
1.6
0.1
-
7.4
1.4
0.1
0.5
0.1
-
2.2
0.6
3.7
0.3
-
4.6
2.4
0.4
-
9.7
432.6
99.9
75.4
73.6
-
681.5
50.4
270.1
391.0
0.4
711.8
646.5
106.5
156.6
21.4
2.8
5.7
3.8
-
33.6
10.5
31.1
25.1
-
66.8
33.8
3.4
0.1
5.6
0.4
1.4
0.6
-
8.0
2.2
5.6
1.5
-
9.3
4.5
0.9
-
60.7
30.7
4.7
12.7
-
108.7
18.7
102.0
63.9
0.4
185.0
576.2
54.2
153.7
2,302.9
137.6
22.8
1,077.9
3.1
0.4
0.3
0.7
-
4.5
2.4
13.6
3.0
-
19.1
27.6
0.5
0.1
51.7
0.4
-
-
0.1
-
0.4
0.4
0.8
-0.1
-
1.1
2.5
-
-
4.1
53
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
(DKK billions)
31 December 2024
Personal Customers
Personal Customers Denmark
Personal Customers Sweden
Personal Customers Finland
Global Private Banking
Personal Customers Other*
Total Personal Customers
Business Customers
Asset Finance
Business Customers
Commercial Real Estate
Business Customers Other
Total Business Customers
Large Corporates & Institutions
Northern Ireland
Group Functions
Total
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
431.1
95.2
72.5
71.8
0.7
671.2
49.1
318.0
326.1
0.4
693.6
649.9
100.9
111.7
23.2
4.0
8.8
3.5
0.2
39.6
10.4
38.5
22.2
-
71.1
35.7
3.4
0.1
2,227.3
150.0
7.1
0.5
1.9
0.9
0.3
10.7
2.7
10.8
0.7
-
14.2
6.1
1.5
-
32.5
0.7
0.1
0.1
-
-
1.0
0.1
1.1
0.4
-
1.6
0.4
0.3
-
3.2
0.9
0.2
0.2
0.1
-
1.3
0.4
3.4
0.7
-
4.5
1.7
0.1
-
7.6
1.4
0.1
0.6
0.2
0.1
2.4
0.7
3.8
0.1
-
4.7
1.5
0.5
-
9.1
430.3
95.2
72.4
71.7
0.7
670.3
49.0
316.9
325.7
0.4
692.0
649.5
100.7
111.7
22.3
3.8
8.6
3.3
0.2
38.3
10.0
35.1
21.6
-
66.7
34.0
3.3
0.1
5.7
0.4
1.3
0.7
0.2
8.3
2.0
7.0
0.6
-
9.5
4.5
1.0
-
57.5
27.9
4.2
12.3
0.3
102.2
17.8
105.7
60.8
0.4
184.7
572.0
49.2
109.2
2,224.1
142.4
23.5
1,017.3
2.1
0.9
0.6
0.5
-
4.1
2.1
13.7
2.5
-
18.4
26.1
0.4
0.1
49.0
0.4
-
-
0.1
-
0.4
0.2
1.0
-
-
1.2
2.1
-
-
3.8
* Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. There is no change to total credit exposure as at 31 December 2024.
54
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
Exposures subject to forbearance measures
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest-
reduction schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver
of covenant enforcement and debt forgiveness. Forbearance plans must comply with the Group’s Credit Policy. They are used as an
instrument to retain long-term business relationships during economic downturns if there is a realistic possibility that the customer
will be able to meet its obligations again or are used for minimising losses in the event of default.
If it proves impossible to improve the customer’s financial situation by forbearance measures, the Group will consider whether to
subject the customer’s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of the
first half of 2025, the Group had recognised properties taken over in Denmark at a carrying amount of DKK 8 million (2024: DKK 13
million), and there were no properties taken over in other countries (2024: DKK 0 million). The properties are held for sale and included
under Assets held for sale in the balance sheet.
The Group applies the European Banking Authority’s (the EBA’s) definition of loans subject to forbearance measures. The EBA
definition states that a probation period of a minimum of two years must pass from the date when forborne exposures are considered
to be performing again. Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to
forborne exposures are handled according to the principles described in note G15 in Annual Report 2024.
Exposures subject to forbearance measures
(DKK millions)
Stage 1
Stage 2
Stage 3
Total
30 June 2025 31 December 2024
128
6,441
6,612
13,181
256
7,629
6,966
14,851
55
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk - continued
Allowance account broken down by stage
(DKK millions)
ECL allowance account as at 1 January 2024
Transferred to stage 1
Transferred to stage 2
Transferred to stage 3
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl. changes in models)
Write-offs debited to the allowance account
Foreign exchange adjustments
Other changes
ECL allowance account as at 30 June 2024
ECL allowance account as at 1 January 2025
Transferred to stage 1
Transferred to stage 2
Transferred to stage 3
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl. changes in models)
Write-offs debited to the allowance account
Foreign exchange adjustments
Other changes
Stage 1
3,592
782
-204
-16
-192
-301
-140
-9
-12
1
3,501
3,226
712
-172
-54
369
-287
-679
-
9
14
Stage 2
7,486
-728
435
-263
1,366
-1,005
281
-
-55
-1
7,516
7,617
-667
369
-622
804
-638
505
-
40
-16
Allowance account broken down by segment
Stage 3
9,062
Total
20,140
Personal
Customers
Business
Customers
Large
Corporates &
Institutions
Northern
Ireland
Group
Functions
(DKK millions)
ECL allowance account as at 1 January 2024
ECL on new assets
ECL on assets derecognised
Impact on remeasurement of ECL (incl.
change in models)
Write-offs debited to allowance account
Foreign currency translation
Other changes
ECL allowance account as at 30 June 2024
ECL allowance account as at 1 January 2025
ECL on new assets
ECL on assets derecognised
Impact on remeasurement of ECL (incl.
change in models)
1,552
Write-offs debited to allowance account
-1,498
Foreign currency translation
Other changes
-55
-231
279
1,411
-509
-240
-192
-1
-2
9,521
9,058
-45
-197
676
379
-572
584
-200
-3
-28
-
-
-
2,584
-1,815
-98
-201
-69
-2
20,539
19,901
-
-
-
410
-200
45
-30
5,306
284
-446
12
-67
-17
1
5,074
4,674
274
-389
209
-50
12
-86
10,705
1,777
-1,280
236
-100
-72
-2
11,264
10,752
885
-1,062
-244
-108
83
81
3,308
454
-59
-350
-28
-2
-
3,324
3,666
362
-28
456
-28
-27
-14
794
64
-28
9
-6
22
-
854
785
27
-19
4
-15
-22
-12
749
27
5
-2
-5
-
-
-1
23
22
4
-1
-14
-
-
-
Total
20,140
2,584
-1,815
-98
-201
-69
-2
20,539
19,901
1,552
-1,498
410
-200
45
-30
ECL allowance account as at 30 June 2025
4,644
10,387
4,388
11
20,179
ECL allowance account as at 30 June 2025
3,137
7,390
9,652
20,179
The method used for calculating expected credit losses is described in detail in note G15 of the Annual Report 2024.
56
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk - continued
Forward-looking information
The incorporation of forward-looking information reflects the expectations of the Group’s senior management and involves both
macroeconomic scenarios (base case, upside and two downside scenarios), including an assessment of the probability for each
scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions
about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not
fully covered by the macroeconomic scenarios, as well as the process-related risk, which could lead to an underestimation of the
expected credit losses.
Macroeconomic scenarios
The forward-looking information is based on a three-year forecast period, converging to steady state in year seven. That is, after the
forecast period, the macroeconomic scenarios revert slowly towards a steady state.
The scenarios applied in the expected credit loss calculation in the first half of 2025 have been updated with the latest
macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been
revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued
outlook for some of the Nordic countries.
The upside scenario represents a slightly improved outlook compared to the base case scenario. In this scenario, the global economy
strengthens with increased demand leading to marginally higher GDP growth and more support for the housing markets. Slightly
fewer rate cuts are expected.
A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. With two downside
scenarios, the original downside scenario has been renamed the severe downside scenario, whilst the new one is called the downside
scenario. The new downside scenario envisions escalating trade tensions leading to a standstill in 2026 with a weaker foreign demand
and a more cautious consumer sentiment.
The severe downside scenario underwent a regular update in the second quarter of 2025 and continues to reflect a severe global
recession. A global trade war and supply chain issues trigger a deep economic downturn similar to the financial crisis, characterised
by declining demand, negative growth rates and higher, more persistent unemployment in the economies where the Group is
represented. Rising import costs lead to prices increases and inflation, prompting interest rates to be hiked in response, although
marginally less than previously anticipated, as current interest levels have decreased. Property prices decline for an extended period
due to increased interests and market uncertainty. The scenario is applied in the Group’s ICAAP processes, which is similar in nature
to regulatory stress tests, capturing the risk of a recession.
The base case is an extension of the Group’s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 30 June
2025, the base case scenario anticipates economic growth moving toward normalised levels, even though short-term growth
forecasts have been revised slightly lower. Inflation and interest rates are also expected to normalise, despite a complex risk picture.
The Nordic property markets have generally recovered, with anticipated price increases.
The scenario weightings have been updated to incorporate the new downside scenario. The weight on the base case scenario is 55%
(31 December 2024: 60%), the upside scenario is weighted 20% (31 December 2024: 20%), the new downside scenario is weighted 5%
(31 December 2024: 0%) and the severe downside scenario is weighted 20% (31 December 2024: 20%).
The main macroeconomic parameters for the base case, upside, downside and severe downside scenarios that are used in the ECL
calculation for the forecast horizon across the Group’s Nordic markets are included in the following tables.
57
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
Macroeconomic scenarios
30 June 2025
Denmark
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Sweden
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Norway
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Finland
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
58
Danske Bank / Interim report – first half 2025
2025
Base case
2026
2027
2025
Upside
2026
2027
2025
Downside
2026
2027
2025
2026
2027
Severe downside
3.2
2.9
1.5
5.1
1.8
1.6
8.7
2.4
0.8
2.1
1.7
2.2
2.7
8.0
4.1
0.9
8.8
0.7
1.0
1.9
2.5
3.0
1.6
3.6
1.8
2.5
8.2
2.0
5.0
2.1
1.6
2.3
2.3
5.0
3.3
1.7
8.0
1.5
3.0
1.9
2.3
3.1
1.7
3.5
2.0
1.9
7.8
2.0
5.0
2.1
1.7
2.3
2.1
5.0
3.2
1.5
7.2
2.0
3.0
2.2
3.3
2.9
1.6
5.1
2.0
1.7
8.7
2.5
0.8
2.6
1.7
2.2
2.7
8.0
4.6
1.0
8.8
0.8
1.0
2.2
2.8
2.9
1.9
4.6
2.0
2.9
8.1
2.2
6.0
2.6
1.8
2.3
2.4
6.0
3.8
1.9
7.9
1.8
4.0
2.2
2.6
2.9
2.0
4.5
2.0
2.3
7.6
2.2
6.0
2.1
1.9
2.2
2.1
6.0
3.2
1.7
7.1
2.2
4.0
2.2
3.0
2.9
1.5
3.1
1.0
1.4
8.7
2.4
-1.2
1.6
1.7
2.2
2.7
6.0
3.3
0.7
8.8
0.7
-1.0
1.2
1.1
3.4
1.4
-1.4
0.5
1.1
8.5
2.1
-
1.1
1.0
2.4
2.3
2.0
2.2
0.1
8.3
1.5
-
0.7
1.5
3.7
2.0
4.5
1.3
1.2
8.2
2.5
6.0
1.6
1.3
2.5
2.6
6.0
2.7
0.9
7.6
2.5
4.0
1.4
-3.4
6.4
4.0
-19.7
3.9
-3.5
10.2
4.9
-22.0
4.8
-2.7
5.5
4.5
-19.0
4.7
-2.4
10.9
4.0
-14.2
4.0
-2.0
7.4
3.0
-11.0
4.7
-3.4
11.1
3.9
-13.0
5.6
-1.1
6.4
3.0
-13.0
5.2
-2.0
11.9
3.0
-7.0
4.8
-
7.8
2.0
-6.0
3.4
-1.0
11.5
2.9
-7.0
4.3
0.6
6.5
2.0
-7.0
4.3
-0.3
11.9
2.0
-5.0
3.5
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
31 December 2024*
Denmark
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Sweden
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Norway
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
Finland
GDP
Unemployment
Inflation
Property prices - Residential
Interest rate - 3 month
2025
Base case
2026
2027
2025
Upside
2026
2027
2025
Downside
2026
2027
2025
2026
2027
Severe downside
2.5
3.1
1.8
5.0
1.5
2.5
8.2
1.7
5.0
1.9
1.9
2.4
2.2
6.0
3.7
1.8
8.1
1.2
4.0
1.6
2.3
3.1
1.7
4.0
1.5
2.2
7.7
1.2
5.0
1.9
1.7
2.4
2.0
5.0
2.8
1.6
7.3
1.8
3.0
1.6
1.9
3.2
1.8
2.5
1.5
1.8
7.4
1.5
3.0
1.9
1.8
2.4
2.0
4.0
2.8
1.5
6.5
2.0
2.5
1.6
2.7
3.1
1.3
7.0
1.2
2.7
8.2
1.2
7.0
1.6
2.1
2.4
1.9
7.0
3.5
2.0
8.1
0.8
6.0
1.3
2.6
3.0
1.6
6.0
1.2
2.6
7.6
1.0
7.0
1.6
1.9
2.3
1.9
7.0
2.6
2.0
7.2
1.6
5.0
1.3
1.9
3.1
1.7
2.5
1.2
1.9
7.3
1.4
3.0
1.6
1.8
2.3
1.9
4.0
2.6
1.5
6.4
1.9
2.5
1.3
2.7
3.1
2.0
6.0
1.7
2.7
8.2
1.9
6.0
2.1
2.0
2.4
2.3
7.0
4.0
2.0
8.1
1.3
5.0
1.8
2.2
3.1
2.0
4.0
1.5
2.1
7.7
1.5
5.0
1.9
1.6
2.4
2.2
5.0
2.8
1.4
7.3
1.9
3.0
1.6
1.2
3.3
1.7
-1.5
1.2
0.8
7.6
1.5
-1.0
1.6
1.2
2.5
1.9
-
2.6
0.6
6.7
1.9
-1.5
1.3
-2.0
7.4
3.0
-11.0
5.0
-3.4
10.7
3.9
-13.0
5.7
-1.1
6.4
3.0
-13.0
6.3
-2.0
11.9
3.0
-7.0
5.1
-
7.8
2.0
-6.0
3.0
-1.0
11.1
2.9
-7.0
3.7
0.6
6.5
2.0
-7.0
4.3
-0.3
11.9
2.0
-5.0
3.1
-
7.8
2.0
-6.0
3.0
-1.0
11.1
2.9
-7.0
3.7
0.6
6.5
2.0
-7.0
4.3
-0.3
11.9
2.0
-5.0
3.1
* The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. However its weighting was 0% as at 31 December 2024.
59
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Credit risk – continued
With the applied macroeconomic scenarios, the allowance account as at 30 June 2025 amounted to DKK 20.2 billion (31 December
2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would decrease by DKK
2.3 billion (31 December 2024: DKK 2.5 billion). Compared to the base case scenario, the allowance account would increase by DKK 0.3
billion, if the downside scenario was assigned a probability of 100%. If the severe downside scenario was assigned a probability of
100%, the allowance account would increase by DKK 11.7 billion (31 December 2024: DKK 12.9 billion) compared to the base case
scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within
stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.0 billion
(31 December 2024: decrease of DKK 0.2 billion) compared to the base case scenario. It should be noted that the expected credit
losses in the individual scenarios (i.e. without the weighting) do not represent forecasts of expected credit losses (ECL).
Post-model adjustments
Management applies judgement when determining the need for post-model adjustments. At 30 June 2025, the post-model
adjustments amounted to DKK 5.7 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the
following types of risks:
• specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture
industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes
post-model adjustments relating to effects from climate risk or the macroeconomic uncertainty.
• non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the
macroeconomic forecasts used in the models are based on the property market as a whole.
• portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses.
Post-model adjustments by industries
(DKK billions)
Agriculture
Commercial Property
Construction and building materials
Personal customers (including other retail exposures)
Others*
Total
30 June 2025 31 December 2024
0.9
1.3
0.6
1.0
1.9
5.7
0.9
1.6
1.0
1.0
1.4
5.9
* No individual industry included in Others exceeds DKK 0.4 billion at 30 June 2025 (31 December 2024: DKK 0.3 billion).
The total balance of post-model adjustments has been slightly reduced compared to the end of 2024. The post-model adjustment
related to commercial property customers has decreased due to the improved market conditions with lower interest rates and more
normalised inflation levels. Similarly, the post-model adjustment related to construction is decreased following some individialisation
of risks. Conversely, the post-model adjustments related to geopolitical tensions have been increased to reflect the heightened
geopolitical and tariff risks.
The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised
by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set
of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to
tariffs, price rises on energy, and industries vulnerable to business cycles, higher interest rates and refinancing risks, which have been
assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group’s portfolios.
60
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Counterparty credit risk and credit exposure from trading
and investment securities
Exposure to counterparty credit risk and credit exposure from trading and investment securities
Bond portfolio
(DKK billions)
Counterparty credit risk
Derivatives with positive fair value
Reverse transactions and other loans at fair value
Credit exposure from other trading and investment securities
Bonds
Shares
Total
30 June 2025 31 December 2024
261.0
382.6
(DKK millions)
30 June 2025
Central and
Quasi-
Danish
local govern-
government
mortgage
ment bonds
bonds
bonds
446.6
93.3
1,183.6
Held-for-trading (FVPL)
Managed at fair value (FVPL)
Held to collect and sell
(FVOCI)
Held to collect (AMC)
153,801
10,960
22,498
42,474
4,311
328
6,443
5,185
31,452
18,155
54,469
84,811
Total
229,733
16,268
188,888
229.1
339.2
523.8
51.7
1,143.9
Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large
Corporates & Institutions. These loans consist of reverse transactions of DKK 338.4 billion (31 December 2024: DKK 381.6 billion), of
which DKK 15.4 billion relates to credit institutions and central banks (31 December 2024: DKK 62.0 billion), and other primarily short-
term loans of DKK 0.9 billion (31 December 2024: DKK 1.0 billion), of which DKK 0.9 billion (31 December 2024: DKK 1.0 billion) relates
to credit institutions and central banks.
31 December 2024
Held-for-trading (FVPL)
Managed at fair value (FVPL)
Held to collect and sell
(FVOCI)
Held to collect (AMC)
110,999
5,728
20,364
38,034
2,781
161
3,371
6,946
40,106
20,527
53,504
86,736
Swedish
covered
bonds
39,307
1,639
2,296
3,580
46,822
12,283
1,500
2,270
3,036
19,089
Other
covered
Corporate
bonds
bonds
Total
4,621
229
21,600
897
27,347
5,347
195
23,316
813
29,672
8,692
2,073
3,834
149
14,749
6,500
-
1,948
150
8,597
242,184
33,385
111,141
137,097
523,806
178,017
28,112
104,773
135,714
446,616
30 June 2025 31 December 2024
Total
175,125
13,259
200,873
At 30 June 2025, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 204,037 million
(31 December 2024: DKK 211,477 million) recognised as insurance assets and thus is not included in the table above. The section on
insurance risk in Annual Report 2024 provides more information.
For bonds classified as hold-to-collect, amortised cost exceeded fair value as at 30 June 2025 and 31 December 2024. See note G12
of this report for more information.
231,803
2,749
229,054
137,637
91,417
81,085
10,332
152,576
75,036
1,442
229,054
264,550
3,503
261,046
158,285
102,761
92,045
10,716
148,125
109,441
3,480
261,046
Derivatives with positive fair value
(DKK millions)
Derivatives with positive fair value before netting
Netting (under accounting rules)
Carrying amount
Netting (under capital adequacy rules)
Net current exposure
Collateral
Net amount
Derivatives with positive fair value after netting for accounting purposes:
Interest rate contracts
Currency contracts
Other contracts
Total
61
Danske Bank / Interim report – first half 2025
Central and
Quasi-
Danish
local govern-
government
mortgage
ment bonds
bonds
bonds
Swedish
covered
bonds
Other
covered
Corporate
Central and
Quasi-
Danish
local govern-
government
mortgage
bonds
bonds
Total
(DKK millions)
ment bonds
bonds
bonds
Other
covered
Corporate
bonds
bonds
Total
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Counterparty credit risk and credit exposure from trading and investment
securities - continued
Bond portfolio broken down by geographical area
(DKK millions)
30 June 2025
Denmark
Sweden
UK
Norway
USA
Spain
France
Luxembourg
Finland
Ireland
Italy
Portugal
Austria
Netherlands
Germany
Belgium
Other
Total
43,852
47,839
24,374
10,654
19,915
414
10,308
-
12,154
337
2,543
1
2,568
2,389
52,155
230
-
-
-
296
-
3,486
-
25
5,875
2,330
-
-
-
-
-
149
3,274
833
188,888
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,822
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,567
20,661
-
1
416
-
1,075
-
-
-
-
2
426
-
198
3,271
2,349
1,864
4,761
35
-
205
111
1,183
78
4
-
285
357
101
-
145
31 December 2024
236,011
Denmark
97,010
31,102
36,077
23,435
415
10,955
5,986
16,741
415
2,546
Sweden
UK
Norway
USA
Spain
France
Luxembourg
Finland
Ireland
Italy
1
Portugal
2,853
2,748
52,831
3,503
1,176
Austria
Netherlands
Germany
Belgium
Other
Total
33,976
22,376
18,286
4,945
16,642
1,114
11,794
-
8,222
827
5,013
1
3,052
2,310
46,066
503
-
-
-
306
-
1,856
-
178
4,957
2,980
-
-
-
-
-
149
2,141
693
200,873
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Swedish
covered
bonds
-
19,089
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,966
23,896
-
1
264
-
1,128
-
-
-
-
4
208
-
204
980
1,706
1,155
2,675
41
-
270
100
725
85
3
-
115
458
92
-
191
8,597
235,829
43,172
23,712
31,517
18,539
1,114
12,506
5,057
13,055
912
5,016
1
3,167
2,772
46,515
2,643
1,088
446,616
229,733
16,268
188,888
46,822
27,347
14,749
523,806
175,125
13,259
200,873
19,089
29,672
62
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Counterparty credit risk and credit exposure from trading and investment
securities - continued
Bond portfolio broken down by external ratings
(DKK millions)
30 June 2025
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
Central and
Quasi-
Danish
local govern-
government
mortgage
ment bonds
bonds
bonds
Swedish
covered
bonds
Other
covered
Corporate
Central and
Quasi-
Danish
local govern-
government
mortgage
bonds
bonds
Total
(DKK millions)
ment bonds
bonds
bonds
Swedish
covered
bonds
Other
covered
Corporate
bonds
bonds
Total
188,850
46,821
26,542
4,744
430,093
150,120
27,379
27,159
20,686
8
269
1
145
1,398
2,566
-
-
-
13,016
3,244
-
8
-
-
-
-
-
-
-
-
-
-
-
-
38
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
2
803
-
-
-
-
-
-
-
-
-
-
-
62
1,777
208
482
1,242
474
1,094
1,491
598
180
201
21
2,175
14,749
31 December 2024
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
30,686
29,740
20,940
490
1,511
475
1,239
2,890
3,164
180
201
21
104,688
26,449
16,117
21,265
-
941
1
173
3,612
1,879
-
-
-
-
10,949
2,289
-
20
-
-
-
-
-
-
-
-
-
-
200,792
19,070
28,964
2,405
366,868
-
-
-
-
81
-
-
-
-
-
-
-
-
-
19
7
701
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23
1,146
74
423
785
317
1,027
1,169
644
164
234
70
118
28,768
17,983
21,359
423
1,807
318
1,199
4,781
2,523
164
234
70
118
Sub. "investment-grade" or unrated
-
2,175
Sub. "investment-grade" or unrated
523,806
Total
175,125
13,259
200,873
19,089
29,672
8,597
446,616
Total
229,733
16,268
188,888
46,822
27,347
63
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Financial statements – Danske Bank A/S
The financial statements of the Parent Company, Danske Bank A/S, are prepared in accordance with the Danish Financial Business Act
and the Danish FSA’s Executive Order No.658 of 23 May 2025.
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements of Danske Bank A/S.
Further information can be found in note G2(a). In addition, balances as at 30 June 2024 have been restated to reflect a change in
accounting treatment during the fourth quarter of 2024 for variation margin for derivative transactions. Further information can be
found in note G2(b). Danske Bank A/S has not changed its material accounting policies from those applied in the Annual Report 2024.
The accounting policies applied are identical to the Group’s IFRS accounting principles, see note G1, with the following exception:
• Domicile property (except right-of-use assets) is measured (revalued) at its estimated fair value through Other comprehensive
income.
The estimated fair value of domicile property is determined in accordance with the Danish FSA’s Executive Order on Financial Reports
for Credit Institutions and Investment Companies, etc.
Holdings in subsidiaries are measured on the basis of the equity method. Net profit from these undertakings is recognised under
Income from associates and group undertakings.
The format of the Parent Company’s financial statements is not identical to the format of the consolidated financial statements in
accordance with IFRS Accounting Standards.
The following table shows the differences in net profit and shareholders’ equity between the IFRS consolidated financial statements
and the Parent Company’s financial statements presented in accordance with Danish FSA rules.
Reconciliation between Group (IFRS) and Parent (Danish FSA rules)
(DKK millions)
Danske Bank Group based on IFRS
Domicile properties
Tax effect
Net profit
2025
11,211
2
-10
Net profit
2024
11,468
-1
-
Equity
Equity
30 June 2025 31 December 2024
172,771
175,687
221
-34
219
-24
Parent company statement based on Danish FSA rules
11,202
11,467
172,957
175,882
64
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Income statement – Danske Bank A/S
Statement of comprehensive income– Danske Bank A/S
Note
(DKK millions)
Interest income*
Interest expense*
Net interest income
Dividends from shares etc.
Fee and commission income
Fees and commissions paid
Net interest and fee income
P1
Value adjustments
Other operating income
Staff costs and administrative expenses
Amortisation, depreciation and impairment charges
Other operating expenses
P2
Loan impairment charges etc.
Income from associates and group undertakings
Profit before tax
Tax
Net profit
First half
First half
2025
26,424
14,020
12,404
330
7,762
1,133
2024
34,403
21,593
12,810
(DKK millions)
Net profit
Other comprehensive income
Items that will not be reclassified to profit or loss
323
Remeasurement of defined benefit pension plans
7,435
Tax*
885
Items that will not be reclassified to profit or loss
19,363
19,683
Items that are or may be reclassified subsequently to profit or loss
1,211
288
902
324
Translation of units outside Denmark
Hedging of units outside Denmark
10,399
10,428
Unrealised value adjustments of bonds at fair value (OCI)
716
1
494
4,294
13,546
2,344
11,202
817
Realised value adjustments of bonds at fair value (OCI)
-
Tax*
-284
4,249
14,197
2,730
11,467
Items that are or may be reclassified subsequently to profit or loss
Total other comprehensive income
Total comprehensive income
* A positive amount is a tax expense, and a negative amount is a tax income.
First half
First half
2025
11,202
2024
11,467
-48
1
-49
976
-429
86
-1
171
461
412
42
3
39
-813
315
-227
40
-186
-499
-460
11,614
11,007
* First half 2024 is affected by adjustments between Interest income and Interest expense. There is no change to Net interest income.
65
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Balance sheet – Danske Bank A/S
Note
(DKK millions)
Assets
Cash in hand and demand deposits with central banks
P2
Due from credit institutions and central banks
Loans and other amounts due at fair value
P2
Loans and other amounts due at amortised costs
Bonds at fair value
Bonds at amortised cost
Shares etc.
Holdings in associates
Holdings in group undertakings
Assets under pooled schemes
Intangible assets
Land and buildings, total
Investment property
Domicile property
Other tangible assets
Current tax assets
Deferred tax assets
Assets held for sale
Other assets
Prepayments
Total assets
66
Danske Bank / Interim report – first half 2025
30 June 31 December
30 June
2025
2024
2024*
Note
(DKK millions)
130,041
83,655
322,917
776,040
367,433
77,703
51,738
382
90,811
46,047
7,215
3,621
-
3,621
5,907
7,196
686
82
65,084
185,755
319,596
726,785
289,299
81,249
93,283
396
93,079
49,373
6,720
3,790
-
3,790
6,076
3,075
682
95
164,092
180,161
236,337
720,922
279,841
92,226
51,619
581
89,737
48,938
6,063
3,954
-
3,954
6,242
7,118
1,507
91,088
251,666
283,205
260,609
2,806
2,312
3,240
Liabilities and equity
Amounts due
Due to credit institutions and central banks
Deposits and other amounts due
Deposits under pooled schemes
Issued bonds at fair value
P3
Issued bonds at amortised cost
Current tax liabilities
Liabilities in disposal groups held for sale
Other liabilities
Deferred income
Total amounts due
Provisions for liabilities
Provisions and pensions and similar obligations
Provisions for deferred tax
Provisions for losses on guarantees
Other provisions for liabilities
Total provisions for liabilities
Subordinated debt
Equity
Share capital
2,225,948
2,209,855
2,244,274
Accumulated value adjustments
Equity method reserve
Retained earnings
Proposed dividends
Total equity
Total liabilities and equity
* Comparative information has been restated, as described in note G2(b).
30 June 31 December
30 June
2025
2024
2024*
236,711
218,293
200,723
1,111,242
1,074,946
1,056,439
47,169
1,463
49,808
2,061
49,831
2,523
229,867
233,072
245,352
454
-
965
-
663
55,383
388,279
410,571
412,948
1,810
1,528
1,989
2,016,995
1,991,244
2,025,851
143
819
3,317
1,475
5,753
143
718
3,199
1,559
5,620
146
1,102
3,736
1,763
6,748
30,243
37,109
33,438
8,350
-2,739
32,273
8,622
-3,371
34,512
8,622
-3,621
31,300
135,073
123,840
141,936
-
12,279
-
172,957
175,882
178,238
2,225,948
2,209,855
2,244,274
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Statement of capital – Danske Bank A/S
Changes in equity
(DKK millions)
Accumulated
value
adjustments*
Share capital
Total equity as at 1 January 2025
8,622
-3,371
Net profit
Other comprehensive income
Remeasurement of defined benefit pension plans
Translation of units outside Denmark
Hedging of units outside Denmark
Unrealised value adjustments
Realised value adjustments
Tax
Total other comprehensive income
Total comprehensive income
Transactions with owners
Dividends paid
Share capital reduction
Acquisition of own shares - share buy-back
programme
Acquisition of own shares - other
Sale of own shares
-
-
-
-
-
-
-
-
-
-
-272
-
-
-
-
-
976
-429
86
-1
-
632
632
-
-
-
-
-
Equity
method
reserve
34,512
-2,239
Retained
earnings
123,840
13,441
-
-
-
-
-
-
-
-48
-
-
-
-
-172
-220
-2,239
13,221
-
-
-
-
-
43
272
-2,072
-15,070
14,839
Total equity as at 30 June 2025
8,350
-2,739
32,273
135,073
Proposed
dividends
Total
(DKK millions)
Accumulated
value
adjustments*
Share capital
12,279
175,882
Total equity as at 1 January 2024
8,622
-2,935
-
-
-
-
-
-
-
-
-
11,202
Net profit
Other comprehensive income
-48
976
Remeasurement of defined benefit pension plans
Translation of units outside Denmark
-429
Hedging of units outside Denmark
86
-1
-172
412
Unrealised value adjustments
Realised value adjustments
Tax
Total other comprehensive income
11,614
Total comprehensive income
Transactions with owners
-12,279
-12,236
Dividends paid
-
Share capital reduction
-2,072
Acquisition of own shares - share buy-back
programme**
-15,070
Acquisition of own shares - other**
14,839
Sale of own shares
-
-
-
-
-
Equity
method
reserve
29,333
1,967
Retained
earnings
134,436
9,500
-
-
-
-
-
-
-
42
-
-
-
-
183
225
1,967
9,725
-
-
-
-
-
39
-
-2,164
-14,638
14,537
Proposed
dividends
Total
6,466
175,923
-
-
-
-
-
-
-
-
-
11,467
42
-813
315
-227
40
183
-460
11,007
-6,466
-6,427
-
-
-
-
-
-
-2,164
-14,638
14,537
178,238
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-813
315
-227
40
-
-685
-685
-
-
-
-
-
172,957
Total equity as at 30 June 2024
8,622
-3,621
31,300
141,936
*Accumulated value adjustments includes foreign currency translation reserve, reserve for bonds at fair value through other comprehensive
income (FVOCI) and valuation reserve.
*Accumulated value adjustments includes foreign currency translation reserve, reserve for bonds at fair value through other comprehensive
income (FVOCI) and valuation reserve.
** Acquisition of own shares – share buy-back programme and Acquisition of own shares – other were previously presented together in one
line. There is no change to total acquisition of own shares in 2024.
67
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Notes – Danske Bank A/S
P1. Value adjustments
(DKK millions)
Loans at fair value
Bonds
Shares etc.
Currency
Derivatives
Other liabilities
Total
30 June
30 June
2025
-98
1,416
278
-216
1,742
-1,910
1,211
2024
721
618
233
549
-833
-384
902
68
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
P2. Impairment charges for loans and guarantees
(DKK millions)
ECL allowance account as at 1 January 2024
Transferred to stage 1
Transferred to stage 2
Transferred to stage 3
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl.
changes in models)
Write offs debited to the allowance account
Foreign exchange adjustments
Other changes
ECL allowance account as at 30 June 2024
ECL allowance account as at 1 January 2025*
Transferred to stage 1
Transferred to stage 2
Transferred to stage 3
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl.
changes in models)
Write offs debited to the allowance account
Foreign exchange adjustments
Other changes
ECL allowance account as at 30 June 2025
*ECL allowance account as at 1 January 2025 has been corrected.
Due to credit institutions and central banks
Loans and other amounts due at AMC
Loan commitments and guarantees
Stage 1
Stage 2
Stage 3
6
-2
-
-
1
-
-2
-
-
3
7
7
-
-
-
-
-
1
-
-
-
8
5
2
-
-
-
-
-3
-
-
-3
-
4
-
-
-
-
-
-3
-
-
-
2
4
-
-
-
-
-
-2
-2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Stage 1
1,499
Stage 2
5,230
Stage 3
5,780
483
-115
-11
-188
-158
-60
-
-15
1
1,436
1,321
451
-108
-45
237
-102
-479
-
14
-54
1,235
-457
250
-214
980
-798
-38
-
-43
35
4,944
5,118
-424
226
-511
634
-454
591
-
30
-7
5,203
-26
-134
225
871
-345
-54
-152
-41
245
6,368
6,155
-28
-118
557
308
-410
102
-26
37
-18
6,560
Stage 1
646
114
-44
-1
4
-53
-94
-
-3
3
572
565
80
-15
-2
94
-33
-69
-
1
13
636
Stage 2
1,267
-108
101
-11
196
-99
331
-
-13
2
1,666
1,457
-76
51
-81
127
-75
-219
-
10
1
1,197
Stage 3
1,553
-6
-57
13
299
-79
-253
-
28
-
1,498
1,176
-4
-37
83
42
-35
288
-
-31
4
Total
15,991
-
-
-
2,165
-1,533
-174
-154
-86
285
16,492
15,804
-
-
-
1,443
-1,109
211
-26
61
-60
1,485
16,325
69
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
P3. Issued bonds at amortised cost
Issued bonds at amortised cost includes non-preferred senior bonds of DKK 88,437 million (31 December 2024: DKK 89,492 million) of
a total of DKK 229,867 million (31 December 2024: DKK 233,072 million).
Ratios
Total capital ratio (%)
Tier 1 capital ratio (%)
Return on equity before tax (%)
Return on equity after tax (%)
Income/cost ratio (%)
Interest rate risk (%)
Foreign exchange position (%)
Foreign exchange risk (%)
Loans plus impairment charges as % of deposits
Liquidity coverage ratio (90 days) (%)
Sum of large exposures as % of CET1 capital
Impairment ratio (%)
Growth in loans (%)
Loans as % of equity
Return on assets (%)
Earnings per share
Book value per share (DKK)
Dividend per share (DKK)
Share price end of period/earnings per share (DKK)
Share price end of period/book value per share (DKK)
* Comparative information has been restated, as described in note G2(b).
First half
Full year
First half
2025
26.3
23.1
7.8
6.4
216.7
0.3
3.2
-
96.0
132.1
93.5
-
6.7
6.4
0.5
13.5
208.1
-
19.2
1.24
2024
25.7
22.0
16.4
13.4
233.0
0.2
1.1
-
94.2
138.1
115.9
-0.1
-0.7
5.9
1.1
27.9
210.9
28.7
7.3
0.97
2024*
26.0
22.8
8.0
6.5
229.5
0.5
2.2
-
87.7
149.8
102.0
-0.1
-1.4
5.4
0.5
13.4
208.4
-
15.5
1.00
70
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Statement by the
management
The Board of Directors and the Executive Leadership Team (the
management) have today reviewed and adopted the Interim report –
first half 2025 of the Danske Bank Group.
The consolidated interim financial statements are prepared in
accordance with IAS 34, Interim Financial Reporting, as adopted by
the EU. The Parent Company’s interim financial statements are
prepared in accordance with the Danish Financial Business Act and
the Executive Order on Financial Reports for Credit Institutions and
Investment Companies, etc. Furthermore, the interim report has
been prepared in accordance with legal requirements, including the
disclosure requirements for interim reports of listed financial
institutions in Denmark.
In our opinion, the consolidated interim financial statements and the
Parent Company’s financial statements give a true and fair view of
the Group’s and the Parent Company’s assets, liabilities, equity and
financial position at 30 June 2025 and of the results of the Group’s
and the Parent Company’s operations and the consolidated cash
flows for the period 1 January 2025 - 30 June 2025.
Moreover, in our opinion, the management’s report includes a fair
view of developments in the Group’s and the Parent Company’s
operations and financial position and describes the significant risks
and uncertainty factors that may affect the Group and the Parent
Company.
71
Danske Bank / Interim report – first half 2025
Copenhagen, 18 July 2025
Executive Leadership Team
Carsten Egeriis
CEO
Joachim Alpen
Magnus Agustsson
Christian Bornfeld
Karsten Breum
Cecile Hillary
Johanna Norberg
Dorthe Tolborg
Frans Woelders
Martin Blessing
Chairman
Jacob Dahl
Board of Directors
Martin Nørkjær Larsen
Vice Chairman
Lars-Erik Brenøe
Lieve Mostrey
Allan Polack
Rafael Salinas
Marianne Sørensen
Helle Valentin
Bente Bang
Elected by the employees
Kirsten Ebbe Brich
Elected by the employees
Aleksandras Cicasovas
Elected by the employees
Louise Aggerstrøm Hansen
Elected by the employees
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Independent auditor’s review report
Statement on the management’s report
Management is responsible for the Management’s report.
To the shareholders of Danske Bank A/S
Independent auditor’s review report on the consolidated and parent interim financial statements
We have reviewed the consolidated and parent interim financial statements of Danske Bank A/S for the financial period 1 January to
30 June 2025, pp. 30-70 which comprise the income statement, statement of comprehensive income, balance sheet, statement of
capital and notes, for the Group and Parent Company, respectively, as well as the consolidated cash flow statement including a
summary of material accounting policies.
Management’s responsibility for the consolidated and parent interim financial statements
Management is responsible for the preparation of the consolidated interim financial statements in accordance with IAS 34, Interim
Financial Reporting, as adopted by the EU, and Danish disclosure requirements for listed financial companies, and for the preparation
of the Parent Company’s interim financial statements in accordance with the Danish Financial Business Act and Danish disclosure
requirements for listed financial companies, and for such internal control as Management determines is necessary to enable the
preparation of the consolidated and parent interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility
Our responsibility is to express a conclusion on the consolidated and parent interim financial statements. We conducted our review in
accordance with the International Standard on Engagements to Review Interim Financial Information Performed by the Independent
Auditor of the Entity and additional requirements under Danish audit regulation. This requires us to conclude whether anything has
come to our attention that causes us to believe that the consolidated and parent interim financial statements, taken as a whole, have
not been prepared, in all material respects, in accordance with the applicable financial reporting framework. This also requires us to
comply with relevant ethical requirements.
A review of financial statements in accordance with the International Standard on Engagements to Review Interim Financial
Information Performed by the Independent Auditor of the Entity is a limited assurance engagement. The Auditor performs procedures
primarily consisting of inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and
evaluates the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing. Accordingly, we do not express an audit opinion on the interim financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial statements
for the financial period 1 January to 30 June 2025 have not been prepared, in all material respects, in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU and Danish disclosure requirements for listed financial companies, and that the Parent
Company’s Interim Financial Statements have not been prepared, in all material respects, in accordance with the Danish Financial
Business Act and Danish disclosure requirements for listed financial entities.
72
Danske Bank / Interim report – first half 2025
Our conclusion on the interim financial statements does not cover the Management’s report, and we do not express any form of
assurance conclusion thereon.
In connection with our review of the interim financial statements, our responsibility is to read the Management’s report and, in doing
so, consider whether the Management’s report is materially inconsistent with the interim financial statements or our knowledge
obtained in the review or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management’s provides the information required under the Danish Financial
Statements Act. Based on the work we have performed, we conclude that the Management’s report is in accordance with the interim
financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not
identify any material misstatement of the Management’s report.
Copenhagen, 18 July 2025
Deloitte
Statsautoriseret Revisionspartnerselskab
Business Registration No. 33 96 35 56
Kasper Bruhn Udam
State-Authorised
Public Accountant
Identification No
(MNE) mne29421
Jakob Lindberg
State-Authorised
Public Accountant
Identification No
(MNE) mne40824
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Supplementary information
Financial calendar
31 October 2025
5 February 2026
26 March 2026
30 April 2026
17 July 2026
29 October 2026
Contacts
Claus Ingar Jensen
Head of Investor Relations
Links
Danske Bank
Denmark
Finland
Sweden
Norway
Northern Ireland
Realkredit Danmark
Danica
Interim report – first nine months 2025
Annual Report 2025
Annual general meeting
Interim Report – first quarter 2026
Interim Report – first half 2026
Interim Report – first nine months 2026
clauj@danskebank.dk
danskebank.com
danskebank.dk
danskebank.fi
danskebank.se
danskebank.no
danskebank.co.uk
rd.dk
danica.dk
Danske Bank’s financial statements are available online at danskebank.com/Reports.
73
Danske Bank / Interim report – first half 2025
Financial highlights
Executive summary
Strategy
Sustainability
Financial review
Business units
Financial statements
Danske Bank Group
Bernstorffsgade 40
DK-1577 Copenhagen V
Tel. +45 33 44 00 00
CVR No. 611262 28-København
danskebank.com
74
Danske Bank / Interim report – first half 2025