Danske Bank: Sell-side meeting with Business Heads

Research evidence excerpt

Danske Bank: Sell-side meeting with Business Heads

Equity Research

European Banks

21 May 2026

Danske Bank

Sell-side meeting with Business

Heads

The group held a sell-side meeting with its Business Heads: DANSKE.CO/DANSKE DC OVERWEIGHT

Joachim Alpen (Head of Large Corporates & Institutions), European Banks POSITIVE

Christian Bornfeld (Head of Personal Customers), Johanna Price Target DKK 381.00

Price (20-May-26) DKK 330.30

Norberg (Head of Business Customers) and Claus Ingar Potential Upside/Downside +15.3%

Jensen (Head of Investor Relations). We provide feedback Source: Bloomberg, Barclays Research

below.

Namita Samtani, CFA

Competition in Denmark Personal Customers: Customers are looking at different factors +44 (0)20 3134 2583

when choosing a bank, including: 1) the brand, 2) pricing and credit risk appetite (adjustments namita.samtani@barclays.com

have been made recently on mortgage pricing in the past year and there are now only basis Barclays, UK

points difference between Danske and Nykredit). Danske has adapted pricing on its front book Raghav Agrawal

whereas Nykredit and Nordea have repriced their front and back book, 3) the speed of decision +91 (0)22 6175 4711

to customers, 4) cross-selling. Danske Personal Customer market share in Denmark backbook is raghav.agrawal@barclays.com

c23% and the front book is not much lower than that. Barclays, UK

The group believes Danske has structural advantages vs peers in the Nordics: The group has

one platform. Share of investments strategic vs to run is high. Within retail, staff costs are

reducing and moving towards AI. The group can deliver a mortgage request within two hours

due to digital investments.

Large Corporates: The group believes NII will continue to grow. Institutional lending has been