Danske Bank (DANSKE.CO): CFO Investor Meeting Feedback and Q2‘26 Preview

研报英文原文证据摘录

Danske Bank (DANSKE.CO): CFO Investor Meeting Feedback and Q2‘26 Preview

Equity Research

25 June 2026 | 2:08PM BST

Danske Bank (DANSKE.CO): CFO Investor Meeting Feedback and Q2’26

Preview

We hosted Danske Bank CFO, Cecile Hillary, for an investor meeting. The key Sofie Peterzens

+44(20)7051-5283 |

takeaways are: sofie.peterzens@gs.com

Goldman Sachs International

n Danske targets an ROE >14.5% by 2028 and emphasized that ROE could be well Chris Hallam

+44(20)7552-2958 |

over 14.5%. We believe there could be some upside risk to the ROE target from chris.hallam@gs.com Goldman Sachs International

recent rate hikes. NII sensitivity - DKK 450mn/DKK 300mn/DKK 100mn Benjamin Caven-Roberts

Y1/Y2/Y3 benefit from +25bps higher rates - is most relevant for higher Central +44(20)7552-7066 | benjamin.d.caven- roberts@gs.com

Bank rates, while a steeper yield curve also provides support, especially in the Goldman Sachs International

3-5 year segment via the structural hedge. When the curve is elevated between Andin+1(332)245-7825Kour Sason| andin.kour@gs.com

the 3-5 years range, the hedge benefits the most. The NII sensitivity includes the Goldman Sachs India SPL

impact of the hedge. Sachin+44(20)7051-2598Nayar |

sachin.x.nayar@gs.com

n Danske targets c.1-2% annual deposit growth. Broader customer assets Goldman Sachs International

(including savings, AUMs and AUCs) growth is going to be supported by a more Khushboo Mandani

+1(332)245-7978 |

affluent customer base and increasing client willingness to invest. While market khushboo.mandani@gs.com Goldman Sachs India SPL

share gains are evident, particularly in investment products, elevated savings Eraldo Bausano

levels may partly reflect cyclical factors such as weak consumer confidence, and +44(20)7774-9801 | eraldo.bausano@gs.com