2024-05-03 12:07:09 ET
Danske Bank A/S (DNSKF)
Q1 2024 Results Conference Call
May 03, 2024 2:30 AM ET
Company Participants
Claus Ingar Jensen - IR
Carsten Egeriis - CEO
Stephan Engels - CFO
Conference Call Participants
Sofie Peterzens - JPMorgan
Johannes Thormann - HSBC
Gregers Birk - SEB
Riccardo Rovere - Mediobanca
Jan Erik Gjerland - ABG Sundal Collier
Jacob Kruse - Autonomous
Shrey Srivastava - Citi
Presentation
Claus Ingar Jensen
Good morning, everyone. Welcome to the Conference Call for Danske Bank's Financial Results for the First Quarter of 2024. My name is Claus Ingar Jensen, and I am Head of Danske Bank's Investor Relations. With me today, I have our CEO, Carsten Egeriis; and our CFO, Stephan Engels. We aim to keep this presentation to around 20 minutes. And after the presentation, we will open up for a Q&A session, as usual. Afterwards, please feel free to contact the Investor Relations department if you have any more questions.
I will now hand over to Carsten.
Carsten Egeriis
Thanks, Claus. And I would also like to welcome you to our conference call for the financial report for the first quarter of 2024. The first quarter marked the start of our new strategy period, and I'm pleased with the continued execution of our strategic priorities with a clear focus on strengthening our position as a leading financial institution in the Nordic region. Despite a continually elevated level of geopolitical uncertainty and subdued economic activity, the first quarter was a good start to the year and a satisfactory quarter for Danske Bank, characterized by sustained and robust performance across our business.
The performance in the first quarter was despite an expected modest demand for new loans supported by high customer activity, primarily within savings and investment products. And we also continue to leverage our strong position within debt capital market activities. This included a continually strong traction for sustainability-linked finance where we have maintained a position as the leading Nordic bank. Financially, the first quarter turned out to be a period with an improved performance as profit before tax increased relatively, not only to the level a year ago, but also to the preceding quarter.
The result was based on a strong increase in the core banking income lines, combined up 11% compared to the same period last year. And in combination with further efficiency improvements, this resulted in a cost/income ratio improving to 45%. The resilient macroeconomic environment continued to support our strong credit quality with loan impairment charges in the first quarter below what we consider a normalized level....
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Danske Bank A/S (DNSKF) Q1 2024 Earnings Call Transcript