Danske Bank: 4% underlying beat. Raised 2026 guidance.

研报英文原文证据摘录

Danske Bank: 4% underlying beat. Raised 2026 guidance.

Global Research

17 July 2026ab

First Read

EquitiesDanske Bank

4% underlying beat. Raised 2026 guidance. Denmark

Banks, Ex-S&L

12-month rating Buy

Danske Bank reported slightly better-than-expected Q2 results...

Q2 2026 adjusted pre-tax income of DKK 8.2 bn is 4% ahead of company consensus. 12m price target DKr395.00

Adjusted revenues of DKK 15.0 bn are 3% ahead, with a modest negative (-1%)

deviation in net interest income, more than compensated for by a strong fee income

Price (16 Jul 2026) DKr370.00

print (+9% vs. consensus) and insurance (+68%). Operating expenses of DKK 6.5 bn are

1% better while credit losses are 50% higher, but still below through-the-cycle averages RIC: DANSKE.CO BBG: DANSKE DC

at 6 bps in the quarter. CET1 capital came in at 17.0% or 100 bps above its medium- Trading data and key metrics

term target. Overall a decent set of numbers but with some modest upside risk to

52-wk range DKr375.00-254.60

consensus forecasts (mainly on fee income, we believe). Full details on the next page or

Market cap. DKr302b/US$46.1b

in Excel here.

Shares o/s 815m (ORD)

...and raised FY 2026 guidance on better revenues Free float 80%

Avg. daily volume ('000) 1,038

Danske Bank has also increased its FY 2026 guidance and now expects net income of

DKK 23-25 bn, with the range up DKK 1 bn from the prior guidance. Expectations for Avg. daily value (m) DKr352.2

both costs and loan losses remains unchanged, with the increased being driven by Common s/h equity (12/26E) DKr182b

better-than-expected revenue trends. We note the c. DKK 0.4 bn better revenue trend P/BV (12/26E) 1.6x

this quarter (underlying) and the DKK 0.2 bn exceptional income in other income Tier 1 ratio 18%

account for around half the increase.