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Danske Bank 4Q23; Marginally Ahead Of Consensus, Stable Credit Quality

FINANCIALS

Danske Bank (DANSKE DC) 4Q23 results were marginally ahead of consensus and showed a stabilisation of credit quality.


  • Revenues were DKK13.8bn (+6% y/y, consensus: 13.9bn), costs were up similarly and credit losses came in below expectations (write-back of DKK32m vs. charge expected of c.526m). Whilst this is relatively exceptional, it did drive EPS of DKK6.70 vs. 6.17 expected.
  • In credit terms, non-performers have fallen to DKK23.6bn (from 27bn at Sep-23), only around 1% of the loan book. CET1 is 18.6%, flat over the quarter with total capital at 22.9%.
  • The bank is restarting the share buyback (to a ceiling of DKK5.5bn) which should please equity holders. The key point in this is that there’s little credit quality deterioration and, in common with most Nordic banks, capital levels are high in absolute terms.

Conf call is ongoing…

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