Nordfyns Bank (NRDF) Q2 2024 earnings summary

Executive summary

• Result before tax reached DKK 65.2 million and net profit DKK 47.5 million for H1 2024, exceeding initial expectations.

• Upward revision of full-year 2024 pre-tax profit guidance to DKK 85–115 million.

• Net interest and fee income increased by 9% year-over-year to DKK 146.5 million.

• Loan impairments contributed positively, with a net reversal of DKK 8.9 million.

• Cost increases driven by higher staff and IT expenses, but offset by strong income growth.

Financial highlights

• Net interest and fee income: DKK 146.5 million (up from DKK 133.9 million in H1 2023).

• Operating expenses: DKK 92.9 million (up from DKK 83.6 million year-over-year).

• Net loan impairment reversals: DKK 8.9 million (DKK 4.7 million in H1 2023).

• Profit before tax: DKK 65.2 million (DKK 66.5 million in H1 2023).

• Net profit: DKK 47.5 million (DKK 51.0 million in H1 2023).

Outlook and guidance

• Full-year 2024 pre-tax profit guidance raised to DKK 85–115 million from DKK 70–100 million.

• Guidance subject to macroeconomic developments, interest rates, market movements, and credit loss trends.