Automatic translation: Originally published in Danish 29/10/2026, 06:59 GMT. Give feedback here.

Danske Bank published its Q3 report this morning, covering the first 9 months of 2026, which was driven by solid customer activity, broad revenue growth, and continued strong credit quality. At the same time, the bank is narrowing its guidance for the full year 2026 by raising the lower end of the range.

For the first 9 months of the year, net profit landed at DKK 18.3 billion (Q1–Q3 2025: DKK 16.7 billion), corresponding to a 9% increase y/y. This implies a net profit in Q3 alone of ~DKK 6.4 billion compared with DKK 5,520 million in Q3 2025 and a consensus collected by Danske Bank itself of DKK 5,991 million. The return on equity rose to 14.3% for the first 9 months (Q1–Q3 2025: 13.0%).

Total revenue grew to DKK 43.9 billion (41.6). Net interest income rose by 4% y/y to DKK 28.3 billion, primarily driven by higher lending and deposits, an improved deposit margin, and higher income from interest rate risk management. Net fee income surged by 14% y/y to DKK 12.0 billion, while operating expenses rose by 2% as expected to DKK 19.4 billion.

Loan impairments remain very low at just DKK 65 million for the first 9 months following a net reversal of DKK 200 million in Q3. The total capital ratio is 21.3% and the common equity tier 1 (CET1) capital ratio is 17.2%.

Across business segments, Personal Customers increased pre-tax profit by 25% to DKK 7,973 million (6,400), while Business Customers delivered a 5% increase to DKK 7,777 million (7,399), driven by higher net interest and fee income as well as growth in lending and deposits.

Danske Bank is narrowing its guidance for the full year 2026 and now expects a net profit of DKK 24-25 billion vs. previously DKK 23-25 billion, corresponding to a return on equity of over 14% in 2026. By comparison, the initial guidance at the start of the year was DKK 22-24 billion. With DKK 18.3 billion secured after 9 months, the guidance implies a Q4 net profit of ~DKK 5.7–6.7 billion.

Remember that tomorrow, Friday, October 30, 2026, at 10:00 AM CET, we will host an event where Head of Group Investor Relations Claus I. Jensen will present the Q3 2026 report and take a discussion on the latest developments. There will also be an opportunity to ask questions. Sign up here: https://www.inderes.dk/videos/danske-bank-praesentation-af-regnskabet-for-3-kvartal-2026

Read the full report from Danske Bank here: https://danskebank.com/investor-relations/reports

Disclaimer: HC Andersen Capital receives payment from Danske Bank for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 07:55 AM on October 29, 2026.