Nykredit Realkredit A/S upgrades full-year guidance, and Nykredit Bank raises deposit rates

To Nasdaq Copenhagen A/S                                                         19 April 2024

Nykredit Realkredit A/S upgrades full-year guidance, and Nykredit Bank raises deposit rates

The Nykredit Group raises its guidance for 2024 and now expects profit after tax of DKK 10.5-11.5 billion compared with the previously guided range of DKK 9.5-10.5 billion.

Recent years' business and customer growth in the Nykredit Group continued during the first months of 2024. Furthermore, thanks to the solid credit quality and resilience of our customers impairment charges for the period were a minor reversal. The upgrade is also rooted in financial market conditions, which had a particularly positive impact on investment portfolio income in the first quarter.

Nykredit Bank maintains expectations for profit after tax for 2024 of DKK 3.5-4.0 billion.

Totalkredit maintains expectations for profit after tax for 2024 of DKK 3.0-3.5 billion.

As of 22 April 2024 Nykredit Bank will also increase deposit rates on all personal current and savings accounts.

Going forward, customers who have their everyday banking and home financing with Nykredit will get a deposit rate of 1.75% on their current account.

All personal customers of Nykredit Bank, irrespective of accounts volume, will get a deposit rate of at least 1.25% on their current account.

This will be the sixth time that Nykredit Bank raises deposit rates for personal customers since we removed negative interest rates in July 2022.

The new deposit rates will apply from Monday 22 April 2024.

Michael Rasmussen, Group Chief Executive, says:
– Q1 developed more favourably than expected; this means that we are now guiding for a profit for the year on a level with Nykredit's results for 2023, which were the best ever recorded. We are pleased that we have succeeded in continuing the growth of recent years into 2024, but the upgrade is not least due to a financial climate which has so far developed more favourably than expected earlier this year.

– As a customer-owned company, we have decided to raise our deposit rates. This will make it even more attractive for all our personal customers to bank with Nykredit. For those of our personal customers who have chosen to consolidate their finances with us, we have made it particularly attractive to save up for a home or for green projects. At the same time, it has been important for us to raise the deposit rate for ordinary accounts, so that all of our personal customers feel that they get a higher rate of interest.

– Overall, the new deposit rates have strengthened our market position even further.

Box 1: As of 22 April 2024, Nykredit Bank will increase deposit rates on all current and savings accounts by at least 0.25%. For full-service customers who have their everyday banking and home financing with Nykredit Bank, the deposit rate on current accounts will be raised to 1.75%. The deposit rate on the current accounts of other personal customers of Nykredit Bank will be raised to a minimum of 1.25%. The interest rate offered on our savings account "Opsparingskonto" will be raised to a minimum of 2.0%. The interest rate offered on our children's savings and pension savings accounts will be raised to 3% and the interest rate on our "UngKonto" account aimed at people aged 18-35 will be raised to 2.75% for amounts up to DKK 20,000. For our home savings account "BoligOpsparing" and our green savings account "Grøn Opsparing", the interest rate will be raised to 2.25% and including bonus interest it is possible to get up to 4.5% interest for amounts up to DKK 300,000.

As scheduled, the Nykredit Group will publish its Q1 Interim Report for 2024 on 8 May 2024. At that time, Nykredit's Management will be available for further comments.

The new deposit rates will apply from Monday 22 April 2024. Going forward, Nykredit Bank will contact its personal customers to inform about the new interest rates. For further information about the deposit rate increases, please visit www.nykredit.dk .
Questions may be addressed to Press Relations, tel +45 31 21 06 39.

Attachment

• Upgrade full year guidance - Nykredit Realkredit - 19-04-2024

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