Finanstilsynets logo  
  • The pre-tax profit of credit institutions increased by 6.6% in 2024 to DKK 76.1 billion. The return on equity remained largely unchanged at 11.7% for 2024.
  • The improvement compared to the previous year was mainly driven by higher core earnings. Core earnings mainly consist of net interest and net fee income less staff and administrative expenses. Net interest income for banks appears to have peaked in 2024, as it shows a slightly declining trend after the second quarter of 2024.
  • Gains on shares, bonds, and other financial instruments fell slightly but remained high in a historical context. Impairment charges on loans remained at a very low level, reflecting the strong economic situation in 2024.
  • Loans by credit institutions (excluding repo) increased by 3.1% in 2024. This reflects that total Loans by mortgage credit institutions increased by 3.2%, while Loans by banks (excluding repo) increased by 2.3%.
  • The solvency ratio was 23.1% at the end of the fourth quarter of 2024, compared to 23.5% at year-end 2023.
  • On the liquidity side, the deposit surplus of banks remained relatively stable. The regulatory requirements for liquidity and funding stability – LCR and NSFR – remained stably above the statutory limits for both banks and mortgage credit institutions in 2024.

Figure 1: Profit Before Tax and Return on Equity



Figure 2: Core Earnings



Figure 3: Impairments (total and as percent of loans)



Figure 4: Loans



Figure 5: Banks’ deposit surplus



Figure 6: Capital requirements and actual capital levels



Figure 7: LCR and NSFR





Table 1: Extract from the credit institutions’ income statement

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Interest income 100,955  96,923 121,737 222,338 237,314    6.7  135.1
Interest costs  40,910  37,623  55,445 130,875 141,412    8.1  245.7
Net interest income  60,045  59,300  66,292  91,464  95,902    4.8   59.7
Dividends from shares, etc.    657    936   1,223   1,167   2,021   73.2  207.6
Fee and commission income  38,497  42,724  43,269  39,844  44,427   11.5   15.4
Paid fees and commissions  13,694  14,699  14,900  13,825  14,477    4.7    5.7
Net interest and fee income  85,505  88,261  95,884 118,649 127,873    7.8   49.5
Staff and administrative costs  54,652  55,974  58,599  60,393  62,863    4.1   15.0
Other operating income   7,197   8,671   8,214   7,571   3,796  -49.9  -47.3
Other operating costs    513    539  14,392   1,249    515  -58.8    0.4
Depreciation and amortisation of intangible and tangible assets   8,732   8,315   8,557   8,319   4,360  -47.6  -50.1
Core earnings  28,809  32,104  22,550  56,259  63,931   13.6  121.9
Value adjustments   7,431   9,831   5,759  15,698  11,654  -25.8   56.8
Impairments on loans and receivables, etc.  13,197   1,197   1,228   1,545    789  -48.9  -94.0
Result from investments in group and associated companies   1,626   2,213   1,244    969   1,261   30.1  -22.4
Pre-tax profit/loss  24,670  45,344  25,837  71,381  76,057    6.5  208.3
Tax   5,134   8,719   8,458  16,123  18,333   13.7  257.1
Profit/loss for the period  19,536  36,625  17,380  55,258  57,723    4.5  195.5



Table 2: Extract from the banks’ income statement

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Interest income  44,615  41,306  57,044 116,049 119,824    3.2  168.6
Interest costs  12,560   9,793  19,941  58,090  57,455   -1.1  357.4
Net interest income  32,055  31,513  37,103  57,959  62,369    7.6   94.6
Dividends from shares, etc.    598    794   1,037    932   1,497   60.6  150.3
Fee and commission income  30,630  34,445  35,107  33,339  37,176   11.5   21.4
Paid fees and commissions   5,762   6,267   6,396   6,592   6,678    1.3   15.9
Net interest and fee income  57,521  60,484  66,852  85,637  94,363   10.2   64.0
Staff and administrative costs  45,647  46,320  48,637  50,454  53,027    5.1   16.2
Other operating income   2,315   4,136   2,460   2,745   1,434  -47.8  -38.1
Other operating costs    269    241  14,094    902    251  -72.2   -6.7
Depreciation and amortisation of intangible and tangible assets   4,846   4,381   4,911   5,139   3,432  -33.2  -29.2
Core earnings   9,074  13,679   1,671  31,887  39,087   22.6  330.8
Value adjustments   6,170   8,358   5,087  12,212   8,133  -33.4   31.8
Impairments on loans and receivables, etc.   9,486   1,350   1,288   1,878    461  -75.5  -95.1
Result from investments in group and associated companies   9,258  10,714   8,269  13,192  13,001   -1.4   40.4
Pre-tax profit/loss  15,016  34,101  13,738  55,413  59,759    7.8  298.0
Tax   1,575   4,626   4,542   9,469  12,037   27.1  664.2
Profit/loss for the period  13,441  29,475   9,197  45,945  47,722    3.9  255.1



Table 3: Extract from the mortgage institutions’ income statement

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Interest income  60,750  59,519  69,491 121,476 134,002   10.3  120.6
Interest costs  37,113  35,822  45,233  94,061 106,591   13.3  187.2
Net interest income  23,637  23,697  24,258  27,414  27,410   -0.0   16.0
Dividends from shares, etc.     58    150    185    234    523  123.5  801.7
Fee and commission income   3,605   4,365   5,306   4,085   3,991   -2.3   10.7
Paid fees and commissions   8,100   9,104   9,904   8,445   7,996   -5.3   -1.3
Net interest and fee income  19,200  19,107  19,844  23,288  23,929    2.8   24.6
Staff and administrative costs   5,775   7,034   7,337   7,866   8,576    9.0   48.5
Other operating income   2,133   2,573   2,942   3,037   3,839   26.4   80.0
Other operating costs    177    252    252    284    239  -15.8   35.0
Depreciation and amortisation of intangible and tangible assets    256    410    258    236    255    8.1   -0.4
Core earnings  15,125  13,984  14,939  17,938  18,698    4.2   23.6
Value adjustments   1,218   1,632   1,117   3,127   3,906   24.9  220.7
Impairments on loans and receivables, etc.   3,077    140    523    353    356    0.8  -88.4
Result from investments in group and associated companies   3,953   5,403   5,502   6,969   6,831   -2.0   72.8
Pre-tax profit/loss  17,219  20,879  22,083  28,387  29,077    2.4   68.9
Tax   2,641   2,948   3,193   5,089   5,074   -0.3   92.1
Profit/loss for the period  14,578  17,931  18,889  23,297  24,003    3.0   64.7





Table 4: Extract from the credit institutions’ balance sheet

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Cash in hand and on-demand receivables with central banks  413,171  478,764  398,126  529,282  355,187  -32.9  -14.0
Receivables from credit institutions and central banks  263,892  166,308  155,586  194,986  227,597   16.7  -13.8
Lending 4,934,044 5,035,982 4,937,907 4,898,158 5,199,497    6.2    5.4
Lending, excluding repo 4,652,865 4,756,511 4,658,498 4,648,469 4,792,988    3.1    3.0
Bonds  972,155  874,346  886,018  868,497  844,238   -2.8  -13.2
Shares etc.   42,079   40,222   37,542   52,148  124,643  139.0  196.2
Shares in associated companies    3,505    2,721    3,103    3,128    8,524  172.5  143.2
Shares in affiliated companies   22,013   23,700   19,509   20,430   20,577    0.7   -6.5
Assets associated with pooled schemes  144,019  163,036  147,721  164,501  186,558   13.4   29.5
Intangible assets   13,896   15,234   17,885   17,371   17,957    3.4   29.2
Land and buildings   16,023   14,932   14,232   16,316   17,074    4.7    6.6
Other tangible assets   12,997   12,952   11,141   10,801   11,356    5.1  -12.6
Tax assets    7,024    6,458    7,792    6,166    6,548    6.2   -6.8
Assets in temporary possession    1,740    7,220     213  110,637     741  -99.3  -57.4
Other assets  492,262  365,725  533,223  440,578  343,292  -22.1  -30.3
Period accrual items    4,178    3,469    3,762    4,686    4,744    1.2   13.6
Total assets 7,342,998 7,211,070 7,173,760 7,337,684 7,368,533    0.4    0.3
Amounts owed to credit institutions and central banks  289,331  242,910  229,440  232,370  288,592   24.2   -0.3
Deposits 2,250,375 2,251,920 2,341,444 2,361,326 2,346,588   -0.6    4.3
Deposits, excluding repo 2,096,635 2,123,861 2,239,527 2,236,644 2,260,088    1.1    7.8
Bonds issued 3,627,500 3,638,521 3,333,210 3,498,619 3,612,565    3.3   -0.4
Other commitments   10,558   13,615   11,797    9,075    8,177   -9.9  -22.6
Period accrual items    1,649    1,718    2,084    2,409    2,298   -4.6   39.4
Total debt 6,851,914 6,692,786 6,662,903 6,785,552 6,794,239    0.1   -0.8
Provisions    8,938    8,285    7,929   10,655   10,637   -0.2   19.0
Subordinated capital injections   60,221   65,117   64,367   64,792   71,595   10.5   18.9
Equity  421,926  444,881  438,560  476,686  492,062    3.2   16.6
Total liabilities 7,342,998 7,211,070 7,173,760 7,337,684 7,368,533    0.4    0.3

Table 5: Extract from the banks’ balance sheet

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Cash in hand and on-demand receivables with central banks  346,894  384,399  312,095  414,302  257,465  -37.9  -25.8
Receivables from credit institutions and central banks  212,206  157,666  146,498  214,697  228,996    6.7    7.9
Lending 1,647,927 1,711,097 1,852,091 1,663,225 1,863,775   12.1   13.1
Lending, excluding repo 1,319,658 1,367,876 1,524,202 1,367,702 1,398,754    2.3    6.0
Bonds  840,405  744,412  752,143  719,373  694,308   -3.5  -17.4
Shares etc.   34,827   32,749   29,482   44,464  119,078  167.8  241.9
Shares in associated companies    3,573    2,808    3,221    3,255    3,456    6.2   -3.3
Shares in affiliated companies  127,122  134,175  131,513  133,482  136,549    2.3    7.4
Assets associated with pooled schemes  144,019  163,036  147,721  164,501  186,558   13.4   29.5
Intangible assets   12,853   14,267   17,194   16,618   17,206    3.5   33.9
Land and buildings   12,238   11,356   10,635   12,131   11,914   -1.8   -2.6
Other tangible assets    5,406    5,968    5,799    6,823    6,872    0.7   27.1
Tax assets    7,570    7,229    8,967    6,154    5,707   -7.3  -24.6
Assets in temporary possession     582    2,582     143  110,628     193  -99.8  -66.8
Other assets  483,435  358,720  529,453  433,394  336,299  -22.4  -30.4
Period accrual items    3,235    2,564    2,981    3,758    3,933    4.7   21.6
Total assets 3,882,291 3,733,029 3,949,937 3,946,806 3,872,309   -1.9   -0.3
Amounts owed to credit institutions and central banks  361,852  299,822  253,793  266,406  313,565   17.7  -13.3
Deposits 2,123,100 2,123,502 2,220,617 2,237,339 2,241,521    0.2    5.6
Deposits, excluding repo 1,976,228 1,988,064 2,118,700 2,112,568 2,154,879    2.0    9.0
Bonds issued  360,873  371,943  343,858  347,037  351,378    1.2   -2.6
Other commitments   11,826   16,402   15,704   12,972   10,885  -16.1   -8.0
Period accrual items     848     952    1,441    1,851    1,836   -0.8  116.5
Total debt 3,506,882 3,324,019 3,549,769 3,506,535 3,411,230   -2.7   -2.7
Provisions    7,699    7,177    7,303   10,313    9,756   -5.4   26.7
Subordinated capital injections   46,278   53,530   51,608   52,024   58,478   12.4   26.4
Equity  321,432  348,303  341,257  377,934  392,845    4.0   22.2
Total liabilities 3,882,291 3,733,029 3,949,937 3,946,806 3,872,309   -1.9   -0.3

Table 6: Extract from the mortgage banks’ balance sheet

year
Change in percent
(mio. DKK.) 2020 2021 2022 2023 2024 Change, 1 year (percent) Change, 5 year (percent)
Cash in hand and on-demand receivables with central banks     347   22,225   37,420   57,312   63,554     10.9  18215.3
Receivables from credit institutions and central banks 1,045,844 1,024,854  893,254  934,227 1,024,366      9.7     -2.0
Lending 3,097,717 3,142,182 2,906,974 3,034,737 3,131,642      3.2      1.1
Lending, excluding repo 3,097,717 3,142,182 2,906,974 3,034,737 3,131,642      3.2      1.1
Bonds  193,270  177,514  169,024  175,601  223,084     27.0     15.4
Shares etc.    6,565    6,766    7,425    7,061    5,171    -26.8    -21.2
Shares in associated companies      45      53      52      51    5,286  10264.7  11646.7
Shares in affiliated companies   62,844   70,477   71,580   78,252   84,795      8.4     34.9
Assets associated with pooled schemes       0       0       0       0       0        NaN        NaN
Intangible assets     354     269     353     448     576     28.6     62.7
Land and buildings     684     526     382     600    1,380    130.0    101.8
Other tangible assets     190     206     211     222     292     31.5     53.7
Tax assets      90     116     120     218     295     35.3    227.8
Assets in temporary possession     145      76      57      68     227    233.8     56.5
Other assets   10,230    8,705   13,408   16,862   15,478     -8.2     51.3
Period accrual items     476     343     320     339     354      4.4    -25.6
Total assets 4,418,800 4,454,312 4,100,579 4,305,998 4,556,500      5.8      3.1
Amounts owed to credit institutions and central banks  887,332  923,171  834,041  876,577  958,359      9.3      8.0
Deposits    7,200       0       0       0       0        NaN   -100.0
Deposits, excluding repo       0       0       0       0       0        NaN        NaN
Bonds issued 3,249,950 3,252,282 2,973,215 3,112,835 3,266,022      4.9      0.5
Other commitments    1,137     458     272     306     947    209.5    -16.7
Period accrual items      36      29      38      18      17     -5.6    -52.8
Total debt 4,168,794 4,198,514 3,841,354 4,034,605 4,270,822      5.8      2.5
Provisions     382     332     569     804     494    -38.6     29.3
Subordinated capital injections   17,946   15,587   14,984   15,243   15,717      3.1    -12.4
Equity  231,678  239,879  243,671  255,346  269,467      5.5     16.3
Total liabilities 4,418,800 4,454,312 4,100,579 4,305,998 4,556,500      5.8      3.1

Table 7: Extract of key figures for credit institutions

year
Nøgletal 2020 2021 2022 2023 2024
Capital ratio 23.2 22.9 22.6 23.5 23.1
Core capital ratio 20.5 20.3 20.1 21.1 20.4
Common equity tier 1 ratio 19.0 18.8 18.7 19.8 19.3
Return on equity before tax 5,847 10,192 5,891 14,974 15,457
Return on equity after tax 4,630 8,233 3,963 11,592 11,731
Earnings per cost krone (DKK) 1.32 1.65 1.34 2.00 2.11
Accumulated impairment ratio 1.05 0.95 0.89 0.92 0.85
Period impairment ratio 0.24 -0.01 0.03 0.03 0.01
Loans to equity ratio 11.0 10.7 10.6 9.75 9.74
Total risk exposures (Bn. DKK.) 1,926 2,043 2,066 2,074 2,169
Of which credit risk 1,598 1,727 1,692 1,707 1,794
Market risk 129 107 131 110 99.5
Operational risk 173 173 181 197 219

Table 8: Extract of key figures for banks

year
Nøgletal 2020 2021 2022 2023 2024
Capital ratio 25.3 25.5 24.5 26.3 26.3
Core capital ratio 22.5 22.9 22.0 23.8 23.3
Common equity tier 1 ratio 20.6 20.9 20.4 22.2 21.9
Return on equity before tax 4,672 9,791 4,026 14,662 15,212
Return on equity after tax 4,182 8,462 2,695 12,157 12,148
Earnings per cost krone (DKK) 1.25 1.60 1.20 1.95 2.05
Accumulated impairment ratio 2.17 1.87 1.61 1.85 1.64
Period impairment ratio 0.43 -0.04 0.06 0.09 0.02
Loans to equity ratio 4.11 3.93 4.47 3.62 3.56
Total risk exposures (Bn. DKK.) 1,342 1,434 1,483 1,466 1,501
Of which credit risk 1,105 1,200 1,208 1,193 1,216
Market risk 99.6 90.4 101 91.5 83.3
Operational risk 127 126 132 149 171

Table 9: Extract of key figures for mortgage credit institutions

year
Nøgletal 2020 2021 2022 2023 2024
Capital ratio 23.0 21.9 23.2 23.4 22.7
Core capital ratio 21.0 20.2 21.4 21.9 21.5
Common equity tier 1 ratio 20.3 19.5 20.7 21.3 20.8
Return on equity before tax 7,432 8,704 9,063 11,117 10,791
Return on equity after tax 6,292 7,475 7,752 9,124 8,908
Earnings per cost krone (DKK) 2.85 3.66 3.51 4.17 4.08
Accumulated impairment ratio 0.40 0.38 0.38 0.35 0.33
Period impairment ratio 0.10 0.00 -0.02 -0.01 0.01
Loans to equity ratio 13.4 13.1 11.9 11.9 11.6
Total risk exposures (Bn. DKK.) 1,057 1,114 1,085 1,119 1,210
Of which credit risk 985 1,051 995 1,043 1,132
Market risk 32.3 19.0 33.8 21.8 20.3
Operational risk 40.1 39.9 41.4 41.4 44.9

About the Statistics

Credit institutions are companies that receive deposits or other repayable funds from the public and grant loans for their own account.

The sector in figures for credit institutions summarizes the consolidated financial and key figures for both banks and mortgage credit institutions.