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Danske Bank

Danske Bank's net interest margin fell 14.1% yoy to 0.706% in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank's net interest margin amounted to 0.706% in the third quarter of 2019, down from 0.745% when compared to the previou...

Danske Bank's npls (as % of loans) rose 0.354% yoy to 1.75% in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank's non-performing loans reached 1.75% of total loans at the end of 2019-09-30, up from 1.75% compared to the previous ...

Danske Bank's market capitalisation (end of period) fell 12.1% to USD 11,877 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank stock traded at 95.3 per share at the end of third quarter of 2019 implying a market capitalization of USD 11,877 mil. ...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income DKK mil 32,330 29,864 29,021
Net Fee Income DKK mil 10,147 10,824 10,380
Other Income DKK mil 12,755 16,078 14,486
Total Revenues DKK mil 55,232 56,766 53,887
Operating Profit DKK mil 27,650 30,576 27,411
Provisions DKK mil -168 -1,582 -387
Net Profit DKK mil 19,858 20,900 14,862
Balance Sheet 2016 2017 2018
Interbank Loans DKK mil 445,033 506,175 487,039
Customer Loans DKK mil 1,708,020 1,727,780 1,782,140
Total Assets DKK mil 3,483,670 3,539,530 3,578,470
Shareholders' Equity DKK mil 166,615 168,256 163,276
Interbank Borrowing DKK mil 580,214 776,564 560,060
Customer Deposits DKK mil 861,801 913,777 896,894
Issued Debt Securities DKK mil 1,082,030 1,192,580 1,094,660
Ratios 2016 2017 2018
ROE % 12.1 12.5 8.97
ROA % 0.586 0.595 0.418
Costs (As % Of Assets) % 0.814 0.746 0.744
Costs (As % Of Income) % 49.9 46.1 49.1
Capital Adequacy Ratio % 21.8 22.6 21.3
Net Interest Margin % 0.954 0.850 0.815
Loans (As % Of Deposits) % 198 189 199
NPLs (As % Of Loans) % 2.66 1.98 1.74
Provisions (As % Of NPLs) % 47.1 48.5 64.8
Valuation 2016 2017 2018
Price/Earnings (P/E) 10.1 10.3 7.41
Price/Book Value (P/BV) 1.20 1.28 0.675
Dividend Yield % 4.42 4.14 6.59
Earnings Per Share (EPS) 20.7 22.8 17.0
Book Value Per Share 174 184 187
Dividend Per Share 9.24 9.76 8.33

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summary Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                          
Net Interest Income DKK mil                                             34,954 33,432 34,607 33,333 32,330    
Total Revenues DKK mil                                             53,606 46,469 51,093 51,483 55,232    
Operating Profit DKK mil                                             26,138 19,750 25,520 25,746 27,650    
Net Profit DKK mil                                             4,721 7,115 3,948 13,123 19,858    
balance sheet                                                          
Interbank Loans DKK mil                                             420,834 369,793 353,933 291,548 445,033    
Customer Loans DKK mil                                             1,674,390 1,578,400 1,593,340 1,633,230 1,708,020    
Debt Securities DKK mil                                             515,792 611,304 664,065 559,308 531,519    
Total Assets DKK mil                                             3,484,950 3,227,060 3,453,020 3,292,880 3,483,670    
Shareholders' Equity DKK mil                                             138,004 145,657 152,383 160,830 166,615    
Interbank Borrowing DKK mil                                             743,681 669,586 688,356 526,265 580,214    
Customer Deposits DKK mil                                             788,507 793,154 767,772 820,497 861,801    
Issued Debt Securities DKK mil                                             1,022,120 990,592 1,027,200 1,037,600 1,082,030    
ratios                                                          
ROE %                                             3.58 5.02 2.65 8.38 12.1    
ROA %                                             0.137 0.212 0.118 0.389 0.586    
Costs (As % Of Assets) %                                             0.795 0.796 0.766 0.763 0.814    
Costs (As % Of Income) %                                             51.2 57.5 50.1 50.0 49.9    
Capital Adequacy Ratio % ...                                           21.3 21.4 19.3 21.0 21.8    
Net Interest Margin %                                             1.01 0.996 1.04 0.988 0.954    
Interest Income (As % Of Revenues) %                                             65.2 71.9 67.7 64.7 58.5    
Fee Income (As % Of Revenues) %                                             15.4 18.9 19.2 20.7 18.4    
Equity (As % Of Assets) %                                             3.96 4.51 4.41 4.88 4.78    
Loans (As % Of Deposits) %                                             212 199 208 199 198    
Loans (As % Assets) %                                             48.0 48.9 46.1 49.6 49.0    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ...                             5.38 5.25 4.42 3.39 2.66    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ...                             46.1 48.9 49.5 46.9 47.1    
valuation                                                          
Market Capitalisation (End Of Period) USD mil                                             16,948 23,004 27,189 26,466 28,405    
Number Of Shares (Average) mil                                             939 1,001 1,001 989 958    
Share Price (End Of Period)                                             102 124 167 183 209    
Earnings Per Share (EPS)                                             5.03 7.11 3.95 13.3 20.7    
Book Value Per Share                                             147 146 152 163 174    
Dividend Per Share                                             0 2.02 5.54 8.16 9.24    
Price/Earnings (P/E) ...   ...                                       20.3 17.5 42.4 13.8 10.1    
Price/Book Value (P/BV)                                             0.694 0.854 1.10 1.12 1.20    
Dividend Yield %                                             0 1.62 3.32 4.46 4.42    
Earnings Per Share Growth % ...                                           158 41.3 -44.5 236 56.3    
Book Value Per Share Growth % ...                                           2.69 -1.01 4.66 6.75 7.01    
income statement Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                          
Interest Income DKK mil                                             77,939 71,632 66,951 59,666 56,121    
Interest Cost DKK mil                                             42,985 38,200 32,344 26,333 23,791    
Net Interest Income DKK mil                                             34,954 33,432 34,607 33,333 32,330    
Net Fee Income DKK mil                                             8,233 8,790 9,815 10,679 10,147    
Other Income DKK mil                                             10,419 4,247 6,671 7,471 12,755    
Total Revenues DKK mil                                             53,606 46,469 51,093 51,483 55,232    
Operating Cost DKK mil                                             27,468 26,719 25,573 25,737 27,582    
Operating Profit DKK mil                                             26,138 19,750 25,520 25,746 27,650    
Provisions DKK mil                                             12,529 5,420 3,718 -61.0 -168    
Extra and Other Cost DKK mil                                             5,070 4,271 13,833 8,045 2,461    
Pre-Tax Profit DKK mil                                             8,539 10,059 7,969 17,762 25,357    
Tax DKK mil                                             3,814 2,944 4,019 4,639 5,499    
Minorities DKK mil                                             4.00 0 2.00 0 0    
Net Profit DKK mil                                             4,721 7,115 3,948 13,123 19,858    
Dividends DKK mil                                             0 2,017 5,547 8,069 8,853    
growth rates                                                          
Net Interest Income Growth % ...                                           4.84 -4.35 3.51 -3.68 -3.01    
Net Fee Income Growth % ...                                           6.56 6.77 11.7 8.80 -4.98    
Total Revenue Growth % ...                                           9.83 -13.3 9.95 0.763 7.28    
Operating Cost Growth % ...                                           3.41 -2.73 -4.29 0.641 7.17    
Operating Profit Growth % ...                                           17.5 -24.4 29.2 0.886 7.40    
Pre-Tax Profit Growth % ...                                           103 17.8 -20.8 123 42.8    
Net Profit Growth % ...                                           176 50.7 -44.5 232 51.3    
balance sheet Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                          
Cash DKK mil                                             97,267 43,721 33,876 76,837 53,211    
Interbank Loans DKK mil                                             420,834 369,793 353,933 291,548 445,033    
Customer Loans DKK mil                                             1,674,390 1,578,400 1,593,340 1,633,230 1,708,020    
Debt Securities DKK mil                                             515,792 611,304 664,065 559,308 531,519    
Fixed Assets DKK mil                         ...                   27,725 26,747 17,878 11,586 12,640    
Total Assets DKK mil                                             3,484,950 3,227,060 3,453,020 3,292,880 3,483,670    
Shareholders' Equity DKK mil                                             138,004 145,657 152,383 160,830 166,615    
Of Which Minority Interest DKK mil                                             4.00 0 2.00 0 0    
Liabilities DKK mil                                             3,346,940 3,081,400 3,300,630 3,132,050 3,317,060    
Interbank Borrowing DKK mil                                             743,681 669,586 688,356 526,265 580,214    
Customer Deposits DKK mil                                             788,507 793,154 767,772 820,497 861,801    
Sight Deposits DKK mil                             ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Term Deposits DKK mil                             ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Issued Debt Securities DKK mil                                             1,022,120 990,592 1,027,200 1,037,600 1,082,030    
Other Liabilities DKK mil                                             792,642 628,068 817,304 747,684 793,011    
asset quality                                                          
Non-Performing Loans DKK mil ... ... ... ... ... ... ... ...                             92,345 85,129 72,003 56,181 45,954    
Gross Loans DKK mil                                             1,716,970 1,620,050 1,628,980 1,659,590 1,729,650    
Provisions DKK mil                                             12,529 5,420 3,718 -61.0 -168    
growth rates                                                          
Customer Loan Growth % ...                                           -1.39 -5.73 0.947 2.50 4.58    
Total Asset Growth % ...                                           1.77 -7.40 7.00 -4.64 5.79    
Shareholders' Equity Growth % ...                                           9.65 5.55 4.62 5.54 3.60    
Customer Deposit Growth % ...                                           -0.851 0.589 -3.20 6.87 5.03    
ratios Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                          
ROE %                                             3.58 5.02 2.65 8.38 12.1    
ROA %                                             0.137 0.212 0.118 0.389 0.586    
Costs (As % Of Assets) %                                             0.795 0.796 0.766 0.763 0.814    
Costs (As % Of Income) %                                             51.2 57.5 50.1 50.0 49.9    
Capital Adequacy Ratio % ...                                           21.3 21.4 19.3 21.0 21.8    
Tier 1 Ratio % ... ... ... ... ...                                   18.9 19.0 16.7 18.5 19.1    
Net Interest Margin %                                             1.01 0.996 1.04 0.988 0.954    
Interest Spread % ...                                           0.962 0.946 0.991 0.950 0.919    
Asset Yield %                                             2.26 2.13 2.00 1.77 1.66    
Cost Of Liabilities % ...                                           1.29 1.19 1.01 0.819 0.738    
Payout Ratio %                                             0 28.3 141 61.5 44.6    
Interest Income (As % Of Revenues) %                                             65.2 71.9 67.7 64.7 58.5    
Fee Income (As % Of Revenues) %                                             15.4 18.9 19.2 20.7 18.4    
Other Income (As % Of Revenues) %                                             19.4 9.14 13.1 14.5 23.1    
Equity (As % Of Assets) %                                             3.96 4.51 4.41 4.88 4.78    
Loans (As % Of Deposits) %                                             212 199 208 199 198    
Loans (As % Assets) %                                             48.0 48.9 46.1 49.6 49.0    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ...                             5.38 5.25 4.42 3.39 2.66    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ...                             46.1 48.9 49.5 46.9 47.1    
Provisions (As % Of Loans) % ... ... ... ...                                     2.54 2.64 2.24 1.61 1.27    
Cost of Provisions (As % Of Loans) %                                             0.743 0.333 0.234 -0.004 -0.010    
other data Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                          
Employees                                             20,308 19,122 18,478 19,049 19,303    
Sight (As % Of Customer Deposits) %                             ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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Danske Bank's share price (end of period) fell 42.5% yoy to 95.3 in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank stock traded at 95.3 per share at the end of third quarter of 2019 implying a market capitalization of USD 11,877 mil. Over the last five years, the stock has depreciated by -40.5 % implying an annual average growth of -9.86 %. In absolute terms, the value...

Danske Bank's net interest income fell 9.86% yoy to DKK 6,832 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank generated total banking revenues of DKK 12,886 mil in the third quarter of 2019, down 5.76% when compared to the same period of last year and 5.51% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Danske Bank's net profit rose 20.9% yoy to DKK 3,011 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank made a net profit of DKK 3,011 mil under revenues of DKK 12,886 mil in the third quarter of 2019, up 20.9% and down 5.76% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of ...

Danske Bank's price/earnings (P/E) fell 53.4% yoy to 6.76 in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank stock traded at 95.3 per share at the end third quarter of 2019 implying a market capitalization of USD 11,877 mil. Since the end of 3Q2014, the stock has depreciated by -40.5 % implying an annual average growth of -9.86 %. In absolute terms, the value of ...

Danske Bank's capital adequacy ratio rose 0.478% yoy to 21.0% in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank's capital adequacy ratio reached 21.0% at the end of third quarter of 2019, down from 21.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 22.6% in 4Q2017 and an all time low of 17.2% in 2Q2010. ...

Danske Bank's equity (as % of assets) fell 4.56% yoy to 4.18% in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank's Equity reached of total assets in the 3Q2019, up from 9.16% for the previous year. As a share of net customer loans, the ratio amounted to at the end of the third quarter of 2019. ...

Danske Bank's customer loan growth rose 69.5% yoy to 2.90% in 3Q2019

By Helgi Analytics - November 19, 2019

Danske Bank's customer loan growth reached 2.90% in 2019-09-30, up from 1.71% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 4.96% in 2016-09-30 and an all time low of -5.73% in 2013-12-31. In the last dec...

Danske Bank's net profit fell 28.9% to DKK 14,862 mil in 2018

By Helgi Analytics - November 19, 2019

Danske Bank made a net profit of DKK 14,862 mil under revenues of DKK 53,887 mil in 2018, up -28.9% and -5.07% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of DKK 20,900 mil in 2017 and an all time low of DK...

Danske Bank's net interest margin fell 4.12% to 0.815% in 2018

By Helgi Analytics - November 19, 2019

Danske Bank's net interest margin amounted to 0.815% in 2018, down from 0.850% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.67% in 1993 and an all time low of 0.815% in 2018. The average margi...

Danske Bank's capital adequacy ratio fell 5.75% to 21.3% in 2018

By Helgi Analytics - November 19, 2019

Danske Bank's capital adequacy ratio reached 21.3% at the end of 2018, down from 22.6% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 22.6% in 2017 and an all time low of 9.28% in 2007. The Tier 1 ratio amounted ...

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Finance

Danske Bank has been growing its revenues and asset by 1.32% and 0.097% a year on average in the last 10 years. Its loans and deposits have grown by -0.018% and 1.15% a year during that time and loans to deposits ratio reached 199% at the end of 2018. The company achieved an average return on equity of 6.00% in the last decade with net profit growing 30.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 49.1% in 2018, compared to 50.3% average in the last decade.

Equity represented 4.56% of total assets or 9.16% of loans at the end of 2018. Danske Bank's non-performing loans were 1.74% of total loans while provisions covered some 64.8% of NPLs at the end of 2018.

Valuation

Danske Bank stock traded at 126 per share at the end of 2018 resulting in a market capitalization of USD 16,901 mil. Over the previous five years, stock price rose by 1.66% or 0.329% a year on average. That’s compared to an average ROE of 8.92% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.41x and price to book value (PBV) of 0.675x in 2018.

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