Nykredit today announces the Annual Reports for 2024 - Nykredit Realkredit A/S

To Nasdaq Copenhagen A/S

5 February 2025

Nykredit today announces the Annual Reports for 2024 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 no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78

Michael Rasmussen, Group Chief Executive, comments on the Annual Report 2024:

• For the fourth consecutive year, Nykredit delivers its best full-year performance to date. This is naturally highly satisfactory. Our robust financial results demonstrate that Nykredit is stronger than ever. Thanks to our mutual ownership and attractive value propositions, we continue to welcome new customers. As a result, we recorded business growth and expanded our market position across our core business in 2024.
  
• We want to be the customer-owned alternative to the largest listed banks. This is why we have made an offer to acquire Spar Nord Bank in 2025. We expect to close the acquisition in H1/2025 subject to approval by the authorities.

• In early 2025, we decided to raise the KundeKroner discount to 0.25% from 0.20%, making it even clearer what it means to be a customer of a customer-owned Nykredit Group. This implies that it will once again be cheaper for more than 900,000 homeowners to have a Totalkredit loan. With KundeKroner discounts, Totalkredit is able to offer the lowest prices on home loans in the market in most scenarios. Moreover, Totalkredit homeowners are guaranteed KundeKroner discounts up to and including 2028. We will do our utmost to continue investing in Totalkredit and our other important partnerships, so that we stand as strong as possible when it comes to our customers and the competition in the financial market.
  
  
• We are guiding for a profit after tax for 2025 of DKK 9.00-9.75 billion and do not expect to reach the same level as in 2024. This is primarily due to the prospect of falling interest rates, which will lower the return on Nykredit's equity. At the same time, a generally tense geopolitical landscape creates uncertainty about the economic development and the potential impact on Nykredit's operating conditions. Our profit guidance for 2025 does not include earnings impacts of the acquisition of Spar Nord Bank. We will therefore update our full-year profit guidance when the acquisition is completed.
  
  

Highlights from the Annual Report 2024:

• Totalkredit's mortgage lending increased to DKK 907.5 billion at end-December 2024 from DKK 878.5 billion at end-December 2023.
• Nykredit Bank's lending rose to DKK 103.3 billion at end-December 2024 from DKK 94.4 billion at end-December 2023.
• Assets under management by Nykredit Wealth Management were up 9.5% on 2023 to DKK 499 billion at end-December 2024.
• For 2024, Nykredit has recorded a return on average equity of 11.7%.
• Nykredit's cost/income ratio in 2024 was 32.5%.
  
  

Nykredit Group
			DKK million
	2024	2023	Change
Net interest income	12,018	12,305	-287
Net fee income	2,744	2,789	-45
Wealth management income	2,678	2,368	310
Net interest from capitalisation	2,483	1,719	764
Net income relating to customer benefits programmes	(580)	(404)	-176
Trading, investment portfolio and other income	2,088	1,625	463
Income	21,431	20,402	1,029
Costs	6,964	6,560	404
Business profit before impairment charges	14,467	13,842	625
Impairment charges for loans and advances	(248)	(177)	-71
Business profit	14,716	14,019	697
Legacy derivatives	98	59	39
Profit before tax for the year	14,813	14,078	735
Tax	3,086	3,191	-105
Profit for the year	11,728	10,887	841

Contact:For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

Attachment

• nyrr-2024-12-31-0-en