Danske Bank (DANSKE) Q3 2026 earnings summary

Executive summary

• Q3 net profit was DKK 6.390bn; core income rose 9% YoY on customer activity and volume growth, with resilient credit quality

• Q3 ROE reached a record 15.1%; FY2026 net profit guidance narrowed to DKK 24bn–DKK 25bn

• All three business units recorded income above year-ago levels and returns above their 2026 targets

Financial highlights

• Q3 total income was DKK 14.7bn versus DKK 15.2bn in Q2; 9M total income rose 5% YoY to DKK 43.861bn

• Q3 net interest income was DKK 9.6bn, up 3% QoQ; 9M NII rose 4% to DKK 28.280bn

• Q3 net fee income was DKK 4.1bn, broadly stable QoQ; 9M fee income rose 14% YoY to DKK 12.048bn across all four fee categories

• 9M net trading income fell 37% YoY to DKK 1.479bn; Q3 trading income was DKK 397m, affected by weaker fixed-income activity and negative Treasury fair-value effects

• Q3 impairment charges were a net reversal of DKK 200m; 9M charges totaled DKK 65m

Outlook and guidance

• FY2026 net profit guidance narrowed to DKK 24bn–DKK 25bn, with ROE above 14% and impairment charges no more than DKK 600m

• FY2026 total income expected somewhat above DKK 59bn; NII slightly above DKK 38bn, based on current market-implied rates

• FY2026 operating expenses guided at DKK 26bn–DKK 26.5bn and cost-to-income ratio below 45%

• Q4 core fee categories expected above Q3; fixed-income fund performance fees expected well below the ~DKK 400m historical average, with trading income in line with Q3 if current markets persist

• 2028 targets include ROE above 14.5%, cost-to-income ratio no greater than 43% and CET1 around 16%; structural hedge contribution expected negative in 2027 and 2028