Kreditbanken (KRE) investor relations material

Executive summary

• Pre-tax profit for Q1 2026 was DKK 41.9 million, down from DKK 48.8 million in Q1 2025, mainly due to lower market value adjustments and higher costs.

• Net interest and fee income increased by DKK 6.5 million year-over-year, supported by growth in both lending and deposits.

• The bank maintains its full-year 2026 pre-tax profit guidance of DKK 140–170 million, expecting results at the upper end of the range.

Financial highlights

• Net interest and fee income: DKK 84.8 million in Q1 2026, up from DKK 78.4 million in Q1 2025.

• Market value adjustments: DKK 6.3 million, down from DKK 15.6 million year-over-year.

• Personnel and administration expenses: DKK 41.3 million, up DKK 2.2 million year-over-year, mainly due to higher IT costs and increased staff.

• Loan impairments: DKK 7.5 million, up from DKK 6.0 million, reflecting updated management estimates and geopolitical risks.

• Lending grew 7.6% to DKK 3,044 million; deposits (excl. pool deposits) rose 11.6% to DKK 5,407 million.

Outlook and guidance

• Full-year 2026 pre-tax profit expected between DKK 140–170 million, with current expectations toward the upper end.

• Forecast incorporates two scenarios due to economic uncertainty, affecting net interest income, market value adjustments, and loan impairments.

• Anticipates lower interest income, reduced positive market value adjustments, and higher loan impairments compared to 2025.