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Q1-Q3 Interim Report 2023 - Nykredit Realkredit Group

To        Nasdaq Copenhagen A/S
and the press
9 November 2023

Nykredit today announces Q1-Q3 Interim Reports 2023 of:
Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80
Nykredit Bank A/S CVR-nr. 10 51 96 08

Michael Rasmussen, Group Chief Executive, comments on the Q1-Q3 Interim Report 2023:

  • Our financial results presented today are very satisfactory with profit after tax of DKK 8,328 million. We have also raised our guidance for profit after tax for the year to DKK 10-11 billion from previously DKK 9.75-10.75 billion and are set to deliver our best full-year performance ever for the third consecutive year.

  • Nykredit continued to record business and customer growth and higher market shares across the board. We saw growth particularly in lending to our largest corporate clients and a positive wealth management performance. As a result of Nykredit's position of strength, we are well placed to support our customers and to foster development and growth all over Denmark.

  • Results were positively impacted by higher income from the underlying business in general. Our business mix of mortgage and bank lending means that we have benefited less from the generally higher interest rates.Our customers remain financially robust, and loan impairments equalled a net reversal. Our investment portfolio income performed well but also benefited from market tailwinds. All value adjustments have been included in the income statement.

  • Nykredit is owned by an association of customers, Forenet Kredit. Thanks to contributions from Forenet Kredit, we expect to give back DKK 1.9 billion to our customers this year in the form of discounts and grants that make it more affordable for customers to make green choices. This is one way of demonstrating the benefits of being a customer of a mutual financial provider.

Highlights from the Q1-Q3 Interim Report 2023:

  • Profit after tax for Q1-Q3/2023 was DKK 8,328 million.
  • Nykredit Bank's guidance for profit after tax for the year is raised by DKK 0.25 billion to DKK 3.25-3.75 billion.
  • Nykredit Bank's lending grew by 6% compared with Q1-Q3/2022 to currently DKK 92.2 billion.
  • Total mortgage lending increased by 1.1% on Q1-Q3/2022. Business mortgage lending rose 5,9% to DKK 539.4 billion.
  • Totalkredit's lending was nominally DKK 876.2 billion in Q1-Q3/2023 compared with DKK 877.4 billion at end-2022.
  • Assets under management in Nykredit Wealth Management were up 10% on Q1-Q3/2022 to currently DKK 432.3 billion.
  • Nykredit maintains a strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20.1%.
  • Nykredit's target for the annual return after tax will be 8.0% of shareholders' equity (RoE after tax) compared with a return after tax of 11.7% in Q1-Q3/2023.
DKK million
Nykredit GroupQ1-Q3/Q1-Q3/
Net interest income9,1067,8171,289
Net fee income1,9502,212-262
Wealth management income1,7851,73748
Net interest from capitalisation1,312(475)1,787
Net income relating to customer benefits programmes(291)(324)33
Trading, investment portfolio and other income1,4231271,297
Income 15,286 11,094 4,192
Business profit before impairment charges 10,480 6,449 4,031
Impairment charges for loans and advances(141)(225)84
Business profit 10,621 6,674 3,947
Legacy derivatives143890-747
Profit before tax for the period 10,764 7,564 3,200
Profit for the period 8,328 6,200 2,128

For further information, please contact Rikke Gredsted Seidenfaden, Head of Press Relations, at tel +45 27 58 95 88.


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