Announcement • Jun 03
Danske Bank A/S Announces Management Changes, Effective June 1, 2026 Danske Bank A/S announced that Dorthe Tolborg decided to retire and, effective June 1, 2026, stepped down from her position as Chief Compliance Officer and as member of Danske Bank’s Executive Leadership Team. Joining Danske Bank in 2014, Dorthe Tolborg has been with the bank for more than a decade. She became Chief Audit Executive in 2015 and led Group Internal Audit for nine years before moving to her most recent role as Chief Compliance Officer in 2023. During her tenure, she played a central role in strengthening control environment and in successfully completing important remediation programmes, including the conclusion of the corporate probation with the US Department of Justice (DoJ). Magnus Agustsson, Chief Risk Officer, was appointed to lead a merged Risk and Compliance function, effective June 1, 2026. In connection with Dorthe Tolborg’s retirement, Danske Bank has, effective immediately, decided to merge its Group Risk Management and Group Compliance functions into a single Risk and Compliance function (RAC) under the leadership of Chief Risk Officer Magnus Agustsson. With the merging of the functions, the two leadership teams will report to Magnus Agustsson, and Magnus will in an interim period take over all responsibilities of the Chief Compliance Officer in addition to his role as Chief Risk Officer. The merged function is designed to further strengthen risk management and compliance framework and to support a holistic approach to managing risks across the organisation. Announcement • May 03
Danske Bank A/S Revises Dividend Policy Danske Bank A/S ordinary dividend policy is revised from a payout ratio of 40%–60% of net profit to 60%-70% to support steady and predictable shareholder returns. Announcement • Mar 03
Danske Bank A/S Announces Election to Board of Directors, Effective March 26, 2026 Danske Bank A/S announced that employees have completed the election of employee representatives to the Board of Directors of Danske Bank A/S. Pia Staal Christensen, Akvile Svolkiene, Dorte Annette Bielefeldt, and Vladas Ulinskas were elected as alternates for the employee-elected Board members. The new employee-elected Board members will join the Board of Directors following the annual general meeting of Danske Bank on March 26, 2026. Announcement • Feb 03
Danske Bank A/S, Annual General Meeting, Mar 26, 2026 Danske Bank A/S, Annual General Meeting, Mar 26, 2026. Announcement • Dec 19
Danske Bank A/S Announces Resignation of Lars-Erik Brenøe from Board of Directors, Effective December 31, 2025 Danske Bank A/S announced that Lars-Erik Brenøe will step down from the Board of Directors of Danske Bank A/S, effective December 31, 2025. Lars-Erik Brenøe served for almost a decade on the Board of Directors, contributing significantly during his tenure. Brenøe played a crucial role during a period of significant transformation for Danske Bank, particularly as Chairman of the Conduct & Compliance Committee. Brenøe chaired this committee, notably during the settlement with authorities, providing invaluable contributions. The bank underwent considerable challenges and changes during Brenøe's tenure. Brenøe's work contributed to the corporate governance of Danske Bank, especially in compliance and conduct matters. Brenøe's tenure coincided with a significant transformation period for the bank, marked by challenges and changes. Announcement • Dec 15
Danske Bank A/S Confirms Conclusion of U.S. Department of Justice Probation Danske Bank A/S confirmed that its three-year corporate probation with the US Department of Justice (DoJ) has now been concluded. The conclusion marks the end of the process to resolve the case with the American authorities related to the non-resident portfolio at Danske Bank’s former Estonia branch. Background: In December 2022, Danske Bank entered into final coordinated resolutions with the DoJ, the U.S. Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following investigations into failings and misconduct related to the non-resident portfolio at Danske Bank’s former Estonia branch. Announcement • Nov 01
Danske Bank A/S Revises Impairment Guidance for the Full Year 2025 Danske Bank A/S revised impairment guidance for the full year 2025. The company revised full year guidance for loan impairment charges of around DKK 1 billion due to continually strong credit quality. The company now expected loan impairment charges of no more than DKK 0.6 billion. Announcement • Oct 31
Danske Bank A/S Provides Earning Guidance for 2025 Danske Bank A/S provided earning guidance for 2025. The company continue to expect total income to be slightly lower in 2025 than in 2024, driven by lower, albeit resilient, net interest income. The company expects expect net profit to be in the upper end of the range of DKK 21-23 billion. Announcement • Jul 18
Danske Bank A/S Maintains Earnings Guidance for the Year 2025 Danske Bank A/S maintained earnings guidance for the year 2025. for the year, company is maintaining guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions. Announcement • May 02
Danske Bank A/S provides Earnings Guidance for the Year 2025 Danske Bank A/S provided earnings guidance for the year 2025. For the year, company maintain guidance and expected net profit to be in the range of DKK 21 Billion to DKK 23 billion. The outlook is subject to uncertainty and depends on economic conditions. Announcement • Feb 22
Danske Bank A/S Proposes Extraordinary Dividend, Payable in March 2025 Danske Bank A/S at its AGM to be held on March 20, 2025, proposed extraordinary dividend of DKK 5.35 per share of nominally DKK 10 to be paid out in March 2025. Announcement • Feb 21
Danske Bank A/S Proposes Dividend, Payable in March 2025 Danske Bank A/S at its AGM to be held on March 20, 2025, proposed Payment of a dividend of DKK 9.35 per share of nominally DKK 10 to be paid out in March 2025. Announcement • Feb 08
Danske Bank A/S, Annual General Meeting, Mar 21, 2025 Danske Bank A/S, Annual General Meeting, Mar 21, 2025. Announcement • Jan 02
Danske Bank A/S to Report Fiscal Year 2024 Results on Feb 07, 2025 Danske Bank A/S announced that they will report fiscal year 2024 results at 7:30 AM, Central European Standard Time on Feb 07, 2025 Announcement • Nov 19
Nordea Bank Abp (OM:NDA SE) completed the acquisition of Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S. Nordea Bank Abp (OM:NDA SE) entered into an agreement to acquire Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S on July 19, 2023. The sale of the personal customer business includes the management of 15 Danske Invest Horisont funds, which are primarily distributed to personal customers in Norway. The acquired business will be integrated into Nordea and operated under the Nordea brand.
The transaction is subject to regulatory approvals. As of November 7, 2023, Norwegian Competition Authority announced that it will take more time to review the proposed acquisition. As of December 15, 2023, the Norwegian Competition Authority has approved the transaction. The deal is still subject to approval by the Norwegian and the Danish financial supervisory authorities. On December 20, 2023, Danish Financial Supervisory Authority was approved the transaction. As on February 7, 2024, The Norwegian Financial Supervisory Authority has approved the sale of Danske Bank’s personal customer business in Norway to Nordea. The transaction is expected to be completed by the end of 2024. On September 17, 2024, Nordea Bank AB acquisition of Danske Bank AS's personal customer business in Norway is set to close during week of November 15 to 17.
BofA acted as lead financial adviser to Danske Bank. J.P. Morgan acted as financial advisor to Nordea. Patrik Reuterskiöld of Nordea Securities AB acted as financial advisor to Nordea Bank Abp (OM:NDA SE). Danske Bank is acting as financial advisor to Danske Bank A/S (CPSE:DANSKE).
Nordea Bank Abp (OM:NDA SE) completed the acquisition of Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S on November 18, 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: kr.7.20 (vs kr.6.20 in 3Q 2023) Third quarter 2024 results: EPS: kr.7.20 (up from kr.6.20 in 3Q 2023). Revenue: kr.14.2b (up 4.6% from 3Q 2023). Net income: kr.6.17b (up 16% from 3Q 2023). Profit margin: 44% (up from 39% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
Danske Bank A/S Provides Earnings Guidance for 2024 Danske Bank A/S provided earnings guidance for 2024. For the period, company expected net profit in 2024 to be on level with net profit in 2023. Announcement • Sep 02
Danske Bank Announces CFO Changes, Effective March 1, 2025 Danske Bank announced that Stephan Engels, Chief Financial Officer and a member of the Executive Leadership Team, has decided to retire from executive leadership roles, after dedicating almost five years to Danske Bank and a total of 36 years to an active business career . He has decided to announce his retirement early to allow for a good transition of leadership, remaining in his role at Danske Bank until 1 March 2025. Stephan Engels, aged 62, has been part of the Executive Leadership Team in Danske Bank since April 2020. Danske Bank has appointed Cecile Hillary as new Chief Financial Officer. Cecile Hillary will become part of Danske Bank’s Executive Leadership Team and join Danske Bank by 1 March 2025 at the latest. Cecile Hillary comes from a position as Group Treasurer of Lloyds Banking Group in the UK. Prior to joining Lloyds in 2021, she held various positions over the span of 24 years with Barclays, Morgan Stanley and JPMorgan. Cecile Hillary graduated from IEP Paris (Sciences Po) and ESSEC Business School. Announcement • Aug 22
Danske Bank Appoints Ronny Junge-Larsen as Head of Advisory Banking Norway Danske Bank A/S has announced a new appointment. The firm has appointed Ronny Junge-Larsen from NRP Capital Advisory. He is to function as head of advisory banking Norway. The unit is part of the firm's business customers division. Junge-Larsen was chief executive and managing partner at NRP Capital Advisory. Reported Earnings • Jul 21
Second quarter 2024 earnings released: EPS: kr.6.80 (vs kr.5.84 in 2Q 2023) Second quarter 2024 results: EPS: kr.6.80 (up from kr.5.84 in 2Q 2023). Revenue: kr.14.3b (up 8.3% from 2Q 2023). Net income: kr.5.84b (up 17% from 2Q 2023). Profit margin: 41% (up from 38% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Danske Bank A/S Approves Interim Dividend, Payable on 24 July 2024 Danske Bank A/S has approved an interim dividend of DKK 7.5 per share, corresponding to 56% of net profit for the period. The payment of the dividend will take place on 24 July 2024 with ex-dividend date on 22 July 2024.Regarding capital distribution for 2025 and beyond, Danske Bank will return to annual dividend payments. Announcement • Jun 26
Danske Bank A/S Revises Earnings Guidance for 2024 Danske Bank A/S revised earnings guidance for 2024. The outlook for 2024 is revised upwards to a net profit in the range of DKK 21-23 billion. At the release of annual report for 2023 on 2 February this year, the company guided for a full-year 2024 net profit in the range of DKK 20-22 billion. The profit upgrade follows continually strong credit quality and expectedly small reversals of impairment charges for the second quarter of 2024. As such, the company now expects full-year loan impairment charges to be up to DKK 0.6 billion. Announcement • Jun 24
Danske Bank Appoints Peter Lovaas as Head of Investment Banking Danske Bank has announced the appointment of a head of investment banking for Norway. Former Clarksons partner, Peter Lovaas has been appointed by the firm as its new deputy head of large corporate entities and institutions for Norway. He is to also take over as head of investment banking for Norway. Lovaas has more than 20 years of experience in investment banking and capital markets in the Nordics and UK. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: kr.6.60 (vs kr.6.02 in 1Q 2023) First quarter 2024 results: EPS: kr.6.60 (up from kr.6.02 in 1Q 2023). Revenue: kr.13.9b (down 2.0% from 1Q 2023). Net income: kr.5.63b (up 8.9% from 1Q 2023). Profit margin: 41% (up from 37% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 17% per year. Announcement • May 03
Danske Bank A/S Provides Earnings Guidance for the Year 2024 Danske Bank A/S provided earnings guidance for the year 2024. For the year, expect net profit to be in the range of DKK 20-22 billion. Upcoming Dividend • Mar 15
Upcoming dividend of kr.7.50 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 26 March 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of German dividend payers (5.0%). In line with average of industry peers (6.7%). Announcement • Feb 13
Danske Bank A/S (CPSE:DANSKE) commences an Equity Buyback Plan, under the authorization approved on March 16, 2023. Danske Bank A/S (CPSE:DANSKE) commences share repurchases on February 5, 2024, under the program mandated by shareholders in the Annual General Meeting held on March 16, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its share capital. The shares must be acquired such that the holding of company's own shares does not exceed 10% of its share capital. The price to be paid for repurchase should not deviate from 10% from the price quoted on Nasdaq Copenhagen at the time of acquisition.
On February 2, 2024, the company a share repurchase program. Under the program, the company will repurchase up to 70,000,000 shares for DKK 5,500 million. The purpose of the program is to reduce share capital of the company. The program will commence from February 5, 2024, and will be valid till January 31, 2025. New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 03
Full year 2023 earnings released: EPS: kr.24.80 (vs kr.6.05 loss in FY 2022) Full year 2023 results: EPS: kr.24.80 (up from kr.6.05 loss in FY 2022). Revenue: kr.55.6b (up 25% from FY 2022). Net income: kr.21.3b (up kr.26.4b from FY 2022). Profit margin: 38% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 02
Danske Bank A/S Announces Earnings Guidance for the Year 2024 Danske Bank A/S announced earnings guidance for the year 2024. For the full year, the company expects net profit to be in the range of DKK 20 billion to DKK 22 billion. New Risk • Jan 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 08
Danske Bank A/S Revises Earnings Guidance for the Year 2023 Danske Bank A/S revised earnings guidance for the year 2023. For the year, the company revised upwards to a net profit in the range of DKK 20.5 billion to DKK 21.5 billion. At the release of interim report for the first nine months on 27 October this year, Company guided for a full-year 2023 net profit in the range of DKK 19.5 billion to DKK 20.5 billion. Announcement • Nov 25
Ferd AS and Tjaldur Holdco II AS entered into an agreement to acquire remaining 28.5% stake in Mintra Holding AS (OB:MNTR) for approximately NOK 220 million. Ferd AS and Tjaldur Holdco II AS entered into an agreement to acquire remaining 28.5% stake in Mintra Holding AS (OB:MNTR) for approximately NOK 220 million on November 23, 2023. The shareholders of Mintra will receive a cash offer of NOK 3.50 per share. Prior to this transaction, Ferd and Tjaldur hold a 71.5% stake in Mintra and upon completion of all remaining shares will hold 100% stake in it. The offeror intends to make a compulsory acquisition of the remaining shares in Mintra following settlement of the offer. The offer is subject to customary conditions, including a minimum acceptance level of 90%, regulatory approvals, Mintra having obtained consents required from creditors under its bank financing agreements and no material adverse change having occurred. The offer will not be conditional on financing or further due diligence. The offer is expected to be completed during Q1 2024.
Nordea Bank Abp, filial i Norge is acting as financial advisor to Ferd and Tjaldur in connection with the offer. Wikborg Rein Advokatfirma AS is acting as legal advisor to Ferd and Advokatfirmaet CLP DA is acting as legal advisor to Tjaldur. Announcement • Oct 28
Danske Bank A/S Narrows Earnings Guidance for the Year 2023 Danske Bank A/S narrows earnings guidance for the year 2023. The outlook for 2023 is narrowed as Danske Bank now expects a net profit in the range of DKK 19.5 to 20.5billion. This is due to a satisfying performance for the first nine months and continually strong credit quality that resulted in lower loan impairment charges than expected. The guidance includes different one-offs recognised during the first nine months. The outlook is subject to uncertainty and depends on volume growth and macroeconomic conditions. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: kr.6.20 (vs kr.16.19 loss in 3Q 2022) Third quarter 2023 results: EPS: kr.6.20 (up from kr.16.19 loss in 3Q 2022). Revenue: kr.13.5b (up 28% from 3Q 2022). Net income: kr.5.32b (up kr.19.1b from 3Q 2022). Profit margin: 39% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Sep 02
Infosys Limited (NSEI:INFY) Completed the acquisition of Danske IT And Support Services India Private Limited from Danske Bank A/S (CPSE:DANSKE). Infosys Limited (NSEI:INFY) entered into an agreement to acquire Danske IT And Support Services India Private Limited from Danske Bank A/S (CPSE:DANSKE) for DKK 13.6 million on June 26, 2023. Transaction is subject to customary closing conditions including from Danish Business Authority under the Danish Foreign Direct Investment rules, and - Under Special Economic Zones Rules. The transaction is subject to customary authority approval, which is expected in H2 2023. Haigreve Khaitan, Sanjay Khan Nagra, B N Vivek, Shreyas Bapat, Ritu Shaktawat, Rahul Jain, Sneh Shah, Mayank Jain, Dinesh Kumar Agrawal, Vinay Joy, Srishti Ramkrishnan, Anisha Chand, Tanveer Verma of Khaitan & Co. acted as the legal advisor to Infosys Limited (NSEI:INFY). Jan Ussing Andersen, Casper Moltke-Leth, Morten Nissen and Vivek Kailas of Bird & Bird Advokatpartnerselskab acted as the legal advisor to Infosys Limited (NSEI:INFY) on Danish law aspects of the outsourcing agreement and the acquisition. Ole Horsfeldt, Michael Philip Schmidt and Andreas Hertel of Gorrissen Federspiel I/S acted as the legal advisor to Infosys Limited (NSEI:INFY).
Infosys Limited (NSEI:INFY) Completed the acquisition of Danske IT And Support Services India Private Limited from Danske Bank A/S (CPSE:DANSKE) on September 1, 2023. Recent Insider Transactions • Jul 31
Insider recently bought €134k worth of stock On the 24th of July, Jacob Dahl bought around 6k shares on-market at roughly €21.60 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.5m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: kr.5.80 (vs kr.2.00 in 2Q 2022) Second quarter 2023 results: EPS: kr.5.80 (up from kr.2.00 in 2Q 2022). Revenue: kr.13.2b (up 34% from 2Q 2022). Net income: kr.5.01b (up 195% from 2Q 2022). Profit margin: 38% (up from 17% in 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 2 highly experienced directors. Independent Chairman of the Board Martin Blessing was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 27
Infosys Limited (NSEI:INFY) entered into an agreement to acquire Danske IT And Support Services India Private Limited from Danske Bank A/S (CPSE:DANSKE) for DKK 13.6 million. Infosys Limited (NSEI:INFY) entered into an agreement to acquire Danske IT And Support Services India Private Limited from Danske Bank A/S (CPSE:DANSKE) for DKK 13.6 million on June 26, 2023. Transaction is subject to customary closing conditions including from Danish Business Authority under the Danish Foreign Direct Investment rules, and - Under Special Economic Zones Rules. Transaction is expected to complete on Q2’FY2024. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: kr.6.00 (vs kr.3.24 in 1Q 2022) First quarter 2023 results: EPS: kr.6.00 (up from kr.3.24 in 1Q 2022). Revenue: kr.14.1b (up 25% from 1Q 2022). Net income: kr.5.17b (up 87% from 1Q 2022). Profit margin: 37% (up from 24% in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Feb 10
Danske Bank A/S Announces Management Changes Danske Bank A/S has promoted Jukka Kuusala to senior vice-president and global head of trade finance. He joined the firm in July last year and took over the new position in February. In the role, he is to replace Troels Estrup, who has been appointed as global head of fixed income e-trading and partnerships. Announcement • Jan 08
Danske Bank A/S acquired a 5% stake in Medistim ASA. Danske Bank A/S acquired a 5% stake in Medistim ASA on January 5, 2023.Danske Bank A/S completed the acquisition of a 5% stake in Medistim ASA on January 5, 2023. Reported Earnings • Oct 28
Third quarter 2022 earnings released: kr.16.20 loss per share (vs kr.3.77 profit in 3Q 2021) Third quarter 2022 results: kr.16.20 loss per share (down from kr.3.77 profit in 3Q 2021). Revenue: kr.10.6b (down 9.7% from 3Q 2021). Net loss: kr.13.8b (down kr.17.0b from profit in 3Q 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: kr.2.00 (vs kr.3.13 in 2Q 2021) Second quarter 2022 results: EPS: kr.2.00 (down from kr.3.13 in 2Q 2021). Revenue: kr.9.82b (down 15% from 2Q 2021). Net income: kr.1.71b (down 36% from 2Q 2021). Profit margin: 17% (down from 23% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 5.2% compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr.3.20 (vs kr.3.55 in 1Q 2021) First quarter 2022 results: EPS: kr.3.20 (down from kr.3.55 in 1Q 2021). Revenue: kr.11.4b (down 1.4% from 1Q 2021). Net income: kr.2.76b (down 8.7% from 1Q 2021). Profit margin: 24% (down from 26% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is expected to shrink by 9.2% compared to a 9.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 11
Upcoming dividend of kr.2.00 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 22 March 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of German dividend payers (3.5%). Higher than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €12.59, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.66 per share. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr.14.60 (up from kr.4.73 in FY 2020). Revenue: kr.47.4b (up 21% from FY 2020). Net income: kr.12.9b (up 220% from FY 2020). Profit margin: 27% (up from 10% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 10.0% compared to a 12% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 
