Danske Bank (DANSKE.CO): Q2‘26 First Look

研报英文原文证据摘录

Danske Bank (DANSKE.CO): Q2‘26 First Look

Equity Research

17 July 2026 | 7:09AM BST

Danske Bank (DANSKE.CO): Q2’26 First Look

All data in DKK unless otherwise specified Sofie Peterzens

+44(20)7051-5283 |

sofie.peterzens@gs.com

In Short: Danske reported a Q2’26 net income of DKK6.20bn, 5% ahead of Company Goldman Sachs International

Compiled Consensus. Whilst fees and insurance came in better than expected, NII Chris Hallam

+44(20)7552-2958 |

and provisions missed. NII was broadly stable q/q, but missed Consensus by 1% as chris.hallam@gs.com

Goldman Sachs International

lower income from Group Treasury offset the tailwinds from volumes, deposit

Benjamin Caven-Robertsmargins and day count. Fees were up +4% q/q, +19% y/y and came in 9%/DKK +44(20)7552-7066 | benjamin.d.caven-

324mn higher than expected mainly due to stronger capital markets and roberts@gs.comGoldman Sachs International

investments, while insurance beat Consensus by in 65%/DKK 270mn in Q2. Overall, Andin Kour Sason

Danske has upgraded its revenue guidance to income >DKK59bn vs. VA Consensus at +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

DKK 59.0bn, hence we believe revenue upgrades will be modest. Costs came in 1% Sachin Nayar

lower than Consensus with the cost guidance kept unchanged. The miss on +44(20)7051-2598 | sachin.x.nayar@gs.com

provisions was mainly due to slightly weaker underlying credit quality and included Goldman Sachs International

DKK 160mn of PMA releases. Overall, we would expect limited changes to Consensus Khushboo Mandani

+1(332)245-7978 |

net income estimates for 2026-28E. Danske now guides for a net income of khushboo.mandani@gs.com

Goldman Sachs India SPL

DKK23-24bn in 2026 vs. VA Consensus of DKK 24.2bn. Capital was slightly light of

Eraldo Bausano