Interim financial report Q1-Q3 2023


Net profit for the period came to DKK 1,429m, corresponding to a return on equity of 8.3% p.a. Loan impairment charges for the period amounted to an income of DKK 23m against an income of DKK 105m in the first nine months of 2022. In the first nine months of 2023, loan impairment charges etc. were on a net basis reversed due to the improved credit quality of the clients. Management's estimates amounted to DKK 575m which is on par with the end of 2022. Management's estimates relate to the uncertainty in the Danish economy as a result of considerable interest-rate increases pointing to lower revenue in the property market as well as lower property prices.

Administration margin income etc. amounted to DKK 1,869m, which amount is DKK 113m higher relative to the same period last year. Administration margin income was positively affected by the addition of loans taken over from Handelsbanken at the end of 2022 and generally rising loans and advances but was adversely affected by slightly declining average administration margin rates.

Core expenses, amounting to DKK 332m, were DKK 37m higher compared with the same period in 2022, due, among other things, to higher payroll costs taken over from Handelsbanken.

The nominal loan portfolio grew by DKK 4.7bn in the first nine months of 2023 and now amounts to DKK 370.3bn.