Danske Bank (DANSKE) Q4 2025 earnings summary

Executive summary

• Record-high core banking income and strong commercial momentum drove net profit of DKK 23.0bn for 2025, with ROE at 13.3%.

• Growth in lending volumes, expanded corporate customer base, and higher AuM supported performance.

• Disciplined cost management and strong credit quality underpinned results.

Financial highlights

• Net profit for 2025 reached DKK 23.0bn, with a cost/income ratio of 45.5%.

• Total income for 2025 was DKK 56.8bn, up 1% year-over-year; Q4 income up 11% sequentially.

• Net interest income remained stable at DKK 36.6bn, while net fee income hit a record DKK 15.4bn (+3% YoY).

• Loan loss ratio was 2bps, with full-year impairments at DKK 294m, reflecting strong asset quality.

• CET1 capital ratio stood at 17.6%, 280bps above requirements.

Outlook and guidance

• 2026 net profit expected in the range of DKK 22-24bn, with ROE above 13%.

• Total income for 2026 projected at around DKK 58bn, with operating expenses between DKK 26-26.5bn.

• Cost/income ratio targeted at ~45%; loan impairment charges expected around DKK 1bn.