Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
No XML document available for this report.
Separator
The full data:
Danske Bank Group
Interim report –
first quarter
2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Contents
Management’s report
Financial statements
Statements
Financial highlights - Danske Bank Group
Executive summary
Forward ’28 strategy update
Financial review
Personal Customers
Business Customers
Large Corporates & Institutions
Danica
Northern Ireland
Group Functions
Definition of alternative performance measures
3
4
5
6
13
15
17
20
22
24
26
Income statement
Statement of comprehensive income
Balance sheet
Statement of capital
Cash flow statement
Notes
28
28
29
30
32
33
Statement by the management
Independent auditor’s review report
Supplementary information
63
64
65
2
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Financial highlights - Danske Bank Group
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.
Profit before loan impairment charges
Loan impairment charges
Profit before tax
Tax
Net profit
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 (%)
Total capital ratio, incl. conglomerate (%)***
Common equity tier 1 capital ratio (%)
Share price (end of period) (DKK)
Book value per share (DKK)**
Q1
2026
9,340
3,918
389
162
165
13,974
6,405
78
7,569
-26
7,595
1,908
5,686
6.14
7.0
13.1
1.29
45.8
21.7
21.7
17.7
312.3
205.8
Q1
2025
9,020
3,658
882
201
170
13,931
6,291
72
7,641
50
7,591
1,834
5,757
-
6.9
13.4
1.29
45.2
22.9
22.9
18.4
225.1
202.5
Index
26/25
104
107
44
81
97
100
102
108
99
-
100
104
99
Q4
2025
9,453
4,855
510
260
149
15,228
6,858
78
8,370
35
8,334
2,028
6,307
22.72
7.7
14.1
1.33
45.0
20.9
21.2
17.3
318.6
222.3
Balance sheet (end of period)
Index
Q1/Q4
Full year
2025
(DKK millions)
99
81
76
62
111
92
93
100
90
-
91
94
90
36,611
15,423
2,872
1,357
Due from credit institutions and central banks
Repo loans
Loans
Trading portfolio assets
577
Investment securities
56,840
25,848
Insurance assets
Other assets
310
Total assets
30,992
Due to credit institutions and central banks
294
Repo deposits
30,699
Deposits
7,662
Bonds issued by Realkredit Danmark
23,037
Other issued bonds
Trading portfolio liabilities
Insurance liabilities
Other liabilities
22.72
Subordinated debt
Q1
2026
178,439
381,282
Q1
2025**
233,630
360,367
1,777,104
1,709,470
480,501
304,337
545,594
125,122
513,889
283,793
530,864
126,844
3,792,379
3,758,856
52,294
83,560
291,517
244,627
1,140,973
1,099,373
731,177
373,747
328,044
537,791
136,103
33,340
747,551
358,515
369,106
510,851
137,420
39,540
Total equity
167,393
168,313
Index
26/25
76
106
104
94
107
103
99
101
63
119
104
98
104
89
105
99
84
99
Q4
2025
218,417
353,414
1,758,110
444,980
296,738
555,504
126,748
Index
Q1/Q4
82
108
101
108
103
98
99
Full year
2025
218,417
353,414
1,758,110
444,980
296,738
555,504
126,748
3,753,911
101
3,753,911
58,498
293,752
1,109,754
738,670
361,201
286,837
551,087
142,661
30,289
181,162
89
99
103
99
103
114
98
95
110
92
101
58,498
293,752
1,109,754
738,670
361,201
286,837
551,087
142,661
30,289
181,162
3,753,911
27.9
13.3
1.30
45.5
20.9
21.2
17.3
318.6
222.3
Total liabilities and equity
3,792,379
3,758,856
101
3,753,911
* Dividend for the first quarter of 2026 is an extraordinary dividend of DKK 6.14 per share with an expected payment date of 5 May 2026.
** Comparative information for Q1 2025 has been restated as described in note G2(b).
*** In the fourth quarter of 2025, the Danish parliament adopted an amendment to the Danish implementation of the EU Conglomerate
Directive. The new rules are applicable from 1 January 2026 and result in an, all else equal, increase in the CET 1 capital ratio of around 35
bps.
See the section Definition of alternative performance measures for a description of the alternative performance measures in ratios and key
figures.
Full-time-equivalent staff (end of period)
19,724
20,046
98
20,026
98
20,026
3
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Executive summary
In the first quarter of 2026, Danske Bank delivered solid financial
results again. These results were achieved amid increased
market uncertainty and volatility due to the conflict in the Middle
East. We report a net profit of DKK 5.7 billion and a cost/income
ratio of 45.8%, which reflects effective cost management.
Additionally, we generate a return on equity of 13.1% in the first
quarter of 2026.
The financial performance was underpinned by solid customer
activity in several segments of the business, including private
banking and corporate banking as growth continued in our
prioritised segments in line with our strategic ambitions.
The financial results for the first quarter of 2026 were in line with
our guidance and were driven by volume growth and a solid
development in the core income lines as well as cost
management in line with consensus estimates. In addition, credit
quality remained strong, with a net loan impairment reversal of
DKK 26 million in the quarter, supported by favourable
macroeconomic conditions that continue to be resilient to global
volatility.
In the first quarter of 2026, the macroeconomic environment
remained resilient with a favourable outlook according to
Danske Bank’s macro research forecast from early March 2026.
This is especially evident in Denmark, where GDP growth was
forecasted at 3% for 2026, with inflation below 2% and high
employment. The outlook for the rest of the Nordic region is also
improving gradually, with Sweden in particular expected to start
to benefit from better labour markets and household purchasing
power. However, since we published our outlook in early March,
geopolitical uncertainty has increased, leading to higher energy
prices and further financial markets volatility. Therefore, the
outlook remains uncertain, and it is likely that higher energy
prices will have a negative impact on growth and inflation later in
the year. Against this backdrop, Danske Bank is well positioned
to support customers and be a trusted financial partner with a
well-diversified credit portfolio and strong balance sheet.
4
Danske Bank / Interim report – first quarter 2026
Forward ’28 strategy update and financial targets for 2028
A key part of our strategy is to be a leading AI and tech bank in
the Nordic countries. AI is already helping us to improve the
customer experience and deliver operational efficiency. For
instance, we have introduced AI-enabled handling of customer
enquiries in our Danske Mobile Banking app, with a higher than
75% first-time resolution rate.
Now at the midpoint of our Forward ’28 strategy period, we have
executed successfully and exceeded the expectations we set in
2023: for the financial years 2024 and 2025, we have generated
a return on equity above the original 2026 target of 13% and
over the last three years we have made a capital distribution of
DKK 70 billion. Growth is evident across all business units,
supported by KPIs and commercial initiatives. For instance, since
2023, we have strengthened our Private Banking offering,
resulting in +8% net growth in the number of customers.
Additionally, growth has been in the business and large
corporate customer segment as we have expanded our large
corporates franchise outside of Denmark.
Our commercial momentum and solid execution of strategic
priorities have furthermore allowed us to set ambitious financial
targets for 2028. We aim to deliver a return on equity of above
14.5% and target an improved cost/income ratio of no greater
than 43%. In addition, we have set a revised CET1 capital ratio
target of around 16% by 2028. These ambitions will be achieved
through profitable growth in our prioritised segments,
productivity improvements, robust capital management and
structural cost optimisation, including the increased use of
agentic AI.
Distribution and share buy-back programme
To facilitate the transition towards our revised CET 1 capital ratio
target, an extraordinary dividend of DKK 5 billion, equivalent to
DKK 6.14 per share, will be paid subsequent to the release of the
interim report for the first quarter of 2026. The ex-dividend date
will be 1 May and the payment date is 5 May.
From the second quarter of 2026, our ordinary dividend policy is
revised to 60-70% of net profit from 40-60% of net profit.
At 31 March 2026, Danske Bank had bought back around 1.3
million shares for a total purchase amount of DKK 387 million
(figures at trade date) of the planned DKK 4.5 billion share buy-
back programme.
Annual general meeting 2026
The annual general meeting of Danske Bank for the financial
year 2025 was held on 26 March 2026. Please refer to Company
announcement no. 15/2026.
The ordinary dividend of DKK 16.94 per share for 2025 as well as
an extraordinary dividend of DKK 5.78 per share was approved at
the general meeting. In total, our distribution of dividend for
2025 thus amounted to DKK 22.72 per share and was paid out
on 31 March 2026 to our shareholders, comprising private
individuals, organisations and pensions funds in the Nordic
countries and elsewhere.
Capital and funding
Danske Bank’s underlying business is strong, our treasury asset
and liability management is prudent, and our capital and liquidity
positions continue to be robust, with significant buffers well
above regulatory requirements. At the end of March 2026, our
liquidity coverage ratio stood at 158% (31 December 2025:
156%), with an LCR reserve of DKK 571 billion (31 December
2025: DKK 556 billion), and our net stable funding ratio was
125%.
The CET1 capital ratio was 17.7% (31 December 2025: 17.3%).
Financials
Danske Bank delivered a net profit of DKK 5,686 million in the
first quarter of 2026, down 1% from the level in the first quarter
of 2025. Solid customer activity supported the financial result
for the first quarter of 2026, but the effect was offset by lower
net trading income and net income from insurance business,
which were both affected by the volatile financial markets
caused by the conflict in the Middle East.
Net interest income increased 4% in the first quarter of 2026
relative to the same period in 2025 and amounted to DKK 9,340
million. The increase was primarily driven by an increase in
lending activity and an increase in interest rate risk management
income from the structural hedge.
Net trading income decreased by 56% in the first quarter of 2026
and amounted to DKK 389 million. The decrease was primarily
caused by unrealised negative fair value adjustments in Group
Treasury related to cross-currency swaps and bond portfolio
investments held for liquidity purposes, as well as reduced
income in Fixed Income trading due to lower client activity and
market volatility.
Net income from insurance business amounted to DKK 162
million in the first quarter of 2026, a decrease of 19% relative to
the level in the first quarter of 2025. The insurance service result
increased due to a more balanced result in the health and
accident business following prior pricing adjustments and the
strengthening of provisions of DKK 220 million in the first
quarter of 2025. The positive development in the insurance
service result was, however, more than offset by a negative net
financial result caused by financial markets volatility at the end
of the quarter.
Operating expenses increased 2% relative to the level in the first
quarter of 2025 and are on track towards our full-year guidance.
As expected, the development was impacted by higher digital
investments made under our Forward ’28 strategy, higher bonus
payments and staff costs impacted by wage inflation, and higher
amortisation of intangible assets.
Loan impairments reflected overall solid credit quality,
amounting to a net reversal of DKK 26 million. We continue to
apply significant post-model adjustments related to the
macroeconomic uncertainty and remain watchful of any credit
deterioration.
Outlook for 2026
Total income is expected to be around DKK 58 billion, driven by
growing core banking income and our continued efforts to drive
commercial momentum and growth in line with our financial
targets for 2026. Income from trading and insurance activities
remains subject to financial market conditions.
We expect operating expenses in the range of DKK 26-26.5
billion in 2026. The cost/income ratio is expected to be around
45%, in line with the target for 2026.
Net fee income increased 7% from the level in the first quarter of
2025 and amounted to DKK 3,918 million, mainly due to an
increase in investment fee income supported by a rise in
everyday banking fee income attributable to both increased
customer activity and repricing actions.
Loan impairment charges are expected to be around DKK 1
billion as a result of continued strong credit quality.
Net profit is expected to be in the range of DKK 22-24 billion,
reflecting a return on equity above our 2026 ambition of 13%.
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Forward ’28 strategy
update
In 2023, we announced our Forward ’28 strategy covering the
period from 2024 to 2028. The strategy detailed an ambitious
business plan focused on growth and profitability, setting
strategic priorities within growth segments and including
technology investments. It also outlined ambitious financial
targets for 2026, with the aim of delivering a return on equity of
13% and a cost/income ratio of around 45% by 2026. The plan
for 2024-2026 furthermore entailed shareholder-friendly capital
returns, with the aim of delivering more than DKK 50 billion in
ordinary dividends.
We have now reached the midpoint of the strategy period and
have delivered and executed successfully, achieving clear
commercial momentum and traction on the financial targets for
full-year 2026. Our profitability is strong with a return on equity
above 13% in 2024 and 2025. We have made capital
distributions of almost DKK 70 billion over the past three years,
including share buy-backs. The focused growth agenda is being
executed in all our business units, measured by KPIs and clear
commercial initiatives that continue to underpin our Forward ’28
growth ambitions.
Financial targets for 2028
Building on this platform of strong execution, we are raising our
level of ambition in the financial targets for 2028. Our strategy
will continue to reinforce our position as a focused Nordic leader
with strong profitability. In 2028, we aim to deliver a return on
equity of above 14.5% and target a cost/income ratio of no
greater than 43%, assuming normalised loan losses of 8 bps
through the business cycle and a revised CET1 capital ratio
target of around 16%. The new capital target ensures a prudent
buffer to regulatory requirements and is the result of reduced
risk following the resolution of legacy cases.
5
Danske Bank / Interim report – first quarter 2026
Efficient capital structure
To accelerate the transition, a DKK 5 billion extraordinary
dividend will be paid subsequent to the release of the report for
the first quarter of 2026, following which we expect a gradual
step down of our CET 1 capital ratio towards the new around 16%
target by 2028.
To further accommodate our capital targets, the ordinary
dividend policy is revised to 60-70% of net profit, which will
enable steady and predictable distribution. The dividend
potential through 2026-2028 is expected to be above DKK 55
billion, with the ambition to make further distributions. The total
payout capacity is contingent upon REA growth from growing
lending activities. The Group will support an efficient capital
structure through AT1 and T2 issuances as the CET1 capital ratio
normalises.
Strategic KPIs for each business unit
We will deliver on our financial ambitions for focused growth and
profitability, ensuring high productivity across the organisation
and strong capital management. We will also streamline our cost
base by continuing structural cost optimisation and scaling
agentic AI across the organisation, which will enable each
business unit to meet its financial and strategic targets.
At Personal Customers, the strategic focus areas towards 2028
continue to be the affluent and private banking segments. We
will scale the Panorama concept and further improve the
investment experience. Furthermore, it is our ambition to win full
customer relationships across markets by leveraging home
finance as the entry point and driving more proactive marketing
and engagement with AI tools. Finally, we aim to boost efficiency
and effectiveness by advancing digital customer journeys,
adviser workflows and service with AI assistance.
For Business Customers, we will continue to pursue growth in
prioritised segments by scaling acquisition of mid-corporates,
and we will focus on the digital acquisition of small businesses.
We will further strengthen our One Corporate Bank concept by
expanding platform coverage and delivering seamless AI-
enabled onboarding, servicing and credit decisioning journeys.
Finally, we want to reinforce our strong advisory services as a
differentiator to deepen sector leadership in high-growth areas.
Large Corporates & Institutions will continue its growth and
diversification across the Nordic countries, with an increased
focus on capital markets and sustainable finance. Furthermore,
the One Corporate Bank concept will be strengthened by scaling
the product offering (such as everyday banking, commodities,
and digital assets) and enhancing digital and agentic capabilities.
We will also expand our Nordic institutional capabilities across
lending, asset management and servicing, supported by
simplified platforms and AI tools.
We aim to be a leading AI and tech bank in the Nordic countries.
Deploying agentic AI across Danske Bank will be a key driver for
growth in our focus segments by delivering personalised advice
at a higher speed using agent-to-agent interaction. In addition, it
will support a shift to a more efficient operating model and
enable productivity benefits.
For each business unit, the strategy update will lead to specific
profitability and efficiency targets that highlight the Group’s
scalable growth ambition and more efficient cost/income levels
across the units, while underpinning the Group’s raised return on
equity ambition.
Financial targets for 2028
Return on equity of
>14.5%
Total income of
DKK ~63 billion
Cost/income ratio of
≤43%
CET1 capital ratio target of
~16%
Dividend potential* in 2026-2028 above
DKK 55 billion
*Reflects highest end of new ordinary dividend policy and the
announced DKK 5 billion extraordinary dividend.
Business
Personal
Large
Customers
Customers
Corporates &
Institutions
Financial targets for 2028
ROAC* ~19%
ROAC* ~33%
ROAC* ~28%
C/I ratio ~48%
C/I ratio ~36%
C/I ratio ~38%
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Financial review
Q1 2026 vs Q1 2025
Net profit decreased by 1% and amounted to DKK 5,686 million
(Q1 2025: DKK 5,757 million). Total income increased slightly,
driven by higher net interest income and net fee income.
However, this effect was partly offset by a decline in net trading
income and net income from insurance business caused by
market volatility. Operating expenses increased by 2% due to
digital investments made under our Forward ’28 strategy.
Net income from insurance business decreased to DKK 162
million (Q1 2025: DKK 201 million). The insurance service result
increased due to a more balanced result in the health and
accident business following prior pricing adjustments and the
strengthening of provisions of DKK 220 million in 2025. The
positive development in the insurance service result was,
however, more than offset by a negative net financial result
caused by the financial markets volatility at the end of the first
quarter of 2026.
Other income was stable at DKK 165 million (Q1 2025: DKK 170
million). The small decrease was caused by our real estate
agency home.
Income
Net interest income increased to DKK 9,340 million (Q1 2025:
DKK 9,020 million). The improvement was driven by higher
lending volumes and stronger interest rate risk management
income from fixed-rate lending hedging and bond portfolios in
Group Treasury.
Operating expenses
Operating expenses increased to DKK 6,405 million (Q1 2025:
DKK 6,291 million). As expected, the development was impacted
by higher digital investments made under our Forward ’28
strategy, higher bonus payments and staff costs impacted by
wage inflation, and higher amortisation of intangible assets.
Resolution fund, bank tax and other items stood at DKK 78
million (Q1 2025: DKK 72 million) and consist primarily of the
bank tax in Sweden.
Loan impairment charges
Loan impairments in the first quarter of 2026 amounted to a net
reversal of DKK 26 million (Q1 2025: net charge of DKK 50
million).
The impairment level demonstrates overall solid credit quality,
notwithstanding the persistent geopolitical uncertainties. Our
post-model adjustments address ongoing geopolitical and
macroeconomic risks, and vigilance is maintained for any
indications of credit deterioration. The post-model adjustments
remained unchanged in the first quarter of 2026, as the existing
level was deemed adequate in the light of the prevailing risk
environment and the potential challenges arising from continued
geopolitical volatility.
Personal Customers had a limited net impairment reversal in the
first quarter of 2026 compared to the first quarter of 2025, when
there was a limited net charge. The underlying credit quality of
the business segment remained stable.
Business Customers reported a net impairment reversal in the
first quarter of 2026, similar to the net reversal recorded in the
first quarter of 2025. Reversals were mainly attributable to
individual exposures.
Net fee income rose to DKK 3,918 million (Q1 2025: DKK 3,658
million) and was primarily driven by higher investment fee
income supported by a rise in everyday banking fee income
attributable to both increased customer activity and repricing
actions.
Net trading income decreased to DKK 389 million (Q1 2025:
DKK 882 million). The decrease was primarily caused by
unrealised negative fair value adjustments in Group Treasury
related to cross-currency swaps and bond portfolio investments
held for liquidity purposes, which will unwind over time, as well
as reduced income in Fixed Income trading due to lower client
activity and market volatility related to the conflict in the Middle
East.
Net profit
DKK 5,686 million
for the first quarter of 2026
6
Danske Bank / Interim report – first quarter 2026
Loan impairment charges
(DKK millions)
Personal Customers
Business Customers
Large Corporates & Institutions
Northern Ireland
Group Functions
Total
Q1 2026
Q1 2025
Charges
% of net credit
exposure
Charges
% of net credit
exposure
-72
-264
302
11
-3
-26
-0.04
-0.15
0.30
0.06
-2.62
-0.01
117
-449
420
-49
10
50
0.07
-0.27
0.45
-0.30
-0.62
0.01
Net credit exposure is defined as lending activities, excluding exposure related to credit institutions and central banks and loan
commitments.
*After impairments, before tax
Q1 2026 vs Q4 2025
Net profit decreased to DKK 5,686 million (Q4 2025: DKK
6,307 million). A decrease in total income, primarily in net fee
income due to the seasonality of performance fee
recognition, was partly offset by lower operating expenses.
• Net interest income decreased slightly to DKK 9,340 million
(Q4 2025: DKK 9,453 million), primarily as a result of fewer
banking days and an interest compensation payment of
DKK 221 million from the Danish Tax Agency in the fourth
quarter of 2025. This was countered by higher income from
interest rate risk management and liquidity management
activities in Group Treasury.
• Net fee income decreased to DKK 3,918 million (Q4 2025:
DKK 4,855 million) following the high level of performance
fee income from asset management recognised in the
fourth quarter of 2025.
• Net trading income decreased to DKK 389 million (Q4 2025:
DKK 510 million) due to unrealised market value
adjustments on cross-currency swaps held for liquidity
management purposes and bond portfolio investments in
Group Treasury. This was partly offset by an increase in
Fixed Income and FX trading.
• Net income from insurance business decreased to DKK 162
million (Q4 2025: DKK 260 million). The insurance service
result increased, however, the effect was more than
countered by a decrease in the net financial result caused
by volatile financial markets in the first quarter of 2026.
This affected the investment result on insurance products
where Danica carries the investment risk and the
investment result attributable to shareholders’ equity.
• Operating expenses decreased to DKK 6,405 million (Q4
2025: DKK 6,858 million). The decrease was caused
primarily by the higher investments recognised in the
fourth quarter of 2025 and severance pay.
• Loan impairments amounted to a net reversal of DKK 26
million (Q4 2025: net charge of DKK 35 million), reflecting
stable credit quality.
• Tax amounted to DKK 1,908 million (Q4 2025: DKK 2,028
million), corresponding to an effective tax rate of 25.1%
(Q4 2025: 24.3%).
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Large Corporates & Institutions posted a net impairment charge
in the first quarter of 2026, consistent with developments in the
first quarter of 2025. Charges were largely driven by single-
name exposures.
The macroeconomic scenarios have been updated and continue
to reflect a balanced economic outlook. The severe downside
scenario includes a global recession with negative growth rates
and anticipated increases in inflation and interest rates. This
scenario is considered appropriate given the current geopolitical
uncertainty and the broad spectrum of possible macroeconomic
outcomes.
The weighting of the macroeconomic scenarios remained
unchanged from the end of 2025. The base case scenario had a
probability of 50% (2025: 50%), the upside scenario was as-
signed a probability of 25% (2025: 25%), the downside scenario
had a probability of 5% (2025: 5%), and the severe downside
scenario was assigned a probability of 20% (2025: 20%).
Tax
The tax expense of DKK 1,908 million (Q1 2025: DKK 1,834
million) corresponded to an effective tax rate of 25.1% (Q1 2025:
24.2%). In the first quarter 2025, there was a positive effect from
an adjustment of taxes paid in prior years.
Lending
Lending stood at DKK 1,777 billion at 31 March 2026 (31
December 2025: DKK 1,758 billion). Mortgage lending at nominal
value at Realkredit Danmark amounted to DKK 786 billion (31
December 2025: DKK 784 billion).
At Personal Customers, total lending decreased 1% relative to
the level at 31 December 2025. In Denmark, nominal home
finance volumes rose, although the positive development was
offset by a DKK 4 billion market value adjustment of mortgage
lending. Lending volumes were flat in Finland amid subdued
market conditions. In Sweden, bank lending volumes in local
currency decreased slightly as buyers postponed purchases due
to upcoming changes to housing market regulations, while the
depreciation of the Swedish krona reduced volumes by DKK 0.9
billion from the level at the end of 2025.
7
Danske Bank / Interim report – first quarter 2026
Total lending at Business Customers increased 1% relative to
December 2025. Bank lending volumes increased 2% from the
level at 31 December 2025, driven by growth in Sweden and
Norway, with lending in Finland contributing slightly, while
lending in Denmark was stable. Exchange rate movements
added DKK 2.3 billion to the level of 31 December 2025. Nominal
mortgage volumes increased 1% from the level at the end of
2025, with most of the increase being driven by commercial
property lending.
The exposure decrease was mainly driven by the following
segments: public institutions, pulp and paper, chemicals, and
personal customers in both Denmark and Sweden. The decrease
was partially countered by an increase in exposure to the
financial institutions, services, and utilities and infrastructure
segments.
Risk Management 2025, section 3, which is available at
danskebank.com/ir, provides details on Danske Bank’s credit risk
management.
Large Corporates & Institutions saw an increase in lending of 4%
relative to 31 December 2025. The increase was widespread
across segments though primarily driven by corporate
customers in Denmark.
Credit quality
Credit quality remained strong in the first quarter of 2026 at all
business units, and we remain vigilant for any possible
deterioration related to the uncertainty mentioned in the loan
impairment charges section.
Total gross stage 3 credit exposure slightly decreased to DKK
30.5 billion (31 December 2025: DKK 30.7 billion), corresponding
to 1.2% of total gross exposure. Stage 3 exposure was
concentrated on personal customers, commercial and
residential real estate, construction and building materials, and
capital goods, which combined accounted for 55% of total gross
stage 3 exposure.
The allowance account amounted to 1.03% (31 December 2025:
1.05%) of credit exposure.
In Denmark, new gross lending, excluding repo loans, amounted
to DKK 76 billion, while new net lending amounted to DKK 7
billion. Lending to personal customers accounted for DKK 29
billion and DKK 4 billion, respectively, of these amounts.
Deposits
Deposits increased and amounted to DKK 1,141 billion at the end
of March 2026 (31 December 2025: DKK 1,110 billion).
At Personal Customers, deposits were stable at 31 March 2026
compared to 31 December 2025. Deposit volumes increased
slightly, mainly driven by higher customer savings in Denmark
(DKK 2 billion). Finnish deposit volumes rose marginally, while
Sweden saw a 2% decrease in local currency. The depreciation of
the Swedish krona reduced deposit volumes by DKK 0.4 billion
from the level at the end of 2025.
At Business Customers, deposits increased 2% relative to 31
December 2025. In local currency, deposits grew in all countries
except Denmark, which remained stable. Foreign currency had a
DKK 1.4 billion positive impact.
At Large Corporates & Institutions, deposit volumes increased
8% from the level at the end of 2025, primarily driven by Swedish
corporate customers.
Credit exposure
Credit exposure from lending activities decreased to DKK 2,524
billion at 31 March 2026 (31 December 2025: DKK 2,529 billion).
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 (%)
31 March 2026
31 December 2025
30,496
9,445
21,052
17,740
74
1.2
30,715
9,345
21,370
17,828
73
1.2
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
Credit exposure is related to lending activities
31 March 2026
31 December 2025
Accumulated
impairment
charges
% of credit
exposure
Accumulated
impairment
charges
% of credit
exposure
4,256
9,471
5,024
756
17
19,523
0.63
1.31
1.20
1.08
0.35
1.03
4,488
9,768
4,669
742
20
19,686
0.66
1.36
1.15
1.06
4.80
1.05
Financial highlights
Executive summary
Financial review
Business units
Financial statements
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. In previous years, derivatives were exclusively used
for mitigating risks associated with wholesale funding activities.
However, the application of derivatives has been successfully
expanded to hedge non-maturity deposits, thus enhancing the
Group’s ability to dynamically manage overall liability risk in its
banking book. A phased approach is adopted to gradually
replace maturing bonds with derivatives as a hedging
instrument. Both micro and macro derivatives are designated for
hedge accounting in compliance with IAS 39.
The bond and derivative portfolios are designed to be counter-
cyclical, aiming to stabilise net interest income and the
economic value of equity. The hedges are structured so that only
a portion matures at any given time, thus 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 interest rate risk in its 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
and fair value of the Group’s hold-to-collect bond instruments
are stated in note G12.
Funding and liquidity
During the first quarter of 2026, the funding markets remained
strong and showed good resilience in the face of increased
global macroeconomic and geopolitical uncertainty.
In the first quarter of 2026, the Group issued covered bonds of
DKK 18.4 billion, preferred senior debt of DKK 0.2 billion, non-
preferred senior debt of DKK 17.5 billion, tier 2 capital of DKK 5.6
billion and additional tier 1 capital of DKK 3.2 billion, thus
bringing total long-term wholesale funding to DKK 44.9 billion.
8
Danske Bank / Interim report – first quarter 2026
Our strategy is to be a regular issuer in the EUR benchmark
format and in the domestic USD market for preferred senior
bonds 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 DKK, NOK and SEK. The
benchmark issues are expected to be supplemented by private
placements of bonds.
From time to time, we will make issues 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
format depend on balance sheet growth and redemptions on the
one hand and our capital targets on the other. Note G7 provides
more information about bond issues in 2026.
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 1 and an individual capital add-on
under Pillar 2.
At the end of March 2026, the Group’s solvency need ratio was
11.4%, unchanged from the level at 31 December 2025.
A combined buffer requirement (CBR) applies to financial
institutions in addition to the solvency need ratio. At the end of
March 2026, the Group’s CBR was 8.2%, unchanged from the
level at 31 December 2025.
Danske Bank’s liquidity position remained robust. At the end of
March 2026, our liquidity coverage ratio stood at 158% (31
December 2025: 156%), with an LCR reserve of DKK 571 billion
(31 December 2025: DKK 556 billion), and our net stable funding
ratio was 125%.
At end-March 2026, the total nominal value of outstanding long-
term funding, excluding bonds issued by Realkredit Danmark,
was DKK 359 billion (31 December 2025: DKK 338 billion).
Realkredit Danmark bond issues are excluded because
mortgages in Denmark are based on the pass-through principle.
Minimum requirement for own funds and eligible
liabilities
The Danish FSA sets the minimum requirement for own funds
and eligible liabilities (MREL) at two times the solvency need plus
one time the SIFI buffer, one time the capital conservation buffer
and one time the systemic risk buffer. 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 28.5% of the
total REA adjusted for Realkredit Danmark, while the
subordination requirement was set at 30.5% of the total REA
adjusted for Realkredit Danmark.
Capital ratios and requirements
At the end of March 2026, the Group’s total capital ratio was
21.7% (31 December 2025: 20.9%) and its CET1 capital ratio was
17.7% (31 December 2025: 17.3%).
The movement in the capital ratios was driven primarily by
realised net profit after reserved dividends and the removal of
the deduction for Danica as a result of the Danish
implementation of the EU Conglomerate Directive. These effects
were partly countered by an increase in the REA. The total capital
ratio was further affected by net issues of additional tier 1 and
tier 2 capital.
During the first quarter of 2026, the total REA increased DKK 15
billion, mainly due to an increase in the REAs for credit risk and
market risk.
At the end of March 2026, the point-in-time requirement,
including the CBR, was equivalent to DKK 256 billion, or 37.2% 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 300 billion, or a buffer of DKK 44 billion to the requirement.
In addition, an MREL of 6% of the leverage ratio exposure (LRE) is
in place. The LRE-based requirement equalled 23.4% 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
31 March
2026
17.7
21.7
14.8
2.0
2.5
0.7
3.0
11.4
19.6
2.9
2.1
The total capital requirement consists of the solvency need ratio
and the combined buffer requirement.
Financial highlights
Executive summary
Financial review
Business units
Financial statements
MREL requirement and eligible funds
(31 March 2026)
DKK billions (% of total REA)
300
(43.6)
54
(7.9%)
98
(14.3%)
148
(21.5%)
256
(37.2%)
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.
9
Danske Bank / Interim report – first quarter 2026
Leverage ratio
At the end of March 2026, the Group’s leverage ratio was 4.7%.
At the end of March 2026, Danske Bank was in compliance with
all threshold values. A separate report is available at
danskebank.com/ir.
Capital targets and capital distribution
Following the resolution of legacy issues and the closure of the
corporate probation, the Group expects a normalisation of Pillar
2 requirements before the end of 2026, subject to the outcome
of the Supervisory Review and Evaluation Process. This will
contribute to a projected CET1 capital requirement of around
14% by 2028. In light of that, the CET1 capital target is changing
from above 16% to around 16%. The Board of Directors will
continue to review the capital targets in view of regulatory
developments in order to ensure a strong capital position.
To accelerate this transition towards normalised capital levels,
the Board of Directors has approved an extraordinary dividend
payment of DKK 5 billion, equivalent to DKK 6.14 per share. In
addition, the Board of Directors has decided to revise the
dividend policy from 40-60% to 60-70% of net profit, effective
from Q2 2026. The revised policy is intended to support
predictable and sustainable shareholder distributions.
Danske Bank has strong capital and liquidity positions, and the
Group remains committed to our capital distribution policy.
At 31 March 2026, Danske Bank had bought back around 1.3
million shares for a total purchase amount of DKK 387 million
(figures at trade date) of the planned DKK 4.5 billion share buy-
back programme.
On 26 March 2026, the annual general meeting of Danske Bank
A/S adopted the proposal to reduce Danske Bank’s share capital
by DKK 191,796,230 nominally by cancelling 19,179,623 shares
from Danske Bank’s holding of own shares. The reduction of the
share capital was carried out and registered at 27 April 2026.
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.
Realkredit Danmark also complies with all threshold values.
New regulation
The application date for the Fundamental Review of the Trading
Book (FRTB) rules has been postponed and is now 1 January
2027. In addition, the European Commission is currently
consulting on targeted and temporary amendments to the FRTB
standard. The amendments, if adopted, will apply from 1 January
2027 until end-2029.
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
affect the Group at the earliest in 2033, when the transitional
arrangements are set to expire.
On the output floor, Danish legislators have adopted legislation
to the effect that output floor will not apply to Danish
subsidiaries of Danish groups. Accordingly, Realkredit Danmark
is not subject to the floor at the solo level from 1 January 2026
and onwards.
With a view to further alignment with the EU Conglomerate
Directive, a legislative proposal was adopted by the Danish
parliament in December 2025. The amended legislation took
effect on 1 January 2026 and implies that the Danish
implementation of the Conglomerate Directive is now aligned
with the EU standard.
On 7 October 2025, it was announced that the Danish Systemic
Risk Council had recommended maintaining the 7% systemic
risk buffer (SyRB) for exposures to commercial real estate in
Denmark while also recommending an increase in the LTV band
exempted from the scope of the Danish SyRB. The Danish
government’s decision on the new recommendation is pending
and awaits the formation of a new Danish government following
the 24 March 2026 general election in Denmark.
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit ratings
In the first quarter of 2026 Moody’s and Scope upgraded Danske
Bank Group.
On 18 February 2026, Moody’s upgraded Danske Bank A/S’s
Baseline Credit Assessment to a3 from baa1, non-preferred
senior debt rating to A3 from Baa1, deposit rating to Aa3 from A1
and Counterparty Risk Assessment to Aa2(cr) from Aa3(cr). At
the same time Moody’s affirmed Danske Bank A/S’s senior
unsecured debt rating and issuer rating at A1. The outlook
remains stable. Moody’s rationale for the upgrades is a
strengthening of Danske Bank Group’s standalone credit
fundamentals.
On 26 February 2026, Scope upgraded Danske Bank A/S’s issuer
rating to AA- from A+, senior unsecured debt rating to AA- from
A+, non-preferred senior debt rating to A+ from A, tier 2 debt
rating to A- from BBB+ and AT1 rating to BBB from BBB-. At the
same time the outlook was revised to stable from positive. The
upgrade was driven by improvements in governance and risk
management coupled with a strengthened and resilient earnings
profile.
On 21 April 2026, Moody’s upgraded Danske Bank A/S’s long-
term deposits rating to Aa2 from Aa3, due to the introduction of
full depositor preference across the European Union. At the
same time Moody’s downgraded the provisional deposit note /
certificates of deposit rating to A1 from Aa3, due to a re-
mapping of this type of instrument to the rating of senior
unsecured debt.
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 first
quarter of 2026.
10
Danske Bank / Interim report – first quarter 2026
Credit ratings
Danske Bank A/S
Counterparty rating
Deposits
Deposit notes / Certificates of Deposit
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
ESG ratings
Danske Bank A/S
CDP
ISS ESG
MSCI ESG Ratings
Sustainalytics
Fitch
AA-
Moody’s
Nordic Credit Rating
Aa2/P-1
AA-/F1+
Aa2/P-1/Stable
-
AA-/F1+
A+/F1/Stable
A+
A-
BBB
-
-
-
(P)A1
A1/P-1/Stable
A1/P-1/Stable
A3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A+/N2/Stable
-
S&P
AA-/A-1+
-
-
Scope
-
-
-
A+/A-1
AA-/S-1+/Stable
A+/A-1/Stable
AA-/S-1+/Stable
A-
BBB+
BBB-
A+/Stable
A-/Stable
BBB/Stable
-
-
-
AA-/S-1+/Stable
-
AA-/Stable
B
C+ Prime
BBB
Low Risk
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Changes to the Board of Directors
As announced in the notice to convene the annual general
meeting 2025, Lars-Erik Brenøe stepped down from the Board
of Directors in December 2025.
On 26 March 2026, the annual general meeting re-elected
Martin Blessing, Martin Nørkjær Larsen, Jacob Dahl, Lieve
Mostrey, Allan Polack, Rafael Salinas, Marianne Sørensen and
Helle Valentin as members of the Board of Directors.
In February of this year, Danske Bank’s employees elected the
employee representatives who will serve on the Board of
Directors for the next four-year term. Aleksandras Cicasovas,
Kirsten Ebbe Brich and Louise Aggerstrøm Hansen were all re-
elected by the employees, and Kirsten Hjelm Lund is newly
elected.
The Board of Directors thus now consists of Martin Blessing
(Chairman), Martin Nørkjær Larsen (Vice Chairman), Jacob Dahl,
Lieve Mostrey, Allan Polack, Rafael Salinas, Marianne Sørensen,
Helle Valentin, Kirsten Hjelm Lund, Kirsten Ebbe Brich,
Aleksandras Cicasovas and Louise Aggerstrøm Hansen.
11
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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 savings, 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.
12
Danske Bank / Interim report – first quarter 2026
Danica
Danica aims to be 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 and to offer
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 UK.
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
Financial review
Business units
Financial statements
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
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
Q1
2026
3,250
1,355
30
27
4,662
2,224
5
2,437
-72
2,509
Q1
2025
3,231
1,210
25
39
4,505
2,141
7
2,364
117
2,247
664,381
660,090
3,708
402,379
533,546
28,049
4,172
389,207
531,584
26,607
1.23
1.26
34.8
35.5
35.8
33.8
47.7
47.5
Index
26/25
101
112
120
69
103
104
71
103
-
112
101
89
103
100
105
Q4
2025
3,341
1,256
19
24
4,640
2,590
7
2,050
-48
2,098
668,606
3,916
401,463
526,854
27,270
1.27
30.1
30.8
55.8
Index
Q1/Q4
97
108
158
113
100
86
71
119
150
120
99
95
100
101
103
Full year
2025
13,004
4,592
108
119
17,822
9,292
31
8,530
33
8,497
668,606
3,916
401,463
526,854
26,869
1.25
31.7
31.6
52.1
3,871
3,879
100
3,897
99
3,897
Fact Book Q1 2026 provides financial highlights at customer type level for Personal Customers, Fact Book Q1 2026 is available at danskebank.com/ir.
Personal Customers
In the first quarter of 2026, we remained focused on supporting
our personal customers by strengthening our value proposition.
We saw overall good business momentum in Personal
Customers Denmark and Private Banking, while Personal
Customers Sweden was affected by a subdued housing market,
in part due to customers holding off until upcoming changes to
housing market regulation are implemented, which, among other
things, will lead to an increase in the maximum loan-to-value
ratio allowed. Personal Customers Finland continued to
outperform the market and win market share. On the investment
side, financial markets were affected by the turbulence arising
from the increased geopolitical tension, which affected
customer activity and assets under management, especially
towards the end of the quarter.
Profit before tax amounted to DKK 2,509 million in the first
quarter of 2026 (Q1 2025: DKK 2,247 million), an increase of 12%
from the level in the first quarter of 2025. The increase was
primarily driven by higher interest income from deposits, net fee
income and loan impairment reversals.
Business initiatives
In the first quarter of 2026, we continued to strengthen our
position in our core markets by executing strategic initiatives
and enhancing our value proposition for a range of customer
needs. In the fourth quarter of 2025, our Panorama advisory tool
was launched in Denmark with great success. We have seen
total meeting activity increase relative to the same period last
year, and customer meeting satisfaction scores are steadily
rising. In the first quarter of 2026, we built on this foundation and
launched Panorama in Sweden, with positive initial results and
sustained high customer satisfaction scores.
We rolled out several initiatives to support homebuyers,
especially first-time buyers aged 18-38, who can now benefit
from the lowest customer rate on home loans for supplementary
financing through Danske BoligStart. Additionally, rates on new
fixed-rate mortgage loans were reduced for all customers of
Realkredit Danmark. The updated quick home purchase pre-
13
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
approval service now provides homebuyers with a decision on
their financing options within two hours of the initial advisory
meeting, increasing accessibility and time to clarity.
The conflict in the Middle East affected the financial markets
negatively and contributed to a decrease of 5% in assets under
administration relative to the level at the end of 2025. The
decrease was primarily driven by market developments but also
by an outflow of custody holdings in March, while a positive
inflow into packaged investment products was maintained
throughout the quarter.
Q1 2026 vs Q1 2025
Profit before tax increased to DKK 2,509 million (Q1 2025:
DKK 2,247 million), up 12%, mainly as a result of an increase in
net interest income from deposits, higher net fee income as well
as loan impairment reversals. Loan impairment reversals
amounted to DKK 72 million, whereas the year-earlier period saw
charges of DKK 117 million. The increase in profit before tax was
partly offset by higher operating expenses, though.
Net interest income increased 1% relative to the level in the first
quarter of 2025 and amounted to DKK 3,250 million (Q1 2025:
DKK 3,231 million). The increase in net interest income was
mainly caused by an increase in deposit and bank lending
volumes as well as increased allocation from Group Treasury
related to the Group’s hedging strategy.
Net fee income increased 12% to DKK 1,355 million (Q1 2025:
DKK 1,210 million). Service fee income increased, driven by
income from partnerships. Investment fee income also
increased on the back of higher activity in the first half of the
quarter but also by higher interbank fee income. The conflict in
the Middle East had a negative impact on investment fee income
in March 2026 as a result of mainly lower customer activity.
Financing fee income increased, driven by our updated pricing
structure.
Net trading income was stable and increased DKK 5 million.
Other income decreased slightly to DKK 27 million (Q1 2025:
DKK 39 million), caused by our real estate agency home.
Operating expenses increased 4% to DKK 2,224 million (Q1 2025:
DKK 2,141 million). The increase was driven by higher staff costs
in the first quarter of 2026 relative to the first quarter of 2025 as
well as continued investments in our strategy.
Total lending decreased 1% relative to the level at the end of
2025. Across Denmark, we saw an increase in nominal volumes
related to home finance products, although the overall increase
was negatively affected by a DKK 4 billion market value
adjustment on mortgage lending volumes. In Finland, lending
volumes were flat with a subdued market development. In
Sweden, bank lending volumes in local currency decreased
slightly from the level at the end of 2025, likely as a result of
buyers postponing purchases due to upcoming changes to
Swedish housing market regulation. The depreciation of the
Swedish krona had a negative impact of DKK 0.9 billion relative
to the level at the end of 2025.
Deposit volumes for personal customers were stable relative to
the level at the end of 2025. The slight growth in deposit
volumes was primarily a result of customers increasing their
savings, primarily in Denmark, where the increase was DKK 2
billion. We also saw a very small increase in deposit volumes in
Finland, while in Sweden, we saw a decrease in deposit volumes
of 2% in local currency. Deposit volumes were also impacted by
the depreciation of the Swedish krona, which had a negative
impact of DKK 0.4 billion relative to the level at the end of 2025.
Credit quality remains strong, with average loan-to-value levels
remaining low.
Loan impairments resulted in a net reversal of DKK 72 million in
the first quarter of 2026, against a net charge of 117 million in
the first quarter of 2025. The net reversal reflected stable credit
conditions.
Credit exposure
Net credit exposure from lending activities amounted to DKK 737
billion in the first quarter of 2026, a decrease from DKK 743
billion at the end of 2025, mainly due to decreased exposure in
Personal Customers Denmark and Sweden.
Q1 2026 vs Q4 2025
Profit before tax increased to DKK 2,509 million in the first
quarter (Q4 2025: DKK 2,098 million) as a result of lower
operating expenses due to high costs in the fourth quarter of
2025 related to investments in our strategy.
• Net interest income saw a 3% decrease from the preceding
quarter, primarily as a result of fewer banking days.
• Net fee income rose 8% from the preceding quarter, as
service fee income benefitted from higher income from
partnerships. Investment fee income also increased,
primarily due to higher interbank fee income. Financing fee
income decreased as a result of normal fluctuations.
• Operating expenses decreased 14% relative to the
preceding quarter as a result of high expenses in the fourth
quarter related to investments in our strategy.
• In the first quarter of 2026, we saw a net impairment
reversal of DKK 72 million (Q4 2025: net reversal of DKK 48
million), indicating stable credit quality.
Profit before tax
DKK 2,509 million
for the first quarter of 2026
14
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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
Q1
2026
2,934
709
4
134
3,781
1,427
14
2,354
-264
2,618
Q1
2025
2,969
632
11
133
3,745
1,367
19
2,379
-449
2,828
Loans, excluding reverse transactions before impairments
704,598
676,329
Allowance account, loans
Deposits, excluding repo deposits
Covered bonds issued
Allocated capital (average)
Net interest income as % p.a. of loans and deposits
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
8,286
269,257
407,642
46,550
1.20
20.2
22.5
37.7
9,341
250,830
393,209
45,968
1.29
20.7
24.6
36.5
Index
26/25
99
112
36
101
101
104
74
99
59
93
104
89
107
104
101
Q4
2025
3,027
654
8
110
3,799
1,517
20
2,282
-404
2,686
698,085
8,589
264,013
402,630
46,298
1.27
19.7
23.2
39.9
Index
Q1/Q4
97
108
50
122
100
94
70
103
65
97
101
96
102
101
101
-
-
-
-
Full year
2025
11,820
2,474
30
446
14,771
5,684
82
9,086
-998
10,085
698,085
8,589
264,013
402,630
46,582
1.26
19.5
21.6
38.5
1,787
1,746
102
1,770
101
1,770
Fact Book Q1 2026 provides financial highlights at customer type level for Business Customers. Fact Book Q1 2026 is available at danskebank.com/ir.
Business Customers
In the first quarter of 2026, Business Customers delivered a
robust financial performance, building on the positive
momentum established last year. Despite increased market
uncertainty, we successfully acquired new customers with
advanced and international needs and continued to support
existing ones in growing their businesses through high-quality
financial advisory services, all in alignment with our Forward ’28
strategy. Additionally, we witnessed a strong debt capital market
in the first quarter of 2026, with several large transactions within
Commercial Real Estate.
In the first quarter of 2026, profit before tax amounted to
DKK 2,618 million, a decrease of 7% (Q1 2025: DKK 2,828 million)
mainly driven by a lower net loan impairment reversal than in the
same period last year. The underlying core business showcased
continued strong development with high fee income and stable
volume growth.
Business initiatives
To further strengthen our position in the market, we intensified
efforts to attract newly established businesses, introducing
tailored solutions to address their specific needs, such as quick
onboarding, competitive pricing and fast access to support.
These initiatives contributed to a significant increase in the
number of customers onboarded through our digital onboarding
flow, reinforcing our position as a trusted partner for newly
established businesses.
Additionally, we scaled the District Mobile app, which has now
been rolled out in Denmark, Norway and Sweden. Finland will
follow later this year. This constitutes a significant step in our
digital transformation efforts. We continue to see strong
adoption of our self-service solutions among our customers,
with over 60% of the products available digitally in District
Marketplace now being ordered directly through the platform,
thus exceeding our expectations.
We have advanced our GenAI efforts in the credit process during
the past six months with a new Credit Agent that enables us to
15
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
reduce time in the production of credit applications. This is the
first step in the build-up of an agentic setup in the Danske Bank
Group. Finally, we have accelerated the development of our new
AI assistant to enhance customer support, with the first pilot
launched in March.
Continuing our dedication to supporting our customers across all
four Nordic countries, we introduced new initiatives aimed at
strengthening our advisory services and driving commercial
excellence. Building on the Forward ’28 strategy, we focused on
enhancing sales competencies and utilising the Commercial
Steering Structure launched in 2025 to optimise planning and
execution. By fostering collaboration across teams and markets,
we have improved our ability to meet customer needs, deepen
relationships and attract new business. These efforts reflect our
commitment to delivering sustainable growth and increasing our
market share in line with our strategic priorities.
Q1 2026 vs Q1 2025
Profit before tax amounted to DKK 2,618 million (Q1 2025:
DKK 2,828 million). The development was mainly driven by a
lower net loan impairment reversal than in the same period last
year. The underlying core business showcased a continued
strong development with high fee income and stable volume
growth.
Net interest income decreased 1% from the level in the first
quarter of 2025, amounting to DKK 2,934 million (Q1 2025:
DKK 2,969 million). The decline was primarily driven by lower
interest rates, which compressed margins. However, the impact
was almost offset by growth in both deposits and lending.
Net fee income increased 12% to DKK 709 million (Q1 2025:
DKK 632 million). The increase was primarily driven by a rise in
everyday banking fee income attributable to both increased
customer activity and repricing actions.
Other income was stable and amounted to DKK 134 million (Q1
2025: DKK 133 million).
Operating expenses amounted to DKK 1,427 million, an increase
of 4% relative to the level in the first quarter of 2025. 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. Operating expenses increased 4%
relative to the level in the first quarter of 2025.
Supported by our strategy execution, we saw an increase in bank
lending volumes of 2% relative to the level at the end of 2025,
with growth (in local currency) driven by our activities in Sweden
and Norway. Our activities in Finland also contributed positively,
while activity in Denmark was fairly stable. Furthermore, volume
growth benefitted from exchange rate developments, with a
positive impact of DKK 2.3 billion relative to the level at the end
of 2025.
Deposit volumes totalled DKK 269 billion, which was an increase
of 2% relative to the level at the end of 2025 (31 December 2025:
DKK 264 billion). There was a positive impact from currency
exchange rates of DKK 1.4 billion in total. In local currency, we
observed growth across all countries except for Denmark, where
volumes were stable relative to the level at the end of 2025.
Nominal Realkredit Danmark mortgage volumes increased 1%
relative to the level at the end of 2025, with most of the increase
being driven by commercial real estate lending. Combined with
the increase in bank lending, total lending after fair value
adjustments amounted to DKK 705 billion, an increase of 1%
from the level at the end of 2025.
Credit quality remained broadly stable despite continued
geopolitical uncertainty. The conflict in the Middle East has
resulted in higher market volatility with the risk of energy and
commodity price shocks leading to higher inflation and lower
growth.
Loan impairments amounted to a net reversal of DKK 264 million
in the first quarter of 2026, against a net reversal of DKK 449
million in the first quarter of 2025. Impairment reversals were
mainly reversals on single-name exposures.
Credit exposure
Net credit exposure from lending activities increased to DKK 821
billion in the first quarter of 2026 (31 December 2025: DKK 812
billion). The increase was primarily driven by an increase in
exposure to the commercial and residential real estate, non-
profit housing, and services segments.
Q1 2026 vs Q4 2025
Profit before tax decreased to DKK 2,618 million in the first
quarter of 2026 (Q4 2025: DKK 2,686 million), mainly due to a
lower net loan impairment reversal than in the fourth quarter
of 2025. Total income was fairly stable, while operating
expenses were down.
• Net interest income decreased 3% to DKK 2,934 million (Q4
2025: DKK 3,027 million), primarily driven by a day effect
combined with margin compression despite strong growth
in both deposits and lending.
• Net fee income increased 8% from the fourth quarter of
2025 due to higher financing fee and service fee income.
• Other income amounted to DKK 134 million (Q4 2025:
DKK 110 million) driven by activity in our leasing
operations.
• Operating expenses decreased 6% to DKK 1,427 million (Q4
2025: DKK 1,517 million) relative to the preceding quarter
due to seasonality effects.
• In the first quarter of 2026, there was a net loan
impairment reversal of DKK 264 million (Q4 2025: net
reversal of DKK 404 million). The reversal was primarily
attributable to single-name exposures.
Profit before tax
DKK 2,618 million
for the first quarter of 2026
16
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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 & Investment Banking*
Allowance account, loans (including credit institutions)
Deposits, excluding repo deposits
of which deposits in General Banking
Covered bonds issued
Allocated capital (average)
Net interest income as % p.a. of loans and deposits
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
* Comparatives for 2025 have been updated to include Investment Banking.
Q1
2026
2,121
1,821
481
-
4,424
1,893
38
2,531
302
2,229
350,597
329,767
3,885
358,225
333,752
29,948
43,359
1.26
23.3
20.6
42.8
Q1
2025
2,060
1,765
763
4
4,593
1,819
27
2,774
420
2,353
324,849
293,560
2,659
351,678
331,775
28,029
40,724
1.22
27.2
23.1
39.6
Index
26/25
103
103
63
-
96
104
141
91
72
95
108
112
146
102
101
107
106
Q4
2025
2,133
2,886
333
2
5,353
1,979
30
3,374
570
2,805
338,584
317,109
3,225
331,121
309,063
27,853
41,105
1.30
32.8
27.3
37.0
Index
Q1/Q4
99
63
144
-
83
96
127
75
53
79
104
104
120
108
108
108
105
Full year
2025
8,257
8,116
2,205
6
18,584
7,440
120
11,144
1,260
9,883
338,584
317,109
3,225
331,121
309,063
27,853
40,890
1.26
27.3
24.2
40.0
2,197
2,179
101
2,180
101
2,180
Large Corporates &
Institutions
In the first quarter of 2026, market uncertainty persisted, yet
macroeconomic conditions in the Nordic countries remained
favourable, with Denmark showing particular strength. We
remain dedicated to actively supporting our customers with
advisory services, backed by our strong product offering and
balance sheet. Our fee business continues to perform well
across all areas, and we continue to grow our corporate
customer portfolio and secure additional cash management
mandates.
Profit before tax decreased to DKK 2,229 million and was thus
down 5% from the level in the first quarter of 2025, with the
decrease mainly driven by lower net trading income.
Business initiatives
In the first quarter of 2026, Capital Markets operated in an
environment characterised by continued market uncertainty.
Nevertheless, we continued to advance our strategic priorities
and deliver progress across all product areas, supporting
customers as they navigate the current conditions.
In Debt Capital Markets, activity remained solid with healthy
issuance levels across sectors. Real estate business was a
particular driver of momentum, with several mandates
progressing in the quarter as customers continued to access the
bond market. Additionally, we acted as Joint Bookrunner for
Novonesis in their successful EUR 1.7 billion bond issue.
In Equity Capital Markets, market conditions impacted activity
throughout the first quarter of the year, however, we continued
to support our customers when there was a window of
opportunity, and as a highlight, we supported Catena in their
directed issue transaction in the real estate space, which was an
important step that underscores our strengthened ECM advisory
capabilities and continued focus on real estate. In M&A, we
continued to guide customers through the current market
environment across the Nordic region.
17
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
In Loan Capital Markets, momentum remained solid as
structured lending activity continued to be strong in the credit
markets, with increasing activity within leveraged finance and
fund finance, which aligns with our ambition to expand our
support for financial sponsors.
In Asset Management, we continue to see strong long-term
investment performance, with strategies outperforming both
benchmarks and peers on a three-year horizon despite
significant market turmoil at the end of the first quarter, which
had a negative effect on the overall performance in the first
quarter. Our Fixed Income Hedge Funds continued to perform
strongly, while Danske Invest increased its market share in
Denmark and improved its leading position. This strong
momentum was further reflected in external recognition, with
our Fixed Income Hedge Fund franchise winning the prestigious
‘Management Firm of the Year’ title awarded by EuroHedge.
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
Total assets under management, net sales
Q1
2026
2,042
1,335
-44
640
26
406
Q1
2025
2,162
1,456
-70
565
-22
409
4,424
4,593
Index
26/25
94
92
63
113
-
99
96
Q4
2025
2,147
1,127
-24
1,546
909
533
5,353
Index
Q1/Q4
95
118
183
41
3
76
83
Full year
2025
8,242
5,402
-66
3,277
924
1,662
18,584
617,579
391,960
1,009,538
525,114
348,687
873,801
5,970
2,291
118
112
116
261
617,612
400,819
1,018,431
28,052
100
98
99
21
617,612
400,819
1,018,431
57,618
* Comparative figures for 2025 have been restated regarding income on loans moved from General Banking to Investment Banking in Q1 2026.
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.
Total assets under management includes assets under management from Group entities.
18
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure
Net credit exposure from lending activities amounted to DKK 697
billion at the end of the first quarter of 2026, an increase from
DKK 674 billion at the end of 2025, primarily driven by an
increase in exposure to the Financial institutions, Services, and
Utilities and infrastructure segments, partially countered by a
decrease in exposure to the Pulp, paper and chemicals segment.
Q1 2026 vs Q1 2025
Profit before tax decreased to DKK 2,229 million (Q1 2025:
DKK 2,353 million), with the decrease driven by lower net trading
income.
Net interest income increased to DKK 2,121 million (Q1 2025:
DKK 2,060 million), primarily because of higher lending volumes.
Lending volumes in General Banking increased 4% from the level
at the end of 2025. The increase was widespread across
segments though primarily driven by corporate customers in
Denmark. Deposit volumes increased 8% from the level at the
end of 2025, primarily driven by Swedish corporate customer
activity.
Net fee income increased to DKK 1,821 million (Q1 2025:
DKK 1,765 million), mainly driven by an increase in everyday
banking and asset management fee income, which continues to
perform strongly. However, the increase was partly offset by a
decrease in Capital Markets fee income. Everyday banking fee
income grew across all products relative to the first quarter of
2025, with the largest growth attributable to Cash Management,
supported by continued progress in securing additional house
bank mandates. Within Capital Markets advisory services, the
decrease was primarily caused by lower M&A and Loan Capital
Markets activity.
Net trading income decreased to DKK 481 million (Q1 2025:
DKK 763 million), primarily due to a decrease in Fixed Income, as
interest rate fluctuations, partly influenced by the conflict in the
Middle East, put pressure on income during the quarter.
Operating expenses increased by 4% from the level in the same
period last year and amounted to DKK 1,893 million (Q1 2025:
DKK 1,819 million). The increase was driven by investments in
frontline staff and in our technology transformation.
Overall credit quality remained strong and has proven to be
resilient to the geopolitical uncertainty. Loan impairments for the
first quarter of 2026 resulted in charges totalling DKK 302
million, reflecting a trend consistent with the same period in
2025, which also experienced a net charge. The charges were
primarily attributable to single-name exposures.
Q1 2026 vs Q4 2025
Profit before tax decreased to DKK 2,229 million (Q4 2025:
DKK 2,805 million), primarily due to a decrease in net fee
income, partly offset by higher net trading income.
• Net interest income decreased slightly to DKK 2,121 million
(Q4 2025: DKK 2,133 million) primarily driven by day-count
effects.
• Net fee income decreased to DKK 1,821 million (Q4 2025:
DKK 2,886 million), mainly due to lower capital markets and
performance fee income in line with usual seasonal
patterns.
• Net trading income increased to DKK 481 million (Q4 2025:
DKK 333 million), primarily due to increases in Fixed Income
and FX trading.
• Operating expenses decreased to DKK 1,893 million (Q4
2025: DKK 1,979 million), primarily as a result of lower
technology transformation costs.
• Net loan impairment charges amounted to DKK 302 million
(Q4 2025: DKK 570 million). Impairment charges were
mainly caused by single-name exposures.
Profit before tax
DKK 2,229 million
for the first quarter of 2026
19
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Danica
Net income at Danica was down 19% to DKK 162 million in the
first quarter of 2026 relative to the first quarter of 2025. The net
financial result decreased due to the developments in the
financial markets in the first quarter of 2026. The insurance
service result benefitted from a more balanced result in the
health and accident business.
Danica’s strong commercial momentum continued, with
premiums increasing 20% relative to the same period last year.
Growth was driven by a significant inflow of new business
customers and self-employed individuals.
The level of new claims relating to loss of earning capacity has
stabilised, and customers on sick leave are returning to their
everyday lives more quickly. This positive development is
attributable to Danica’s long-term investments in preventive
efforts. These efforts consist of providing easy digital access, a
comprehensive healthcare offering and early-access healthcare
solutions that enable customers to receive support over the full
course of their recovery.
Investment returns on our customers’ pension savings were
challenged in the first quarter of 2026 due to the turmoil created
by the conflict in the Middle East. Throughout the turmoil in the
first quarter of 2026, Danica maintained a strong and robust
solvency coverage ratio.
20
Danske Bank / Interim report – first quarter 2026
Danica
(DKK millions)
Insurance service result
Net financial result
Other income
Net income from insurance business
Insurance liabilities
Liabilities under investment contracts
Allocated capital (average)*
Net income as % p.a. of allocated capital
Solvency coverage ratio
Full-time-equivalent staff
* Allocated capital equals the legal entity’s capital.
** Comparative information has been restated as described in note G2(b).
Specification of life insurance and health & accident
(DKK millions)
Life insurance and equity etc.
Insurance result
Net financial result*
Total life insurance and equity
Health and accident
Insurance result
Net financial result
Total health and accident insurance
Q1
2026
188
-37
11
162
Q1
2025**
-267
456
12
201
546,637
527,640
27,314
19,576
3.3
215
1,006
26,463
19,165
4.2
207
954
Index
26/25
-
-
92
81
104
103
102
105
Q4
2025
-431
679
12
260
558,639
28,573
19,448
5.3
197
984
Index
Q1/Q4
-
-
92
62
98
96
101
102
Full year
2025
-175
1,482
50
1,357
558,639
28,573
19,121
7.1
197
984
193
63
256
-6
-100
-105
-39
456
417
-228
-
-228
-
14
61
3
-
46
160
500
661
-591
179
-412
121
13
39
1
-
25
691
1,323
2,014
-866
159
-707
* The net financial result for life insurance includes income and expenses from asset management and the investment result attributable to Danica’s shareholders’ equity. Other income is
excluded from the table.
Assets under management
(DKK millions)
Total
Premiums
(DKK millions)
503,146
469,643
107
515,949
98
515,949
Gross premiums, Denmark
14,479
12,111
120
14,828
98
53,263
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Assets under management increased to DKK 503 billion
following the positive developments in the financial markets in
the last three quarters of 2025, which more than countered the
negative value adjustments in the first quarter of 2026.
Premiums increased 20% from the level in the first quarter of
2025 following an increase in both single and regular premiums.
Business initiatives
Danica is beginning the implementation of the modernised
Danica Balance investment solution, which is the generally
recommended solution for customers. The customer risk
profiles in Danica Balance have been adjusted so that customers
experience a slower reduction of risk over time, supported by a
higher proportion of equities in their portfolios. As a result, the
typical customer can expect stronger long‑term returns on their
pension savings, as equities are generally expected to
outperform bonds over time. The changes were communicated
to customers in the fourth quarter of 2025 and are rolled out
gradually from the second quarter of 2026.
Q1 2026 vs Q1 2025
Net income at Danica amounted to DKK 162 million (Q1 2025:
DKK 201 million). The insurance service result improved
significantly relative to the first quarter of 2025, but the net
financial result was heavily affected by negative value
adjustments due to difficult and volatile financial markets in the
first quarter of 2026.
The insurance service result increased to DKK 188 million (Q1
2025: loss of DKK 267 million). The increase was due to a more
balanced result in the health and accident business and the fact
that the first quarter of 2025 was adversely affected by a
strengthening of provisions of DKK 220 million related to legacy
life insurance products in run-off. The insurance service result of
the health and accident business improved DKK 222 million from
the level in the same period in 2025 and amounted to a small
loss of DKK 6 million. The improvement was driven, among other
things, by the level of new claims having stabilised and
customers on sick leave returning to work more quickly.
Furthermore, the health and accident business benefitted from
prior pricing adjustments.
The net financial result decreased to a loss of DKK 37 million (Q1
2025: profit of DKK 456 million) due to negative value
adjustments affecting the investment result on insurance
products where Danica has the investment risk and the
investment result attributable to shareholders’ equity, both of
which were affected by the difficult and volatile financial
markets, especially in the last month of the first quarter.
Q1 2026 vs Q4 2025
Net income at Danica decreased to DKK 162 million (Q4 2025:
DKK 260 million) due to a decrease in the net financial result,
while the insurance service result improved, primarily due to
the result of the health and accident business being more
balanced. The fourth quarter of 2025 included a one-off loss
of DKK 200 million relating to the health and accident
business.
• The insurance service result increased to DKK 188 million
due to a more balanced result in the health and accident
business. The result of the health and accident business
was a small loss of DKK 6 million in the first quarter of 2026
(Q4 2025: loss of DKK 591 million). The fourth quarter of
2025 included a one-off loss of DKK 200 million resulting
from changes to data and models relating to the health and
accident business.
• The net financial result decreased in the first quarter of
2026 and amounted to a loss of DKK 37 million (Q4 2025:
profit of DKK 679 million). The decrease was attributable to
the difficult and volatile financial market in the first quarter
of 2026, which affected the investment results on
insurance products where Danica has the investment risk
and the investment result attributable to shareholders’
equity.
• Total premiums decreased 2% following a decrease in
single premiums, while regular premiums increased.
• Assets under management decreased DKK 13 billion
primarily due to the difficult and volatile financial markets
in the first quarter of 2026.
Net income at Danica
DKK 162 million
for the first quarter of 2026
21
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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.
Q1
2026
896
75
23
3
997
384
613
11
602
Q1
2025
805
75
50
4
934
381
553
-49
602
69,611
65,813
715
706
113,638
109,410
6,637
1.93
36.3
38.5
6,674
1.82
36.1
40.8
Index
26/25
111
100
46
75
107
101
111
-
100
106
101
104
99
Q4
2025
871
79
51
3
1,004
419
585
-81
666
69,776
704
115,227
6,569
1.88
40.6
41.7
Index
Q1/Q4
103
95
45
100
99
92
105
-
90
100
102
99
101
1,232
1,247
99
1,233
100
Full year
2025
3,358
309
184
13
3,863
1,591
2,272
1
2,271
69,776
704
115,227
6,814
1.84
33.3
41.2
1,233
Northern Ireland
In the first quarter of 2026, we maintained our position as a
strong bank, consolidating our market-leading position in
Northern Ireland, while pursuing selected low-cost growth
opportunities across the rest of the UK.
In the first quarter of 2026, profit before tax amounted to
DKK 602 million (Q1 2025: DKK 602 million). Total income and
profit before loan impairment charges increased from the year-
earlier period, driven by growth across both Northern Ireland and
the rest of the UK. Customer acquisition and lending growth
remained strong despite the adverse impact of ongoing
geopolitical uncertainty on business and consumer confidence.
Business initiatives
While the conflict in the Middle East negatively impacted the UK
economy with inflation remaining above target, the labour and
housing markets in Northern Ireland remained strong.
In personal banking, we continued our strong focus on customer
acquisition. We welcomed around 4,000 new personal current
account customers during the first quarter, and total mortgage
lending volumes continued to grow, up around 9% from the year-
earlier level. This growth reflects an increased market share of
new business in Northern Ireland supplemented by mortgage
business growth in the rest of the UK.
In business banking, we are continuing to focus on bringing new
small business customers over to Danske Bank, with over 400
new small business digital current accounts opened during the
first quarter. Lending volumes have grown both in Northern
Ireland and in the rest of the UK.
The first quarter also saw us launch our new regional AI centre of
excellence. The centre of excellence will drive the strategic
development and use of artificial intelligence across the bank in
Northern Ireland, helping make tasks easier for both customers
and colleagues.
22
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
23
Danske Bank / Interim report – first quarter 2026
Q1 2026 vs Q1 2025
Profit before tax was DKK 602 million (Q1 2025: DKK 602 million),
with the underlying financial performance reflecting strong
growth in net interest income of 11%. The first quarter of 2026
also saw a return to a normalised impairment level with a charge
of DKK 11 million, whereas the first quarter of 2025 saw a net
reversal of DKK 49 million, and this development in impairments
offset the growth in income.
Net interest income increased to DKK 896 million (Q1 2025:
DKK 805 million), driven by a combination of lending growth,
growth in deposits and hedging actions taken during the period
of higher UK interest rates.
Net fee income was stable at DKK 75 million (Q1 2025: DKK 75
million).
Net trading income decreased to DKK 23 million (Q1 2025:
DKK 50 million), reflecting reduced mark-to-market valuations
on the bank’s hedging portfolio as the remaining period to
maturity of the relevant hedging portfolio reduces.
Q1 2026 vs Q4 2025
The first quarter of 2026 saw profit before tax of DKK 602
million (Q4 2025: DKK 666 million).
• Net interest income increased to DKK 896 million (Q4 2025:
DKK 871 million), with the impact of continued growth in
both lending and deposits partially offset by lower UK
interest rates.
• Net fee income was marginally lower at DKK 75 million (Q4
2025: DKK 79 million).
• Net trading income amounted to DKK 23 million (Q4 2025:
DKK 51 million), primarily reflecting the impact of mark-to-
market movements on the bank’s hedging portfolio
resulting from changing market interest rates in the first
quarter.
• Operating expenses were lower at DKK 384 million,
reflecting the timing of investment expenditure (Q4 2025:
DKK 419 million).
Operating expenses were maintained at DKK 384 million (Q1
2025: DKK 381 million), reflecting the bank’s continued cost and
efficiency focus across local and Group cost drivers.
• Loan impairment charges amounted to DKK 11 million,
against a net reversal in the fourth quarter of DKK 81
million, reflecting the overall high credit quality.
Credit quality remained strong, with a small net loan impairment
charge of DKK 11 million, against a net reversal of DKK 49 million
in the first quarter of 2025.
Profit before tax
DKK 602 million
for the first quarter of 2026
Financial highlights
Executive summary
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
Q1
2026
139
-42
-150
1
-52
476
21
-528
-3
-526
Q1
2025
-46
-25
33
-10
-47
583
19
-630
10
-640
9,631
10,042
107
-25
-
-609
1
-526
59
-31
-
-669
1
-640
Index
26/25
-
168
-
-
111
82
111
84
-
82
96
181
81
-
91
100
82
Q4
2025
81
-19
100
10
171
353
20
-182
-2
-179
9,962
183
-66
-1
-294
-3
-179
Index
Q1/Q4
Full year
2025
172
221
-
10
-
135
105
290
150
294
97
58
38
-
207
-
294
172
-67
345
-7
443
1,841
77
-1,398
-3
-1,395
9,962
900
-146
3
-2,212
60
-1,395
Group Functions
Group Functions includes Group Treasury, Technology &
Services and other functions. In addition, Group Functions
includes eliminations.
In the first quarter of 2026, the loss before tax decreased and
amounted to DKK 526 million, against a loss of DKK 640 million in
the first quarter of 2025. Total income was stable, while
operating expenses were down. Higher costs related to digital
investments made under our Forward ’28 strategy, higher staff
costs and increased amortisation of intangible assets were more
than offset by higher allocations to the business units.
Net interest income increased to DKK 139 million (Q1 2025: loss
of DKK 46 million). An increase in income from interest rate risk
management in Group Treasury was partly offset by a decrease
in internal bank income. Net trading income decreased to a loss
of DKK 150 million (Q1 2025: profit of DKK 33 million), affected by
negative fair value adjustments in Group Treasury.
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.
Initiatives
We are executing our strategic priorities at pace, delivering
commercial impact through improved digital customer solutions
and our ongoing technology transformation. Our progress is
supported by continued AI-driven enhancements in productivity
and efficiency.
We continue to scale AI capabilities across generative and
agentic solutions. To facilitate this, we are building an ’AI
city’ infrastructure that enables us to scale both investments in
24
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
and outcomes of generative and agentic AI. AI solutions are
increasingly embedded in workflows and daily operations,
enhancing employee productivity and operational efficiency.
Other income increased and amounted to DKK 1 million (Q1
2025: loss of DKK 10 million) related, among other things, to
holdings in associates.
Q1 2026 vs Q4 2025
Group Functions posted a loss before tax of DKK 526 million
(Q4 2025: loss of DKK 179 million).
Operating expenses, after allocation to the business units,
decreased to DKK 476 million (2024: DKK 583 million). Operating
expenses were affected, among other things, by digital
investments made under our Forward ’28 strategy, higher staff
costs impacted by wage inflation and increased amortisation of
intangible assets, although the effect was more than offset by
higher allocations to the business units.
Loan impairment charges amounted to a net reversal of DKK 3
million (Q1 2025: DKK 10 million).
The number of full-time-equivalent staff was 9,631 (Q1 2025:
10,042).
Our cloud migration programme continues to progress ahead of
schedule, with applications successfully migrated to and
optimised on the cloud.
We are modernising platforms and decommissioning legacy
applications, reducing complexity and increasing overall
productivity.
We remain steadfast in our commitment to safeguarding
operations and protecting customers through robust
cybersecurity measures and ongoing vigilance against external
threats.
Q1 2026 vs Q1 2025
The loss before tax at Group Functions decreased and amounted
to DKK 526 million (Q1 2025: loss of DKK 640 million). The
improvement in the result related to Group Treasury, mainly due
to higher income from interest rate risk management and lower
operating expenses.
Net interest income increased to DKK 139 million (Q1 2025:
interest expense of DKK 46 million), driven by an increase in
interest rate risk management income from fixed-rate lending
hedging and bond portfolios, although the effect was partly
offset by lower Internal Bank allocation income. The lower
allocation income was caused, among other things, by increased
allocation of interest rate risk management income to the
business units, primarily from the hedging of the interest rate
risk on deposits.
Net fee income amounted to an expense of DKK 42 million (Q1
2025: an expense of DKK 25 million) mainly related to expenses
for custody accounts.
Net trading income decreased to a loss of DKK 150 million (Q1
2025: DKK 33 million), affected by negative fair value
adjustments in Group Treasury related to unrealised negative
fair value adjustments of cross-currency swaps held for liquidity
management purposes and bond portfolio investments.
• Net interest income increased to DKK 139 million (Q4 2025:
DKK 81 million) driven by Group Treasury. Income from
Group Treasury increased primarily because of higher
income from interest rate risk management and liquidity
management activities, with allocation income also
increasing. Income in the fourth quarter of 2025 benefitted
from an interest compensation payment of DKK 221 million
from the Danish tax authorities.
• Net fee income amounted to a net expense of DKK 42
million (Q4 2025: net expense of DKK 19 million) mainly
related to expenses for custody accounts.
• Net trading income decreased to a loss of DKK 150 million
(Q4 2025: income of DKK 100 million), among other things
due to lower income from Group Treasury related to
unrealised market value adjustments on cross-currency
swaps held for liquidity management purposes and bond
portfolio investments.
• Other income was down slightly to DKK 1 million (Q4 2025:
DKK 10 million).
• Operating expenses, after allocation to the business units,
increased to DKK 476 million (Q4 2025: DKK 353 million). A
decrease in costs primarily related to severance pay was
more than offset by a decline in allocations to business
units.
Profit before tax
DKK –526 million
for the first quarter of 2026
25
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Definition of alternative performance
measures
Ratios and key figures
Dividend per share (DKK)
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.
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.
Definitions of additional ratios presented on page 3 and in other sections of the Management’s report:
Return on average shareholders’ equity
(% p.a.)
Net profit divided by the average of the quarterly average shareholders’ equity
(beginning and end of each quarter) within the year. The numerator is equal to net
profit for the period. The denominator is DKK 0 million lower than the simple average of
total equity (beginning and end of the period) (31 December 2025: DKK 4,412 lower).
Net interest income as % p.a. of loans and
deposits
Net interest income 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 2026 would be 1.28% (2025: 1.28%) instead of 1.29% (2025: 1.29%), due to
the daily average of the sum of loans and deposits being DKK 23.9 billion lower than
the end-of-period sum of loans and deposits (2025: DKK 49.6 billion lower). 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 and impairment charges on goodwill 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 -26 million (2025:
DKK 294 million) annualised. The denominator is the sum of Loans at amortised cost of
DKK 1,022.3 billion (2025: DKK 921.9 billion), Loans at fair value of DKK 740.1 billion
(2025: DKK 755.2 billion), and guarantees of DKK 99.7 billion (2025: DKK 96.4 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 19.5 billion (2025:
DKK 19.7 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 1,045.3 billion (2025: DKK 1,022.3 billion),
Loans at fair value of DKK 734 billion (2025: DKK 740.1 billion), and guarantees of
DKK 101 billion (2024: DKK 99.7 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.
26
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Financial statements
Statements
Notes
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
28
28
29
30
32
G1. Material accounting policies and estimates
G2. Changes in accounting policies and restatements
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
33
34
35
37
37
38
38
39
40
40
42
43
46
27
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Income statement – Danske Bank Group
Statement of comprehensive income – Danske Bank Group
Full year
2025
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
G9
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
* A positive amount is a tax expense, and a negative amount is a tax income.
Q1
2026
13,459
5,604
9,723
9,340
4,811
893
3,918
389
1,604
1,416
Q1
2025
14,386
5,119
10,485
9,020
4,330
672
3,658
882
1,475
1,742
54,100
20,838
38,327
36,611
18,254
2,831
15,423
2,872
6,210
6,385
-10,503
10,466
-10,862
11,318
22,488
-21,006
11
162
165
165
12
201
170
170
13,974
13,931
6,405
7,569
-26
7,595
1,908
5,686
6,291
7,641
50
7,591
1,834
5,757
7.0
7.0
6.9
6.9
-
-
50
1,357
577
577
56,840
25,848
30,992
294
30,699
7,662
23,037
27.9
27.9
22.72
Q1
2026
5,686
Q1
Full year
2025
5,757
2025
23,037
45
-4
49
431
-225
-710
-3
-119
-389
-340
-65
-4
-61
2,657
-1,370
-89
-1
231
967
906
68
21
47
2,060
-957
-284
-5
216
598
645
5,347
6,663
23,682
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)
28
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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
31 March 31 December
31 March
2026
2025
2025
115,431
144,397
480,501
304,337
137,181
116,592
444,980
296,738
1,045,337
1,022,281
204,293
80,458
513,889
283,793
962,083
(DKK millions)
Liabilities
Due to credit institutions and central banks
Trading portfolio liabilities
Deposits
G7
G7
Issued bonds at fair value
Issued bonds at amortised cost
1,038,483
1,060,925
1,063,032
Deposits under pooled schemes and investment contracts
Assets under pooled schemes and investment contracts
72,739
76,809
72,873
G6
Insurance liabilities
G6
Insurance assets
Intangible assets
Tax assets
G8
Other assets
Total assets
545,594
555,504
530,864
8,143
6,698
7,872
5,894
6,987
9,644
30,719
29,135
30,941
G8
G7
G7
3,792,379
3,753,911
3,758,856
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
* Comparative information for Q1 2025 has been restated as described in note G2(b).
31 March 31 December
31 March
2026
2025
2025*
184,630
328,044
217,422
286,837
223,690
369,106
1,300,153
1,244,582
1,203,870
732,901
260,141
73,740
740,334
259,855
77,040
749,249
272,935
73,494
537,791
551,087
510,851
2,278
60,085
111,882
33,340
2,813
62,808
99,682
30,289
1,950
61,976
83,881
39,540
3,624,986
3,572,749
3,590,543
8,350
-2,308
-756
8,350
-2,514
-43
8,622
-2,330
156
162,107
156,832
161,864
-
18,537
-
167,393
181,162
168,313
3,792,379
3,753,911
3,758,856
29
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Statement of capital – Danske Bank Group
Changes in equity
(DKK millions)
Total equity as at 1 January 2026
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
Acquisition of own shares - share buy-back programme
Acquisition of own shares - other
Sale of own shares
Share based payments
Restated total equity as at 1 January 2025
8,622
-3,617
246
157,040
12,279
174,570
Foreign
currency
translation
reserve
Reserve
for bonds
at fair
value (OCI)
Retained
earnings
Proposed
dividends
Total
(DKK millions)
-2,514
-43
156,832
18,537
181,162
Total equity as at 1 January 2025
Share
capital
8,350
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
431
-225
-
-
-
205
205
-
-
-
-
-
-
-
-
-
-710
-3
-
-713
-713
-
-
-
-
-
5,686
45
-
-
-
-
123
168
5,855
-
-
-
-
-
-
-
-
-
5,686
Effect of adjustment of insurance liabilities*
45
Net profit
431
-225
-710
Other comprehensive income
Remeasurement of defined benefit pension plans
Translation of units outside Denmark
-3
Hedging of units outside Denmark
123
-340
Unrealised value adjustments
Realised value adjustments
5,347
Tax
Total other comprehensive income
51
-18,537
-18,486
Total comprehensive income
-838
-8,864
9,022
51
-
-
-
-
-
-838
Transactions with owners
-8,864
Dividends paid
9,022
Acquisition of own shares - share buy-back programme
51
Acquisition of own shares - other
167,393
Sale of own shares
Share based payments**
Total equity as at 31 March 2025
Foreign
currency
translation
reserve
Reserve
for bonds
at fair
value (OCI)
Retained
earnings
Proposed
dividends
Total
-3,617
246
158,157
12,279
175,687
-
-
-1,117
-
-1,117
Share
capital
8,622
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,657
-1,370
-
-
-
1,287
1,287
-
-
-
-
-
-
-
-
-
-89
-1
-
-89
-89
-
-
-
-
-
5,757
-65
-
-
-
-
-227
-292
5,465
-
-
-
-
-
-
-
-
-
5,757
-65
2,657
-1,370
-89
-1
-227
906
6,663
43
-12,279
-12,236
-609
-6,804
6,684
46
-
-
-
-
-
-609
-6,804
6,684
46
168,313
8,622
-2,330
156
161,864
* See note G2(b) for details on the adjustment to insurance liabilities.
** Share based payments in Q1 2025 have been reclassified from Acquisition of own shares – other. There is no change to total equity as at 31
March 2025.
Total equity as at 31 March 2026
8,350
-2,308
-756
162,107
30
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Statement of capital – Danske Bank Group
Share buy-back programme
On 9 February 2026, the Group initiated a share buy-back programme of up to DKK 4.5 billion, which may run until 29 January 2027. At
the end of March 2026, the Group had acquired 1,257,976 shares for a total amount of DKK 387 million under the share buy-back
programme. This is in addition to 1,414,063 shares acquired in 2026 for a total of DKK 451 million under the previous share buy-back
programme, which ran until 30 January 2026.
Numbers of shares outstanding
Issued at 1 January
Cancellation of own shares (share buy-back programme 2024)
Number of shares issued at 31 December
Shares held in relation to Share buy-back programme
Shares held in the Group's trading portfolio
Shares outstanding end of period
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
31 March 2026 31 December 2025
834,995,125
862,184,621
-
-27,189,496
834,995,125
834,995,125
20,437,599
1,338,309
17,765,560
2,231,371
813,219,217
814,998,194
Common equity tier 1 capital instruments
Adjustment to eligible capital instruments
Prudent valuation
Prudential filters
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
On 26 March 2026, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank’s share capital by
DKK 191,796,230 nominally by cancelling 19,179,623 shares from Danske Bank’s holding of own shares. The reduction of the share
capital has been carried out and registered at 27 April 2026. After the reduction, Danske Bank A/S’ share capital amounts to
DKK 8,158,155,020 nominally, corresponding to 815,815,502 shares of DKK 10 each.
Dividend
To accelerate the transition towards normalised capital levels, the Board of Directors has approved an extraordinary dividend
payment of DKK 5 billion equivalent to DKK 6.14 per share. The ex-dividend date will be 1 May 2026 and the expected payment date is
5 May 2026.
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 (%)
31 March 2026 31 December 2025
167,393
181,162
219
-38
167,573
167,573
-4,749
-798
221
-35
181,348
181,348
-1,250
-742
-
-
-3,412
-7,359
-2,144
678
-416
-1,025
-
148,350
11,014
159,363
22,449
181,812
837,437
17.7%
19.0%
21.7%
-23,037
-7,401
-2,332
733
-450
-961
-3,775
142,133
7,569
149,702
22,003
171,706
822,078
17.3%
18.2%
20.9%
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.
The Internal Capital Adequacy Assessment Report provides more details about the Group’s solvency need. The report is available at
danskebank.com/reports.
31
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Cash flow statement – Danske Bank Group
Q1
2026
7,595
-7,125
-1,059
-589
-31,428
5,687
158
-7,599
-587
55,571
-6,758
-3,387
451
11,519
-
-427
-74
1
-500
Q1
2025
7,591
-7,744
-882
-1,035
10,692
29,541
-74
-14,675
-28,480
30,088
32,096
-2,391
-3,259
52,503
-21
-105
-71
-
-197
Full Year
2025
(DKK millions)
Cash flow from financing activities
30,699
-6,321
Issue of subordinated debt
Redemption of subordinated debt
495
Issue of non-preferred senior bonds
24,873
Redemption of non-preferred senior bonds
8,579
16,180
-261
-27,620
-86,816
70,801
Dividends paid
Share buy-back programme
Principal portion of lessee lease payments
Cash flow from financing activities
Cash and cash equivalents as at 1 January
Foreign currency translation
Change in cash and cash equivalents
6,638
Cash and cash equivalents, end of period
13,205
-3,024
22,555
Cash and cash equivalents, end of period
Cash in hand
Demand deposits with central banks
Amounts due from credit institutions and central banks within three months
-21
Total
-1,662
-343
2
-2,024
Q1
2026
Q1
2025
Full Year
2025
8,825
-5,603
17,580
-5,769
-18,486
-838
-125
4,596
-5,594
5,306
-10,583
-12,236
-609
-121
8,329
-17,878
30,141
-16,154
-12,236
-4,803
-501
-4,416
-19,241
-13,102
250,326
242,100
242,100
816
6,603
1,984
33,065
797
7,429
257,745
277,149
250,326
6,823
108,608
142,314
257,745
6,399
197,894
72,856
277,149
7,038
130,143
113,145
250,326
(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
Acquisition of intangible assets
Acquisition of tangible assets
Sale of tangible assets
Cash flow from investing activities
32
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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 2025.
Amendments to IFRS 9 and IFRS 7 and Annual improvements to IFRS Accounting Standards – Volume 11 became effective on 1
January 2026 and have no material impact on the financial statements. Further information on the changes to accounting policies in
2026 can be found in note G2(a). The Group has not changed its material accounting policies from those applied in Annual Report
2025. Annual Report 2025 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 2025)
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 2025). An overview of the classification and measurement basis for
financial instruments can be found in note G1(c) of the Annual Report 2025.
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.
33
Danske Bank / Interim report – first quarter 2026
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 expectations of the Group’s senior management
and involves the creation of scenarios (base case, upside, downside and severe downside), 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. Note G13 provides information on the scenarios as at 31 March 2026.
The base case scenario enters with a probability of 50% (31 December 2025: 50%), the upside scenario with a probability of 25% (31
December 2025: 25%), the downside scenario with a probability of 5% (31 December 2025: 5%) and the severe downside scenario
with a probability of 20% (31 December 2025: 20%). On the basis of these assessments, the allowance account as at 31 March 2026
amounted to DKK 19.5 billion (31 December 2025: DKK 19.7 billion). If the upside and severe downside scenarios were each assigned a
100% probability, the allowance account would decrease by 7% (31 December 2025: 6% decrease) and increase by 41% (31
December 2025: 39% increase), respectively.
Management applies judgement when determining the need for post-model adjustments. As at 31 March 2026, the post-model
adjustments amounted to DKK 5.4 billion (31 December 2025: DKK 5.4 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 2025 and the section on credit risk in note G13 in this report provide more details on expected credit
losses. As at 31 March 2026, financial assets covered by the expected credit loss model accounted for about 56.1% of total assets (31
December 2025: 56.3%).
Fair value measurement of financial instruments
At the end of March 2026, 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 31 March 2026, the
adjustments totalled DKK 0.3 billion (31 December 2025: DKK 0.2 billion), including the adjustment for credit risk on derivatives that
are credit impaired. Note G12 in this report and note G32(a) of the Annual Report 2025 provides more details on the fair value
measurement of financial instruments.
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G1. Material accounting policies and estimates - continued
G2. Changes in accounting policies and restatements
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. As at 31 March 2026, goodwill amounted to
DKK 4.5 billion (31 December 2025: DKK 4.5 billion).
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 March 2026.
(a) Changes in accounting policies in 2026
On 1 January 2026, the Group implemented the amendments to IFRS 9 and IFRS 7, and Annual Improvements to IFRS Accounting
Improvements – Volume 11, as described below.
Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures – Classification and measurement of
financial instruments
The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment
system, assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in
equity instruments designated at FVOCI and disclosures for financial instruments with contingent features.
Goodwill mainly consists of DKK 2.1 billion (31 December 2025: DKK 2.1 billion) in Markets, DKK 1.8 billion (31 December 2025: DKK 1.8
billion) in Asset Management and DKK 0.5 billion (31 December 2025: 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 2025.
The amendment regarding contractual cash flows is most relevant for the Group’s loans with ESG features that are measured at
amortised cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example,
meeting a contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar
instruments without the contingent features.
Note G19 of the Annual Report 2025 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,
disability rates and administrative costs as well as assumptions of conversions into paid-up policies and surrenders. 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 Group has assessed that none of the loans within the scope of this amendment have contingent features that result in the
contractual cash flows being significantly different from similar instruments. As such, there is no impact on the Group’s classification
of these loans, and hence no impact on the Group’s net profit or Balance sheet.
Additional disclosures for these financial assets with contingent features will be included in Annual Report 2026.
Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures – Contracts referencing nature-
dependent electricity
This amendment provides clarifications on reporting the financial effects of nature-dependent electricity contracts (which are usually
structured as power purchase agreements). The amendment includes clarification of the application of own-use requirements,
conditions for when hedge accounting can be applied, and disclosure requirements.
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.
Annual Improvements to IFRS Accounting Standards – Volume 11
The annual improvements relate to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.
The amendment has no impact on the financial statements.
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%.
In IFRS 1, the improvement relates to hedge accounting for first-time adopters of IFRS. The first improvement to IFRS 7 relate to
disclosures regarding gain or loss on the derecognition of financial assets in which an entity has continuing involvement. The second
improvement to IFRS 7 amends implementation guidance and basis of conclusion for situations in which the transaction price of a
financial instrument differs from its fair value at initial recognition, when the fair value is calculated using non-observable inputs. The
improvement to IFRS 9 updates references in relation to the derecognition of lease liabilities. The improvement to IFRS 10 clarifies
that, in addition to a party being a de facto agent if an investor has the ability to direct another party to act on the investor’s behalf, the
other party might also be a de facto agent if those that direct the activities of the investor have the ability to direct the party on the
investor's behalf. The final improvement updates terminology in IAS 7.
Note G18 of the Annual Report 2025 provides more information about insurance contract liabilities.
None of these improvements has any impact on the financial statements.
34
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G2. Changes in accounting policies and restatements - continued
G3. Business segments
G2(b) Correction of liabilities under insurance contracts (part of Insurance liabilities)
During the fourth quarter of 2025, in continuation of the FSA's functional inspection of health and accident insurance, Danica
identified material misinterpretations of data used in connection with calculating technical provisions for health and accident
insurance. The misinterpretations significantly affected Insurance contract liabilities in 2024 and in previous years, in addition to the
first three quarters of 2025. The Group has therefore restated the opening balance of 2025 by DKK 1.1 billion, and restated
comparative information for the first quarter of 2025 in this report.
The following table shows the impact of the adjustments described above as at 31 March 2025. Line items not included in the table
have not been affected by the restatement. The comparative figures for Q1 2025 in the Balance sheet and note G3 show restated
amounts.
Restatement of balance sheet for the first quarter 2025
Business model and business segmentation
The Group’s commercial activities are organised in five reporting business units:
• Personal Customers, which serves personal customers and Private Banking 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 corporates and institutional customers across all Nordic markets.
•
• Danica, which specialises in pension schemes, life insurance policies and health insurance policies in Denmark.
• Northern Ireland serves personal, business and corporate in Northern Ireland.
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
Total assets
Liabilities
Insurance liabilities
Tax liabilities
Total liabilities
Equity
Retained earnings
Total equity
Total liabilities and equity
31 March
2025
Adjustment
Restated 31
March 2025
3,758,856
-
3,758,856
509,341
2,343
1,510
-393
510,851
1,950
3,589,426
1,117
3,590,543
162,981
169,430
3,758,856
-1,117
-1,117
161,864
168,313
-
3,758,856
The impact of this change on the Group’s result in the first quarter of 2025 is not material, and therefore Net profit for the first quarter
of 2025 has not been adjusted.
35
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G3. Business segments - continued
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 quarter 2026
Business segments first quarter 2025
(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
3,250
1,355
30
-
27
4,662
2,224
5
2,437
-72
2,509
2,934
709
4
-
134
3,781
1,427
14
2,354
-264
2,618
2,121
1,821
481
-
-
4,424
1,893
38
2,531
302
2,229
Danica
Northern
Ireland
Group
Functions Eliminations
-
-
-
162
-
162
-
-
162
-
162
896
75
23
-
3
997
384
-
613
11
602
178
-65
-147
-
733
699
1,185
21
-486
-3
-484
-40
23
-3
-
-732
-751
-709
-
-42
-
-42
Total
9,340
3,918
389
162
165
13,974
6,405
78
7,569
-26
7,595
(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
3,231
1,210
25
-
39
4,505
2,141
7
2,364
117
2,247
2,969
632
11
-
133
3,745
1,367
19
2,379
-449
2,828
2,060
1,765
763
-
4
4,593
1,819
27
2,774
420
2,353
Danica*
Northern
Ireland
Group
Functions Eliminations
-
-
-
201
-
201
-
-
201
-
201
805
75
50
-
4
934
381
-
553
-49
602
-
-47
35
-
664
652
1,235
19
-583
10
-593
-45
22
-2
-
-674
-699
-652
-
-47
-
-47
Total*
9,020
3,658
882
201
170
13,931
6,291
72
7,641
50
7,591
Loans, excluding reverse transactions
660,674
696,312
346,712
-
68,896
21,372
-16,861 1,777,104
Loans, excluding reverse transactions
655,918
666,988
322,190
-
65,107
15,312
-16,044 1,709,470
Other assets
Total assets
453,283
187,410 2,635,364
593,975
73,257 4,832,285
-6,760,300 2,015,275
1,113,956
883,722 2,982,076
593,975
142,153 4,853,657
-6,777,161 3,792,379
Other assets
Total assets
441,075
163,688 3,125,687
576,478
66,767 4,911,304
-7,235,613 2,049,386
1,096,993
830,676 3,447,877
576,478
131,874 4,926,615
-7,251,657 3,758,856
Deposits, excluding repo deposits
402,379
269,257
358,225
-
113,638
9,633
-12,158 1,140,973
Deposits, excluding repo deposits
389,207
250,830
351,678
-
109,410
8,771
-10,523 1,099,373
Other liabilities
Allocated capital
683,414
567,655 2,579,880
574,404
21,757 4,821,905
-6,765,002 2,484,013
28,164
46,809
43,971
19,572
6,758
22,119
-
167,393
Other liabilities
Allocated capital
680,933
533,354 3,055,505
557,986
15,671 4,888,854
-7,241,134 2,491,170
26,854
46,492
40,693
18,492
6,792
28,990
-
168,313
Total liabilities and equity
1,113,956
883,722 2,982,076
593,975
142,153 4,853,657
-6,777,161 3,792,379
Total liabilities and equity
1,096,993
830,676 3,447,877
576,478
131,874 4,926,615
-7,251,657 3,758,856
Profit before tax as % p.a. of allocated
capital (avg.)
Cost/income ratio (%)
35.8
47.7
22.5
37.7
20.6
42.8
3.3
-
36.3
38.5
-6.4
-
Full-time-equivalent staff, end of period
3,871
1,787
2,197
1,006
1,232
9,631
-
-
-
18.1
45.8
19,724
Profit before tax as % p.a. of allocated
capital (avg.)
Cost/income ratio (%)
33.8
47.5
24.6
36.5
23.1
39.6
Full-time-equivalent staff, end of period
3,879
1,746
2,179
4.2
-
954
36.1
40.8
-6.3
-
1,247
10,042
-
-
-
17.8
45.2
20,046
* Comparative information for Q1 2025 has been restated as described in note G2(b).
36
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G4. Income
G5. Loan impairment charges
(a) Fee income
Note G6 of the Annual Report 2025 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 quarter 2026
(DKK millions)
Investment
Money transfers, account fee, cash management and other fees
Lending and Guarantees
Capital markets
Total
Fee income first quarter 2025
(DKK millions)
Investment
Money transfers, account fee, cash management and other fees
Lending and Guarantees
Capital markets
Total
Loan impairment charges
(DKK millions)
ECL on new assets
ECL on assets derecognised
Impact of net remeasurement of ECL (incl. changes in models)
Write-offs charged directly to income statement
Received on claims previously written off
Interest income, effective interest method
Total
Fee income
Fee expenses Net fee income
1,904
1,823
737
347
4,811
582
250
44
17
893
1,322
1,573
694
329
3,918
Fee income
Fee expenses Net fee income
1,588
1,685
626
431
4,330
374
255
29
14
672
1,214
1,430
597
417
3,658
(b) Other income
Other income amounted to DKK 165 million for the first quarter ending 31 March 2026 (31 Match 2025: DKK 170 million). Other
income includes income from investment property and real estate brokerage, and income from holdings in associates.
31 March
2026
31 March
2025
784
-667
-59
32
-35
-81
-26
960
-763
-43
28
-45
-87
50
37
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G6. Insurance assets and Insurance liabilities
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.
Insurance assets comprise assets earmarked for policyholders. As at 31 March 2026, Insurance assets total DKK 565,939 million (31
December 2025: DKK 577,333 million) before own bonds of DKK 5,338 million (31 December 2025: DKK 4,730 million) and other intra-
group balances of DKK 15,007 million (31 December 2025: DKK 17,099 million).
Nominal value of other issued bonds
Insurance liabilities comprise DKK 474,445 million of Insurance contract liabilities as defined by IFRS 17 (31 December 2025: DKK
482,821 million) and DKK 72,191 million of Other insurance-related liabilities (31 December 2025: DKK 75,818 million), before intra-
group balances of DKK 8,845 million (31 December 2025: DKK 7,552 million).
(DKK millions)
Commercial papers and certificate of deposits
Note G18 of Annual Report 2025 provides additional information on Insurance assets and Insurance liabilities.
G7. Issued bonds, subordinated debt and additional tier 1 capital
Preferred senior bonds
Covered bonds
Structured retail notes
Non-preferred senior bonds
Total
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
31 March 31 December
2026
2025
731,177
738,670
1,724
1,664
732,901
740,334
(DKK millions)
Commercial papers and certificate of deposits
Preferred senior bonds
Covered bonds
Structured retail notes
Non-preferred senior bonds
Total
31 March 31 December
2026
55,599
53,529
2025
58,694
61,164
150,955
139,857
59
141
260,141
259,855
111,882
99,682
Further information on issued bonds at fair value through profit or loss can be found in note G16 of the Annual Report 2025. The
issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year are
presented in the tables below.
38
Danske Bank / Interim report – first quarter 2026
1 January
2026
58,700
62,545
Foreign
currency
Issued
Redeemed
translation
22,081
25,779
-
141,217
18,400
2,194
101,024
365,680
270
17,537
58,289
7,991
4,951
245
5,769
44,734
31 March
2026
55,663
54,977
154,152
1,922
114,061
380,775
661
423
-515
-298
1,268
1,540
Issued
Redeemed
translation
1 January
2025
49,002
68,592
128,673
3,117
91,588
114,171
100,109
19,374
33,711
403
30,192
22,242
27,308
1,665
16,080
340,972
197,852
167,404
Foreign
currency 31 December
-4,364
-3,179
6,141
338
-4,676
-5,740
2025
58,700
62,545
141,217
2,194
101,024
365,680
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G7. Issued bonds, subordinated debt and additional tier 1 capital –
continued
G8. Other assets and Other liabilities
Subordinated debt and additional tier 1 capital
As at 31 March 2026, the nominal value of subordinated debt, including liability accounted additional tier 1 capital, amounted to
DKK 34,034 million (31 December 2025: DKK 30,552 million). During the period ended 31 March 2026, the Group issued EUR 750
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 during the three months ended 31 March 2026. During 2025, the Group issued NOK 1,600 million and EUR 500 million of
tier 2 capital and USD 500 million of liability accounted additional tier 1 capital. The Group also redeemed EUR 1,750 million of tier 2
capital and 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 31 March 2026, distributable items for Danske Bank A/S amounted to DKK 124.4 billion (31 December 2025: DKK 119.9 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
31 March 2026 the common equity tier 1 capital ratio was 20.7% (31 December 2025: 20.3%) for Danske Bank A/S. The ratios for the
Danske Bank Group are disclosed in the Statement of capital.
(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
31 March 31 December
2026
2025
7,496
11,000
1,021
373
6,811
3,525
407
88
7,354
9,505
960
361
6,879
3,579
387
109
30,719
29,135
38,704
12,173
255
1,084
3,634
2,541
2
1,692
60,085
40,082
13,031
250
1,102
3,676
2,843
2
1,822
62,808
In the table above, Provisions, including litigations includes customer remediation of DKK 949 million, regulatory and legal
proceedings of DKK 3 million, restructuring costs of DKK 426 million and other provisions of DKK 314 million.
Customer remediation includes the provision for customer compensation in the debt collection case, which progresses with
providing finalisation for customers affected. The remediation efforts are in the final stages as all analysis work was finalised in 2025,
leaving remediation for remaining customers as the core focus for 2026.
39
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G9. Foreign currency translation reserve
G10. Guarantees, commitments and contingent liabilities
As at 31 March 2026, 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 35,008 million (31 December 2025: DKK 34,751 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 31 March 2026, the structural FX hedge position totalled DKK
40,246 million (31 December 2025: DKK 40,018 million). A gain of DKK 227 million was recognised in Other comprehensive income
during the first quarter of 2026, primarily due to a strengthening of NOK against DKK partly offset by a weakening of SEK against DKK
during the period. For comparison, a total gain of DKK 1,252 million was recognised in Other comprehensive income during the first
quarter of 2025, primarily due to a strengthening of SEK as well as NOK against DKK during that period.
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
31 March
31 December
2026
14,046
86,995
101,041
2025
13,946
85,724
99,670
31 March
31 December
2026
208,698
251,124
16,154
475,977
2025
206,636
244,547
14,406
465,589
40
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G10. Guarantees, commitments and contingent liabilities – continued
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.
(c) Regulatory and legal proceedings
Estonia matter
The civil claims filed against Danske Bank by institutional investors concerning the Estonia matter can be summarised to six case
complexes with a current total claim amount of approximately DKK 12.7 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 January 2027. The civil claims were not included in the coordinated resolutions with DoJ, SEC,
and SCU in December 2022. 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 to the Eastern High Court where the main hearing is scheduled to start in January 2028.
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.
(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 2025.
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
41
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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 273.5 billion as at 31 March 2026 (31 December 2025: DKK 272.1 billion).
As at 31 March 2026, the Group had received securities worth DKK 439.8 billion (31 December 2025: DKK 402.6 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 31 March 2026, the Group had sold securities or provided securities as collateral worth DKK 105.3 billion (31 December 2025:
DKK 96.0 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 G39 of the Annual Report 2025 provides more details on assets received as collateral in
connection with ordinary lending activities.
As at 31 March 2026, the Group had deposited securities (including bonds issued by the Group) worth DKK 6.6 billion as collateral with
Danish and international clearing centres and other institutions (31 December 2025: DKK 5.7 billion).
As at 31 March 2026, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 63.8 billion as
collateral for derivatives transactions (31 December 2025: DKK 66.2 billion).
As at 31 March 2026, the Group had registered insurance assets (including bonds and shares issued by the Group) and investment
contracts worth DKK 502.3 billion (31 December 2025: DKK 511.9 billion) as collateral for policyholders’ savings of DKK 515.4 billion
(31 December 2025: DKK 527.2 billion).
As at 31 March 2026, the Group had registered loans at fair value and securities (including bonds issued by the Group) worth a total of
DKK 738.3 billion (31 December 2025: DKK 744.7 billion) as collateral for bonds issued by Realkredit Danmark. Similarly, the Group had
registered loans and other assets worth DKK 272.9 billion (31 December 2025: DKK 254.5 billion) as collateral for covered bonds
issued under Danish, Finnish and Swedish law.
The table below 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
31 March 2026
31 December 2025
Repo
Other
Total
Repo
Other
Total
-
23,309
23,309
-
15,622
15,622
273,507
39,621
313,129
272,141
46,605
318,746
-
-
-
734,045
734,045
280,720
280,720
495,216
495,216
-
-
-
740,117
740,117
265,594
265,594
505,775
505,775
273,507 1,572,911 1,846,419
272,141 1,573,713 1,845,854
15,884
22,352
38,236
20,860
23,764
44,625
Total, including own issued bonds
289,392 1,595,263 1,884,655
293,001 1,597,478 1,890,479
42
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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.
(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
31 March 2026
31 December 2025
Fair value Amortised cost
Fair value Amortised cost
-
69,179
480,501
115,431
75,218
-
-
30,664
444,980
137,181
85,927
-
-
145,157
-
146,482
159,179
-
150,256
-
-
1,045,337
-
1,022,281
1,038,483
72,739
504,324
-
-
-
1,060,925
76,809
513,957
-
-
-
2,324,406
1,381,143
2,277,592
1,391,871
124,681
328,043
158,551
732,901
59,949
-
1,141,602
-
158,924
286,837
134,205
740,334
58,498
-
1,110,377
-
-
260,141
-
259,855
73,740
55,315
-
-
-
-
-
77,040
56,669
111,882
33,340
2,541
-
-
-
-
-
99,682
30,289
2,843
1,473,232
1,609,455
1,454,008
1,561,544
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 2025 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 31 March 2026 with
DKK 4,207 million (31 December 2025: DKK 3,217 million). This portfolio mainly contains Danish mortgage bonds and central and local
government bonds and has a weighted average rating factor of 5.0 following Moody’s numerical rating factor to scale, which
corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 3.0 years. Without any reinvestments,
respectively 27%, 53% and 20% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and after 5 years.
Financial instruments at fair value
Note G32(a) of the Annual Report 2025 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.
43
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G12. Fair value information for financial instruments – continued
Financial instruments at fair value
(DKK millions)
31 March 2026
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
44
Danske Bank / Interim report – first quarter 2026
Quoted prices
Observable
input
Non-observable
input
Total
(DKK millions)
31 December 2025
Financial assets
-
8,384
187,394
43,100
142,026
-
-
72,739
148,902
233,098
2,267
69,179
224,725
15,759
-
16,796
-
1,038,483
-
35,691
4,011
42,723
-
69,179
Due from credit institutions and central banks
1,088
234,196
Derivatives
-
51
-
357
-
-
1,644
35,569
419
203,153
Trading portfolio bonds
43,151
Trading portfolio shares
158,822
Investment securities, bonds
357
Investment securities, shares
1,038,483
Loans at fair value
72,739
Assets under pooled schemes and investment contracts
186,237
Insurance assets, bonds
272,678
Insurance assets, shares
45,409
Insurance assets, derivatives
Quoted prices
Observable
input
Non-observable
input
Total
-
4,899
174,852
63,294
133,378
-
-
76,809
158,103
234,593
2,340
30,664
187,978
12,616
-
16,527
-
1,060,925
-
33,605
3,857
43,651
-
1,068
-
273
-
353
-
-
1,898
35,343
567
30,664
193,944
187,468
63,567
149,904
353
1,060,925
76,809
193,606
273,793
46,558
837,911
1,447,367
39,128
2,324,406
Total
848,267
1,389,824
39,502
2,277,592
-
8,346
103,731
-
732,901
-
650
124,681
213,647
1,519
158,551
-
73,740
54,096
845,628
626,234
-
769
32
-
-
-
569
1,370
Financial liabilities
124,681
Due to credit institutions and central banks
222,762
Derivatives
105,282
Obligations to repurchase securities
158,551
Deposits
732,901
Issued bonds at fair value
73,740
55,315
Deposits under pooled schemes and investment contracts
Insurance liabilities
-
5,398
94,586
-
740,334
-
566
158,924
184,410
1,433
134,205
-
77,040
55,392
1,473,232
Total
840,884
611,404
-
1,010
-
-
-
-
711
1,721
158,924
190,817
96,019
134,205
740,334
77,040
56,669
1,454,008
Financial highlights
Executive summary
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
31 March 2026
31 December 2025
Bonds
Derivatives
Bonds
Derivatives
(DKK millions)
Fair value at 1 January
Value adjustment through profit or loss
Acquisitions
Sale and redemption
Shares
35,970
785
903
-1,712
1,898
111
8
-373
Transferred to quoted prices and observable
input
Fair value end of period
-
-
35,946
1,644
-86
76
107
11
61
169
Shares
37,551
-817
4,357
-5,121
2,103
-194
84
-95
-
-
35,970
1,898
1,171
-570
-195
-516
24
-86
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.
(DKK millions)
31 March 2026
Unlisted shares allocated to insurance contract
policyholders
Unlisted shares other
Illiquid bonds
Derivatives, net fair value
31 December 2025
Unlisted shares allocated to insurance contract
policyholders
Unlisted shares other
Illiquid bonds
Derivatives, net fair value
Carrying
amount
35,569
376
1,644
169
35,343
626
1,898
-86
Increase
Decrease
Realised
Unrealised
-
38
26
-
-
63
26
-
-
38
26
-
-
63
26
-
664
3
112
-
-683
50
-
-
118
-
-1
76
-147
-37
-194
-570
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 three months ended 31 March 2026 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.
45
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
G13. Risk management notes
The consolidated financial statements for 2025 provide a detailed description of the Group’s risk management practices.
Lending
activities
Counterparty
credit risk
Trading and
investment
securities
Customer-
funded
investments
Total
108.6
144.4
480.5
304.3
1,045.3
1,038.5
72.7
545.6
101.0
208.7
251.1
16.2
108.6
75.2
-
-
1,045.3
734.0
-
-
101.0
208.7
251.1
-
-
69.2
234.2
-
-
304.4
-
-
-
-
-
-
-
-
246.3
304.3
-
-
-
-
-
-
-
(DKK billions)
31 December 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
-
-
-
-
-
-
72.7
Assets under pooled schemes and investment contracts
545.6
Insurance assets
Off-balance-sheet items
Guarantees
Loan commitments shorter than 1 year
Loan commitments longer than 1 year
-
-
-
Total
130.1
116.6
445.0
296.7
1,022.3
1,060.9
76.8
555.5
99.7
206.6
244.5
14.4
Lending
activities
Counterparty
credit risk
Trading and
investment
securities
Customer-
funded
investments
130.1
85.9
-
-
1,022.3
740.1
-
-
99.7
206.6
244.5
-
-
30.7
193.9
-
-
320.8
-
-
-
-
-
-
-
-
251.0
296.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
76.8
555.5
-
-
-
14.4
646.7
4,317.0
2,524.1
607.8
0.1
550.7
16.0
Other unutilised commitments
634.4
Total
4,269.2
2,529.3
545.4
547.8
In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines
of credit of DKK 231 billion at 31 March 2026 (31 December 2025: DKK 229 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)
31 March 2026
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
46
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure
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 74% (31 December 2025: 73%).
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 2025.
Credit portfolio broken down by rating category and stages
The table below breaks down the credit exposure by rating categories and stages. Further information on classification of customers
can be found on page 221 in Annual Report 2025.
47
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – continued
Credit exposure broken down by rating categories
(DKK billions)
31 March 2026
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 2025
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
143.3
200.4
522.1
586.4
480.7
315.2
96.5
10.8
1.5
0.6
0.2
-
0.5
0.7
4.6
14.5
39.2
48.3
26.5
5.4
15.2
0.5
2,357.6
155.5
-
-
-
-
0.1
-
-
-
-
0.7
29.6
30.5
-
-
0.1
0.2
0.4
0.6
1.0
0.6
-
-
-
3.0
-
-
-
0.1
0.2
0.6
1.8
2.2
0.5
1.7
-
7.1
-
-
-
-
-
-
0.1
-
-
0.1
9.2
9.4
143.3
200.3
522.0
586.2
480.3
314.7
95.5
10.2
1.4
0.6
0.1
-
0.5
0.7
4.6
14.4
38.5
46.5
24.3
4.9
13.5
0.5
2,354.6
148.4
-
-
-
-
-
-
-
-
-
0.6
20.4
21.1
123.4
99.1
264.9
262.3
190.3
108.4
39.9
2.5
0.2
0.1
-
1,091.2
-
0.4
0.3
3.4
11.6
19.2
17.9
9.3
1.5
4.5
0.1
68.3
-
-
-
-
-
-
-
-
-
0.2
3.0
3.3
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
188.8
194.0
510.3
569.2
472.5
314.7
99.3
11.6
1.5
0.5
0.2
0.1
0.2
1.0
4.2
16.9
39.8
44.4
25.3
4.8
17.9
1.3
2,362.5
155.8
-
-
-
0.4
0.1
-
0.1
0.1
-
0.9
29.2
30.7
-
-
0.1
0.2
0.4
0.5
0.9
0.7
-
-
-
2.9
-
-
-
-
0.1
0.7
1.8
2.3
0.5
2.0
0.1
7.5
-
-
-
-
-
-
0.1
0.1
-
0.2
9.0
9.3
188.8
194.0
510.2
569.0
472.1
314.1
98.4
10.9
1.5
0.5
0.2
0.1
0.2
1.0
4.1
16.8
39.1
42.6
23.0
4.3
15.8
1.2
2,359.6
148.4
-
-
-
0.4
0.1
-
-
-
-
0.7
20.1
21.4
166.4
96.4
257.3
254.5
179.0
111.4
40.5
1.6
0.1
0.1
0.1
1,107.3
-
-
0.6
3.1
13.8
19.1
14.8
6.7
1.3
6.5
0.1
66.1
-
-
-
-
-
-
-
-
-
0.2
3.3
3.5
48
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – continued
Credit portfolio broken down by industry (NACE) and stages
The table below breaks 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)
31 March 2026
Public institutions
Financials
Agriculture
Automotive
Capital goods
Commercial and residential real estate
Construction and building materials
Consumer goods
Hotels, restaurants and leisure
Metals and mining
Other commercials
Pharma and medical devices
Non-profit housing
Pulp, paper and chemicals
Retailing
Services
Shipping
Oil and gas
Social services
Telecom and media
Transportation
Utilities and infrastructure
Personal customers
Total
49
Danske Bank / Interim report – first quarter 2026
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 1
200.6
154.5
51.3
28.6
79.1
299.3
41.7
88.1
15.5
26.6
1.6
60.6
212.5
36.6
27.7
99.8
21.0
18.3
29.0
26.5
19.1
94.8
724.6
2,357.6
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
0.4
3.2
5.2
7.5
11.2
23.0
14.2
9.4
1.0
2.4
-
1.0
2.8
6.1
3.9
5.5
5.5
0.2
2.7
1.0
2.8
13.0
33.6
155.5
1.1
0.3
1.1
0.6
1.8
3.2
1.8
1.8
0.4
0.8
-
0.1
0.4
0.6
1.7
1.3
0.2
-
0.4
1.4
0.5
0.9
10.0
30.5
-
-
0.3
-
-
0.5
0.2
-
-
-
0.1
-
0.1
-
-
0.3
-
-
-
-
-
0.1
1.1
3.0
-
0.2
0.7
0.6
0.7
0.9
0.7
0.3
-
0.1
-
-
0.1
0.2
0.1
0.4
0.1
-
0.1
0.2
0.2
0.3
1.2
7.1
-
0.1
0.4
0.2
0.9
0.8
1.0
0.6
0.1
0.2
-
-
0.1
0.2
1.1
0.4
0.1
-
0.1
0.5
0.2
0.2
2.2
9.4
Stage 1
200.6
154.4
51.0
28.6
79.1
298.9
41.5
88.1
15.5
26.6
1.5
60.6
212.4
36.6
27.7
99.5
21.0
18.3
29.0
26.5
19.1
94.6
723.5
2,354.6
Stage 2
Stage 3
0.4
3.1
4.5
6.9
10.5
22.1
13.4
9.1
1.0
2.2
-
1.0
2.8
6.0
3.7
5.2
5.4
0.2
2.7
0.8
2.6
12.7
32.4
148.4
1.1
0.2
0.7
0.4
0.9
2.4
0.8
1.2
0.3
0.6
-
0.1
0.3
0.3
0.6
0.9
0.2
-
0.3
0.9
0.3
0.6
7.8
21.1
Stage 1
197.4
141.0
11.3
22.4
73.4
50.4
30.5
66.9
5.2
19.8
1.4
57.2
35.1
25.5
18.4
82.2
9.0
14.5
11.3
21.4
10.2
69.7
116.9
1,091.2
Stage 2
Stage 3
-
1.6
1.2
4.5
8.3
3.0
9.1
6.8
0.3
1.1
-
0.8
0.3
4.4
3.0
3.7
1.1
0.2
2.3
0.5
1.1
11.3
3.5
68.3
-
0.1
-
0.2
0.3
0.5
0.3
0.5
0.1
0.1
-
-
-
0.1
0.1
0.4
-
-
-
0.4
-
-
-
3.3
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – continued
(DKK billions)
31 December 2025
Public institutions
Financials
Agriculture
Automotive
Capital goods
Commercial and residential real estate
Construction and building materials
Consumer goods
Hotels, restaurants and leisure
Metals and mining
Other commercials
Pharma and medical devices
Non-profit housing
Pulp, paper and chemicals
Retailing
Services
Shipping
Oil and gas
Social services
Telecom and media
Transportation
Utilities and infrastructure
Personal customers
Total
Gross exposure
Expected credit loss
Net exposure
Net exposure, ex collateral
Stage 1
250.4
132.5
52.4
25.7
76.6
295.0
43.8
90.0
13.6
26.3
1.4
56.9
210.3
41.3
27.4
93.1
18.7
17.7
28.9
27.6
18.6
88.8
725.6
2,362.5
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
1.3
3.1
4.8
8.1
11.8
25.2
11.5
9.0
1.1
2.0
-
2.2
3.1
5.5
2.5
5.3
5.9
0.3
2.6
0.7
2.2
13.3
34.2
155.8
0.2
0.4
1.2
0.6
2.1
3.4
1.9
1.3
0.5
0.8
-
0.1
0.8
0.5
1.6
1.3
0.5
-
0.5
1.4
0.6
0.9
10.3
30.7
-
0.1
0.2
-
-
0.4
0.3
-
-
-
0.2
-
0.1
-
0.1
0.2
-
-
-
-
-
0.1
1.1
2.9
-
0.2
0.6
0.6
0.7
1.0
0.8
0.4
-
0.2
-
-
0.1
0.3
0.2
0.4
0.1
-
0.1
0.1
0.2
0.4
1.2
7.5
-
0.1
0.4
0.2
0.9
0.8
1.1
0.6
0.1
0.2
-
-
0.1
0.2
0.8
0.4
0.1
-
0.1
0.5
0.2
0.2
2.5
9.3
Stage 1
250.4
132.5
52.1
25.7
76.5
294.5
43.5
89.9
13.6
26.4
1.2
56.9
210.2
41.3
27.3
92.9
18.7
17.6
28.9
27.6
18.6
88.7
724.6
2,359.6
Stage 2
Stage 3
1.3
3.0
4.2
7.6
11.1
24.2
10.6
8.7
1.1
1.9
-
2.1
3.1
5.3
2.3
4.9
5.8
0.3
2.6
0.6
2.0
12.9
32.9
148.4
0.2
0.3
0.8
0.4
1.2
2.6
0.8
0.7
0.4
0.6
-
0.1
0.7
0.3
0.8
0.9
0.4
-
0.3
0.9
0.4
0.7
7.8
21.4
Stage 1
247.3
118.9
12.6
19.8
70.6
50.0
32.1
68.9
5.2
19.5
1.1
53.5
32.8
29.4
18.0
77.7
6.9
14.6
11.5
22.8
9.9
65.8
118.2
1,107.3
Stage 2
Stage 3
-
1.6
1.1
5.3
9.3
3.5
7.0
6.5
0.3
1.1
-
2.0
0.3
3.9
1.5
3.2
1.1
0.2
2.2
0.4
0.6
11.5
3.4
66.1
-
0.2
-
0.2
0.4
0.6
0.3
0.3
0.1
0.1
-
-
-
-
0.3
0.2
0.1
-
-
0.5
-
0.1
-
3.5
50
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – 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 2025, a table showing collateral by type (after haircut) is included. The mitigating effect from
collateral is calculated as the difference between the columns ‘Net exposure’ and ‘Net exposure, ex collateral’, and amounted to DKK
1,361.3 billion at 31 March 2026 (31 December 2025: DKK 1,352.4 billion).
The following table breaks down credit exposure by business unit and underlying segment.
Credit exposure by business unit
(DKK billions)
31 March 2026
Personal Customers
Personal Customers Denmark
Personal Customers Sweden
Personal Customers Finland
Global Private Banking
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
446.4
101.5
75.5
77.1
700.5
54.5
280.8
414.3
0.4
750.0
642.8
112.2
152.0
19.5
2.3
6.1
4.1
32.1
10.6
41.0
16.8
-
68.5
51.6
3.3
0.1
2,357.6
155.5
5.9
0.5
2.1
0.7
9.2
1.6
8.4
2.0
-
11.9
8.1
1.3
-
30.5
0.7
0.1
0.1
0.1
1.0
0.1
0.7
0.4
-
1.3
0.4
0.3
-
3.0
0.7
0.1
0.2
0.3
1.3
0.3
3.1
0.5
-
3.9
1.8
0.1
-
7.1
1.1
0.1
0.6
0.1
2.0
0.5
3.3
0.4
-
4.3
2.8
0.4
-
9.4
445.7
101.4
75.4
77.0
699.5
54.4
280.1
413.8
0.4
748.7
642.4
111.9
152.0
18.8
2.1
6.0
3.8
30.8
10.4
37.9
16.3
-
64.6
49.7
3.2
0.1
4.8
0.4
1.5
0.6
7.3
1.0
5.0
1.5
-
7.6
5.3
0.9
-
73.3
30.1
6.0
13.6
123.0
21.2
112.4
68.7
0.4
202.6
559.7
56.2
149.7
2,354.6
148.4
21.1
1,091.2
1.9
0.3
0.4
0.5
3.1
2.3
17.0
2.5
-
21.8
42.8
0.5
0.1
68.3
-
-
-
0.1
0.1
0.1
1.0
0.1
-
1.2
2.0
-
-
3.3
51
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – continued
(DKK billions)
31 December 2025
Personal Customers
Personal Customers Denmark
Personal Customers Sweden
Personal Customers Finland
Global Private Banking
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
449.4
103.7
75.9
76.8
705.8
53.1
277.2
410.4
0.4
741.1
619.6
101.0
195.0
20.3
2.6
5.9
3.8
32.6
10.2
39.1
17.9
-
67.3
52.4
3.5
-
2,362.5
155.8
6.1
0.5
2.0
0.7
9.4
1.7
8.8
2.6
-
13.2
6.7
1.4
0.1
30.7
0.7
0.1
0.1
0.1
1.0
0.1
0.7
0.4
-
1.2
0.3
0.3
-
2.9
0.7
0.1
0.2
0.3
1.3
0.3
3.2
0.6
-
4.0
2.1
0.1
-
7.5
1.3
0.1
0.6
0.2
2.2
0.5
3.6
0.4
-
4.5
2.3
0.4
-
9.3
448.7
103.6
75.8
76.7
704.8
53.0
276.5
409.9
0.4
739.8
619.2
100.8
195.0
19.6
2.5
5.8
3.5
31.3
9.9
36.0
17.4
-
63.3
50.4
3.4
-
4.8
0.4
1.5
0.6
7.2
1.2
5.3
2.2
-
8.7
4.4
1.0
-
77.2
31.3
5.7
13.8
128.1
20.1
110.9
67.7
0.4
199.0
540.1
47.5
192.6
2,359.6
148.4
21.4
1,107.3
1.8
0.4
0.4
0.5
3.1
2.4
15.2
2.7
-
20.3
42.2
0.5
-
66.1
-
-
-
0.1
0.1
0.1
0.9
0.4
-
1.3
2.1
-
-
3.5
52
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – 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 quarter of 2026, the Group had recognised properties taken over in Denmark at a carrying amount of DKK 11 million (31
December 2025: DKK 7 million), and there were no properties taken over in other countries (31 December 2025: 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 2025.
Exposures subject to forbearance measures
(DKK millions)
Stage 1
Stage 2
Stage 3
Total
31 March 2026 31 December 2025
155
4,958
7,295
12,408
159
5,650
7,091
12,900
53
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure - continued
Allowance account broken down by stage
(DKK millions)
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 31 March 2025
ECL allowance account as at 1 January 2026
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
Allowance account broken down by segment
Personal
Customers
Business
Customers
Large
Corporates &
Institutions
Northern
Ireland
Group
Functions
Stage 1
3,226
Stage 2
7,617
Stage 3
9,058
Total
19,901
392
-159
-44
254
-125
-354
-
33
14
3,237
2,858
406
-77
-4
204
-121
-289
-1
3
1
-374
256
-473
535
-354
73
-
124
-8
7,395
7,482
-364
160
-240
369
-240
-74
-
9
-3
-18
-96
517
171
-284
238
-100
100
-26
9,560
9,345
-41
-83
244
210
-306
304
-238
12
-3
-
-
-
960
-763
-43
-100
257
-20
20,192
19,686
-
-
-
784
-667
-59
-240
25
-6
(DKK millions)
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)
Write-offs debited to allowance account
Foreign currency translation
Other changes
ECL allowance account as at 31 March 2025
ECL allowance account as at 1 January 2026
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 31 March 2026
4,674
211
-232
154
-28
23
-87
4,716
4,488
164
-250
24
-169
-3
2
4,256
10,752
3,666
529
-498
-421
-37
178
82
10,586
9,768
395
-387
-243
-68
12
-7
200
-22
269
-28
60
-15
4,132
4,669
206
-12
150
-
12
-1
9,471
5,024
785
17
-10
-53
-8
-5
-
726
742
17
-15
12
-3
3
-
756
22
2
-1
9
-
-
-
33
20
2
-3
-2
-
-
-
Total
19,901
960
-763
-43
-100
257
-20
20,192
19,686
784
-667
-59
-240
25
-6
17
19,523
ECL allowance account as at 31 March 2026
2,981
7,098
9,445
19,523
The method used for calculating expected credit losses is described in detail in note G15 of the Annual Report 2025.
54
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – 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, downside and severe 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.
The upside scenario represents a slightly better outlook than the base case scenario, with global economic conditions improving,
increased demand, and marginally higher GDP growth. This scenario also sees further support for housing markets, accompanied by a
modest rise in interest rates amid stronger price pressures.
The downside scenario envisions an economic slowdown, characterised by weaker foreign demand and declining equity markets, with
persistent inflation limiting potential interest rate reductions. This scenario could be triggered by rising trade tensions, disruption to
energy markets or other risk factors.
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 applied scenarios that drive the expected credit loss calculation in the first quarter of 2026 have been updated with the latest
macroeconomic data. For the Nordic markets overall compared to the end of 2025, the base case, upside scenarios and downside
scenario have been revised to reflect continued expectations of sustained economic growth, normalised inflation and improved house
prices with a marginally weaker downside scenario and an upside scenario anticipating slightly stronger growth.
The base case is an extension of the Group’s official view of the Nordic economies (the Nordic Outlook report). At 31 March 2026, the
base case scenario anticipates sustained economic growth supported by increased real wages and reduced interest rates. Labour
markets are expected to remain robust, while property prices are expected to continue strengthening across the region.
The severe downside scenario reflect a 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 price increases and inflation, prompting
interest rates to be hiked in response, 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 scenario weighting is unchanged from 2025. The weight on the base case scenario is 50% (31 December 2025: 50%), the upside
scenario is weighted 25% (31 December 2025: 25%), the downside scenario is weighted 5% (31December 2025: 5%) and the severe
downside scenario is weighted 20% (31 December 2025: 20%).
The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL
calculation for the forecast horizon across the Group’s Nordic markets are included in the following tables.
55
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Credit exposure – continued
Macroeconomic scenarios
31 March 2026
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
56
Danske Bank / Interim report – first quarter 2026
Base-case
2026
2027
2028
2026
Upside
2027
2028
2026
2027
2028
2026
2027
2028
Downside
Severe downside
3.0
3.0
1.0
7.0
2.1
2.8
8.2
1.1
4.3
2.2
1.6
2.2
2.7
6.0
3.3
1.5
9.9
1.6
-1.8
2.1
2.1
3.4
1.8
4.0
2.1
2.5
7.5
1.7
4.9
2.5
1.6
2.3
2.4
7.0
3.3
1.9
9.1
1.8
2.0
2.1
1.9
3.4
2.0
2.5
2.3
2.0
7.1
2.0
5.0
2.5
1.8
2.3
2.2
4.0
3.3
1.5
8.2
2.0
2.5
2.3
3.0
3.0
1.0
7.0
2.1
2.8
8.2
1.1
4.3
2.2
1.6
2.2
2.7
6.0
3.5
1.5
9.9
1.6
-1.8
2.1
2.4
3.4
2.0
5.0
2.5
2.9
7.5
1.8
5.9
2.9
1.8
2.3
2.5
8.0
3.5
2.3
9.1
2.0
3.0
2.5
2.7
3.2
2.2
4.5
2.8
2.6
7.0
2.1
6.0
3.0
2.3
2.2
2.3
5.0
3.5
2.0
8.1
2.2
4.5
2.8
2.0
3.2
1.2
7.0
2.1
1.8
8.4
1.2
4.3
2.0
1.2
2.2
3.2
6.0
3.8
0.5
10.0
1.6
-1.8
2.0
-0.1
4.1
1.6
1.0
1.5
0.3
8.1
1.8
1.9
2.0
0.3
2.6
2.7
5.0
3.0
-0.4
9.6
1.9
-
1.6
2.2
4.1
2.1
0.5
1.7
2.0
7.7
2.2
3.0
2.2
1.4
2.7
2.5
2.0
3.0
1.4
8.7
2.2
0.5
1.8
-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
Financial review
Business units
Financial statements
Credit exposure – continued
31 December 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
57
Danske Bank / Interim report – first quarter 2026
Base-case
2025
2026
2027
2025
Upside
2026
2027
2025
2026
2027
2025
2026
2027
Downside
Severe downside
2.6
2.9
1.9
5.9
2.1
1.9
8.7
2.8
1.2
2.0
1.7
2.2
3.1
6.0
4.2
0.3
9.5
0.5
-1.5
2.1
2.7
3.0
1.1
6.3
2.1
2.6
8.3
1.6
5.3
2.2
1.6
2.3
2.2
7.0
3.3
1.5
9.3
1.4
0.8
2.1
2.1
3.0
1.8
3.7
2.1
2.4
7.5
2.0
4.2
2.5
1.6
2.3
2.4
6.0
3.3
1.8
8.7
1.8
2.5
2.1
2.6
2.9
1.9
5.9
2.1
1.9
8.7
2.8
1.2
2.0
1.8
2.2
3.1
6.0
4.2
0.3
9.5
0.5
-1.5
2.1
2.9
3.0
1.7
7.3
2.2
2.7
8.3
1.9
6.3
2.3
1.7
2.3
2.6
8.0
3.4
1.7
9.2
1.9
1.8
2.2
2.6
2.8
2.5
5.7
2.5
2.9
7.4
2.2
5.2
2.9
1.9
2.2
2.8
7.0
3.7
2.2
8.5
2.4
4.5
2.6
2.5
2.9
2.0
5.9
2.1
1.8
8.7
2.9
1.2
2.0
1.7
2.2
3.1
6.0
4.2
0.2
9.5
0.5
-1.5
2.1
1.5
3.3
1.1
1.3
1.8
1.3
8.5
1.7
0.3
1.9
1.2
2.4
2.2
3.0
3.3
0.2
9.5
1.4
-3.2
1.7
1.1
3.6
2.0
3.7
1.7
1.3
8.0
2.4
4.2
2.0
1.2
2.4
2.7
6.0
3.4
0.7
9.1
2.2
2.5
1.7
-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
Financial review
Business units
Financial statements
Credit exposure – continued
With the applied macroeconomic scenarios, the allowance account as at 31 March 2026 amounted to DKK 19.5 billion (31 December
2025: DKK 19.7 billion). The following table provides information on the percentage increase or decrease in the allowance account,
should each scenario be assigned a 100% probability, all other factors remaining constant.
Allowance Account: Impact of 100% Scenario Probabilities
(% change in allowance account)
100% probability on Base case scenario
100% probability on Upside scenario
100% probability on Downside scenario
100% probability on Severe downside scenario
31 March 2026 31 December 2025
-6%
-7%
-5%
41%
-6%
-6%
-5%
39%
The increase in the severe downside scenario primarily reflects the transfer of exposures from stage 1 to stage 2 and increased
expected credit losses within stage 2.
Post-model adjustments
Management applies judgement when determining the need for post-model adjustments. At 31 March 2026, the post-model
adjustments amounted to DKK 5.4 billion (31 December 2025: DKK 5.4 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 geopolitical 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.
Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more
information about the adjustments.
58
Danske Bank / Interim report – first quarter 2026
Post-model adjustments by industries
(DKK billions)
Agriculture
Commercial & Residential Real Estate
Construction and building materials
Utilities & Infrastructure*
Personal customers (including other retail exposures)
Others**
Total
31 March 2026 31 December 2025
0.8
0.9
0.6
0.4
1.0
1.7
5.4
0.8
1.0
0.6
0.4
1.0
1.6
5.4
* Post-model adjustments for Utilities and infrastructure as at 31 December 2025 have been reclassified from Others. There is no change to
total post-model adjustments as at 31 December 2025.
** No individual industry included in Others exceeds DKK 0.4 billion at 31 March 2026 (31 December 2025: DKK 0.4 billion).
The total balance of post-model adjustments is unchanged compared to the end of 2025.
The Group maintains substantial post-model adjustments due to ongoing geopolitical and macroeconomic uncertainties, including
the risk of escalating trade tensions, trade disruptions, a slowing or declining growth environment, elevated interest rates, and
fluctuating energy and commodity prices. These factors present new challenges that impact economic and business activity. The
post-model adjustments apply across industries that are sensitive to tariffs, increases in energy and other commodity prices, as well
as those vulnerable to business cycles, higher interest rates and refinancing risks. The post-model adjustments have been assessed
for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group’s portfolios.
Financial highlights
Executive summary
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
Derivatives with positive fair value
(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
31 March 31 December
2025
2026
(DKK millions)
Derivatives with positive fair value before netting
234.2
373.6
507.1
43.5
193.9
351.5
Netting (under accounting rules)
Carrying amount
Netting (under capital adequacy rules)
483.9
Net current exposure
63.9
Collateral
1,158.6
1,093.2
Net amount
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 371.4 billion (31 December 2025: DKK 349.1 billion), of
which DKK 66.9 billion relates to credit institutions and central banks (31 December 2025: DKK 28.3 billion), and other primarily short-
term loans of DKK 2.3 billion (31 December 2025: DKK 2.4 billion), of which DKK 2.3 billion (31 December 2025: DKK 2.4 billion) relates
to credit institutions and central banks.
Derivatives with positive fair value after netting for accounting purposes:
Interest rate contracts
Currency contracts
Other contracts
Total
31 March
2026
31 December
2025
236,109
196,254
1,914
234,196
144,476
89,720
77,704
12,016
2,310
193,944
115,354
78,590
69,113
9,477
148,920
144,690
82,720
2,556
47,765
1,488
234,196
193,944
59
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Counterparty credit risk and credit exposure from trading and investment
securities – continued
Bond portfolio
(DKK millions)
31 March 2026
Held-for-trading (FVPL)
Managed at fair value (FVPL)
Held to collect and sell
(FVOCI)
Held to collect (AMC)
Central and
Quasi-
Danish
local govern-
government
mortgage
ment bonds
bonds
bonds
113,474
9,254
27,118
41,626
3,161
343
9,482
8,356
24,270
16,165
71,574
91,012
Total
191,471
21,342
203,021
31 December 2025
Held-for-trading (FVPL)
Managed at fair value (FVPL)
Held to collect and sell
(FVOCI)
Held to collect (AMC)
119,596
9,135
23,425
42,638
2,958
420
9,788
8,761
26,882
16,786
60,801
90,736
Total
194,794
21,928
195,205
Swedish
covered
bonds
48,917
1,656
2,004
3,245
55,822
24,219
1,683
1,873
3,429
31,204
Other
covered
Corporate
bonds
bonds
Total
6,435
146
19,082
918
26,580
7,147
145
23,849
917
32,059
6,897
1,999
-
-
8,895
6,666
1,998
-
-
8,664
203,153
29,562
129,260
145,157
507,132
187,467
30,168
119,736
146,482
483,854
At 31 March 2026, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 186,237 million
(31 December 2025: DKK 193,606 million) recognised as insurance assets and thus not included in the table above. The section on
insurance risk in Annual Report 2025 provides more information. For bonds classified as hold-to-collect, amortised cost exceeded fair
value as at 31 March 2026 and 31 December 2025; see note G12 for more information.
60
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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
Central and
Quasi-
Danish
Swedish
Other
(DKK millions)
31 March 2026
Denmark
Sweden
UK
Norway
USA
Spain
France
Luxembourg
Finland
Ireland
Italy
Portugal
Austria
Netherlands
Germany
Belgium
Other
Total
local govern-
government
mortgage
ment bonds
bonds
bonds
25,455
36,814
18,718
10,489
23,287
758
11,770
-
13,870
504
470
2
3,506
2,993
41,506
1,330
-
-
-
-
-
4,821
-
23
7,831
2,688
-
-
-
-
14
147
4,521
1,297
203,021
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
covered
bonds
-
55,822
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
6,253
17,251
-
-
385
-
2,182
-
199
-
110
1
103
-
94
3,149
2,906
23
1,050
35
-
244
132
756
33
5
-
88
269
54
3
150
8,895
231,626
Denmark
95,544
24,994
28,791
28,143
Sweden
UK
Norway
USA
758
Spain
12,422
France
7,962
Luxembourg
19,495
Finland
536
674
Ireland
Italy
2
Portugal
3,704
3,277
Austria
Netherlands
41,811
Germany
5,853
1,541
507,132
Belgium
Other
Total
covered
Corporate
bonds
bonds
Total
(DKK millions)
ment bonds
bonds
bonds
31 December 2025
Central and
Quasi-
Danish
local govern-
government
mortgage
26,637
43,980
22,474
6,751
19,619
488
13,123
-
8,564
722
2,289
2
2,340
2,684
45,043
79
-
-
-
434
-
5,228
-
24
7,661
3,193
-
-
-
-
13
149
4,527
701
195,205
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Swedish
covered
bonds
-
31,204
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other
covered
Corporate
bonds
bonds
Total
-
-
6,806
22,186
-
1
399
-
2,007
-
-
-
104
14
466
-
76
3,304
2,543
2
830
22
-
64
135
985
10
6
-
106
433
130
3
91
225,146
77,727
29,716
29,766
24,869
489
13,610
7,795
14,749
732
2,295
2
2,550
3,143
45,788
4,609
868
191,471
21,342
203,021
55,822
26,580
194,794
21,928
195,205
31,204
32,059
8,664
483,854
61
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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
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
(DKK millions)
31 March 2026
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
Sub. "investment-grade" or unrated
111,545
25,829
31,541
10,364
11,592
-
131
-
470
-
-
-
-
-
17,608
3,730
-
-
4
-
-
-
-
-
-
-
-
-
202,957
55,785
25,007
2,105
415,008
-
37
1
1,544
-
-
64
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
946
407
423
870
564
655
29,578
34,068
10,835
12,018
870
694
655
-
-
-
-
-
28
1,753
2,250
-
-
-
-
-
454
99
469
21
113
454
99
469
21
113
31 December 2025
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
Sub. "investment-grade" or unrated
119,321
19,840
30,476
10,195
11,998
-
147
-
2,289
528
-
-
-
-
17,635
4,288
-
-
5
-
-
-
-
-
-
-
-
-
195,165
31,177
30,954
2,030
396,282
-
-
40
-
-
-
-
-
-
-
-
-
-
-
27
-
-
-
-
-
-
-
-
-
-
-
31
720
-
-
-
-
-
354
-
-
-
-
-
1
1,148
188
587
1,055
320
841
1,399
596
150
178
28
142
24,160
32,371
10,423
12,590
1,055
468
841
4,042
1,124
150
178
28
142
Total
191,471
21,342
203,021
55,822
26,580
8,895
507,132
Total
194,794
21,928
195,205
31,204
32,059
8,664
483,854
62
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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 quarter 2026 of the Danske Bank Group.
The consolidated interim financial statements have been presented
in accordance with IAS 34, Interim Financial Reporting, as adopted by
the EU. 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 give a
true and fair view of the Group’s assets, liabilities, shareholders’
equity and financial position at 31 March 2026 and of the results of
the Group’s operations and the consolidated cash flows for the
period starting on 1 January 2026 and ending on 31 March 2026.
Moreover, in our opinion, the management’s report includes a fair
view of developments in the Group’s operations and financial
position and describes the significant risks and uncertainty factors
that may affect the Group.
63
Danske Bank / Interim report – first quarter 2026
Copenhagen, 30 April 2026
Executive Leadership Team
Carsten Egeriis
CEO
Magnus Agustsson
Joachim Alpen
Christian Bornfeld
Karsten Breum
Cecile Hillary
Johanna Norberg
Dorthe Tolborg
Frans Woelders
Board of Directors
Martin Blessing
Chairman
Lieve Mostrey
Martin Nørkjær Larsen
Vice Chairman
Jacob Dahl
Allan Polack
Rafael Salinas
Marianne Sørensen
Helle Valentin
Kirsten Ebbe Brich
Elected by the employees
Aleksandras Cicasovas
Elected by the employees
Kirsten Hjelm Lund
Elected by the employees
Louise Aggerstrøm Hansen
Elected by the employees
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Independent auditor’s review report
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.
To the shareholders of Danske Bank A/S
Independent auditor’s review report on the consolidated interim financial statements
We have reviewed the consolidated interim financial statements of Danske Bank Group for the financial period 1 January to 31 March
2026, pp. 28-62 which comprise the income statement, statement of comprehensive income, balance sheet, statement of capital and
notes, for the Group, as well as the cash flow statement including a summary of material accounting policies.
Management’s responsibility for the consolidated 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 such internal
control as Management determines is necessary to enable the preparation of the consolidated 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 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 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 31 March 2026 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.
Statement on the management’s report
Management is responsible for the Management’s report.
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.
64
Danske Bank / Interim report – first quarter 2026
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, 30 April 2026
Deloitte
Statsautoriseret Revisionspartnerselskab
CVR-nr. 33963556
Kasper Bruhn Udam
State-Authorised
Public Accountant
MNE no 29421
Jakob Lindberg
State-Authorised
Public Accountant
MNE no 40824
Financial highlights
Executive summary
Financial review
Business units
Financial statements
Supplementary information
Financial calendar
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 Pension
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.
65
Danske Bank / Interim report – first quarter 2026
Financial highlights
Executive summary
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
66
Danske Bank / Interim report – first quarter 2026