Q2 pre-tax profit came in at DKK 115m, DKK 19m (20%) above our estimate. This was mainly due to net interest income being DKK 9m (12%) above our estimate due to strong lending growth of ~5% q/q. Net insurance income also came in DKK 8m (42%) above our estimate, driven by a very benign claims trend in Q2, as well as higher premium income. Other operating income was DKK 13m above our estimate of DKK 11m due to extraordinary income from ownership of sector companies and the sale of one of the bank's branch offices. Costs were DKK 4m (5%) below our estimate, supported by fewer other expenses and a general strong cost focus. Loan losses in Q2 amounted to DKK 2m, broadly in line with our estimate of DKK 0m. Finally, the CET1 ratio was 22.7%, 50bp below our estimate due to the strong lending growth during the quarter. Given the very strong Q2 2025 result, we find it likely that consensus 2025 net profit could move up to the high-end of the 2025E net profit guidance of DKK 235-265m.
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