Report for the first quarter of 2022

The bank delivers core earnings of DKK 463 million and profit before tax of DKK 449 million in the first quarter of the year. The profit before tax is equivalent to a 20.7% p.a. return on equity.

Core earnings

(DKK million)
Q1 2022 Q1 2021 2021
2020
2019
2018
2017
Total core income
674 600 2,433
2,179
2,116
2,001
1,917
Total expenses and depreciation
210 203 817
788
805
866
845
Core earnings before impairment charges for loans
464 397 1,616 1,391
1,311
1,135
1,072
Impairment charges for loans etc.
-1 -29 -68
-223
-100
-43
-70
Core earnings
463 368 1,548
1,168
1,211
1,092
1,002
Result for portfolio etc.
-9 -10 +7
-9
49
77
84
Special costs
5 4 17
15
15
217
22
Profit before tax
449 354 1,538
1,144
1,245
952
1,064

Highlights of the first quarter of 2022

  • The profit before tax is DKK 449 million, equivalent to a 20.7% p.a. return on equity
  • Core income increases by 12% to DKK 674 million
  • The rate of costs decreases to 31.2% in the quarter
  • No direct exposure to Russia and Ukraine but a management estimate of DKK 108 million
  • A large increase in new customers and a high level of activity result in 17% growth in the bank’s loans compared to the end of March 2021 and 5% growth in the first quarter of 2022
  • Entering into a strategic partnership with SEB in private banking
  • The expected results for 2022 are maintained

Q1 2022 report (pdf)    Annual report 2021 (pdf)     Annual report 2021 (xhtml)