Nordfyns Bank (NRDF) Q1 2025 earnings summary

Executive summary

• Result before tax reached DKK 21.1 million and net profit DKK 16.7 million for Q1 2025, both down from the same quarter last year.

• Net interest and fee income declined to DKK 60.9 million from DKK 70.3 million year-over-year, mainly due to lower interest rates and margin pressure.

• Operating expenses increased to DKK 48.1 million, reflecting higher staff costs and contractual wage increases.

• Loan impairments contributed a net income of DKK 1.3 million, significantly lower than the DKK 6.8 million in Q1 2024.

• Management maintains full-year pre-tax profit guidance of DKK 55–85 million, but notes significant macroeconomic and geopolitical uncertainties.

Financial highlights

• Net interest and fee income: DKK 60.9 million (down 13% year-over-year).

• Operating profit before tax: DKK 21.1 million (down from DKK 38.6 million year-over-year).

• Net profit: DKK 16.7 million (down from DKK 29.8 million year-over-year).

• Loans increased 1.8% since year-end 2024 to DKK 1,803.1 million; deposits up 0.2% to DKK 3,419.2 million.

• Capital ratio at 24.4% and CET1 ratio at 21.1% as of March 31, 2025.

Outlook and guidance

• Full-year 2025 pre-tax profit expected in the DKK 55–85 million range, unchanged from previous guidance.

• Outlook subject to uncertainties from interest rate trends, market developments, and credit loss needs.