Danske Bank (DANSKE) Pre-close Call summary

Executive summary

• Q2 2026 pre-close call covered macroeconomic trends, P&L expectations, and capital updates.

• Focus remains on organic growth, with openness to M&A in Sweden, though no deals are currently active.

Trading performance and revenue trends

• Private lending grew 3% year-over-year, corporate lending up 6% year-over-year.

• Net interest income for Q2 will not benefit from recent rate hikes; volume growth is the main driver.

• Fee income supported by healthy corporate activity and stable refinancing fees; investment fees impacted by market volatility.

• Trading income and capital markets activity subdued due to recent volatility, especially in ECM.

Profitability and margins

• Full-year expense outlook reiterated at up to DKK 26–26.5 billion.

• Danica's normalized annual contribution expected between DKK 1.4–1.6 billion, with health and accident business stabilizing.

• Positive one-off of DKK 0.2 billion to be booked under other income.