Danske Bank A/S (DNSKF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to the conference call for Danske Bank's financial results for the first half of 2026. My name is Claus Ingar Jensen, and I'm head of Danske Bank's investor relations. With me today, I have our CEO, Carsten Egeriis, and our CFO, Cecile Hillary. We aim to keep this presentation at around 25 minutes. And after the presentation, we will open up for a Q&A session as usual. Afterwards, feel free to contact the Investor Relations Department if you have any more questions. I will now hand over to Carsten. Slide two, please. Thanks, Claus. And I would also like to welcome you to our Q2 conference call, where I'm pleased to share the highlights of Danske Bank's financial results for the first six months of the year. Q2 was another strong quarter for Danske Bank. We delivered solid earnings. We continued to build commercial momentum and we executed with discipline against our strategic priorities. Commercial momentum is broad-based and encouraging as customer activity remained healthy across the Nordic franchise. Corporate lending grew 6% year on year, which is especially encouraging because it is translating into market share gains across the Nordics. And that tells us that our relationship-led model and sector expertise are resonating with corporate clients. We also continue to see positive momentum in asset management, with an increase of 24% since last year, supported by net inflows of almost 15 billion in Q2. Our financial performance is strong and high quality with core income up 7% year on year with a Q2 net profit of 6.2 billion corresponding to a return on equity of 14.8%. This is above our 2026 target level and also consequently is the strongest quarterly result for Denske Bank in 20 years from an RE perspective. Our Q2 cost-income rat...