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SENASTE
Q1 2024 profit before loan losses came in at DKK 70m, DKK 4m (6%) ahead of our estimate. Net interest income was however DKK 5m (5%) below our estimate due to higher funding costs and slightly more margin pressure than estimated. On the other hand, net insurance income and other income was DKK 3m and DKK 5m ahead of our estimates, respectively. Net fee income and costs were roughly in line with our estimate. Loan losses came in at DKK 23m, well above our estimate of DKK 7m, this is driven by a few corporate clients in Greenland, and the bank expects loan losses at a normalised level of approximately DKK ~40m in 2024, roughly in line with our current 2024 estimate. The 2024 net profit guidance of DKK 225-255m was reiterated. We expect the share will underperform by few percentage points today amid the weaker net interest income.
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