Danske Bank A/S (DANSKE.CO): Fee-Driven 2Q26 Beat, 2026 Guidance Upped

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Danske Bank A/S (DANSKE.CO): Fee-Driven 2Q26 Beat, 2026 Guidance Upped

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17 Jul 2026 02:25:22 ET │ 11 pages

Danske Bank A/S (DANSKE.CO)

Fee-Driven 2Q26 Beat, 2026 Guidance Upped

CITI'S TAKE

Buy 2Q26 PBT comes 6% above consensus, with NII -1% below (though in-line

adjusted for DKr 92m ‘non-recurring’ effects), very strong fees (9% above, Price (16 Jul 26 17:00) Dkr370.00

on strong capital markets and asset management momentum), and Target price Dkr399.00

slightly -1% lighter costs. The 2026 net profit guidance upgrade to DKr 23- Expected share price return 7.8%

25bn (from DKr 22-24bn), on higher core banking income (we believe Expected dividend yield 6.1%

largely rate-driven, as we have been highlighting) also implies ~1% Expected total return 14.0%

consensus earnings upgrades in our view (given it factors higher

Market Cap Dkr301,852M provisions vs consensus, and the scale of Danske’s PMAs). We therefore

US$46,186M think you get small consensus earnings upgrades here, and we would look

for any commentary round the sustainability of the fee print, market share

gains in large corporates and the volumes vs margins dynamic in Danish

retail. Shrey SrivastavaAC

+44-20-7986-2608

Guidance Upgrade — The net profit guide for the FY has also now been upgraded to shrey.srivastava@citi.com

DKr 23-25bn (from DKr 22-24bn); consensus was already at DKr 24.2bn, however Guru Prasad Chowdhary

this factored ~DKr 0.6bn provisions vs the (historically prudent) ~DKr 1bn guide,

+91-22-4277-5022

which has been reiterated despite the heavier provisions today. The upgrade is

guru.prasad.chowdhary@citi.comincome-driven, with income now expected to be ‘somewhat above’ DKr 59bn (from

~DKr 59bn) on higher core banking income (on ‘the back of good customer activity, Andrew Coombs, CFA