| To Nasdaq Copenhagen A/S and the press |
| 16 August 2023 |
Nykredit today announces its H1 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 no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78
Michael Rasmussen, Group Chief Executive, comments on the H1 Interim Report 2023:
- Nykredit's H1 Report 2023 presented today shows a highly satisfactory profit after tax of DKK 5,391 million. In June, we raised our guidance for profit after tax for the year to DKK 9.75-10.75 billion. We expect a profit after tax at the high end of this range, which means we are set to deliver our best financial performance ever.
- Nykredit maintained a strong market position with business and customer growth across the board. Nykredit Bank reported continued growth in lending to our largest Corporates & Institutions clients and a positive Wealth Management performance. I am proud that Nykredit maintains a position of strength and remains well placed to support our customers and to foster development and growth all over Denmark.
- Nykredit's performance was impacted by underlying business growth; income was up almost 10% in part because of higher interest rates. H1 results were also driven by our customers' strong credit quality, and loan impairments equalled a net reversal. Furthermore, we successfully managed our own portfolios 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 DKK 1.9 billion back to our customers this year in the form of benefits and grants that make it more affordable for customers to make green choices. It is also recommended that Nykredit distribute extraordinary dividend of DKK 1.85 billion to our owners as a consequence of Nykredit's good performance and strong capital structure.
Highlights from the H1 Interim Report 2023:
- Profit after tax for H1/2023 was DKK 5,391 million.
- Nykredit Bank's lending grew by 7% on H1/2022 to currently DKK 92 billion.
- Totalkredit's lending was nominally DKK 875.1 billion in H1/2023 compared with DKK 877.4 billion at end-2022.
- Business mortgage lending grew by 5.4% on H1/2022 to currently DKK 534.4 billion.
- Assets under management in Nykredit Wealth Management were up 7% on H1/2022 to currently DKK 431 billion.
- Nykredit maintains a strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 19.7%.
| DKK million | |||
| Nykredit Group | H1/ | H1/ | |
| 2023 | 2022 | Change | |
| Net interest income | 6,005 | 5,152 | 853 |
| Net fee income | 1,306 | 1,415 | -109 |
| Wealth management income | 1,197 | 1,171 | 26 |
| Net interest from capitalisation | 891 | (292) | 1,184 |
| Net income relating to customer benefits programmes | (215) | (192) | -24 |
| Trading, investment portfolio and other income | 813 | (41) | 855 |
| Income | 9,996 | 7,213 | 2,783 |
| Costs | 3,213 | 3,094 | -119 |
| Business profit before impairment charges | 6,783 | 4,118 | 2,665 |
| Impairment charges for loans and advances | (115) | (226) | -112 |
| Business profit | 6,898 | 4,344 | 2,553 |
| Legacy derivatives | 32 | 670 | -638 |
| Profit before tax for the period | 6,929 | 5,015 | 1,914 |
| Tax | 1,539 | 958 | -581 |
| Profit for the period | 5,391 | 4,057 | 1,333 |
Contact
For further information, please contact Rikke Gredsted Seidenfaden, Head of Press Relations, at tel +45 27 58 95 88.
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